Tag: ISU

The International Salvage Union (ISU) has released its 2023 industry statistics, highlighting a revenue increase to $398 million, up from $241 million in 2022, with notable growth in wreck removal income.

The International Salvage Union published its annual statistics for 2017, revealing that the marine salvage industry has recovered slightly from the low point of 2016, but revenues are not approaching the levels of 2013, 2014 and 2015 when annual income was more than US$ 700 million.

The International Salvage Union published its Pollution Survey results for 2017, noting that last year, it provided 252 services to vessels carrying more than 3.4 million tonnes of potential polluting cargoes, a significant increase from 2016. The most significant factor in the increase in 2017 is a larger number of bulk cargoes.

ISU to continue to push for salvage convention change

Maintains the key feature of no cure no pay The International Salvage Union (ISU) has welcomed the publication of the new edition of Lloyds Open Form (LOF).The new edition of the contract, LOF 2011, has been published by Lloyds Salvage Arbitration Branch. It follows amendments to LOF 2000 and to the Lloyds Standard Salvage and Arbitration (LSSA) clauses.LOF 2011 maintains the key feature of no cure no pay but there have been a number of changes, which aim to improve the contract in the light of developments.Two new clauses have been added. The first enables publication of LOF Awards on the Lloyds Agency website. It is intended to make the process more transparent and inclusive. The second requires the salvage contractor to notify Lloyds within 14 days of their engagement to render services under LOF 2011.Changes to the LSSA clauses include new provisions with regard to guarantees for the Arbitrator and Appeal Arbitrators fees and, again, publication of awards.The Lloyds Salvage group which includes representatives from the salvage industry, shipowners and the insurance community (property and P&I) - has worked for the past 18 months to develop the new contract.ISU president, Todd Busch, said: The ISU welcomes the publication of ...