The International Salvage Union (ISU) is complaining that its members are losing money because of amendments to Lloyd’s Open Form (LOF) emergency response contracts.
The union has put out its side of the story after a surprise drop in LOF revenue despite an increase in contracts from 32 in 2016 to 46 last year.
LOF contracts earned salvors $54m last year, which the ISU said is the lowest amount since 1999.
