Does anyone have an update about the situation with payments coming form charter companies - in particular in regard to guaranteed monthly payments?

My contract with the Moorings ended in July. They made every payment over the 5 year contract on time.

I am with Marine Max and all payments have been made and on time.

Ellen

Moorings is current with our monthly payments.

Good to hear!!

You are welcome my friend...glad I could spot them an interest free loan for you...:)

I suspect just the profit they made when I bought the boat pretty much covered their costs in paying. The Moorings business model is about selling boats not renting them. Had they stopped owner payments they probably would have lost the company. The Moorings has been swamped with calls from owners at other companies begging them to take the boats into their fleet. They are not doing that because as I mentioned the profit is in selling boats. With the volume of boats they order each year I suspect the markup is at least 40%. Rental income is however on the rise as other locations are opening up. It will be interesting to see what the Moorings does with the BVI fleet as it looks like this season is done. I hope they consider a few true US bases rather than partnerships. Since Covid is here to stay I think Miami and Key West are both opportunities and some boats could be flowed up to the NE in the winter.

In the short term they had to take the owners side...it will be interesting to see how the long term plays out.

Moorings can sell all the boats they want as long as charterers will pay the buyers leases...and it will be interesting if BVI doesn't open until next season with what they will do with the credits

I doubt this was an either/or choice. There are contracts on both sides. Are you saying they violated their contract with you by not returning a deposit?

Not at all...they didn't violate their contract with me.