Greetings,

I hope your 2024 boating float plan went as well as you hoped for. I managed 150 hours on my boat Equinox in mid-coast Maine with the best summer weather in 20 years. This past Fall, my son Simon Morin invited me on an unforgettable adventure to Barcelona with him. We were there to witness the America’s Cup sailing races, it was an absolute spectacle! Those 75-foot foiling monohulls with their 87-foot masts reaching speeds of up to 35 knots in 10 knots of wind (and capable of an impressive 55 knots) made it difficult to look at anything else! But amidst all the excitement, we managed to squeeze in a bike ride up the 3000-meter Stelvio Pass in the Dolomites!

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Market Conditions:
2024 saw a 9.1% drop in overall boat sales compared to 2023, as reported by yachtworld.com

2024 United States used boat sales took a loss of 12.4% in total boats sold when new boat sales saw a 5.3% increase. This, combined with a 7.6% drop in consumer demand, made our brokerage work more challenging.

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The average selling price of new and used boats went up by 2.4% mainly because used boat prices went up.

The normal sales increase just after a presidential election regardless of the winning party did not happen in 2024.

Maine Yacht Brokerage’s marketing efforts on yachtworld.com have been way better than the average of other brokerages. Our average listing score is 16% above other brokerages and our rate of customers reviewing our listings (Click Through Rate) is 4.17, which is way higher than the industry average of 1.5.

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If you want to get a specific understanding of your boats current value contact Maine Yacht Brokerage anytime.

Maine Yacht Brokerage teamed up with S.W. Boatworks to sell their Downeast boatbuilding business, including the famous Young Brothers hull molds and the respected Calvin Beal hull molds.  We’re also marketing the iconic schooner MARY DAY and its business in Camden Harbor.

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Insurance News:
Keep in mind that out of the nearly 20 insurance companies globally, the underwriters of these companies often share the same guidelines with your insurance agency.

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The cost of insurance annually used to be around 1% of the boat’s value, but it’s now about 3%. Many carriers report that they’re not insuring named hurricane season coverage and that boats they do cover need to be north of Carolina or south of Grenada to maintain coverage during hurricane season. Hurricane deductibles have also increased, and lightning strike deductibles are at least 5% of the insured value of the boat.

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Insurance companies are now requiring a solid resume with years of boating experience, including charter, personal use, American Sailing Association courses, or other safety courses.

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If you’re moving up in boat size from 8' to 10', it shouldn’t be a problem. But if you’re moving up to 10' to 15' or more, you may be denied or required to have a Licensed USCG Master aboard for a certain amount of time. So, it’s best to chat with your insurance agent before you start shopping for a boat.

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Some companies, like Chubb, are requiring 3 years of previous boat ownership to qualify for coverage. For more specific insurance information, I recommend reaching out to Scott Carlson at the Allen Insurance Agency (Camden, Maine). They just happen to insure more tall ships than any other agency in the world.

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Financing
The Federal Reserve did not raise interest rates at the last rate setting meeting, so it seems like they’ve found a bit of a balance. Our boat loan lender, with whom we have collaborated with for fifteen years, offers interest rates ranging from 5.85% to 6.9%. Please note that interest on boat loans is tax-deductible.

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If you intend to purchase a boat and reside on it full-time, securing a loan from a lender may prove challenging.

Alternatively, if you plan to sell your house to relocate onto a boat, renting your house beforehand would be a prudent strategy to ensure a place of residence and maintain a permanent address, some bundling of home and boat insurance cost could be an advantage.

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For retirees, it is advisable to obtain pre-approval for a boat loan when your debt-to-income ratio is elevated.

Some lenders impose a seven-to-eight-month limit on your stay in the Mediterranean and mandate the return of your boat to the United States afterward. Additionally, if you plan to sail in the Mediterranean, there are new restrictions regarding areas of war coverage. You may be required to acquire war risk insurance or limit your voyages to the Western Mediterranean.

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USCG
The United States Coast Guard is currently 10% short of being fully staffed and therefore is planning a reduction in seasonal stations and a reduction in active cutters. Please be sure to file a underway plan so others could access it if overdue to port.

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Regarding the most recent year 2023 for the USCG reported accident statics here is the good news; Compared to 2022, the number of accidents decreased 4.9%, the number of deaths decreased 11.3%, and the number of injuries decreased 4.3%.

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I hope you find the above information helpful. If you are anticipating the long boating season ahead in a different boat, we are here to assist you in the buying and selling process. We can be found at maineyachtbrokerage.com.

Should you venture to Maine and want any local info, contact us anytime. As always, if you are looking for a great locally sourced meal on lovely North Haven Island in Penobscot bay, with anchorage nearby, check out Nebo Lodge and Turner Farm. Or if you’re looking for a dinner-boat ride to the island from Rockland on the P/V EQUINOX, I know a guy!