Superyacht Industry in Crisis - Crews Stranded

[zamber]

The superyacht industry is in free-fall. It would be natural that France would feel it first. France is the yacht leader because it is located in on the Mediterranean, the Caribbean, and the south Pacific. Norwegian shipyard Kleven Verft filed for bankruptcy. Dream Yacht Charter DYC is supposedly on its last legs.

Yacht salesmen told me sales are going great, no problems. Likely the reality is the only things keeping things glued together is easy to get government loans. At some point they need to be paid back and no new government loans to pay off the old loan payments. How can charters survive with less tourists?

For consumers, loans have higher interest rates which cuts sales. Things are probably worse than they seem.

What do you see out there? Will yachts get cheaper?

yachting is undergoing the full-blown crisis," said AFP
crew members stranded
https://www.zerohedge.com/markets/bi...cht-depression

[Pete7]

I don't think the superyacht industry is of much interest to members on here. Though I feel for the crews rather than the owners.

Will yachts get cheaper you ask? super yachts no idea. Cruising yachts in the 30-60ft range which is more the norm on CF? well sales in the UK have taken off as folk decide to buy a yacht rather than try to take expensive foreign holidays this year. The UK caravan and motorhome industry is also have booming sales.

[hscrugby]

Originally Posted by Pete7

I don't think the superyacht industry is of much interest to members on here. Though I feel for the crews rather than the owners.

Will yachts get cheaper you ask? super yachts no idea. Cruising yachts in the 30-60ft range which is more the norm on CF? well sales in the UK have taken off as folk decide to buy a yacht rather than try to take expensive foreign holidays this year. The UK caravan and motorhome industry is also have booming sales.

Same in the USA. RV and power boat industry can't keep up with demand.

[geoleo]

Originally Posted by zamber

The superyacht industry is in free-fall. It would be natural that France would feel it first. France is the yacht leader because it is located in on the Mediterranean, the Caribbean, and the south Pacific. Norwegian shipyard Kleven Verft filed for bankruptcy. Dream Yacht Charter DYC is supposedly on its last legs.

Yacht salesmen told me sales are going great, no problems. Likely the reality is the only things keeping things glued together is easy to get government loans. At some point they need to be paid back and no new government loans to pay off the old loan payments. How can charters survive with less tourists?

For consumers, loans have higher interest rates which cuts sales. Things are probably worse than they seem.

What do you see out there? Will yachts get cheaper?

Interest rates are at all time lows.

[Lepke]

Considering how ugly many of the new designs are, my heart bleeds.

[atoll]

pendennis super yachts seems to be just as busy as usual,with quite a few yachts lined up for refits.
my superyacht skipper and chef friends are back out on cruise's in the med since july 1st
never been a better time to be on the yacht if you are a billionaire........

[slug]

Originally Posted by zamber

The superyacht industry is in free-fall. It would be natural that France would feel it first. France is the yacht leader because it is located in on the Mediterranean, the Caribbean, and the south Pacific. Norwegian shipyard Kleven Verft filed for bankruptcy. Dream Yacht Charter DYC is supposedly on its last legs.

Yacht salesmen told me sales are going great, no problems. Likely the reality is the only things keeping things glued together is easy to get government loans. At some point they need to be paid back and no new government loans to pay off the old loan payments. How can charters survive with less tourists?

For consumers, loans have higher interest rates which cuts sales. Things are probably worse than they seem.

What do you see out there? Will yachts get cheaper?

the yachting industry is based around charter

Charters are dead

The yachting industry is in trouble

[zamber]

Originally Posted by hscrugby

power boat industry can't keep up with demand.

I keep hearing that but Evinrude is gone and Briggs & Stratton (Coleman outboards) went bankrupt.

[a64pilot]

Super Yachts and Gulfstream Jets are the same, business is so good and has been that way for so long that the backlog is years long, so much so that people a few years ago bought new Jets to resell, so for just a few extra million, you can have your jet now instead of waiting in line.

However, the Common mans airplane companies went bankrupt years ago, Cessna stays in business because they build “executive” Jets.

So, if you provide items for the very rich, your business is booming, and has been throughout any dips or set backs the economy has seen.

[Woodland Hills]

What does Dream Yacht Charters have to do with super yachts?

[Sand crab]

Originally Posted by zamber

I keep hearing that but Evinrude is gone and Briggs & Stratton (Coleman outboards) went bankrupt.

I thought Coleman used Parsun (China) motors. The issue there was with reliability and parts availability.

[slug]

Originally Posted by zamber

I keep hearing that but Evinrude is gone and Briggs & Stratton (Coleman outboards) went bankrupt.

Wow ! evinrude

They had unique technology

Evinrude was Canadian ? Bombardier ?

[MicHughV]

yes, getting imported caviar from Russia is proving to be problem due to C-19. Nobody wants to splurge $100k on a superyacht charter if there is no Russian caviar.

Rich folk don't think like normal folk....they "expect" the best "all the time"

no caviar...no go.....stay at home and sulk !!!

I've invited rich folk to my boat to share a can of opened sardines.....but they usually decline....sheesh.....snobs !!1

[Pete7]

Originally Posted by slug

Wow ! evinrude

That's very sad . I preferred the Belgium made Evinrudes over the US Merc/Mariner outboards, until they closed the Belgium factory.

https://eu.jsonline.com/story/money/...ps/3153252001/

Pete

[slug]

Originally Posted by Pete7

That's very sad . I preferred the Belgium made Evinrudes over the US Merc/Mariner outboards, until they closed the Belgium factory.

https://eu.jsonline.com/story/money/...ps/3153252001/

Pete

Evinrude had unique two stroke technology and well regarded multi fuel mil spec outboard motors


If I needed a larger outboard it would be an evinrude


I wonder who will purchase this technology ?