The salvage industry's revenue grew in 2013

The international organization for salvage carriers has published an annual report showing that the industry's revenue grew in 2013 even though the number of available contracts decreased.

Photo: Gregorio Borgia/AP/POLFOTO

It was not that there was more to salvage in 2013 than in the previous years, but it cost more, according to a report from the International Salvage Union, ISU, which consists of carriers that work in the salvage industry.

"The 2013 figures show a substantial industry with total revenues, not profit, of more than USD 700 million, up from just over USD 600 million in the previous year. The numbers are for salvage and wreck removal cases where revenue was received in 2013 which may be from contracts agreed in previous years," says the ISU in relation to its annual report.

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