Sun, Nov 22 2009

Toughest year for yacht market

Mon, May 25 2009 10:28 CET byDnevnik.bg 1648 Views 1 Comment
Toughest year for yacht market

Photo: Nadezhda Chipeva

With customers deferring purchases of all types of big-ticket items, the Bulgarian yacht market is beset with problems such as nearly-impossible sales, mountains of bank debts and vast discounts for buyers.

Speaking at the Hypo Bulgaria Boat Show 2009 exhibition, which opened in the Black Sea city of Varna on Friday, Momchil Nikolov of Yachting BG, one of Bulgaria’s largest dealers, said the company has managed to clinch a couple of vessels in the past few months.

Importers are now struggling to offload vessels they have brought to Bulgaria one and even two years ago.

The global economic downturn stretched out the time from the order to the sale, leaving the importer to bear the cost in most cases.

Under the weight of ballooning bank debt, dealers are forced to offer considerable discounts, and some are ready to sell with no profit or even at a loss.

It is hard to foresee when the trend will turn around and when sales return to the growth path. But the sector can be propelled forward when clients calm down and start feeling that their business is stable again. According to pessimists, this might take a year or two.

Source: Dnevnik.bg
 

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Anonymous Kongdan Mon, Jun 22 2009 05:04 CET

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Anonymous Observer Mon, May 25 2009 20:47 CET
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Sad news, great to see these beautiful yachts in the Black Sea the last two years.

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