|The Wavy Line|
17 Jan 18
BOW WAVE 709
Bow Wave Issue 709--Spring Light Edition
news and views on trade, insurance and risk
In this issue:
Poem of the Week
The Panama Papers – The Answer
Canary Islands based P&I Correspondent Ida Stier writes:-
I wish to announce that our training centre CEMA has merged with our company Stier & Co/Stier Shipagency creating the Grupo Stier.
As such we've now launched a new training centre, 3000 square metres specialised in the offshore training which has successfully completed the OPITO process and now offer OPITO training in BOSIET, FOET, HUET & EBS and IMIST being the first one accredited in Spain.
For more information go to:-
Note from the Editor
Some Readers have been kind enough to ask about the hiatus in Bow Wave, a labour of love begun by your editor in November 1999. We have spent the time between Christmas and Easter less engaged by the online life and more preoccupied with other good things on our farm. We enter the spring in bonny health with many things to be thankful for, approaching forthcoming events and editions with zest.
The P&I renewal cycle ending with February 20th was in many ways the merest routine this year. Enlivened it was by the news which went the rounds that the Britannia Club and the UK Club and their managers are contemplating a merger. A much larger Club would result from a folding together. London might thereby recapture its place as the vital centre of the industry and shrug off the listlessness and drift which has invested the P&I movement in the metropolis. Your editor is long enough in the tooth to remember the exciting times of the late 1990s when change was much in the air. It takes a long time for nothing much to happen in the P&I Clubs. Back in the late 1990s, the work to merge the rising AIM listed Charles Taylor managed Standard Club with the excellent but slightly fuddy duddy Tindall Riley managed Britannia Club foundered against the reluctance of the Britannia Board of Directors. The reproach was heard in the places where P&I people convene that the Riley fellows had botched the job by trying to bounce their Board into a swift decision. So it goes.
Around about the same time, the partnership of Millers resolved itself into a private shareholding company, took a little investment from the UK Club and set itself on the road to reach sunlit uplands. Its Senior partner at the time saw emerging a new shareholder democracy. But the corporate reformers of their day were not entirely deft. A few years later Tindall Riley was sold to the Allianz; the UK Club was managed by a company majority owned by retired people and a few more years later its place as the largest P&I Club in the business was eclipsed by the Gard Club in Norway. Both Clubs and their Managers tried to introduce a hull insurance strand to their business without resounding success. After the longest shipping boom since the 1780s, both Clubs emerged short on capital.
We will observe events with interest in coming editions.
The normally not very high profile International Road Union is in a pickle. According to Lloyd's Loading List, there is something going on. A touch perhaps of the FIFA malaise:-
"The International Road Transport Union (IRU), the global trade body that represents the road freight and passenger transport industry in more than 100 countries, has been rocked by accusations that its senior executives hid members’ funds totalling almost CHF530 million
Swiss newspaper Le Temps reports that a legal complaint has been lodged against Geneva-based IRU with Swiss judicial authorities by former employee Marek Retelski, who had worked for the IRU since 2001 and was latterly head of its TIR department, which is responsible for the management of the security payment system of TIR carnet fees from national road associations, until his dismissal in January.
Read this article in full here:-
Christopher J. Dunn has asked your editor to remind Bow Wave Readers that this event is coming around in June
He says this is a conference that is open to all disciplines within the cargo transportation insurance process and its related service industries across the UK and International markets.
The target people are Underwriters, Risk Managers, Placing Brokers Claims Adjusters and Claims Brokers. The key purpose of the conference is to provide a platform for the education and professional development of all those within the marine cargo insurance community.
People we know who have attended this event in previous years speak highly of it. It is a chance for people at the sharp end to compare notes.
One of the emerging voices we have run across in recent months is Dan Wang in San Francisco, who writes in a breezy and engaged tone on many subjects close to the hearts of Bow Wave Readers. In this essay, he has a look at the airframe boneyards of the world which have to be seen to be believed:-
"On average, an aircraft is operable for about 30 years before it has to be retired. A Boeing 747 can endure about 35,000 pressurization cycles and flights—roughly 135,000 to 165,000 flight hours—before metal fatigue sets in. 747s are retired after approximately 27 years of service. Early wide-body planes, like the Lockheed Tri-Star, have shorter lifespans, lasting an average of 24 years.
Grounded American airplanes, be it temporarily or permanently, go to the southwestern American desert: California, Arizona, New Mexico, and Texas. The arid climate of these states slows down rusting. These boneyards are open-air storage sites for all sorts of aircraft, from retired commercial carriers to nuclear-capable B-52 bombers."
Read the article in full here:-
From the House of Frazer Hunt, the well known Sydney lawyer comes this joke:-
A man walks into Ann Summers to purchase some see-through lingerie for his wife.
He is shown several possibilities that range from £50 to £150 in price, the more see-through, the higher the price.
He opts for the sheerest item, pays the £150 and takes the lingerie home.
He presents it to his wife and asks her to go upstairs put it on and model it for him.
Upstairs the wife thinks 'I have an idea. It's so see-through that it might as well be nothing. I won't put it on - do the modelling naked return it tomorrow and get a £150 refund an d keep the money for myself.’
So she appears naked at the top of the stairs and strikes a pose.
The husband says 'bloody hell, it wasn't that creased in the shop.'
His funeral is this Thursday.
Frazer sent us this one some months ago:-
Even though we didn't realize it at the time, most of the 50+++++ generation was HOME SCHOOLED……….!!!!!!!!!
1. My mother taught me TO APPRECIATE A JOB WELL DONE. "If you're going to kill each other, do it outside. just finished cleaning."
Your editor has lived and worked in a proper cargo city like Hong Kong and in a post modern metropolis like London where a mighty port has given way to modern habitation and lifestyle. So much change.
Our favourite blog about London features the old days on the river in pictures.
BOW WAVE is published each week to over 16 000 Readers in the transport,insurance,shipping and finance industries. It is free to Readers but you can support it as a going concern by subscribing as a business member to:-
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