Full members of the ISU are companies and organisations that are active as main contractors and have a track record of providing successful salvage services. The ISU has some 55 full members worldwide. Applicants for membership must be supported by at least two existing ISU full members.
Membership of the ISU confers a mark of professional respect and competence and ISU members may use the ISU logo on their corporate marketing and business materials.
Membership of the ISU demonstrates good standing with other salvors; shipowners and their insurers as well as with other marine professionals.
ISU members receive a listing in the ISU website and are entitled to have their news published in the widely distributed and well-regarded quarterly newsletter, Salvage World.
Members may attend the annual meeting of the association and help to shape policy regarding the business and legal frameworks and practice of salvage and wreck removal. It is also an excellent networking opportunity allowing members to meet and re-establish existing relationships and make new contacts.
ISU also produces an annual associate members’ conference with a programme of relevant speakers and the chance to meet other full members and associate and affiliate members at no cost.
Members are expected to abide by the ISU Code of Conduct and there is a disciplinary process to deal with issues and disputes.
Membership fees are kept as low as possible and are reviewed regularly.
The ISU is also open to associate membership. Associate members are typically organisations which do not provide salvage services directly but which support the industry or have an interest in it. They include marine consultancies, liability and property insurers and brokers; marine law firms, national response organisations and others with an interest in salvage, pollution prevention and wreck removal services.
ISU associate members receive a listing on the ISU website and are entitled to have their news published in the widely distributed and well-regarded quarterly newsletter, Salvage World.
Two representatives of each associate member may attend the annual ISU associate members’ conference at no cost with the opportunity to hear about current issues and to meet and engage with full members.
Associate membership fees are modest and formal applications are considered by the Executive Committee.
Affiliate membership is open to non-commercial organisations with an interest in marine salvage and are usually similar shipping industry trade associations. There is no fee for affiliate members and requests to join this category of membership are considered on a case by case basis with no formal application process.
There are some 80 associate and affiliate members of the ISU.
The Baltic Exchange is the world’s only maritime marketplace. It maintains professional standards, resolves disputes and provides market information – including the Baltic indices. With over 500 member companies from all parts of the world, its international members handle a very large proportion of all dry cargo and tanker fixtures.
More than half the world’s new and secondhand tonnage is bought and sold by Baltic members in a market. Commissions from chartering and sale and purchase in 2002 (latest available figures) amounted to more than US$0.5 billion.
The Baltic Exchange publishes: Baltic Dry Index, Baltic Capesize Index (11 routes), Baltic Panamax Index (seven routes), Baltic Handymax Index (six routes), Baltic Dirty Tanker Index (11 routes), Baltic Clean Tanker Index (five routes), Baltic Ship Valuation Assessment (four vessel types), Baltic Liquified Petroleum Gas (one route), Baltic Forward Assessment (four routes), dry cargo fixture list and market reports.