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Propulsion alternatives continue to make headlines - MarineBusinessWorld North America newsletter

02/08/2023


Propulsion alternatives continue to make headlines - MarineBusinessWorld North America newsletter

Cyclops 2022 November Load Pin LEADERBOARD

North Sails Performance 2023 - LEADERBOARD

H2C Boat - photo © Torqeedo


Dear Recipient Name

This summer, the world of competitive sailing is set to witness a historic moment as the Dutch sailing organization Watersportverbond introduces their first-ever emission-free, hydrogen-powered coach boat, the H2C Boat, at the 2023 World Sailing Championships in The Hague, Netherlands.

The H2C Boat, equipped with a Torqeedo Deep Blue electric motor, revolutionizes the sailing community and paves the way towards a more sustainable and environmentally friendly era. This boat, developed by the Dutch start-up H2 Marine Solutions, represents the collective efforts of a consortium of innovative companies, including longtime Torqeedo partner De Stille Boot and the Delft University of Technology (TU Delft).

Torqeedo played a vital role in supporting the project from inception, providing the powerful Deep Blue 50R outboard motor and Deep Blue 40 lithium-ion battery, as well as contributing to the crucial energy management system.

Bipartisan Group of Lawmakers express concerns over proposed NOAA Regulations - photo © Kelly Kaylor
Bipartisan Group of Lawmakers express concerns over proposed NOAA Regulations - photo © Kelly Kaylor

Meanwhile contentious legislation is challenged by an industry body. Last week, a bipartisan group of lawmakers from the Congressional Sportsmen's Caucus held a briefing on the National Oceanic and Atmospheric Administration's (NOAA) proposed expansion of its North Atlantic Right Whale Vessel Strike Reduction Rule. Under the proposed expansion, all boats 35 feet and greater cannot travel faster than 10 knots (11 mph) within a vast area extending from Massachusetts to central Florida, for up to 7 months out of the year and in some places up to 90 miles offshore.

Several legislators expressed concern with how NOAA's proposal could impact local economies, particularly in coastal communities. The U.S. recreational boating industry has an annual economic impact of $230 billion, supporting more than 36,000 businesses, most of which are small businesses, and over 812,000 American jobs. NOAA's proposed regulation would significantly impact the recreational boating and fishing community and threaten the small businesses and coastal economies it supports.

Maritimo 2023 MPU S75   Marskeel 2019 600x500

It's that time of the year that companies release their quarterly financial stats, providing indicators of the current industry health levels, and we post the results from two of the big players.

MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat, yacht, and superyacht services company, announced results for its fiscal third quarter ended June 30, 2023. Fiscal 2023 Third Quarter Highlights. Record revenue of $721.8 million. Strong gross margin of 33.8%. Net income of $44.4 million, or diluted EPS of $1.98; Adjusted diluted EPS of $2.07. Adjusted EBITDA of $83.5 million. IGY Marinas contributes to Company growth. Completes acquisition of C&C Boat Works.

Marine Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended June 30, 2023. Marine Products is a leading manufacturer of fiberglass boats under the brand names of Chaparral and Robalo. Chaparral's sterndrive models include SSi and SSX, along with the Chaparral Surf Series. Chaparral's outboard offerings include OSX Luxury Sportboats and SSi outboard models. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models.

For the quarter ended June 30, 2023, Marine Products generated net sales of $116.2 million, a 21 percent increase compared to $95.8 million in the same quarter of the prior year. The increase in net sales was due to an 11 percent increase in the number of boats sold during the quarter and a 10 percent increase in the average selling price per boat, as well as an increase in parts and accessories sales. Unit sales increased during the quarter compared to the prior year as the company continued to clear inventory of partially completed units caused by supply chain disruptions. These deliveries also helped to satisfy our dealers' inventory needs during the retail selling season.

Average selling prices increased primarily due to a favorable model mix and price increases to cover increased costs including primarily materials and components. Unit sales increased within both Chaparral and Robalo brands.

Top Recreational Boating States by Economic Impact: Wisconsin - photo © National Marine Manufacturers Association
Top Recreational Boating States by Economic Impact: Wisconsin - photo © National Marine Manufacturers Association

Ranked 7th in the U.S. for recreational boating economic impact, Wisconsin has more than $8.4 billion in annual recreational boating economic impact and supports over 34,000 jobs. A detailed infographic for Wisconsin can be downloaded by National Marine Manufacturers Association members and industry stakeholders here.

Selden 2023 CXe   Vaikobi 2023 Gloves - MPU

People making news includes Larry Lake at IMTRA. IMTRA, the leading manufacturer and importer of quality solutions and products for the marine, energy and transportation markets, announced it has added to its management team with a promotion and a new hire. Long-time employee Larry Lake has been promoted to Vice President of Operations and has been appointed to the Senior Leadership team as part of his new position. In addition, Carissa Deschler has joined IMTRA as its first Human Resource Director.

TowBoatUS Oyster Bay provides professional on-water assistance 24/7 including towing, soft ungrounding, battery jump and fuel drop-off services - photo © Scott Croft
TowBoatUS Oyster Bay provides professional on-water assistance 24/7 including towing, soft ungrounding, battery jump and fuel drop-off services - photo © Scott Croft

TowBoatUS Oyster Bay, a 24/7 provider of on-water towing and assistance for recreational boaters with additional locations in Huntington, New York, and Norwalk, Connecticut, recently celebrated three decades in business. Now former owner Capt. Mitch Kramer has stepped aside with a new owner at the helm, Tom Vetere. Kramer isn't going too far, however. He's staying aboard along with other familiar faces including Capt. Jay Wigginton at TowBoatUS Norwalk, Capt. Steve Morlock at TowBoatUS Huntington, and deckhand Nick Casella. Newly joining the company are Port Captain John Testa who will oversee day-to-day operations, and Capt. Mike Callesano.

