BOW WAVE 396

Bow Wave Issue 396--Illuminated Edition

news and views on trade, insurance and risk

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Wavy Line	sam@wavyline.com
(c)2007 WavyLine.com	Issue No 396 25 Jun 07
Published free of charge to Readers
Editor: Sam Ignarski
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In this issue:

1. Welcome
2. Book Review
3. Container Shipping Primer
4. RIP Shipping Law?
5. New Brokers in London
6. And Finally...

1. Welcome

Poem of the Week

"Sit, drink Your coffee here; your work can wait awhile..."

Sit, drink your coffee here; your work can wait awhile. You're twenty-six, and still have some life ahead. No need for wit; just talk vacuities, and I'll
Reciprocate in kind, or laugh at you instead.

The world is too opaque, distressing and profound. This twenty minutes' rendezvous will make my day: To sit here in the sun, with grackles all around, Staring with beady eyes, and you two feet away.

Vikram Seth, from All You Who Sleep Tonight.

New Readers this week include:-

Maureen Gregory of K Line in the UK
Alexander Yudintsev, legal adviser with Volgaflot Broker Anthony Hopkins at Cooper Gay

News of Readers

The UK's Road Haulage Association has just elected Steve Bowles of Roy Bowles Transport as its new chairman. He takes over from Willie Oliver who stepped down at the end of his two-year term.

Andy Read formerly Advertising Account Manager for UK and Ireland at TradeWinds, has been appointed Business Development Manager for TradeWindsJobs. His new role involves the development of TradeWinds' recruitment advertising portfolio including the new TradeWindsJobs maritime recruitment portal.

http://www.tradewindsjobs.com

Readers Write

From Isidore Margaronis

Better put your tin hat on-isn't your Australian joke in fact a New Zealand joke? (Otherwise it's really funny) (Bow Wave Issue 395-Antipodes Edition)

Isidoreisidore@sinoragram.co.uk

(we were trying to be funny-ironic--ed)

From Roger Foord

I wrote to you last week regarding my invite to speak at the IT Club next week on the subject ‘Market Reform­past, present and future’ and inviting you to attend.
Unfortunately I heard yesterday that my invitation to speak has been rescinded. I do not think this would have been made by ACORD, the club organizers and I can only guess as to who has made this decision. As those of you who know me will be aware I have a passion for the London insurance market and although I might sometimes criticize decisions it is only with the best intentions e.g. Kinnect.

The good news is that I have been approached by a market supplier who will fund a private session and I will send you the details of this when formalised.

I dislike any form of censorship, but especially in our great market which survives by its openness, or at least has done in the past!

info@rogerfoord.com

Note from the Editor

An edition demonstrating how everything is illuminated by the past

Enjoy!

2. Book Review

You and Your Ships by Jim Davis
The Memoir Club (2006)
isbn: 1-84104-151-3

This engaging memoir by Jim Davis is everything a maritime publication should be: by turns charming, polite and descriptive; turn again and it shines light on the rather melancholy story of post-war British shipping, the ever-consolidating P&O and the ways of the banker.

Throughout the narrative the author does not fail to convey to readers the things and people he has seen, liked and disliked in his long and varied career. What has he cared about with what can only be described as passion?

Well it is a short and not particularly unconventional list: His family,his friends and his company--which did not entirely reciprocate his attachment to it--and his career in the industry as a whole.

Far from conventional has been his energy and propensity to engage with the industry, from bulkers, tankers and container ships to the oily rag end of the spectrum such as road transport, freight forwarding and the waterfront. He has no real rival for the tital of Mr Shipping. His drive to be involved can only be described as remarkable.

For this reviewer the memoir is an absorbing read if only because so much of which Davis says rings a chord. Many Readers will have some experience of what a tonic a posting to the Far East can be. They will have seen companies lose ground following inept and unsuccessful management reorganisations in search of greater efficiency which squander the talents and beliefs of their people. They may have realised that at some stage that commitment and passion to a cause are in of themselves insufficient to see the cause prevail. Many of us remember with some degree of disbelief the slide of P&O from the last standing part of the British Shipping Industry into a 'core business' consisting largely of a rump of ferries and a ports and terminals group built up by an entrepreneurial group of P&O Australia pioneers in Sydney only for it all to go on the block in London to be sold to others better placed to exploit them.

Some of the characters described in the memoir are even known to this reviewer. Ex-P&O executives Ken Anderson and Sandy Sterling were early-era TT Club management figures in the latter parts of their career whose style and manner you will not find in the modern Club world. The early movers behind containerisation in the industry are well described as are the Greeks and Far Easterners whose entrepreneurial progress into the future of shipping is well observied.

