BOW WAVE 373

Bow Wave Issue 373--Poetry and Jest Edition

news and views on trade, insurance and risk

Bow Wave homepage
Previous issue (372) / Current issue / Next issue (374)

Wavy Line	sam@wavyline.com
(c)2007 WavyLine.com	Issue No 373 15 Jan 07
Published free of charge to Readers
Editor: Sam Ignarski
Subscribe	Unsubscribe

In this issue:

1. Welcome
2. De Trenck on Shipping Outlooks
3. Crane Accidents Website
4. LSLC Presents...
5. Save the Albatross Campaign
6. And Finally...

1. Welcome

Poem of the Week

I Married You

I married you
for all the wrong reasons,
charmed by your
dangerous family history,
by the innocent muscles, bulging
like hidden weapons
under your shirt,
by your naive ties, the colors
of painted scraps of sunset.

I was charmed too
by your assumptions
about me: my serenity --
that mirror waiting to be cracked,
my flashy acrobatics with knives
in the kitchen.
How wrong we both were
about each other,
and how happy we have been.

Linda Pastan, from Queen of a Rainy Country

New Readers this week include:-

Neal Hales of brokers JLT
Jessica Qi of TaiCang Terminal on the Yangtse
Underwriter Eugène van Steekelenburg of the Raets Club Judith Pastrana of Barlow Lyde & Gilbert
Lori Wheeler of Alliant Services in Houston
Charles Whited ov Murphy, Rogers, et al in New Orleans Maritime attorney Ralph Mellusi
Aleksey Erofeev in Russia
Robert Kempkens of Thomas Miller
Dwight Menard of Crowley

News of Readers

Matt Haywood has joined the cargo team of the WE Cox Claims Group

As from the new year David Herratt, FCII is the Regional Representative - Asia for Hampden Agencies Limited ( a Lloyd's Members' Agent) based in Hong Kong. He is determining if there is an interest and appetite for investors based in Asia to invest in Lloyd's as limited liability investor names. So far the outlook is excellent. Lloyd's over the past six years has provided a return on equity on average more than 20 percent. Year 2006 is looking like a particularly good year. Lloyd's as an asset class is likely to be of interest to high net worth individuals (GBP 5 million and above) although the minimum investment is now around GBP 400,000 enabling an investor to underwrite GBP 1 million. It is one of a very few investment classes that is non-correlated and allows the unique double use of assets.

Contact David at:-

david.herratt@hpcgroup.co.uk

Muthu Jagannath has moved from Seasia to TransLiner Pte

contact him at:-

jagan@ejagan.com

AfterOfficeHours News

The Maritime Advocate online archive

The publishers are opening an archive for the Maritime Advocate which will also provide an opportunity for a number of firms to demonstrate their expertise to our readership.

In addition to the back editions of the Maritime Advocate itself, there are two central aspects to the archive:

1. To provide regular case-law updates on transport and insurance law from their particular jurisdiction. It is expected that a wide range of jurisdictions will form part of the case-note database.

2. To provide an overview of the transport law in each jurisdiction.

An example of this overview which has already been prepared for India by BJ Macfarlane & Co can be supplied to interested parties.

In New Zealand, the firm of Wilson Harle has now agreed to be the sponsors for the country summary.

Each jurisdiction will only be represented by two sponsoring law firms. One will provide the case law updates. The other will provide the country summary. If you or your firm is interested in supplying these materials please contact the publishers at:

contactus@afterofficehours.com

Note from the Editor

This week's edition contains an eclectic mixture of items and bear little relation which each other, eg shipping markets in 2007 (item 2) and upended cranes (item 3). As usual we begin with a poem and end with a jest. Funny how often the subject of these items is the relationship between men and women.

Enjoy!

2. De Trenck on Shipping Outlooks

We received this week the prognostications of Citigroup's Charles de Trenck who is based in Hong Kong and delivers the most closely argued analysis on matters relating to the Asia Pacific and shipping.

