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Economic Crisis and its Effect on Yachting

Discussion in 'General Yachting Discussion' started by captbpomeroy, Oct 2, 2008.

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  1. captbpomeroy

    captbpomeroy New Member

    Joined:
    Nov 6, 2007
    Messages:
    13
    Location:
    Fort Lauderdale, FL
    Thought it may be worthwhile to start a discussion on the current economic situation in the US and how it is affecting the yachting industry. I am the first officer on a 145' and we are being asked to tighten up significantly on spending, reducing our upcoming yard period work list to absolute vital projects, cutting down on crew amenities, etc. The boss is asking for us to start cutting back now so that should things worsen he will not have to lay up and lay off. Things seem very up in the air and I have heard rumors that a few large boats (Mr. Terrible and Vango) have chosen to lay up dockside and cut the crew to a skeleton group. Any validity to this? As employees in a luxury industry, I wonder how many others are feeling the "trickle down" effect. What about shipyards? Are more vessels narrowing or holding off on their planned projects? Brokers?
  2. NYCAP123

    NYCAP123 Senior Member

    Joined:
    Mar 14, 2008
    Messages:
    11,208
    Location:
    Long Island, NY
    In this area the policy has always been to lay off many yard workers once the winter haul outs are completed. For the last several years the yards have found it harder and harder to get qualified people when launch time came so they've been holding their people. For this coming winter they're going back to the lay offs at least somewhat. Our marina lost its chief diesel mechanic this summer and was unable to replace him. Without the right people the right boats won't come back so it's a squeeze. One thing for sure, long term expansion plans seem to be on hold more often than not. On a side note though I've heard that fuel sales have been way down, BUT fuel sale profits have been well up. Figure that one out.