Finance

Douglas Prothero, CEO, The Ritz-Carlton Yacht Collection. Photo credit: The Ritz Carlton Yacht Collection

Interview: Douglas Prothero, CEO, The Ritz-Carlton Yacht Collection

As privately owned, luxury yachts near the size of the average cruise ship, behold a new option, which is anything but commonplace: The Ritz-Carlton Yacht Collection. At 624 feet and 11 decks, her exterior profile resembles a sleek superyacht design, not a cruise ship on the horizon. Launched in October 2018 at Hijos de J. Barreras Shipyard in Vigo, Spain, the flagship of the new brand is now in outfitting and interior finishing. The project was co-managed by The Ritz-Carlton Yacht Collection, Marriott and Tillberg Design of Sweden.

Malibu Boats Announces c-Suite Changes

Paxson St. Clair steps down from roles as President of Cobalt Boats and Board Member of Malibu Boats, Inc. Shane Stanfill announced as President of Cobalt Boats and Chip Smith joins Malibu Boats, Inc. as Vice President of MarketingIn a letter to all Cobalt Employees, Paxson St. Clair officially announced this week that he would be stepping down from his role as President of Cobalt Boats and Board Member for Malibu Boats, Inc. to spend more time with family. Paxson will remain highly engaged with the brand that he and his family built by assuming a part-time role focused on Cobalt Dealer development and sales strategy.

Engine Room Wall (Photo: Advanced Mechanical Enterprises)

'Sea the World' Reveal At Huizenga Center

South Florida’s marine industry is a $12 billion/year economic engine that provides the region with 142,000 careers and jobs. With an aging workforce and a unique skill set, the maritime community is facing a workforce that’s aging out with skilled labor being very hard to find. To assist, Advanced Mechanical Enterprises/AMESOLUTIONS.COM, and 23 marine industry companies have joined forces with Junior Achievement of South Florida.On May 1, 2019, Junior Achievement of South Florida will unveil the Marine Industry Storefront…

Rich Carter  (Photo: Suntex)

Suntex Appoints Carter As Chief Operating Officer

Marina properties owner and operator Suntex Marina Investors, LLC (Suntex) announced the appointment of Rich Carter to the position of Chief Operating Officer.In his new role, Carter is primarily responsible for the overall service experience at all Suntex Marinas. Defining and enhancing company culture, Carter is charged with efficient and effective deployment of Home Office resources and processes across the Suntex portfolio of properties.Prior to joining Suntex, Carter was a division president for Troon, the world’s largest third-party management company for golf and club related assets.

Photo: HKCYIA

International Cruise and Yachting Festival Planned for November

Hong Kong’s first-ever cruise and yachting event, International Cruise and Yachting Festival (Hong Kong) 2018, is scheduled to be held from November 22 to 25 at the Kai Tak Cruise Terminal, Kai Tak Runway Park and Kwun Tong Typhoon Shelter. The four-day event, organized by the Hong Kong Cruise and Yacht Industry Association, will bring together global cruise and yacht brands and boats with Maritime Education and Employment, Marine and Leisure Tourism and Maritime Industry Developments as the major focuses.

Martin Bjuve (Photo: Volvo Penta)

Volvo Penta Names Bjuve VP, Customer Support/Training

Volvo Penta of the Americas has appointed Martin Bjuve as vice president for customer support and training. In this position, he will provide strategic direction and management for support and product training for dealers and customers across the U.S., Canada, Mexico, Central America and the Caribbean. Bjuve has served as vice president and chief financial officer at Volvo Penta of the Americas since 2013. In addition to his responsibilities in the finance department, Bjuve has led key manufacturing investment projects in the Americas.

IGY Marinas Expands in Flordia with the Addition of One Island Park

IGY Marinas has  announced that it has expanded its Florida marina portfolio with the addition of One Island Park located on Miami Beach’s Terminal Island. The new location marks a company milestone, as this is the first time IGY will offer its award-winning services and quality to the South Florida market. Branded “One Island Park – Miami Beach an IGY Marinas Destination”,  the marina is currently open and IGY is already welcoming yachts to its newest destination. “Miami is one of the leading luxury yachting destinations in the United States…

Jean-Gabriel Tridon (Photo: Blohm+Voss)

Blohm+Voss Strengthens Team

Blohm+Voss has appointed Jean-Gabriel Tridon as General Manager and Dieter Pladeck as Finance Director for its new maintenance and refit facility in La Ciotat in the south of France. The company has filled the two management positions only two weeks after winning the local tender of La Ciotat Shipyards for the setting up of the new site. In La Ciotat, Blohm+Voss will focus on the maintenance and refit of megayachts of over 80 meters in length. Fred van Beers, Chief Executive Officer at Blohm+Voss: “We are filling these key positions with familiar faces.

Encore, Honda Marine Join Forces with Northpoint

Encore Boat Builders, LLC, a manufacturer pontoon boats under the Encore Bentley brand, has struck a deal with Honda Marine (Honda) to provide a new inventory finance program for its U.S. dealers. Financing will be provided through Northpoint Commercial Finance (Northpoint), a company in inventory financing solutions for the marine industry and an exclusive partner to Honda. Encore has also partnered with Northpoint since 2013 to provide inventory financing to its dealers. With this new agreement, once an Encore dealer activates a line of credit with Northpoint…

Image: Honda Marine

Honda Marine Offers New Finance Program

Outboard marine engine manufacturer Honda Marine informs it has chosen inventory finance company Northpoint Commercial Finance as the exclusive provider of a new finance program designed to provide a flexible approach to floorplanning boat/motor/trailer packages for original equipment manufacturers and dealers. By working closely with OEMs, Northpoint and Honda will help dealers reduce their Honda loose outboard financing cost. The program will allow Honda to design programs specific to the OEM and dealer needs in the marine engine market, the company said.