He has the agreeable tendency of first supplying a basic primer to his subject before advancing on narrower technical fronts. His market outlook is negative, a soft let down. As these kinds of reports take a lot of time and effort to compile, they are well worth visiting by those of us fortunate enough to receive them . To read his report go to:-

https://www.citigroupgeo.com/pdf/SAP01641.pdf

3. Crane Accidents Website

The link below to the its-insurance weblog takes readers to a unique source for crane accident reports,
photos of crane related accidents and professional commentary. Although it is focused on the landside of industry (especially construction) there are many lessons here for maritime and transport people. The site was launched on January 27, 1999. An archive of accident listings, dating back to 1995, is available to subscribers.

The site contains more than 700 pages of comprehensive information with access to hundreds of photos and crane accident reports.

Go to the its-insurance weblog at:-

http://www.its-insurance.com

4. LSLC Presents...

The London Shipping Law Centre reminds members and their Colleagues of the third event in the 2006-2007 Lecture Programme

Environmental Salvage

Introduction
The ancient legal right to claim an award for salvage services rendered to property in danger on the seas has historically been restricted to claims against the ship and cargo salved. Whilst in recent times the skill and effort of the salvor to prevent or minimise damage to the environment has been one of the ten elements to be taken into account in accessing the award against ship and cargo, the actual award is still capped by the value of the salved property.

Salvors say they believe that, in addition to the traditional award against ship and cargo, an environmental award should also be made to reflect any benefit conferred on the environment. Further, they maintain that if the salvage industry were to be given such encouragement, the environment would be better protected. These issues and arguments will be presented by an informed panel and the pros and cons discussed in an open forum

Issues to be discussed include:

o Why are environmental salvage awards needed ?
o How could they benefit the shipping community ? o How could they be assessed ?
o Who would pay them ?
o How could such a change be achieved ?

Panellists:
Arnold Witte the Vice-President of The International Salvage Union Archie Bishop -- Holman Fenwick & Willan
Måns Jacobsson -- Immediate past Director of the IOPC Fund Charles Hume -- Chairman of the Salvage Committee of the Int. Group

Chairman: John Reeder QC -- Lloyd’s Appeal Arbitrator

Wednesday 17th January 2007, 5.30 for 6.00pm
Venue: Holman Fenwick & Willan, Marlow House, Lloyds Avenue, London, EC3

There will be a video link with Professor John Hare and his students at Cape Town University by courtesy of their sponsor Smit International SA

Accredited for 2CPD hours

Please contact the UCL Helpdesk for more information:-,

helpdesk@ucl.ac.uk

5. Save the Albatross Campaign

Dr. Ben Sullivan, BirdLife Global Seabird Programme Coordinator writes:-

I was amazed by the level of feedback we got from last month's newsletter, the achievement of Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR) seemed to really impress and inspire you all, which is great, because it is vital that we spread the word of such successes.

Many of you will have seen that in the last few weeks there was a major bycatch (accidental seabird deaths from fishing) incident in the New Zealand swordfish fishery around the Kermadec, when a single vessel killed 51 albatross, the majority of which were Antipodean Albatross. This is a very serious situation and emphasizes the danger of using shallow set longline gear with little or no additional line weighting. Such bycatch levels are clearly unacceptable and our BirdLife partner in New Zealand (Forest and Bird) have been actively involved in pushing for immediate action to be taken to ensure similar events are not repeated. Currently, the proposals by the New Zealand Minister of Fisheries are to require all vessels to set lines at night and use streamer (tori) lines. While these steps are welcomed their effectiveness will require close monitoring and it is essential that all vessels in this fishery have 100% observer coverage to monitor future bycatch levels.

My colleague, Cleo Small, has just returned from a critical meeting of the Western Central Pacific Fisheries Commission in Samoa, where the Commission became the first Tuna Regional Fisheries Management Organization (RFMO) to adopt the mandatory use of two mitigation measures. This is definitely a step in the right direction, although the outcome is partly a compromise following some difficult negotiations. The main compromise was a staged exemption for small vessels in the South Pacific, which have until 31 December 2009 until the rules become mandatory. Taiwan operates up to 1,000 small vessels in these waters, and it is essential that these vessels start using mitigation measures as soon as possible. But, this aside, the result was better than all the other tuna commissions, so the bar has been raised for other key tuna RFMOs.

