Navigare Yachts: Any Owner/Investors out there?

[mglonnro]

Originally Posted by HabibiDah

As far as an owner experience, I can't comment yet. Our hull was delayed by Fountaine Pajot. It was supposed to go into service last November and is now delayed 1-year until this November.

Did I understand this correctly? The initial delivery date was pushed back by one year (!)? Why? What happened?

[HabibiDah]

Unfortunately, you did read that correctly.

Apparently, they are pushing the New 45 hard and allocated most of the assembly resources to get those out and into the market. Our hull was supposed to be laid last June and ready for commissioning in late Oct. That didn't happen. Our sales guy from Navigare told us that they were having issues getting a hull date from FP as they were allocating for the New 45.

So...{shrug}...our boat isn't in production yet, but we are still sailing around on everyone else's!

[Hottub_Henry]

Same plans here - but you’re all ahead of me. Now with covid- all these promises of stellar returns of up to 14% sound hard to believe. They might be great company but no biz for them means no income for you. What’s the deal now? Just suck it up? We don’t guarantee anything? But you still need to stump up the fees?

Are they looking after their investors and their charter clients? This is an acid test.

Thanks for any updates and hope you get your boats soon!

[letsgetsailing3]

Seems to me that the production delay really worked out well for the OP.

COVID-19 is an unprecedented economic situation. It's not the one you plan for, but it is the one you're glad you missed.

[svgoodvibration]

Navigare has declared force majeure and suspended guaranteed payments. I am not in that program as I paid cash and am in the “ultimate program”. Totally expected given the circumstances and there has been very good communications from them.
I’m trying to move my yacht from USVI to Rhode Island next month for the summer for personal use and maybe a few charters. Not looking good as I need new insurance and I am having a tough time finding it. Heading down tomorrow to relax for a few weeks and get some sailing in. Might end up on the hard June to October...

[HabibiDah]

Totally understandable that Navigare declared force Majeure and suspended "guaranteed" payments. There is no way that this is business as normal for anyone. They did send a letter out to all of the investors covering some of what they are doing and the position they are in. There are layoffs of personnel. If we are still social distancing for another month or two (which, of course, we will be), then the entire year is gone for the BVI as boats go on the hard at the end of June for Hurricane season. I don't think anyone will insure you for a boat on the water against a named storm in the BVI during hurricane season.

In our case, as posted above, we were told that our hull was delayed by a year by Fountaine Pajot. Given the Covid situation, it will most probably be two years until our hull hits the fleet, assuming that they move new boats into the fleet as fast as they did before. I'm more of realist. Some might call me a cynic. I think the industry will be slow to start up again and they are not going to need to pump more boats into the system when charters are not fully utilizing the boats already there. Since the season in the BVI is only 8 months long, I could easily see out hull, originally scheduled to be in the water the end of 2019, not in the fleet until 2022. That timing obviously makes a huge difference on the numbers and the attractiveness of an investment.

We are in discussions with Navigare about moving our investment into a different program and boat, but we are getting a lot of push back and not much creativity. I'll keep you informed.

[svgoodvibration]

I was able to get my boat out of BVI thru some great work by Philip at Navigare, so I'm here in USVI sailing for a few weeks. Most likely up to Florida to get some work done. New solar and a few nice tricks added. Probably haul out in Florida in July or head north to Annapolis area. Enjoying my time on the boat. Unexpected but worked out well. Thinking about something bigger... Might sell this one for the bigger dream.
https://photos.app.goo.gl/HPrYG5TL7eyxLJEUA

[warren460]

Habi,

Most BVI charter boats remain in the water for hurricane season. There is not enough land to put many on the hard and they are insured.

[svgoodvibration]

Habibi,

Contact me offline I can update you on what the situation is for Navigare and owners now. It has taken a turn for the worse.

Bill

[Stay Sea]

Originally Posted by svgoodvibration

Navigare has declared force majeure and suspended guaranteed payments. I am not in that program as I paid cash and am in the “ultimate program”. Totally expected given the circumstances and there has been very good communications from them.
I’m trying to move my yacht from USVI to Rhode Island next month for the summer for personal use and maybe a few charters. Not looking good as I need new insurance and I am having a tough time finding it. Heading down tomorrow to relax for a few weeks and get some sailing in. Might end up on the hard June to October...

I was very unhappy with Navigare....My Lagoon 46 was delivered to Navigare in Tortola in December and had a couple charters before I was able to use it in February. Cushions were missing and there were several other electronics issues...all reported during the time I used it. After receiving my first quarter statement and making little..and being charged alot - covid hit and I decided to get my boat out as I didn't want to constantly fund Navigare. Moved the boat to Florida and up for sale...at a big loss with nothing repaired/replaced from Navigare. I remain stunned by the lack of transparency, poor maintenance and overall bad approach.

[rufa]

Originally Posted by Stay Sea

I was very unhappy with Navigare....My Lagoon 46 was delivered to Navigare in Tortola in December and had a couple charters before I was able to use it in February. Cushions were missing and there were several other electronics issues...all reported during the time I used it. After receiving my first quarter statement and making little..and being charged alot - covid hit and I decided to get my boat out as I didn't want to constantly fund Navigare. Moved the boat to Florida and up for sale...at a big loss with nothing repaired/replaced from Navigare. I remain stunned by the lack of transparency, poor maintenance and overall bad approach.

That is terrible!

[rufa]

Originally Posted by svgoodvibration

Habibi,

Contact me offline I can update you on what the situation is for Navigare and owners now. It has taken a turn for the worse.

Bill

Any update on your situation, I'm interested on both companies investor programs but highly considering disasters like what we have been through with Covid.

Your inputs will mean alot for so many current or future investors! Thanks

[SVSanguine]

My family is also looking into purchasing a boat for charter. How has your experience been now with Navigare? Hope it has been nothing but fabulous, and also we'd appreciate hearing the nitty gritty details.

[GoodVibrations]

Originally Posted by SVSanguine

My family is also looking into purchasing a boat for charter. How has your experience been now with Navigare? Hope it has been nothing but fabulous, and also we'd appreciate hearing the nitty gritty details.

Getting better. They brought in new managers and hired more people. The response has been great when I'm there. I have to get involved in repairs to make sure parts are expedited. They told me a simple solenoid for my hydraulic lift would be 3 weeks, I got it from the factory in 3 days.

They have some really good people but probably not enough of them for all the growth that they have had and will have in the future.

[aqfishing]

Originally Posted by SVSanguine

My family is also looking into purchasing a boat for charter. How has your experience been now with Navigare? Hope it has been nothing but fabulous, and also we'd appreciate hearing the nitty gritty details.

We have been with Sunsail and Moorings for the last 8 years. We are on our second yacht and couldn’t be happier. Obviously there have been small issues, but they have been dealt with.