Luxury yacht companies will be going bust left,right and center. http://blogs.wsj.com/wealth/2008/11/17/red-tag-sale-on-megayachts/ Just last month, the yachting industry was still talking about their oasis of prosperity. The super-rich still have plenty of money, they said. And they still love their yachts. What a difference a month makes. null An article in the Telegraph tells the story of a boat named Alibella. The 164-foot ship was previously priced at 34 million euros. Itâs just been reduced to 24.5 million euros â provided that the buyer can close the deal in 30 days. For coupon-clippers out there, thatâs a savings of 9.5 million euros! What do you get? Four floors of gold leaf finishes, marble floors, a helicopter landing pad and loads of flash and bling. Itâs also nearly new, having just been launched in May. William Christie, a yacht broker at Edmiston London who sent an email to clients about the price drop, says it represents âa great opportunityâ for those with money. âThere are still a lot of people who are extremely rich and still want to go yachting,â he says. âItâs still the best way to enjoy time away from the office and relax.â So why the price drop? According to the experts at Megayacht News, Alibellaâs owner is Japanese. The broker for the yacht is Burgess, and a spokeswoman says the price drop was a creative marketing strategy rather than a dash for cash. If the boat doesnât sell at the new price in 30 days, it will go back to the original price, she said. âIt was a way to generate interest,â she says. âItâs not a distressed sale.â OK, so Alibellaâs owner isnât strapped for cash. But some other big-boat sellers may be soon. According to Mr. Christie, there are now 40 top-condition boats over 50 meters that are now on the market, with several seeing big price drops. The Russians and Saudis have been the saviors of the yacht market in recent months, but with oil falling and the Russians getting margin calls, new buyers may be scarce. Maybe the superyacht market will hold up. But it looks like itâs quickly taking on water.
whoa, not so fast there, buckaroo. I was thinkin along a similar though tangent universe, just yesterday, and thought boat manufacturers may be a buy and the story goes like this... all those homes and megatrucitures built on sand, in the land of oil...when the sea levels rise, have they built them-there high-risers so that floating docks can be anchored to them, (so they can at least make use of the upper 90% of the buildings, give or take a little)? I think a case can be made for 'skiff-commuters', of course, their homes may also be 'underwater' (hey, sounds kinda like the US homeowners, underwater), so may also wanna look at the stocks of...aquatic home-movers. 'Hey buddy, can you float a loan'?
Take a look @Brunswick, BC the makers of SeaRay, they sell, or used to sell a lot of these. You are a little late! http://www.brunswick.com/brands/marine-boats/index.php
German Blohm + Voss is owned by ThyssenKrupp, a public company and member of the DAX 30. http://en.wikipedia.org/wiki/Blohm_&_Voss I believe Mittals and Abramovich's mega yachts were built by them