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Charter company activities? #225872
05/02/2020 08:48 AM
05/02/2020 08:48 AM
Joined: Oct 2003
Posts: 632
MD, USA
polaris Offline OP
Traveler
polaris  Offline OP
Traveler
Joined: Oct 2003
Posts: 632
MD, USA
Just wondering what the charter companies are doing while all their boats are in port. We know that (just about) every boat needs some kind of repair so are they using this time to get every boat thoroughly ready, or, is this a time that no-revenue means no-work? After chartering starts again should be expect boats to be in better shape or the same shape as when they were docked?

On the financial side, Moorings gives a "guaranteed" income to boat owners - is that happening, or do they have an escape clause for this situation? On the other hand, the so-called second tier companies put the revenue and expenses on the boat owners so am wondering if some of those companies, and their boat owners, are going to survive long enough to get back in business.

Stay safe out there.


Polaris
BVI Sponsors
Re: Charter company activities? [Re: polaris] #225874
05/02/2020 08:59 AM
05/02/2020 08:59 AM
Joined: Mar 2012
Posts: 406
Redmond, WA
MrEZgoin Offline
Traveler
MrEZgoin  Offline
Traveler
Joined: Mar 2012
Posts: 406
Redmond, WA
They have been paying and haven't given any indication to me that they will not continue to do so.


M4000 "Lio Kai"
Re: Charter company activities? [Re: polaris] #225875
05/02/2020 09:09 AM
05/02/2020 09:09 AM
Joined: Apr 2002
Posts: 5,803
GA/NC
GeorgeC1 Offline
Traveler
GeorgeC1  Offline
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Joined: Apr 2002
Posts: 5,803
GA/NC
The Moorings has stated they are performing maintenance on the boats. How much remains to be seen. They are paying the owners on guaranteed income programs and state they plan to continue to do so per the contracts. The timing off this was actually pretty good as the shutdowns occurred heading into the low season. I have always believed that selling boats is the main revenue driver for the Moorings and they are stating sales are strong. I came very close to going with a shared revenue program even though the last time I did so was a disaster even though the boat had very strong bookings.. I am very glad I did not make that choice again.
G

Re: Charter company activities? [Re: polaris] #225878
05/02/2020 10:02 AM
05/02/2020 10:02 AM
Joined: Oct 2014
Posts: 2,129
Ontario, Canada
warren460 Offline
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warren460  Offline
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Joined: Oct 2014
Posts: 2,129
Ontario, Canada
How long can the moorings fund guaranteed payments with no revenue coming in?

I have heard that navigare and dream suspended guaranteed payments.


Warren S/V Scuba Doo
Lagoon 50 (winner of best crewed yacht under 55 feet at the St. Thomas crewed yacht boat show) and Lagoon 450, (both part of the Charter Caribe fleet (all inclusive charters) -St Thomas USVI https://chartercaribe.com/charters/ ).
Re: Charter company activities? [Re: warren460] #225889
05/02/2020 11:24 AM
05/02/2020 11:24 AM
Joined: Sep 2010
Posts: 5,613
Massachusetts
maytrix Offline
Traveler
maytrix  Offline
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Joined: Sep 2010
Posts: 5,613
Massachusetts
Originally Posted by warren460
How long can the moorings fund guaranteed payments with no revenue coming in?

I have heard that navigare and dream suspended guaranteed payments.


As George pointed out, things are moving to the low season. I think the real question is what percentage of their revenue is made up in the months they'll be closed?


Matt
Re: Charter company activities? [Re: polaris] #225892
05/02/2020 12:17 PM
05/02/2020 12:17 PM
Joined: Oct 2000
Posts: 4,092
South Sound Villa Virgin Gorda
tpcook Offline
Traveler
tpcook  Offline
Traveler
Joined: Oct 2000
Posts: 4,092
South Sound Villa Virgin Gorda
I have just been told that private yachts cannot leave the BVI so the boats are captive as are folks like me want to leave. REALLY sucks!


tpcook
Re: Charter company activities? [Re: polaris] #225967
05/03/2020 06:48 PM
05/03/2020 06:48 PM
Joined: Jan 2011
Posts: 85
The Beautiful BVI
B
Brent Offline
Traveler
Brent  Offline
Traveler
B
Joined: Jan 2011
Posts: 85
The Beautiful BVI
Ahoy Captains,
Three Deposits for next season in this week.
Pre-Purchase Survey for a Lagoon 440 with AirCon next week.
Leopard 39 due in from South Africa next month.
Ready to run Yachts to/from STT for Owner Time as soon as Residents are allowed to travel in/out.
Interesting conversation regarding ‘Guaranteed’ Income - https://www.cruisersforum.com/forum...teed-charter-income-payments-232097.html
Fair Winds, Brent from thecaptainscompass.com

Re: Charter company activities? [Re: polaris] #225969
05/03/2020 07:12 PM
05/03/2020 07:12 PM
Joined: Mar 2012
Posts: 406
Redmond, WA
MrEZgoin Offline
Traveler
MrEZgoin  Offline
Traveler
Joined: Mar 2012
Posts: 406
Redmond, WA
If I (as a Moorings owner) was given the proposal that DYC does in the above link, I wouldn't be thrilled, but I would have to consider it.

I don't know the DYC contract, but Moorings yacht management contract does allow for either party to terminate with 6 months notice AFAIR.
I'd probably rather take the suspension/contract extension than an early termination. YMMV.


M4000 "Lio Kai"
Re: Charter company activities? [Re: polaris] #225972
05/03/2020 07:45 PM
05/03/2020 07:45 PM
Joined: Apr 2002
Posts: 5,803
GA/NC
GeorgeC1 Offline
Traveler
GeorgeC1  Offline
Traveler
Joined: Apr 2002
Posts: 5,803
GA/NC
If the Moorings can continue to make owner payments as they state they will it puts them in a great position regarding future yacht sales. If DYC is suspending owner payments I can’t imagine who would purchase a boat in the future from them.
G

Re: Charter company activities? [Re: polaris] #225973
05/03/2020 08:38 PM
05/03/2020 08:38 PM
Joined: Oct 2014
Posts: 2,129
Ontario, Canada
warren460 Offline
Traveler
warren460  Offline
Traveler
Joined: Oct 2014
Posts: 2,129
Ontario, Canada
Navigate too, or so I hear.


Warren S/V Scuba Doo
Lagoon 50 (winner of best crewed yacht under 55 feet at the St. Thomas crewed yacht boat show) and Lagoon 450, (both part of the Charter Caribe fleet (all inclusive charters) -St Thomas USVI https://chartercaribe.com/charters/ ).

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