Megayacht Repair Business is Still Sailing
By Kelsey Karp
While many companies have been hit drastically during the recession, shipbuilding is lucky to currently be experiencing a boom. The West Palm Beach repair yard, Rybovich, increased capacity about 50 percent this past year in order to better service the influx of megayachts that resulted from the recent shipbuilding boom. Owners of luxury yachts have poured countless of dollars to ensure the upkeep of their beauties, a trend that will continue as these individuals strive to protect and maintain their investments. As noted in the 2006 Marine Industries Association Study, the marine industry contributed $13.6 billion to South Florida’s economy every year, amounting to jobs for 100 to 250 employees at businesses such as Dania Cut. The decline of the dollar has attracted many Europeans to South Florida shipyards as the exchange rate has made it more economical to service their monstrosities in the United States than at home. Many of these individuals who escape to the Mediterranean during the summer months have to cruise past South Florida on their way to the Caribbean, a reason for the increase in business. Despite the fact many shipbuilders are functioning at capacity since it can easily take over a year to build a luxury yacht, causing the industry to run on a delayed timetable, new orders have declined because of the shaky economy. Redecorating, a trend that had previously been the standard and a major source of income for shipbuilders, has recently seen a downturn as well. Individuals are no longer spending the money to refurbish the interiors of their boats simply because they are tired of the current decorations. While more thought is going in to the dollars spent, shipbuilding is still making a profit.
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