2009, May 19: Cartagena, Colombia: There is a variety of income-generating
opportunities for Caribbean territories providing facilities and accommodation
for the growing fleet of luxury yachts which sail the region.
Delegates attending the 8th Caribbean Shipping Executives
Conference in Cartagena discussed the many locally provided services and goods
which are consumed by the luxury yacht sector and how the income from these
could effectively augment the revenues now being generated by the cruise
industry.
The conference for regional shipping executives is presented annually in May
by the Caribbean Shipping Association. It was held this year in Cartagena,
Colombia.
The opportunities for income generation in catering to luxury yachts are
tremendous, as Rupert Connor, President of Luxury Yacht Group indicated in his
presentation entitled "The Luxury Yacht Sector: Business Opportunities for
the Region". He presented a list of the type of services and
income-generating activities from which countries of the Region could benefit,
if they did more to create physical facilities for accommodating the growing
fleet of luxury yachts of 80 to 120 feet long which now sail the Caribbean.
Income, he indicated, could be derived from the provision of crews, supply of
fuel, engineering and maintenance services, fees for compliance with government
regulations, docking costs and electronic communications services. Up to 29 per
cent of the sub-sectors costs were being spent on crewing, he noted.
Mr. Connor, in taking conference delegates through the many ways to maximize
financial benefits from luxury yacht sub-sector of the shipping business
indicated that in 2009 over 300 new luxury yachts are expected to be launched.
CSA president, Fernando Rivera and the Chairman of the CSA’s Cruise
Committee, Jan Sierhuis, both expressed similar views, that whereas the revenues
which Caribbean territories could derive from the luxury yacht sub-sector could
be significant, it was important that the Region continued to promote and
develop the cruise industry. It was not a matter of one or the other, but both,
Mr. Rivera said.
Many of the presentations made at the 8th Caribbean Shipping
Executives Conference looked at the current global economic crisis and the
business opportunities which companies in the Regional shipping industry could
exploit at this time. In this regard the conference received presentations,
including detailed analyses of the current global and regional situation, from a
number of senior business economists and corporate planners. There was some
consensus that the current crisis had or was soon to "bottom out", thus
signaling the start of what could be a slow recovery.
Caribbean
Shipping Executives Conference:
