Waiting for Their Ships to Come In

July 31st, 2008 Categories: Real Estate News, Vancouver Real Estate

Yacht transport companies are looking forward to bigger shipments on the horizon, with the creation of the Can Am Oceanic Yacht Alliance (COYA).

Baila Lazarus recently reported in Business in Vancouver that BC’s yacht building industry used to be a fair size but only a few companies are left. In 2007 Mears, who is the owner and president of North Vancouver’s Pacific Northwest Ship & Cargo Services, imported 233 yachts between 50 and 150 feet in length to BC waters and exported 57. That’s up from 55 imported and 44 exported in 2003.

A typical fee for transporting a 40 foot yacht from La Paz to Vancouver is US$15,000 one way. Mears welcomes the work of COYA and the new support for mega yacht berths in BC because more public-city and marina space means more work for this and other companies.

He says the mega yacht industry is attracted to B because “we’re safe in terms of world politics, and we have first class maritime services”. He thinks there’ll be a bit of a lag due to the US recession but the business is not going away.

Yacht Path International headquartered in Palm Beach has acknowledged that the industry is growing. A lot of their busines has to do with shipping new boats to their owners, or transporting display vessels for boat shows. Any increase in the yachting industry in BC waters can translate into more business for Yacht Path.

Among those areas that would benefit from increased attention from mega yacht is Victoria, being promoted by COYA as a first port of call in BC and soon to be the home of the Victoria International Marina, a private venture that will have 48 slips right at the entrance to the waterfront and capable of mooring yachts 70 to135 feet long. It is the first of its kind in Canada, catering specifically to super yachts and eager to capitalize on the more than $2.5 million each yacht spends annually in operations.

There is an estimated world fleet of more than 7000 super yachts greater than 80 feet long. Hundreds of them sail past Vancouver and Victoria on their way to Alaska and other West Coast destinations. “The Northwest Coast is quickly climbing to the top of the list due to it spectacular natural beauty, cleanliness , a wide range of activities and - of growing importance - safety and security”, said Wesley, chairman of the Greater Victoria Economic Development Commission.

Wesley said there were 530 yachts, 80 feet and larger, under construction in 2003. That number went up to more than 770 last year, representing $2 billion in investment. “Now $2.5 million is nothing for a 65 foot vessel”.

Unlike the cruise industry, where ships come in a few hours, the super yachts spend days, weeks or even months moored in one location, spending thousands of dollars as they have no fuel , no groceries, no alcohol…tens of thousands of dollars go into the economy.

Hurry up Vancouver! Get on board! We are a world class city with no facility for mega yachts.

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