Government involvement with the industry never far away - MarineBusinessWorld N America newsletter
by Peter Rendle 4 Oct 14:00 PDT
OXE Marine at METS Boat Show 2022 © OXE Marine
OXE Marine Inc, a subsidiary of OXE Marine AB, has received an order totalling USD 5.8m, to supply a United States Governmental Agency. The scope of supply of the order includes 40 units of the company's low-emission diesel OXE outboard engines, rigging accessories, spare parts and lifecycle support as well as rigging and installation services to be performed to the fleet of vessels being fitted with OXE engines.
All products are planned for delivery in 2023 with the installation services to be carried out over 2024. The order was placed by a private contractor in the United States, which received the award to deliver the equipment to the Agency. 50% of the order (approximately USD 2.9m) will be paid in advance during the early stages of the project, and this advance payment is expected to be received during Q3 and Q4 2023.
This week, former President and 2024 presidential candidate Donald Trump visited NMMA member Sportsman Boats as part of his campaign activities in South Carolina. The former President toured the facility alongside the South Carolina Boating and Fishing Alliance (SCBFA), an organization comprised of South Carolina-based boating and fishing businesses.
This event was one in an ongoing series organized by the SCBFA to bring all Republican presidential candidates and President Biden to meet with South Carolina boating business leaders in this early primary state. Given recreational boating's $6.5 billion economic impact in the state, supporting 27,000 jobs, the former President highlighted the importance of the industry in South Carolina to both the local and national economy.
Last week, the American Sportfishing Association (ASA) and other like-minded organizations sent a letter to U.S. Commerce Secretary Gina Raimondo outlining recommendations for how NOAA should allocate funds for the conservation of the North Atlantic right whale. This comes after NOAA committed to providing $82 million in Inflation Reduction Act funds towards protecting the North Atlantic right whales. ASA is eager to collaborate with NOAA to ensure these funds are meaningfully used towards solving a complex challenge. Learn more here.
The Coast Guard Foundation, a non-profit organization committed to strengthening the Coast Guard community and service by supporting members and families, announced today the activation of its emergency relief program to provide essential support to Coast Guard members who will be impacted by the government shutdown. During government shutdowns, Coast Guard service continues but members are not paid unless special legislation is passed to protect their pay checks. The Coast Guard Foundation is ready to respond with emergency relief support if a budget is not passed by the deadline.
Despite difficult trading conditions, production expansions continue. Regal Boats, a leader in designing and manufacturing luxury performance boats, announced an expansion project at its Belle Isle, Florida, headquarters. The expansion ceremony was attended by Belle Isle Mayor Nicholas Fouraker, city commissioners, and key Regal Boats leaders, including Duane Kuck, President and CEO of Regal Boats, and Paul Kuck, the company's Chief Operating Officer.
"We are thrilled to cement Regal's position as a premier boat builder with this significant investment in our Belle Isle headquarters," said Duane Kuck. "This expansion is not just about square footage; it's about building a facility that embodies our core purpose: to Honor God and Enrich Lives."
And the electric boat industry continues to grow. It's been a busy 2.5 years since founding Arc designing, manufacturing, and delivering the Arc One, the most advanced electric boat on the water today. That was no small feat, but it was just a starting point. They are thrilled to announce that they've closed a $70 million Series B to propel their next wave of boats.
All of their major investors, including Eclipse, Andreessen Horowitz, Lowercarbon Capital, and Abstract Ventures, participated in the round. They also welcomed Menlo Ventures to the crew, an investment led by long-time partner and boating enthusiast Shawn Carolan. The strength of the round and conviction from these amazing investors has been inspiring, and they're thankful to have them all aboard.
Not forgetting out first responders, the Coast Guard Foundation, a non-profit organization committed to strengthening the Coast Guard community and service by supporting members and families, announced today the New York Salutes the Coast Guard event will be held October 5, and will honor Coast Guard Sector New York and the Unified Command that responded to a fire on the motor vessel Grande Costa D'Avorio in the Port of Newark in July of this year.
During the ensuing emergency response that lasted for six days, claiming the lives of two first responders and injuring several others, the Coast Guard oversaw the effort to fight and eventually contain the fire while ensuring public safety and minimizing disruptions to the port.
Look forward!
Peter Rendle - peter.rendle@marinebusinessworld.com