The North of England P&I club has warned its members this week that the International Maritime Organization's new ship-security rules could have a significant impact on the commercial aspects of their operations when it comes into force on 1 July 2004. In the latest issue of its loss-prevention newsletter 'Signals', the 45 million GT club says all existing and future contracts relating to ships' operations - including charterparties, bills of lading and crew contracts - will need reviewing in the light of new obligations and risks created by the International Ship and Port Facility Security (ISPS) Code. 'One of the main objectives of the ISPS Code is to prevent ships being used by terrorists,' says FD&D department lawyer Mark Robinson.