Several volunteers of the Chesapeake Bay Maritime Museum gathered at a reception honoring their service and dedication. Last year, more than 275 volunteers collectively contributed 28,235 hours of service to the nonprofit, helping with all aspects of CBMM’s operations. (Photo: CBMM)

Maritime Museum Honors Volunteers’ Service

On June 18, 2015, the Chesapeake Bay Maritime Museum (CBMM) recognized a team of more than 275 volunteers for their combined 28,235 hours of service toward the museum over the last year. Several volunteers were recognized by CBMM staff for their work in advancement and membership, boat restoration and maintenance, boat donations, buildings and grounds, education, finance and administration, museum store and events and volunteer programming. The reception was sponsored by Garden & Garnish of Trappe, Md.

Tucker West

New Sales VP at Kadey-Krogen Yachts

Tucker West, longtime marine industry sales and marketing executive, was today named vice president of sales of Kadey-Krogen Yachts. West brings more than 20 years in the marine industry to take on the responsibility of leading the Kadey-Krogen sales force. For the last nine years, West led the North American Sales and Dealers Network for Grand Banks Yachts. In addition to sales, his work at Kadey-Krogen will contribute to product development and sales marketing. West has assumed an equity position in the company by purchasing John Gear’s interest in Kadey-Krogen Yachts…

Photo courtesy of Finesse Solutions

The Hydroptere Flies with Finesse

After a year resting in Long Beach, the Hydroptere returns to sailing. French and American sponsors are joined by a new partner: Finesse Solutions of Santa Clara (California), a manufacturer of measurement and control solutions for life sciences process applications. The Hydroptere - called "the flying boat" - is the fastest hydrofoil trimaran in the world, averaging more than 51 knots over 500 meters and exceeding 50 knots over one nautical mile. The crew of Hydroptere intends to set a world speed record across the Pacific Ocean from Los Angeles to Hawaii.

Randy Caruana

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers. The Mercury Repower Finance program is funded by Medallion Bank, a marine industry leader that specializes in accepting buyers with a wide range of credit histories. Program administration is handled by Brunswick Financial Services, a fully owned subsidiary of Brunswick Corporation, the worldwide marine manufacturing leader.

Powerboat: File photo

U.S. Boating Industry Sees Accelerated Growth

After a slow start resulting from a harsh winter and cold spring, the recreational marine industry is experiencing accelerated growth, says GE Capital, Commercial Distribution Finance (CDF). Retail and wholesale sales are up versus a year ago in the U.S., and the industry is on track to reach the 8% growth in retail dollar sales originally forecast in February by CDF at the Miami Boat Show. “We finance more than 2,000 dealers in our marine business, and we see them moving a lot of product at the retail level,” said Bruce Van Wagoner, president of CDF’s marine group.

Report: UK Marine Industry has £6.2b Impact

The full economic impact of the U.K. marine industry and spend associated with boating participation was estimated to total £6.2 billion in 2012/13, according to a new report released by the British Marine Federation (BMF). Latest industry trends results also announced by the BMF show encouraging signs of an upward trend for this key contributor to the U.K. economy. The two reports are announced in a week when the U.K. leisure, superyacht and small commercial marine industry came together at the BMF’s annual conference in Liverpool. In addition to highlighting the impressive £6.2 billion contribution, the BMF’s Economic Benefits of the U.K.

VesselVamguard

VesselVanguard Partners Shore Premier Finance

VesselVanguard, the leading marine maintenance management solution, announced today an exciting new partnership ESSELVANGUARD SPF). SPF offers direct consumer marine lending and dealer floor planning for boat owners and businesses across the nation. Effective immediately, all new SPF consumer loans on pre-owned boats will include VesselVanguard provisioning and a free 2-year subscription to the award winning “As a marine lender, we want our borrowers to understand their boat's maintenance requirements in a way that is simple…

New Rule for Temporary Import of Vessels

The Namibian Ministry of Finance (Customs & Excise) advises that a new rule governing the temporary importation of vessels into the country is now in force. - Copy of vessel's registration Certificate. - Copy of vessel's tonnage Certificate. - Sworn statement declaring the value plus equipment on board the vessel. Temporary Importation will be free of Import duty and Namibian VAT, but the agent must apply in advance, on behalf of the owner, for a rebate permit from Namibian Ministry of Trade and Industry. This permit takesapproximately 14 working days from date of application…

Nigel Upton

Upton Joins Marina Port Vell as Senior Sales Manager

Marina Port Vell (MPV), Barcelona, a superyacht destination and home port in the Mediterranean, announced that Nigel Upton has joined MPV as Senior Sales Manager effective March 10, 2014. Upton has a diversified superyacht background with direct experience in sales, management, customer service and time at sea. “Since January, we have experienced a remarkable upsurge in interest for the berths we are creating here at Marina Port Vell in Barcelona. We are excited that Nigel has agreed to join our sales team,” said Norma Trease, Director of Salamanca Group’s Marine Division.