John Riding, director of Marico Marine, speaking at Ship Repair & Conversion in London, presents a rosy picture for the future of ship repair by pointing out that freight rates have not been so high for years and some owners, such as bulk carrier operators are enjoying a rare opportunity to seriously invest in maintenance. The busy state of building yards means that "keeping an older vessel in service longer has great commercial attraction," said Riding. He believes that some repair yards have the potential to make a return for the first time in a long time. However, there is a fly in the ointment in the form of the ISPS Code. The code as has implementation date of July 2004 and applies to all passenger ships…