It is a pleasure also to read how Davis can wrap up a scathing view in the kindest way. There are plenty of figures in this memoir who are not exactly acclaimed for their roles in the decline and fall of the British shipping world. But the bruising is deft.

This book comes from the Memoir Club publishing company and joins the thoughts of the great naval architect Marshall Meek whose There Go The Ships also describes the curious slide of a great industry into its unsatisfying
present. Both memoirs voice a warning to the remaining community called Maritime London of the wages of complacency.

http://www.thememoirclub.co.uk

3. Container Shipping Primer

Charles de Trenck in Hong Kong writes:-

This a follow up 50 page Container Shipping Primer from our Shipping Primer earlier this year, which looks at the Asia-Europe, Trans-Pacific and Intra-Asia trades in some detail and then goes on to look at problems we
face estimating capacity utilization...

To read pls click on the link below:

https://www.citigroupgeo.com/pdf/SAP06501.pdf

4. RIP Shipping Law?

Peter Taylor writes:-

My eye was caught by this item which appeared in the Lawyer this week:-

WFW's Chadbourne power talks

The 18JUN07 edition of The Lawyer revealed Watson Farley & Williams' (WFW) ambitions with news of the firm's merger talks with New York-based Chadbourne & Parke.

Watson Farley is looking to join a small band of mid-market UK firms to have pulled off transatlantic mergers, the others being Richards Butler (with Reed Smith), Nicholson Graham & Jones (with Kirkpatrick & Lockhart), Gouldens (with Jones Day) and Rowe & Maw (with Mayer Brown).

Talking exclusively to The Lawyer, WFW managing partner Michael Greville explained his reasons: "The two firms do fit very well in a number of ways. WFW is primarily a finance firm which has succeeded in the shipping market. Although we've done very well in shipping this is very much a mature market for us. Growth for us has been in energy and in the project finance sector, particularly in the renewable area, such as wind park projects. This is a big area for Chadbourne."

Like Richards Butler, Greville has realised that shipping as a practice area is pretty much history and is looking to the future. From where he's sitting, a transformation into what would amount to a powerful global energy and projects boutique looks appealing.

lawyernewsdaily@thelawyer.com

5. New Brokers in London

Lou Channing writes

We are proud to announce the formation of Channing Lucas & Partners Limited.The Company is registered with Companies House for England and Wales and our Company No. is 6229756. Our official start date is the 1st June 2007.
The registered office and where we will be located is:

St Clare House
30-33 Minories
London EC3N 1PE
Switchboard Telephone Number: +44 (0)20 7977 5680

Although we are not Lloyds Brokers, we are being sponsored by another Lloyds Broker, Crispin Speers and Partners Ltd., for the first 18 months. This Company will provide us with office space and we are outsourcing Compliance, IT and Client Accounting to this Company. In addition, Crispin Speers will provide us with Claims support until we find a suitable person to fill this position.

Our Lloyds Broker number is CLP 1145

Our Client bank accounts are with Barclays Bank Plc , 1 Churchill Place, London E14 4HQ
Account numbers and payment details will be provided separately. Client monies paid into these accounts are fully protected and separated from the Company Account in accordance with Lloyds and FSA requirements.

Our Auditors are CLB Littlejohn Frazer, 1 Park Place, Canary Wharf, London E14 4HJ

We will be an Appointed Representative of Crispin Speers for Financial Services Authority Regulatory Compliance (FSA). Their registration number is 311507.

We have become a Member of Griffin Insurance Association Ltd., a Mutual Club for Lloyds Brokers who will provide Errors and Omissions Insurance. Full details are available on request.

lchanning@clpinsurance.co.uk

6. And Finally...

From Paul Dixon's Joke of the Day:-

Down south, Bubba called his attorney and asked, "Is it true they's suin' them cigarette companies fer causin' people to git cancer?"

"Yes, Bubba, sure is true," responded the lawyer.

"And now someone is suin' them fast food restaurants fer makin' them fat an' cloggin' their arteries with all them burgers an' fries, is that true, Mista Lawyer?"

"Sure is, Bubba."

"And that lady sued McDonald's for millions when she was gave that hot coffee that she ordered?"

"Yep."

"And that football player sued that university when he gradiated and still couldn't read?"

"That's right," said the lawyer. "But why are you asking?"

"Well, I was thinkin' . . . What I want to know is, kin I sue Budweiser fer all them ugly women I slept with?

To Subscribe:

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P.S. From Mark Galloway

Our design team is working on adapting this apparently new Russian propulsion technology for a small container feeder:-.

http://www.youtube.com/watch?v=yx3s9YiYFS8

BOW WAVE is published each week to over 14 600 Readers in the transport,insurance,shipping and finance industries.

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