BOW WAVE 386

Bow Wave Issue 386--Unseasonable Edition

news and views on trade, insurance and risk

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Wavy Line	sam@wavyline.com
(c)2007 WavyLine.com	Issue No 386 16 Apr 07
Published free of charge to Readers
Editor: Sam Ignarski
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In this issue:

1. Welcome
2. The Month of March 2007 in Marine
3. Loss of Hire Insurance Seminar
4. Thoughts on Road and Rail
5. Insurance Law Review
6. And Finally...

1. Welcome

Poem of the Week

Despair

Sadness. The moist gray shawls of drifting sea-fog, Salting scrub pine, drenching the cranberry bogs, Erasing all but foreground, making a ghost
Of anyone who walks softly away;
And the faint, penitent psalmody of the ocean.

Gloom. It appears among the winter mountains
On rainy days. Or the tiled walls of the subway
In caged and aging light, in the steel scream
And echoing vault of the departing train,
The vacant platform, the yellow destitute silence.

But despair is another matter. Midafternoon
Washes the worn bank of a dry arroyo,
Its ocher crevices, unrelieved rusts,
Where a startled lizard pauses, nervous, exposed
To the full glare of relentless marigold sunshine.

Anthony Hecht, from Collected Later Poems

New Readers this week include:-

N.Wood from recruitment consultants Spinnaker
Maritime regulator Bruce Maroc in New Zealand
Captain Mike Linbeck of Clear Lake Shores, Texas

News of Readers

Brian Gedalla, who has been compiling the International Group's Pooling Statistics for a number of years has now left actuarial consultants Milliman. While he has a number of options open to him, he is hoping to remain involved with the P&I world in some way.

contact brian at:-

brian_gedalla@hotmail.com

Fichte & Co Legal Consultancy, Dubai, together with Lloyd's List events and the Institute of Maritime Law (University of Southampton) are organising a course and workshops regarding the new UCP 600, the ICC's universally adopted Rules for letters of credit, that will come into force in July this year.

The event, aimed at Traders, Bankers, Carriers, Lawyers and at the shipping and trading industry in general, will be happening in Dubai on 13th and 14th May 2007. For further information and a brochure follow the link

http://ibcgulfconferences.com/defaultforum.asp?page_id=860&edition_id=336

or contact Jasamin directly at

jasamin.fichte@fichtelegal.com

The Directors of "K" Line Shipping Agency S.A., Istanbul are pleased to announce that Mr. Nobuhiko Tani was duly appointed as a Director of the Company at the Board of Directors meeting held in Istanbul on 2nd April 2007.

Please be advised with effect from 2nd April 2007 Mr. Nobuhiko Tani has also been appointed as the Chairman of the Board of Directors.

Mr. Nobuhiko Tani, who is the resident Representative of "K" Line (Europe) Limited, London in Turkey, assumed this position and responsibility on behalf of "K" Line on 1st April from Mr. Kiyoshi Terashirna, who has returned to Tokyo with Executive Officer responsibility for the Car Carrier Business within Kawasaki Kisen Kaisha Limited.

Readers Write

From James Harden of British Marine Managers Limited

I was pleased to see the message from Cornelia Easton of Industrial & Domestic Risk Services, Cape Town in Bow Wave Issue 384. It is good to see that Mitch Brown, Shannon Carambassis and Cornelia are avid readers of Bow Wave. As a P&I underwriter, I have dealt with Mitch, Shannon and Cornelia very happily for a good many years and I am confident their new specialist fishing industry broking operation will be a huge success.

Contact James at:-

James.HArden@BritishMarine.com

Note from the Editor

Greetings from unseasonably warm Southern England wherin April pretends to be June.

Enjoy!

2. The Month of March 2007 in Marine

Jason Copland writes:-

The end of the first quarter of the year and the end of the full financial year for some, the end of March also means bonus time for some.....(have a look in the car-park to see if you can spot the winners )

Mar 1 Converium comes out fighting, again rejecting the unsolicited take-over bid from SCOR and aims to deliver a 14% ROE by 2009 and on the same day Converium finally receives the long awaited return to S&P A rating.

Mar 1 Ronald Reagan is fighting fit - the USS Ronald Reagan that is, the aircraft carrier achieves a highest level of readiness recognition with a Grade "E"

Mar 2 The Ulster Folk and Transport Museum launches a Titanic History website - see here:
http://www.titanicinbelfast.com/welcome.aspx - well worth a visit and a browse.

Mar 4 Bad weather adds to the long-running saga of salvage work on the "MSC Napoli" - there are still some 1300 containers to be removed from the holds of the vessel.

