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prinex

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The Ferretti / Sanlorenzo etc that just 6 months ago had portfolio orders (and a lot of them from RU customers) in the triple-digits... all the Navettas .. I know that RU owners of houses in Sanremo are unable to pay upkeep / energy etc so I guess that 5K a month berth or the 400K second-installment could be an issue now.

Here in Sanremo Portosole when I show up with the Swiss Plate on the car is already "is this a russian guy ?" look from the now permanent Guardia di Finanza car in port. Stickers with "seized ..." abound. And lots of question on all this nice boats with RU / Malta flags. Half of the marina is also empty for some reason.

On the local brokers side - clouds as dark as ever, seeing 2.50 Euro/Liter on the local port pump (I paid 1.57 in Monaco last year) and the Guardia di Finanza always there had thrown the market in deepest depression. And to be honest I also decided for shelving my upgrade dreams, not for the diesel price which is the lesser expense in my book, just the uncertainty around this actual times - not the right moment to bind real money in boats.

Im also getting contacted by brokers even if they know im a cheap "tire kicking" kind of buyer so they must be running out of gullibles customers.

I guess when Vladi turn off the gas to the Germans is bargain time again in the Med.
 
Depends how long things carry on for…..if fuel prices stay this high….everything’s in trouble.

Disposable income defo getting hit and luxury items first to be effected as ever. Politicians already saying sanctions could be lifted if Russia withdraw.
 
One or two discounts starting to appear at the edges with some older 50 ft + orphan boats.
£120k down to 99K within a week !
Couple of desirable sweet spot sized boats (40ft flys) with 5% markdowns but still some late to the party optimists taking a punt. Ptincess 410 . Either £89K or £120K.
Good choice of Sealines and Targas listed, plenty of choice there , if thats your thing.
Several long standing "rocks" still on the market after some considerable time. 1980s 45ft flybridges around the all the same vintage and marque.
 
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Not noticed anything untoward in Loano last week .The ship yard was rammed with SY s out for maintenance and the berth density of the general marina normal .
But we are further E from San Remo away from the Monaco halo .
Never noticed any RU cars anyhow .

How ever back in CH yes they ( a few chalet owners ) are hiding , not using there RU plated cars .Yes credit is running out .
Had last week a RU lawyer who fled with just his car and wife + kids requesting to rent our chalet .
We declined .No idea of the backstory.
Was in France on Saturday and at a fuel station a UA reg VW Passat pulled up packed to the gunnels a mother + 2 small kids .No fella on the scene.Made me wonder where the farther was ? I think we all know .Reinforced me I called the rental decline right . Blood money and all that - Nope ! .Hope that UA s mother + kids get to see dad again .

Back to boats .
Yes the SY industry will in disaster mode .Boats impounded , crew not paid , yards not paid , suppliers declining orders etc etc .
This will have a trickle down effect into all sectors like crew training + support as there will be surplus of crew / captains/ provisioners etc .Builders will have part made boats with incomplete payments going cheap very soon .
1 month in Banks will have little choice other than sit and wait and pray the war ends soon and sanctions are lifted , normal service resumes .Somehow I don’t think that’s gonna happen .Slash off 15/25 % of buyers can yards cope ? Plus gen uncertainty of none connected potential buyers = hesitating .Yup the Monaco yacht show is gonna be very quiet this year .Wouldn’t be surprised if it’s cancelled tbh .
 
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Boat local to us us been seized by the Admiralty court.
Letter stuck on the covers indicating how much is owed to the finance company.
Unfortunately , the owners tried to remove certain high value items, in hurry, before the bailiffs arrived.
The outstanding debt amount is within a whisker of the asking price of the two or three boats presently listed on brokers websites. One of those, has just had its price reduced.
Sealed Bids.
 
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limecc said:
Wrong time to be buying a boat. Need only wait a short while until pre-Covid bargains are back.
Why you should be concerned in 2022 – I’m not tin foil hat
Click to expand...
Not a short while. If lessons of the past are anything to go off. For example the foundations of the crash of 2007 were already starting in 2005 with sub-prime problems. It then rolled out and the residential market was at its nadir in 2010/11. That's six years from the first sniff of a problem and we haven't even had our market crash yet.
 
Zing said:
Not a short while. If lessons of the past are anything to go off. For example the foundations of the crash of 2007 were already starting in 2005 with sub-prime problems. It then rolled out and the residential market was at its nadir in 2010/11. That's six years from the first sniff of a problem and we haven't even had our market crash yet.
Click to expand...
Yes been artificially propped up by printing money since then but now it's over. Good history lesson here:
Did the Russians just back the ruble to gold? A timeline of how we got here and where we go next

The dominoes are falling – is this the beginning of the end of our system as we know it?
 
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limecc said:
Yes been artificially propped up by printing money since then but now it's over. Good history lesson here:
Did the Russians just back the ruble to gold? A timeline of how we got here and where we go next

The dominoes are falling – is this the beginning of the end of our system as we know it?
Click to expand...
I think he’s a bit extreme:

Things to worry about in 2022
I put a pretty big list together, but some of the highlights….
  1. world famine
  2. nuclear war
  3. hyper inflation possibilities everywhere
  4. cyberwars
  5. 7th stage of empires combining with end of world currency reserve combining with end of 4th turning.
 
Zing said:
I think he’s a bit extreme:

Things to worry about in 2022
I put a pretty big list together, but some of the highlights….
  1. world famine
  2. nuclear war
  3. hyper inflation possibilities everywhere
  4. cyberwars
  5. 7th stage of empires combining with end of world currency reserve combining with end of 4th turning.
Click to expand...
Scary thing is that it's happening.
- Ukraine the breadbasket of Europe
- This year's crop won't be planted
- Russia produces the fertilizer
- Wheat prices go sky high, production not helped by high diesel price
- People get a whiff of a shortage and stockpile (humorously with toilet rolls)..

I'm old enough to remember a bread shortage when I was just a lad..

I think the author's a silver trader so knows a thing or two about commodities. We'll see.
 
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