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Boat supply back to pre-pandemic levels

Perfect time to buy a boat: AP Marine says now is a great time to buy a boat with US dealers willing to negotiate (Photograph supplied)

Early in the pandemic, AP Marine in Pembroke, felt like a stepchild in the boating industry.

“We could not get boats because demand in the United States was eating up all the supply,” said Michael Araujo, company president. “We did not get first option for the boats we were ordering, and had to make due with what we could get.”

Now the situation has totally shifted. Boats have become much more available.

“Boat dealers in the United States are reaching out to us to ask if they can help us in any way,” Mr Araujo said. “That is good news for us. We can now supply customers in a timely manner.”

The wait for a new boat is three to four months – what it was before Covid-19 arrived in March 2020.

Mr Araujo said now is the perfect time to buy a boat.

“When the supply chain was really bad, the dealers in the United States were selling them at full retail price,” he said. “Now, they are willing to work a deal.”

He said it was also a good moment to consider replacing an old engine. AP Marine is currently holding an outboard motor sale.

“Bermuda mariners have a unique opportunity to enjoy exceptional savings on Yamaha outboards,” Mr Araujo said. “We will be giving a demo ride and presentation of our Yamaha Helm Master outboard engines on Friday.”

The sale is part of their celebration of their newly expanded facility on Addendum Lane. A new hangar allows them to turn around business more quickly, rain, blow or shine.

In April, Retail Sales Index figures for November showed sales of boat and marine supplies up by 491.4 per cent.

However, Mr Araujo said figures like this could be deceptive.

“If only one boat, in all of Bermuda sold last year, but it was worth $10 million, it would impact the RSI,” he said. “We did not see any more boats sell in 2023 compared to 2022.”

However, he thought this year could be better than last for boat sales and service, simply because the weather has been better.

In 2023 Bermuda received more than 70in of rain, at least 20 inches above average.

“All the bad weather last year definitely impacted us,” Mr Araujo said.

He said 2023 was so wet that many people did not go out in their boats, and therefore did not need as much service.

“So far, we have had better weekends with more sunshine, than all of last year,” he said. “I do a lot of boating myself. Last weekend I was at Cambridge Beaches in our boat on Saturday and at Castle Roads on Sunday. People are definitely out enjoying the water.”

The demographic of who is buying boats has remained the same, he said.

“It is the people in the higher income bracket that buy the newer boats,” he said. “With engine sales, on the other hand, we get all sorts of people.

“We can sell the smaller engines to any demographic out there, as well as the bigger engines. Some boats have aged, but need a new engine. Engine sales are as strong as ever.”

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Published July 18, 2024 at 8:00 am (Updated July 18, 2024 at 7:11 am)

Boat supply back to pre-pandemic levels

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