The ISU has published its annual statistics for 2025. They are the only published measure of the state of the industry but do not include information from non-ISU members.
- Gross revenue for ISU members – US$ 190 million (2024, US$ 406 million)
- 166 services provided (2024, 191 services)
- Lloyd’s Open Form (LOF) – 18 cases (2024, 29). LOF revenue US$ 50 million (2024, US$ 118 million)
- Wreck removal income – US$ 46 million from 18 services (2024, US$ 205 million from 40 services)
All numbers are gross income from which all the contractors’ costs must be paid. Numbers are for income in the year received not the year when the service was provided and there can be an element of “time lag”. ISU members have reported that the speed of settlement of large cases has slowed in recent years.
The headline 2025 numbers show a dramatic fall in gross income – down by 53 per cent. This is due to a significant drop in wreck removal – both activity and income. In a typical year, wreck removal income and emergency response income are approximately equal for ISU members. But in 2025, wreck removal income was US$ 46 million from 18 services compared with US$ 205 million the previous year.
Emergency response services generated US$ 144 million split between LOF at US$ 50 million and other contracts at US$ 93 million.
ISU President, Leendert Muller commented: “This is a disappointing year for our members. The number of services provided is down but it is the great drop in wreck removal income that has dramatically reduced overall income levels.”
“As commercial salvors we accept that our industry can have significant variability year-on-year but a drop of more than 50% will have a major impact on our members. The variability makes it hard to plan, and reduced income will affect investment decisions. All the key stakeholder – owners, property insurers and the P&I Clubs recognise that sustaining the salvage industry is essential for the safe and clean operation of the whole of shipping and these numbers are disappointing.”
The 2025 ISU statistics show 18 LOF cases for ISU members – only just above the historic low of 16 LOFs in 2023. LOF income in 2025 was an average of 7 per cent of the salved value for each case. SCOPIC income was US$ 1.2 million which is historically low.
Revenue in 2025 from operations conducted under contracts other than LOF was US$ 93 million. The average revenue from each non-LOF contract was US$ 720,000.
The ISU statistics are collected from ISU members by a professional third party, which aggregates and analyses them.
