The number of Lloyd's Open Form (LOF) salvage deals awarded in 2018 suggests market speculation over the demise of the traditional “no cure no pay” emergency salvage contract could be premature.
Eighteen LOF deals were awarded in the first three months of the year, compared with 54 in the whole of 2017. In 2016, only 42 LOFs were awarded.
Encouragingly for the salvage industry, LOF contracts have been deployed in the biggest casualties so far this year.