It has been a really challenging but exciting year for everyone involved in the campaign, and if I had to pick a couple of highlights it would probably be the achievements of the Albatross Task Force in South Africa and Brazil, and the successful negotiations underway to expand the team in 2007. The second highlight is Cleo's achievement working with a wide range of people from around the world to strengthen measures taken by RFMOs to reduce seabird bycatch. These wins have been critical to starting to halt the decline of many albatross and petrel species.

Have a fantastic 2007 everyone and I look forward to keeping you up to date with the campaign next year.

Find out more at:-

http://www.savethealbatross.net

6. And Finally...

Thanks to Frazer Hunt for this one...

THE BOTTLE OF WINE

For all of us who are married, were married, wish you were married, or wish you weren't married, this is something to smile about the next time you see a bottle of wine:

Sally was driving home from one of her business
trips in Northern Arizona when she saw an elderly Navajo woman walking on the side of the road.

As the trip was a long and quiet one, she stopped the car and asked the Navajo woman if she would like a ride.

With a silent nod of thanks, the woman got into
the car.

Resuming the journey, Sally tried in vain to make a bit of small talk with the Navajo woman. The old woman just sat silently, looking intently at
everything she saw, studying every little detail, until she noticed a brown bag on the seat next to Sally.

"What in bag?" asked the old woman.

Sally looked down at the brown bag and said, "It's a bottle of wine. I got it for my husband."

The Navajo woman was silent for another moment or two.

Then speaking with the quiet wisdom of an elder,
she said:

"Good trade....."

P.S.

Thanks to Paul Dixon for these

DIFFERENT ANSWERS GIVEN BY SCHOOL-AGE CHILDREN

Why did God make mothers?
1.-She's the only one who knows where the scotch tape is. 2.-Think about it, it was the best way to get more people. 3.-Mostly to clean the house.
4.-To help us out of there when we were getting born.

How did God make mothers?
1.- He used dirt, just like for the rest of us.
2.- Magic plus super powers and a lot of stirring. 3.- God made my mom just the same like he made me. He just used bigger parts.

Why did God give you your mother and not some other mom? 1.- We're related.
2.- God knew she likes me a lot more than other
people's moms like me.

What ingredients are mothers made of?
1- God makes mothers out of clouds and angel hair and everything nice in the world and one dab of mean. 2.-They had to get their start from men's bones. Then they mostly use string. I think.

What kind of little girl was your mom?
1.- My mom has always been my mom and none of that other stuff. 2.- I don't know because I wasn't there, but my guess would be pretty bossy.
3.- They say she used to be nice.

How did your mom meet your dad?
1.- Mom was working in a store and dad was shoplifting.

What did mom need to know about dad before she married him? 1.- His last name.
2.- She had to know his background. Like is he a crook? Does he get drunk on beer? Does he make at least $800 a year? Did he say NO to drugs and YES to chores.

Why did your mom marry your dad?
1.- My dad makes the best spaghetti in the world. And my mom eats a lot.
2.- She got too old to do anything else with him. 3.- My grandma says that mom didn't have her thinking cap on.

What makes a real woman?
1. It means you have to be really bossy without looking bossy.

Who's the boss at your house?
1.- Mom doesn't want to be boss, but she has to because dads such a goofball.
2.- Mom, you can tell by room inspection. She sees the stuff under the bed.
3.- I guess Mom is, but only because she has a lot more to do than dad.

What's the difference between moms and dads?
1.- Moms work at work and work at home, and dads just got to work at work.
2.- Moms know how to talk to teachers without scaring them. 3.- Dads are taller and stronger, but moms have all the real power'cause that's who you gotta ask if you want to sleep over at your friend's.

What does your mom do in her spare time?
1.- Mothers don't do spare time.
2.- To hear her tell it, she pays bills all day long.

What's the difference between moms and grandmas?
1.- About 30 years.
2.- You can always count on grandmothers for candy. Sometimes moms don't even have bread on them!

Describe the world's greatest mom?
1.- She would make broccoli taste like ice cream!

BOW WAVE is published each week to over 14 000 Readers in the transport,insurance,shipping and finance industries.

Thanks for reading BOW WAVE