Ferrant shrugged. “All we do is insure the hulls. I can’t tell you how much freight they’re carrying. Remember, though, profitability is relative. Grafalk may not make as much as a firm like American Marine, but that doesn’t mean they’re unprofitable.”

Hogarth had come in while we were talking. “Why do you want to know, Miss Warshawski?”

“It’s not just idle curiosity. You know, no one’s come forward claiming responsibility for the bombing—the PLO or the FALN or the Armenians. If it wasn’t a random act of terrorism, there had to be a reason for it. I’m trying to find out if that reason included switching cargo from the big freighters to small vessels like the ones in Grafalk’s fleet.”

Hogarth looked annoyed. “Not Grafalk, I assure you, Miss Warshawski. Niels Grafalk comes from a very old shipping family. He’s devoted to his fleet, to his business—and he’s a gentleman.”

“That’s a fine testimonial,” I said. “It does a lot of credit to your heart. But a fifty-million-dollar ship has been blown up, the North American shipping industry has been thrown into disarray, however temporary, and a lot of business interrupted. I don’t know how the courts interpret such a thing, but someone is gong to have to pay for that business interruption. Grafalk stands to gain a lot by this accident. I want to know what shape his business is in. If it’s doing well, there’s less of a motive.”

Ferrant looked amused. “You certainly look for the less pleasant side of human nature … Jack, you have some idea of the state of the business, don’t you? Just look at your records, see how much cargo coverage he’s got and what his workers compensation insurance is like.”

Hogarth said mulishly that he had a meeting to get to and he thought it was a waste of time.

“Then I’ll do it,” Ferrant said. “You just show me where the files are, Jack, and I’ll have a look-through for Miss Warshawski here … No, really, I think she’s got a good point. We ought to follow up on it.”

Hogarth finally called his secretary on the intercom and asked her to bring him five years of Grafalk Steamship files. “Just don’t ever let the old boy know you did this. He’s very touchy where his family name is concerned.”

Hogarth left for his next meeting and Ferrant made some phone calls while I watched the boats out on Lake Michigan. Monroe Harbor was filling up rapidly with its summer fleet of sailboats. A lot of people were taking advantage of the beautiful weather; the near horizon was filled with white sails.