Mar 5 IUMI announces statistics showing that the number of vessel total losses is declining. in 2006, 67 ships were total losses compared with 140 in 2000. More stats and story here

http://www.marinelink.com/Story/ShowStory.aspx?StoryID=206201

Mar 5 Vinashin plans to build fast ships to link the north-south routes in Vietnam. Each ship to be 160 metres long, first ship to be built abroad and the rest in Vietnam at a total cost of circa US$2 bn.

Mar 5 The Oracle of Omaha attributes a successful 2006 with a 29% rise in profits to the bounty of Mother Nature in sparing us from too many Natural Catastrophes and claims that a diet of Cherry Coke and Hamburgers helps keep him fit at 76.

Mar 6 Memorial services help to mark the 20 anniversary of the "Herald ofFree Enterprise" disaster at Zeebrugge which cost 193 lives.

Mar 6 No chips on the shoulder as Indonesia detains tug boats and barges loaded with granite chips destined for Singapore in a continuing dispute. Could lead to a slow down in the construction industry in Singapore.

Mar 6 SCOR claims that Converium's recent upgrade shows the alignment between the two companies and pushes on with its planned take-over....

Mar 6 refloating efforts on the Liberian flag "Montrose" aground in Chesapeake Bay continue as more coal is lightered.

Mar 6 Brittany Ferries buys biggest fast cat in the Channel. The 321 foot "Normandie Express" can carry up to 900 passengers and 267 cars and it's the
largest, fastest cat on the cross-channel route.

Mar 6 Not again...Ro-Ro-Ro vessels, Grimaldi Lines' 215 meter "Republica de Genova" capsizes at Antwerp during loading operations

Mar 12 Converium considers looking for a White Knight in its struggle against take over by SCOR

Mar 13 Aon agrees to pay GBP 13 million to rival Benfield to settle an ongoing dispute over alleged breach of contracts following a mass defection last autumn.

Mar 14 Korea's Hyundai Mipo Dockyard are awarded Grimaldi's order for 5 new Ro-Ro vessels for the company's Atlantic routes. The order is worth some US$ 430 million. Each vessel should be 25,000 GT and capable of 21 knots with the first ship due in 2010.

Mar 14 The Royal Navy's "HMS Monmouth" helps rescue crew from the 1974 General Cargo "Afrodite S" which takes on water after cargo of cement shifts in heavy weather. Perhaps the "Afrodite S" will be re-classed as a concrete carrier ?

Mar 15 More cruising, more orders as Silverseas orders a super-luxury 540 berth cruise ship from Fincantieri to be delivered in 2009

Mar 15 Still more cruising, China wants to get in the business and plans a cruise terminal in Shanghai - full story here:
http://www.marinelink.com/Story/ShowStory.aspx?StoryID=206335

Mar 16 An auction is held for relics from German WWI battleships sunk at Scapa Flow, items include parts of a dinner service and a ship's clock. The auction was for a private collection of over 500 items.

Mar 17 The Sri Lankan navy sinks two cargo ships which it believed were carrying weaponry for the Tamil Tigers.

Mar 17 Collision in the East China Seas results in 9 dead. "Huirong" was struck by cargo vessel and sank almost immediately. Some crew rescued but nine
still missing.

Mar 20 The crew of the Panama registered "Naxos" (1981 built bulker) refuse to sail from Belfast port in a dispute over pay and conditions. Some crew
claim that the vessels "leaks" in heavy seas. The Maritime and Coastguard Agency will inspect the vessel.

Mar 20 Ghostly business...the US government may bring an end to the problem that's been haunting (sorry) Able UK in their plans to dismantle and reclaim
decommissioned US Navy vessels, the so-called Ghost Ships may be recalled.

Mar 20 Pakistan's president Musharraf opens Gwadar port on the Pakistan side of the Arabian Gulf claiming it will benefit the Balochistan area. Full story here: http://news.bbc.co.uk/2/hi/south_asia/6469725.stm

Mar 20 Holiday in Tahiti anyone? Not the paradise island but Chevron plans to place its new platform for its Tahiti field in Gulf of Mexico. This island will be around 100,000 tons of steel and should lift 125,000 barrels per day by mid 2008 and it will cost around US$ 3.5 bn

Mar 20 Shell International Transport and Trading wants to know its ships are as tight as a clamshell and is the first to install Lloyd's new Hull Integrity
software system on a vessel. Full story here:
http://www.marinelink.com/Story/ShowStory.aspx?StoryID=206377

Mar 24 "Nisshin Maru", the Japanese whaler featured last month returns to home waters.

Mar 24 15 crew from the Royal Navy frigate "HMS Cornwall" are captured by Iranian Revolutionary Guards after allegedly entering Iranian waters.

