ISU to Press Case for Environmental Awards
Members of the International Salvage Union (ISU), meeting in Singapore earlier this month, unanimously decided to continue to press the case for Environmental Awards for pollution prevention services. This matter will be taken forward by a new ISU Committee headed by Vice President Arnold Witte.
There was also strong support for the Interreg (Maritime Safety Umbrella Operation) decision to join the ISU in developing International Guidelines on Marine Casualty Management, for IMO consideration and eventual adoption.
During the meeting in Singapore there was disappointment that the review of SOCPIC rates had not been concluded and there was an expression of hope that this vexed issue would be concluded in the near future.
The ISU welcomed two new members, Seattle based Foss Maritime Company and Rotterdam based Fairmount. The American Salvage Association and Beazley Group were welcomed as Associate Members.
The ISU's Executive Committee met immediately before the General Meeting. Four new members were appointed to the ISU Executive Committee and attended their first meeting. They are: Peter Lee of Semco, Gordon Bain of Groupe Ocean, Andreas Tsavliris and SvitzerWijsmuller's Robert-Jan van Acker.
Presenting an overview of salvage activity in 2005, the ISU saw a number of dramatic changes for the industry in respect of salvage services finalised during that year by LOF, other salvage agreements, awards or settlements and fixed price agreements.
The substantial rise in ship values saw the values of salved property rise to over $2bn for the first time ever, an increase of 44% on 2004. This increase is even more remarkable given that the number of finalised cases fell from 194 in 2004 to 145 in 2005.
Notwithstanding the increase in property values salved, to $2.12bn, the revenue generated declined from 8.04% of salved values in 2004 to 6.64% ($140.63m) in 2005.
MJ Information No: 22300
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