Shipping’s largest and most militant seafarers' union, the International Transport Workers' Federation (ITF), is sitting on reserves of more than £90m ($120m) in its Welfare Fund, made up of cash contributions from shipowners.
A TradeWinds analysis of the ITF's finances shows that while owners' balance sheets buckle under the weight of recession — and unions worldwide struggle with falling membership — the union's financial situation has never been better.
