Despite political distractions our industry thrives - MarineBusinessWorld.com N America newsletter
by Peter Rendle 31 Jul 2024 14:00 PDT
Senator Joe Manchin (I-WV) voices strong concerns over NOAA's Proposed Rule during key CJS Committee markup hearing © Senator Joe Manchin
Senator Joe Manchin (I-WV) delivered a strong rebuke to the National Oceanic and Atmospheric Administration's (NOAA) proposed changes to the North Atlantic Right Whale Vessel Strike Reduction Rule during the July 25 Senate Appropriations Committee consideration of the fiscal year 2025 Commerce, Justice, & Science (CJS) spending bill.
Senator Manchin voted against the FY 2025 CJS spending bill due to his opposition to NOAA's proposed rule. "I could not in good conscience support the bill because of the grave concerns I still have with NOAA's proposed Vessel Speed Rule," said Senator Manchin.
Last week, the National Marine Manufacturers Association (NMMA) facilitated a tour of Brunswick Corporation's New York Mills Operation with State Representative Tom Murphy (GOP House District 9B). The tour offered a comprehensive look into Brunswick's manufacturing footprint in Minnesota, particularly in the production of Lund and Crestliner Boats. Representatives from Brunswick and NMMA underscored the marine industry's vital role in the state's economy to the state representative.
In a nationwide effort to remove abandoned and neglected boats to help clean our nation's waterways and make them safer for years to come, the Boat Owners Association of the United States (BoatUS) Foundation is seeking qualified, diverse and experienced organizations to submit project proposals for funding. BoatUS has secured a $10 million grant from the NOAA Marine Debris Program, with funding provided by the Bipartisan Infrastructure Law, to fuel this major abandoned and derelict vessels cleanup effort in U.S. coastal waterways and the Great Lakes. Applicants are encouraged to submit a letter of intent online to the BoatUS Foundation no later than August 12.
MarineMax (NYSE: HZO), the world's largest recreational boat, yacht and superyacht services company, this week, announced results for its fiscal 2024 third quarter ended June 30,. "Despite persistent retail headwinds in the third quarter, our team executed well, delivering 5% top-line growth," stated Chief Executive Officer and President Brett McGill.
Marine Products Corporation (NYSE: MPX), a leading manufacturer of fiberglass boats, announced its unaudited results for the second quarter ended June 30. Net sales decreased 40% year-over-year to $69.5 million. Results reflected continued weakness in dealer ordering patterns given persistently high industry-wide channel inventories and soft consumer demand; the Company continued to respond with actions to reduce costs, adjust production schedules and provide retail incentives
The recent revenue results released by the Canada Revenue Agency (CRA) since the luxury tax's September 2022 implementation confirm the marine industry's dire predictions of a significant market disruption. Despite strong opposition by the recreational marine industry, the luxury tax implemented an additional 10% tax on boats more than $250,000. Across Canada, recreational boating creates more than 75,000 jobs that support more than 4,800 businesses. Roughly 60 percent of boat owners have a household income of less than $100,000.
Avikus, HD Hyundai's autonomous navigation in-house startup, announced it has established a permanent U.S. presence with headquarters in the Lauderdale Marine Center in Florida. Recognizing the importance of Florida in the yachting market and its proximity to a high concentration of boat builders and potential and existing customers, Avikus has taken an office in the popular marina district of Fort Lauderdale. The new location will serve as a hub for sales, training and partnership operations for Avikus in the U.S.
Suntex Marina Investors, the largest standalone recreational marina owner in the U.S. by marina count and boat slips, announced it has partnered with Northgate Resorts to manage the resort at Port of Kimberling located in Kimberling City, Missouri. With Northgate's extensive experience in hospitality management, this collaboration aims to elevate the lodging experience for all marina guests.
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Stay tuned,
Peter Rendle - peter.rendle@worldmarine.media