BOW WAVE 262

Bow Wave Issue 262--Subscribers' Edition

news and views on trade, insurance and risk

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Wavy Line	sam@wavyline.com
(c)2004 WavyLine.com	Issue No 262 29 Nov 04
Published free of charge to Readers
Editor: Sam Ignarski
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In this issue:

1. Welcome
2. Thinking About Advertising in Bow Wave in 2005?
3. Danube Wreck Clearance
4. SRA On-Line
5. Jakob Nielsen's Alertbox
6. And Finally...

1. Welcome

Gathering Leaves

Spades take up leaves
No better than spoons,
And bags full of leaves
Are light as balloons.

I make a great noise
Of rustling all day
Like rabbit and deer
Running away.

But the mountains I raise
Elude my embrace,
Flowing over my arms
And into my face.

I may load and unload
Again and again
Till I fill the whole shed,
And what have I then?

Next to nothing for weight;
And since they grew duller
From contact with earth,
Next to nothing for color.

Next to nothing for use.
But a crop is a crop,
And who's to say where
The harvest shall stop?

Robert Frost

from The Poetry of Robert Frost (Holt, Rinehart and Winston).

New Readers this week include:

Dennis Soh of Hibiki Container Terminal in Japan
Nautical Analyst Capt Harkesh Grover of the MSANZ in Wellington Koen Vercauteren in Belgium
Heidi Heseltine of Spinnaker
Consultant Willem Verbaan in Rotterdam

News of Readers

Adrea Felsted has become the insurance correspondent for the Financial Times after moving there from Lloyd's List five years ago.

contact her at:-

Andrea.Felsted@FT.com

Steve McGill CEO of brokers JLT resigned his post on Friday 26NOV04.

Peter Glover, John Whiting and Monica Lambrou-Whiting known to many in the marine liability claims world have now formed a new company called Yeoman Insurance Services designed to provide claims services to owners, charterers, shipmanagers, clubs and insurers.

find out more at:-

http://www.yeomanisl.com

Readers Write

Robert Tallack writes:-

Re your item on sub-standard shipping (Bow Wave Issue 261): It seems to me that we have been trying to persuade the insurance industry to police shipping quality since time immemorial. It has not worked and probably never will work and, arguably, it is not their job. Their job is to insure risk - which is a fair description of a substandard ship.

The responsibility for sub-standard ships is twofold: owners and Flag State. If Flag States imposed international standards robustly, the problem would surely be much reduced, if not eliminated. If a Flag State fails to impose the requirements of international conventions on ships under its registerer, then perhaps ships flying that State's flag should no longer be privileged to benefit from the ability to limit their liability - under international convention. This would certainly be a blunt enough instrument to cudgel the insurance industry into charging appropriate premiums and either the Flag State gets its act together or looses its fleet.

Impossible? Not really; agree that the Limitation of Liability Convention will be internationally revoked in, say, 2008 and only reinstated for those States that have proved, in the intervening years, that they have met internationally acceptable standards. Another white list - maybe, but it could certainly concentrate a few minds.

Contact him at:-

RTallack@IDGMaritime.com

Janet Peck writes:-

I'll be at the SUNY Maritime College booth at the New Orleans Workboat show next week (booth 2169) if you need a place to rest or want to stop by; please feel free. I'll have some information on the On-line learning classes and other programs at SUNY Maritime.

Contact her at:-

janetpeck@maritime-bureau.us

The season of good will is drawing near. Readers are encouraged to send in their contributions for our Xmas edition, which is given over mostly to satire and fun.

Enjoy.

2. Thinking About Advertising in Bow Wave in 2005?

There are at this point around 10 800 individual subscriber addresses around the world in over 120 countries. The Readers are mainly drawn from the marine and transport related insurance and financial services industry. The readership is concentrated in countries with marine industries and traditions.

The next time you or your business would like to get the word out to a global community, ask us for a circulation breakdown. Here are a few examples:

Readers in Insurance Broking

66--Marsh
48--AON
45--Willis
38--Cooper Gay
32--JLT Group
14--Miller Insurance
13--Heath Lambert
11--Houlder Group
11--Robert Fleming
11--PL Ferrari
10--Nacora
10--HSBC Brokers
08--MMS Brokers Malaysia
08--Benfield Group
07--Windsor
06--NMB
05--A Forbes
04--Prentis Donegan
04--Avalon
03--Junge Brokers Hamburg
03--Pandi Bremen
03--PIMSIC Portsmouth
03--Craven Group
03--Ropner
02--Tri-City Brokers San Francisco
02--Marine-Assekuranz Hamburg
02--Post&Co Rotterdam
02--The Two Chans Hong Kong
02--Stuart Alexander

