Yacht watch part 3

Now that the global recession is undeniable, let’s check in on the global yacht situation, shall we (see prior posts “Yacht watch” September 2-07 and “Yacht watch part 2” July 2-08)? When we looked the first time, oil was US$70/barrel (I know these things run on diesel). For post #2 it was north of US$140. Now we are paying US$40 or so. That volatility would make it tough for your Captain and crew to plan your fuel costs for the annual seasonal positioning between Naples, Nassau and Monte Carlo.

In March of 2007, there were 53 new yachts >150 feet in length available for purchase at Yachtworld.com. In September 2007, 62. There were 231 ships of this nature available that September if you included the used versions; a decrease from the March 2007 figure, however.

In July 2008 there were 66 new boats available, with the top dog being offered for just US$549.5 million. Adding the used category took you to 255 (vs. 231).

Today, we have 79 boats to choose from in the new category, with the biggie going for a mere US$451.045 million. If we open our minds to a used boat as well, we now have 290 to survey. An increase of about 25% since March 2007.

Not as massive a bump as you might expect considering the Dow Jones is down about 35% during that timeframe, and Citigroup is off more than 95%. Perhaps the uber-rich aren’t as poorly off as the NYT would have you believe.

MRM