The International Salvage Union (ISU) has released its annual statistics for 2024, highlighting key trends within the salvage industry. These statistics are the sole published measure of the industry and focus exclusively on ISU members, thereby excluding data from non-member organizations. In 2024, ISU members reported gross revenues of US$ 406 million, an increase from US$ 398 million in 2023. Additionally, the organization provided 191 services, up from 184 services the previous year.
A significant component of this revenue came from Lloyd’s Open Form (LOF), which saw 29 cases compared to 16 in 2023, generating US$ 118 million, a substantial rise from the US$ 29 million earned in the prior year. Wreck removal efforts also contributed significantly, yielding US$ 205 million from 40 operations, a slight increase from US$ 193 million from 30 operations in 2023. These numbers reflect gross income and do not account for contractor expenses, and they represent income for the year received rather than when the service was rendered, which may lead to some discrepancies. The 2024 figures suggest a continuation of moderate recovery from the low point experienced in 2022.
ISU President John Witte remarked that while these figures indicate a stabilization in the industry compared to two years ago, they remain below the higher revenue levels from a decade earlier. The focus remains on ensuring a robust salvage industry to have professional contractors available for global emergencies. Notably, the 2024 statistics show increased LOF activity, with income from LOF contracts being crucial for the industry’s sustainability. The revenue from SCOPIC contracts was also up to US$ 20 million, significantly higher than the US$ 9 million of the previous year, indicating a positive trend in salvage operations beyond the LOF framework.
Overall, the data underscores the consistent division of income between emergency response and wreck removal activities.