Latest figures show Lloyd's Open Form (LOF) salvage contracts continue to be poorly supported by shipowners, despite recent backing by the insurance industry.
Lloyd's Salvage Arbitration Branch reported the award of just 27 LOF contracts in 2021, compared to 32 in the previous year, 29 in 2019, and 37 in 2018.
The 114-year-old LOF contract used to be the leading salvage contract but now represents a fraction of the total number of contracts handed out each year.
