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Financial Meltdown
Mark
Posted: Monday, October 13, 2008 1:38 PM
Joined: 31/08/2008
Posts: 7


So we deal with the rich and mega-rich in the yachting industry, but there is no question that the current financial situation must be affecting some of them.

The new boat building industry in Australia is suffering badly, but repair yards are doing really well.

What is the general feeling in the US & Europe: Are more boats than normal on the market and/or have there operations scaled back? And what is the general crew placement situation like?

In other words, how is the world credit and banking crisis affecting you and our yachting industry?

Mark


Anonymous
Posted: Tuesday, October 14, 2008 4:35 PM

Kate Hubert wrote a great blog post on this topic. Check it out on the Community page:

"http://www.dockwalk.com/Community/BlogList.aspx">http://www.dockwalk.com/Community/BlogList.aspx


Izzy
Posted: Tuesday, October 14, 2008 4:57 PM
Joined: 03/07/2008
Posts: 5


As long as owners have the desire to buy more and bigger yachts, they'll need crew to work on them. There's enough money to go around in the world to keep the superyacht industry afloat despite the recent economic events, so I'm optimistic.

Captain Mark Drewelow - C2C inc San Diego
Posted: Sunday, December 7, 2008 8:04 PM
Joined: 07/12/2008
Posts: 63


No one is immune to the worldwide financial crisis.  There are probably many companies providing goods and services to the large yacht fleet that are posturing that all is business as usual, when it is not.  Lets see which businesses fold after the Miami Boat Show 2009.

m


slug
Posted: Sunday, January 11, 2009 4:16 PM
Joined: 11/01/2009
Posts: 22


Ya, looking bad over here in Europe. Shipyards seem to be full with repair work, difficult to say how much customers are spending .  I understand work ordered is minimum and compliance work..

 Rodriguez Group looks to be  up against the wall.

http://investing.businessweek.com/research/stocks/charts/charts.asp?symbol=RDGP.PA

Deuxmil Plc,  aka Yacht Help, a major superyacht service provider is beginning to crater


http://investing.businessweek.com/research/stocks/charts/charts.asp?symbol=DEUM.L

Local Spanish newspaper quoted a 70 percent reduction in activety in the  Marine sector during the past trimester.

 


Captain Laura
Posted: Friday, January 23, 2009 11:12 AM
Joined: 21/11/2008
Posts: 5


There are financial troubles out there.  In the past few months I have had numerous reference checks from past crew that are not working.  I had an email from a crew agency checking in to see if I needed any crew.   Qualified crew are without work.  I am lucky to have my job and the crew are lucky to be working.  We have a great Owner, wages always on time, health insurance and a yacht on the move.  This owner is not affected by the world financial crisis but we are one of the few yachts moving in the Red Sea and Med. 
 
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