Economic Crisis & Superyacht trends

In an interview late on Wednesday published on Reuters website, Peter Munk, 81, founder and chairman of Barrick Gold (ABX.TO), said the global economic crisis offered a chance to sell services at relative bargain rates for the world's growing numbers of yachts.

Munk added: "None of those yachts out there are going to be sunk," he said. "But they are going to be looking for good value...It's a tremendous opportunity.The Adriatic is currently on par with the Cote d'Azur," he said by telephone from the ski resort of Davos, Switzerland. "But you can save on two-thirds of the costs."

Munk, a Hungarian native, said the financial crisis will hit yacht owners. But he said if, for example, a Russian oligarch must sell a mega yacht at a fire sale price, a new owner of slightly more modest means might want a cheaper alternative to famed ports such as St. Tropez, Palma de Mallorca or Monaco.

Oliver Corlette, Porto Montenegro's managing director, said a berth would cost 130,000 euros annually for a 75-metre yacht, compared to about a million euros a year in Antibes, France.

>> Reuters

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It seems to me that Mr Corlette does not really know the price for a berth in Antibes...