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Introducing our weekly North America marine industry newsletter

by Peter Rendle 7 Jun 2023 12:00 PDT
Discover boating © National Marine Manufacturers Association

Good morning all industry members reading this newsletter. In response to a number of requests, we will be posting a weekly summary to all subscribers, highlighting the major developments in our industry over the previous week.

However, space is limited and there will be many more updates on the website - www.marinebusinessworld.com/NorthAmerica - please enjoy and if you want to supply any feedback you can contact me at the email address below.

First up this week we bring you news from the National Marine Manufacturers Association (NMMA) and the impact to the industry since the Covid period. NMMA recently announced new data from the 2023 Economic Impact Study of the Recreational Boating Industry, conducted by John Dunham & Associates.

The latest analysis reinforces that recreational boating is a major economic engine in the U.S. and the data underscores extraordinary growth and demand our industry has experienced coming out of the pandemic.

Energy alternatives are developing across the globe and we will bring you the latest developments as they occur. From Europe we learn that the Azimut|Benetti Group and Eni Sustainable Mobility have signed an agreement for the supply and use of HVOlution, the biofuel produced from 100% renewable raw materials. This is the first yachting industry agreement that targets decarbonisation.

HVOlution, a biofuel made of 100% Hydrogenated Vegetable Oil (HVO), is produced in Eni Sustainable Mobility's Venice and Gela biorefineries from waste raw materials and vegetable residues, or from oils generated from crops that do not compete with the food chain, in a circular economy model applied to mobility. Factoring in the entire logistics and production chain, HVOlution can deliver emissions reductions of up to 90% compared to the benchmark fossil blend, depending on the raw materials used for its production.

And from Canada, Vision Marine Technologies Inc (NASDAQ: VMAR), a pioneering force in recreational electric marine propulsion, proudly announces the acquisition of critical industrial tooling to support the production capacity of over 10,000 battery packs per year. This strategic milestone firmly establishes Vision Marine as a frontrunner in meeting the escalating demand for electrified marine solutions.

Over the past two years, Vision Marine, in collaboration with its partners, has developed the industry's first monolithic marine-dedicated battery pack, meticulously engineered to power the E-Motion™ Powertrain. These state-of-the-art battery packs surpass readily available alternatives sourced from the automotive industry, showcasing Vision Marine's unwavering commitment to deliver superior quality and performance.

Awards play an important part in any industry and the marine sector is no exception. Bennington, North America's leading manufacturer of pontoon boats, has announced its boat dealer recipients of the NMMA 2022 Marine Industry Customer Satisfaction Index (CSI) Awards. There were 158 Bennington dealers recognized this year, by far the most of any pontoon brand in the program.

The NMMA uses dealer satisfaction data collected through the Marine Industry CSI program to recognize boat dealers who actively measure customer satisfaction and pursue continuous improvements to better serve their customers.

"The industry welcomed a significant number of new boaters in 2022, and these dealers greeted them through an exceptional sale experience, while helping to retain existing boaters by delivering an extraordinary level of ongoing service," said Robert Newsome, senior vice president of operations for NMMA. "Congratulations to the 2022 CSI Award boat dealer recipients for creating an outstanding purchase and ownership journey that nurtures a life-long passion for boating."

At the same time, Godfrey Marine, manufacturer of premium family Godfrey pontoon boats and Hurricane deck boats, announced its boat dealer recipients of the NMMA 2022 Marine Industry Customer Satisfaction Index Awards. There were 108 Godfrey dealers and 53 Hurricane dealers recognized this year.

Company acquisitions are an ongoing activity and recently ViaSat Inc (NASDAQ: VSAT), a global communications company, announced the completion of its acquisition of Inmarsat. The combined company enhances our scale and scope to continue to drive growth in the increasingly dynamic and competitive satellite communications industry. The company's assets, once fully integrated, are expected to increase the pace and scope of innovation in the global satellite connectivity sector, offering new and improved capabilities to customers that will address the ever-increasing speed, flexibility, reliability, coverage and security they demand.

"We are thrilled to welcome Inmarsat's employees, customers, shareholders and partners into the Viasat ecosystem," said Mark Dankberg, Chairman and CEO, Viasat. "The combination of our companies brings together the people, technology, innovation, network assets, spectrum resources and global partnerships needed to help connect the world more affordably, securely and reliably. Together, we believe we are positioned to offer customers a multi-layered network that gives them the right connectivity at the right time, place and price.

From overseas, a supplier to the North American market, Maritimo, has celebrated its 20th Anniversary. This chapter encapsulates a great success story, for what is now an iconic Australian brand that manufactures for a global market. The luxury long range motor yacht manufacturer has firmly etched itself within the very fabric of Australian business success stories. Twenty years is indeed a milestone and will be widely celebrated, but it will be done so without shifting the balance from always looking forward with vision for the future.

Lots more marine industry news on the website - updated daily - www.marinebusinessworld.com/NorthAmerica

Stay safe,
Peter Rendle - peter.rendle@marinebusinessworld.com

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