Insurance costs have been tolerable because throughput in ports has remained strong, bolstering finances and encouraging the go-ahead for new terminals in, for instance, Mersin, Egypt, and Tangiers. Sector leaders such as the TT Club have remained disciplined in the face of pressure to yield any more than minor concessions.

In the company market, it is clear that insurance capital providers brook no excuses for weak results, and at Lloyd's, it is next to impossible to gain permission to establish new businesses competing for existing spoils.

The talk is that the G audit marine liability code at Lloyd's, where much looser tabs are kept on market conditions these days, is less profitable than had been expected. This code measures rating for specialities including shipowners' liability, P&I clubs and charterers' liability.

The P&I clubs have a relatively short tail book, and in terms of outcome are usually ahead of the port liability insurers by a year. Certainly the short term liability book has been feeling the pinch. This ought to stiffen the resolve of underwriters, and while they will be hard put to swim against the tide, they will be more successful in resisting the oncoming waves than was dear old King Canute.

Ports in many parts of the world have had an exemplary low claims record in the past few years, but nature is still spiteful. Earthquakes in Chile and Peru have upset the operations of stevedores, terminal operators and wharfingers. Windstorms that skirted the Dominican Republic and Mexico last year swerved clear of marine installations at the last moment, to the relief of all concerned.

There is still much uncertainty over how the international depression in financial markets will hit the maritime sector. Some shipowners are unable to find finance for newbuildings, and the less robust ports will be in much the same bind.

Most ports and terminals, and their insurance brokers, thankfully have time to work their way through this contradictory data, as their renewals will be negotiated later in the year. All the same, they would do well to be cautious in their budgeting for the prospective insurance spend.