Mar 26 Oily business, FPS are on the increase with currently 197 vessels in operation, a further 62 already on order and a further 100 projects under consideration that require FPS vessels

Mar 26 A well earned rest for Big John, after 38 years of service, John F Kennedy is finally allowed to retire. The aircraft carrier of this name was decommissioned today.

Mar 28 Qatar's RasGas North Field is expected to produce 30% of the world's LNG by 2012. Currently producing 21 million tonnes per annum, this will rise to 37 mtpa by 2009 - I've said it before about Qatar but that's a lot of gas!

Mar 29 Chaos in Cologne as the River Rhine is blocked. The German vessel "Excelsior" adds a new tourist attraction to the Domstadt after losing some 32 containers overboard, some sank, some floated off, some drifted with the current, but the river was closed leading to around 400 ships being delayed along 20 kilometers of river. Updates on many of the above stories follow in April's Month of..... Disclaimer Any opinion expressed in this newsletter should be regarded as the personal opinion of Jason Copland and not one made in his capacity as an employee of Swiss Re and any such opinion is not the opinion of Swiss Re, of any of its affiliated companies or of any of its officers or employees. Accordingly, Swiss Re hereby expressly disclaims any liability, loss, cost or expenses arising directly or indirectly from the content or expression of views of this newsletter or of other Websites to which this Newsletter may provide a link.

3. Loss of Hire Insurance Seminar

Lee Coppack writes:-

For many years, loss of hire insurance was a significant line of business for marine insurers in London. With a few exceptions, this is no longer the case, but Scandinavian markets have continued to write the risks. A seminar organised by the Association of Average Adjusters (AAA) will examine the practicalities of re-establishing loss of hire as a mainstream product for more London market underwriters.

Anyone with an interest in the subject is welcome to attend.

Seminar ­ loss of hire insurance
13.00 on Thursday, 26 April 2007
Hospitality suite
London Underwriting Centre
3 Minster Court
Mincing Lane
(Use the Mincing Lane and Great Tower St entrance)

Paul Silver, a Fellow of the Association of Average Adjusters and Managing Director of Richards Hogg Lindley, will review the current loss of hire insurance market and problems associated with the business.

Refreshments to follow

RSVP:lc.com

Please let her know by 24 April if you would like to attend and if you plan to stay for refreshments.

AAA members should also note that the AGM will take place at 10-30 on Thursday,10 May 2007 at the Lloyd's Old Library. The topic for discussion is marine claims - the future.

4. Thoughts on Road and Rail

One of the most intelligent news and views sites out there is the one maintained by Sanders Reseach Associates which always has something interesting to say about the bigger issues of our times. This week John Busby writes about the energy implications of transport and more.

Go to:-

http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1194

5. Insurance Law Review

Gerard baker of the London Shipping Law Centre writes:-

The Law Commission Insurance Law Review

Introduction

Your contribution is very important to this important proposed reform in insurance law.

Issues to be discussed include:

* The effect of misrepresentation and non-disclosure: * Should there be no automatic right to avoid for negligent misrepresentation/non-disclosure? And,
* No right to avoid for innocent misrepresentation? * The effect of breach of warranty:
* Including the implied warranties under MIA 1906 ss 36-41 * Should there be no right to avoid for breach of a warranty that was not material or where the loss was not causally connected to the breach?
* Whether any change is needed to MIA 1906 ss 42-46, which operate in much the same way as warranties
* Freedom of contract

Co-Chairmen: Peter Rogan - Ince & Co. & Professor John Lowry - UCL
Panellists:
Professor Hugh Beale QC - The Law Commission
Alan Weir - Ince & Co.
Peter MacDonald-Eggers - 7 King’s Bench Walk

Tuesday 17th April 2007, 5.30 for 6.00pm
Venue: Ince & Co., International House, 1 St Katherine’s Way, London, E1

http://www.london-shipping-law.com

6. And Finally...

Many thanks to Paul Dixon for these:-

USEFUL COMEBACKS AND SARCASTIC REMARKS

I don't know what your problem is, but I'll bet it's hard to pronounce.

I'll try being nicer if you'll try being smarter.

It sounds like English, but I can't understand a word you're saying.

Ahhh...I see the screw-up fairy has visited us again...

I like you. You remind me of when I was young and stupid.

I'm already visualizing the duct tape over your mouth.

I will always cherish the initial misconceptions I had about you.

Thank you. We're all refreshed and challenged by your unique point of view.

The fact that no one understands you doesn't mean you're an artist.

Any connection between your reality and mine is purely coincidental.

I'm not being rude. You're just insignificant.

Sarcasm is just one more service I offer.

If I throw a stick, will you leave?

I'm trying to imagine you with a personality.

Nice perfume. Must you marinate in it?

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