Readers in Banks/Trade Finance

14--HSBC
06--Deutsche Bank
04--CCEWeb
03--Swift
02--Barclays
02--RBS
03--Bolero
03--Tufton Oceanic
02--Swift
02--Commerzbank
02--World Bank
02--Dresdener Bank

Readers in Trade Bodies

07--Bimco
04--Baltic Exchange
03--Sitpro
03--Fiata
01--Fonasba

Media Readers

47--Informa
13--Fairplay
07--Tradewinds
05--Journal of Commerce
03--BBC

Readers in Container Shipping Lines

20--Maersk
13--Cosco
11--OOCL
10--NYK
09--PONL
09--Evergreen
05--CP Ships
03--K Line
03--ANL

Readers in Law Firms:

20--Ince
19--HFW
16--Clyde&Co
12--RichardsButler
09--Hill Taylor
06--Watson Farley Williams
06--Bentley Stokes
06--HK Law
05--Freshfields
05--Clifford Chance
05--Lawrence Graham
05--Norton White
05--Phillips Fox
05--Baker Mackenzie
05--Shaw & Croft
04--Cozens
04--Kaye Rose
03--Freehills
03--Birketts
03--Middletons (Aus) 3
03--Healy
03--Hill Betts

3. Danube Wreck Clearance

John Guy writes:-

A multinational consortium made up of Netherlands-based Multraship Salvage, USA-based Titan Maritime and Deltacons, a Romanian river engineering company, has begun a three-month project to remove the wreck of the 4,497 gt Rostok from the Romanian River Danube. The vessel sank at Mile 31 of the Sulina Channel in 1991, blocking the fairway. Several partial attempts to remove the wreck have been made and partial navigation restored. Now, under a European Investment Bank funded tender, the Rostok Wreck Removal Consortium will remove the wreck completely and fully reopen the waterway. Work began on November 1 and the bow section has already been lifted.

For a rather fine photo of said bow section go to the site below:-

http://www.multraship.com/

4. SRA On-Line

Many of us who work for insurance organisations have at one time or another sat through investment presentations given by managers charged with investing funds. Very often less than 20 per cent of such presentations shed light on the questions we might have. Readers in search of reasons for why markets behave as they do can do a lot worse than look in from time to time on the site operated by Sanders Research Associates who are investment analysts and managers who work hard to understand and explain the times in which we live.

http://www.sandersresearch.com

5. Jakob Nielsen's Alertbox

Chris Valle of New Information Paradigms Ltd has sent in an essay which dwells on how the internet will help us press back the great centralisers. A must read for every insurance organisation wondering what to do now...

Undoing the Industrial Revolution

Summary:

The last 200 years have driven centralization and changed the human experience in ways that conflict with evolution. The Internet will reestablish a more balanced, decentralized lifestyle.

Read on here:-

http://www.useit.com/alertbox/20041122.html

6. And Finally...

Many thanks to Frazer Hunt for passing on this deep spring of wisdom:-

The Donkey In The Well

One day a farmer's donkey fell down into a well. The animal cried piteously for hours as the farmer tried to figure out what to do.

Finally he decided the animal was old, and the well needed to be covered up anyway, it just wasn't worth it to retrieve the donkey.

He invited all his neighbors to come over and help him. They each grabbed a shovel and began to shovel dirt into the well. At first, the donkey realized what was happening and cried horribly. Then, to everyone's amazement, he quieted down.

A few shovel loads later, the farmer looked down the well, and was astonished at what he saw. As every shovel of dirt hit his back,

the donkey did something amazing. He would shake it off and take a step up. As the farmer's neighbors continued to shovel dirt on top of the animal, he would shake it off and take a step up.

Pretty soon, everyone was amazed, as the donkey stepped up over the edge of the well and trotted off.

The Moral:

Life is going to shovel dirt on you, all kinds of dirt. The trick to getting out of the well is to shake it off and take a step up.

Each of our troubles a stepping stone. We can get out of the deepest wells just by not stopping, never giving up! Shake it off and take a step up!

Remember the five simple rules to be happy:

1. Free your heart from hatred.

2. Free your mind from worries.

3. Live simply.

4. Give more.

5. Expect less.

O.K., that's enough of that B.S. ... The donkey later came back, caught the farmer out in the field and kicked the s#*t out of him.

Then he went over to each of his neighbors farms and kicked the s#*t out of them too for helping.

The REAL Moral:

When you try to cover your ass, it always comes back to get you.

BOW WAVE is published each week to over 10800 Readers in the transport,insurance,shipping and finance industries.

Thanks for reading BOW WAVE