The Lloyd’s List Podcast: The future of salvage

Lloyd's List: The Shipping Podcast

This week Lloyd’s List Editor Richard Meade talks to International Salvage Union president Charo Coll and Global Head of Marine Risk Consulting Allianz Capt. Rahul Khanna as they consider the future of salvage, the future of risk and why Friday the 13th is more than just a superstition when it comes to maritime safety. --- THOSE in the salvage sector are the unsung heroes of shipping. But could that be a problem? “We haven’t shouted loudly enough about our contribution to environmental protection,” International Salvage Union president Charo Coll explained in her keynote address to the sector’s biggest annual get-together in London earlier this week. Pressure in the shape of intense competition, a reduced number of jobs, and generally lower income, has become acute. There is an increasing resort to alternative contracts not intended for emergency situations requiring immediate response, and the erosion of the long-established but increasingly endangered looking species — the Lloyd’s Open Form system, which is being threatened by the use of side agreements. Meanwhile, increasingly large and expensive vessels have shifted the perceptions of the insurance sector when it comes to salvage. All that spells the need for change, and while salvors are a generally conservative bunch, not prone to revolutionary thoughts, there is a growing realisation that the salvage sector must evolve, quickly. Diversification and consolidation has already started, but there’s more to come. Don’t forget, you can now subscribe to the Lloyd’s List Podcast via iTunes and Spotify, as well as most other podcast providers. And make sure you are registered for a free account on Lloydslist.com so you can receive our Daily Briefing e-mail.