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Re: The Moorings New Base
[Re: GeorgeC1]
#244322
01/06/2021 03:13 PM
01/06/2021 03:13 PM
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Joined: Dec 2018
Posts: 1,368 Washington DC
bailau
Traveler
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Traveler
Joined: Dec 2018
Posts: 1,368
Washington DC
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Wouldn't be surprised if some of these promotions are targeted at new bookings, rather than folks using credits. I have long wondered how the charter companies can stay afloat without the cash flow of new bookings. I have an email in to them on this point... are Moorings boat sales setting records? I would imagine the investment risk is higher with uncertain income stream...I know new boat sales in US for recreation are much higher They are sold out on many models with waiting lists going out long term. There certainly is risk but in the end you still have the boat if it all falls apart. The Moorings is the only company to pay all their owner obligations through Irma and the pandemic. They also have a large undrawn credit line. Strangely I think Irma made the Moorings money as they ramped up production to replace the destroyed boats. A high number of owners with boats totaled rolled right over into new boats with their insurance checks. Normally the Moorings has quite a few new discounted boats on their website. At the moment they have none. interesting...I imagine they made money during Irma because I believe business interruption insurance covered payments/losses which aren't covered with the pandemic...they can make those payments due to the holding charter money. the real key will be when covid resolves and you have no income coming in since charterers are using credits yet still have to pay fixed income payments and overhead again
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