Jeff Geraci, ACR Electronics General Manager and Vice President of ARTEX - photo © ACR Electronics
Jeff Geraci, ACR Electronics General Manager and Vice President of ARTEX - photo © ACR Electronics

Leading global provider of safety and survival technologies, ACR Electronics is delighted to announce the return of Jeff Geraci as the General Manager and Vice President of ARTEX, the leading brand for aircraft Emergency Locator Transmitters (ELT). In this capacity, Jeff will spearhead ARTEX's strategic growth initiatives, reinforce its position in the market, and drive innovation within the company.

Jeff Geraci brings a wealth of experience and expertise to his new role, having previously served as an instrumental figure in the success of ACR Electronics during his earlier tenure with the company. With over two decades of experience in the safety and survival technology industry, Jeff has consistently demonstrated outstanding leadership, vision and a passion for delivering high-quality products that save lives.

Caleb Peavler and Roger Watson - photo © MarineMax
Caleb Peavler and Roger Watson - photo © MarineMax

MarineMax St. Petersburg announced Caleb Peavler as their new General Manager alongside Roger Watson's promotion to Service Manager. Caleb has spent the last eight months as the Operations Manager for MarineMax St. Petersburg after relocating to the area from Panama City. Prior to the move, he led the Panama City location as General Manager, where he was instrumental in leading a profitable sales hub for the panhandle. Caleb's strong work ethic and commitment to lead by the MarineMax mission statement is one of the many reasons he was selected for the role.

More industry news at www.marinebusinessworld.com/NorthAmerica

If your organisation has news that would interest the industry at large, forward your press release to peter.rendle@marinebusinessworld.com for consideration of posting to the website.

In the meantime, stay safe.
Peter Rendle

Upffront 2020 Foredeck Club SW MPU   J Composites 2022 - J99 MPU


Dockmate® selected for easy docking of all new Horizon Power Catamarans
Dockmate®, manufacturer of advanced wireless remote-control systems for yachts, announced it has been selected by Horizon Power Catamarans for remote control of all new Power Catamaran (PC) Series vessels.

MarineMax St. Petersburg welcomes new management team
MarineMax St. Petersburg would like Caleb Peavler on his promotion to General Manager and Roger Watson on his promotion to Service Manager!

Jeff Geraci returns to ACR Electronics as General Manager and Vice President of ARTEX
Leading global provider of safety and survival technologies, ACR Electronics is delighted to announce the return of Jeff Geraci as the General Manager and Vice President of ARTEX, the leading brand for aircraft Emergency Locator Transmitters (ELT).

North Sails Performance 2023 - MPU   Cyclops 2022 November Load Pin MPU
Coast Guard Foundation to honor Coast Guard Service Excellence in Pacific Northwest
The Coast Guard Foundation will honor the Coast Guard's service excellence, and its rescue of a mariner on the Columbia River Bar earlier this year at its biannual Seattle event on Sept. 12, 2023.

ABYC, USCG announce Risk Mitigation Webinar: Navigating compliance in age of evolving technology
Registration is now open for the next U.S. Coast Guard (USCG) and American Boat and Yacht Council (ABYC) free online USCG/ABYC Risk Mitigation Series.

Top Recreational Boating States by Economic Impact: Wisconsin
Ranked 7th in the U.S. for recreational boating economic impact, Wisconsin has more than $8.4 billion in annual recreational boating economic impact and supports over 34,000 jobs.

RS Sailing 2021 - MPU   Allen 2022 - PSH Cam Cleat MPU
Sika continues sponsorship of nautical-based Sikaflex® Challenge events in 2023
Sika Corporation is proud to announce its continued sponsorship of the Sikaflex® Challenge Build-a-Boat Cup. Sika has been involved in sponsoring these great community events for over 40 years.

MarineMax reports Fiscal 2023 third quarter results
MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat, yacht, and superyacht services company, announced results for its fiscal third quarter ended June 30, 2023.

After 30 years, TowBoatUS Oyster Bay, N.Y., has a new owner
TowBoatUS Oyster Bay, a 24/7 provider of on-water towing and assistance for recreational boaters with additional locations in Huntington, New York, and Norwalk, Connecticut, recently celebrated three decades in business.

Marine Auctions 2019 600x500   PBW Newsletter Sign-Up
Bipartisan Group of Lawmakers express concerns over proposed NOAA Regulations
Last week, a bipartisan group of lawmakers from the Congressional Sportsmen's Caucus held a briefing on the National Oceanic and Atmospheric Administration's (NOAA) proposed expansion of its North Atlantic Right Whale Vessel Strike Reduction Rule.

H2C Boat - the first hydrogen-powered RIB hits the water
This summer, the world of competitive sailing is set to witness a historic moment as the Dutch sailing organization Watersportverbond introduces their first-ever emission-free, hydrogen-powered coach boat, the H2C Boat.

IMTRA appoints new Vice President of Operations and HR Director
IMTRA, the leading manufacturer and importer of quality solutions and products for the marine, energy and transportation markets, announced it has added to its management team with a promotion and a new hire.

Marine Products Corporation reports second quarter 2023 Financial Results
Marine Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended June 30, 2023. Marine Products is a leading manufacturer of fiberglass boats under the brand names of Chaparral and Robalo.

Selden 2020 - FOOTER

Upffront 2020 Foredeck Club SW FOOTER

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