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Marine Industry

Pleasure Craft

The recent Southern California Boat Show was smaller in size this year, analogous to the trend during previous recessionary periods.  Power and sailboats under 30 feet were fairly well represented, while the brokerages and new boat manufacturers that customarily sell 30+ foot products were showing limited stock or were absent from the show.

Ferretti, the well known Italian luxury yacht manufacturer, and owner of Pershing, Riva, and CRN, failed to make a 1.4 MM Euro payment on their credit line in February.  Production has been halted at Pershing, according to a Financial Times statement, with 270 workers sent home for 15 days from the Fano production facility.  Larger yacht orders have remained strong, according to one source, while demand for the mid-range products has declined.

Several other large and small domestic and international manufacturers, including Silverton, Tiara, Riviera, Pro-Line, and Christiansen, have reduced their personnel as a result of the current global economic crisis.