An interesting look at the boating industry from the AP.
Note US Star Olympian John Dane’s role in it.
Fuel prices are soaring and credit markets tightening,
but the super-rich are still lining up to pay tens of millions of dollars
for mega yachts.
The well-heeled buyers of the floating mansions are increasingly coming
from emerging economies — in the Middle East, Russia and South
America. The source of their wealth runs the gamut — technology,
venture capitalism, new industries. And, yes, oil.
"There are a lot of people with new wealth looking for relaxation
and enjoyment," said John Dane III, president of privately owned
Trinity Yachts, the largest U.S. builder.
These days, the biggest problem at Trinity’s shipbuilding yards is
having enough workers to handle the 24 custom contracts the company
currently is working for the luxury vessels.
"Nobody is buying these yachts because they need them," said
William S. Smith III, Trinity’s vice president. "They’re buying
them because they want them."
Another builder, YCO Deuxil PLC, has nine yachts under construction
— more than double from last year. Sales for the first five months
exceeded the entire amount for 2007, the London-based company said. Read