Will the Feb. 28 attack on Iran by the United States and Israel affect this year’s Palm Beach International Boat Show?
The annual boat show begins Wednesday, March 25 and runs through Sunday, March 29 along the West Palm Beach waterfront.
The Iran war has brought an almost month’s worth of hostilities and has ignited a conflict of unforeseen consequences, pushing oil prices into triple digits and fanning flames of a global recession.
And it’s not just gasoline prices that are affected.
Analysts say the conflict is mushrooming into a global energy, fertilizer, food, pharmaceutical and security crisis. In fact, as of March 20, there were concerns that some countries could run out of oil.
But will oil wars wilt interest in ships, even among the very rich?
Most Palm Beach International Boat Show professionals are trying to put a brave face on things, while others are bracing for an uneven sales event.
“The upper end of the market is very active at the moment, and has been since Christmas,” said Andrew Doole, president of U.S. Boat Shows at Informa Markets, which produces the show for the Marine Industries Association. “We just finished the Miami International Boat Show, and we had good sales. We’re looking for a great Palm Beach show.”
“For the most part, dealers and brokers I talk to don’t expect the war to affect the show,” Doole added.
David Druey, Florida regional president at Centennial Bank, has a different view of the war, which he said could have a “cooling effect” on the Palm Beach boat show.
Centennial Bank provides financing for boat purchases through its marine lending division, Shore Premier Finance.
“You might see dealers and manufacturers interested in giving a bigger discount that they would have done during the Miami boat show,” Druey said. “I hope I’m wrong.”
Druey said some consumers who intend to buy a boat might postpone their decision and just “rent a yacht” until they see how the war and the stock markets fare.
“There’s a lot of uncertainty,” Druey said.
This article originally appeared on Palm Beach Post: Will the Iran war affect the Palm Beach boat show?
Reporting by Alexandra Clough, Palm Beach Post / Palm Beach Post
USA TODAY Network via Reuters Connect
