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Why the powerboat industry is sinking.

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Old 07-27-2006, 02:38 PM
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Default Re: Why the powerboat industry is sinking.

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Originally Posted by THEJOKER
If gas goes to 10 bucks a gallon , we'll still be around!

But what about when resin goes to $25/lb?
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Old 07-27-2006, 02:51 PM
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Default Re: Why the powerboat industry is sinking.

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Not looking forward to the last combustion engine car either.
But that day will come also.
Yep, and I'm not so sure that electris/hybrid boats will be all that safe........can you say ZAP !!!!
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Old 07-27-2006, 02:56 PM
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Default Re: Why the powerboat industry is sinking.

I'll still be around and pray to the acetone fairy that she can switch over to resin!
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Old 07-27-2006, 02:56 PM
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Default Re: Why the powerboat industry is sinking.

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Yep, and I'm not so sure that electris/hybrid boats will be all that safe........can you say ZAP !!!!
I am gonna buy all the old 22 foot pontoon boats and rig them with sails and we can have "Catamaroon Races."

Maybe even have a "Poker Drift."
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Old 07-27-2006, 02:58 PM
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Default Re: Why the powerboat industry is sinking.

Bio Diesel is the only real sustainable fuel source..And Just think you could make fries while your cruisin in the 50 Nor-tech
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Old 07-27-2006, 03:07 PM
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Default Re: Why the powerboat industry is sinking.

THIS JUST OUT, THIS OUT TO HELP THE DEBATE.....
-------------------------------------------------------------------------------------

Exxon Mobil 2Q Profit Jumps 36 Percent
By STEVE QUINN, AP Business Writer
2 hours ago

DALLAS - Exxon Mobil Corp. said Thursday it earned $10.36 billion in the April-June period, the second largest quarterly profit ever recorded by a publicly traded U.S. company.

The earnings figure was 36 percent above the profit it reported a year ago. High oil prices and the growing global appetite for fuel helped boost the company's revenue by 12 percent to a level just short of a quarterly record. Its shares briefly rose to a new high.

"We continue to see demand growth year over year," Henry Hubble, Exxon's vice president of investor relations told analysts. "We're selling everything we can make."

And as long as oil prices continue to climb, look for more record quarters, said Fadel Gheit, analyst for Oppenheimer & Co.

"The rising tide lifts all boats, including the biggest of them all. Unless there is a price collapse of oil, you will see the second half of the year best its first half," Gheit said.

Exxon Mobil's report comes as many drivers in the U.S. are paying $3 for a gallon of gas _ increasing the likelihood of further political backlash in Washington.

But the company isn't alone. Royal Dutch Shell PLC said Thursday that second-quarter earnings jumped 40 percent to $7.32 billion as high oil prices offset production difficulties in Nigeria and the Gulf of Mexico.

Other oil companies reported big numbers for the quarter this week as well. BP PLC reported its quarterly profit rose 30 percent to $7.3 billion and ConocoPhillips said its earnings rose 65 percent to $5.18 billion. Chevron Corp. will round the field of five majors when it reports its second-quarter performance Friday.

These five were expected to earn an estimated $33.6 billion, or a 32 percent boost, according to analysts surveyed by Thomson Financial. Already the first four have reported earning $30.16 billion.

Exxon Mobil, the world's largest oil company by market capitalization, said earnings amounted to $1.72 per share in the second quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.

The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.

Analysts polled by Thomson Financial expected the company to earn $1.64 per share.

Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion _ which also stands as record revenue generated by any U.S. public company ever in a single quarter.

Its shares rose 54 cents to $67.14 in afternoon trading on the New York Stock Exchange after reaching a new all-time high of $67.65 earlier in the session.

Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.

Hubble told analysts that Exxon will boost this kind of spending from the previously stated $19 billion by another $1 billion this year. He attributed the additional investment to increased drilling moreso that rising costs.

He offered no guidance for 2007 or years thereafter, however.

The company made more in all parts of its business.

By segment, exploration and production earnings rose sharply to $7.13 billion, up $2.23 billion from the second quarter of last year, a reflection of higher crude and natural gas prices. Production increased 6 percent from a year ago and 9 percent if the impact of divestments and entitlements are excluded.

The company's refining and marketing segment reported a $264 million earnings increase to $2.48 billion, the result of soaring fuel prices, which offset reduced output at its refineries and, as a result, fewer gallons of gasoline, heating oil and jet fuel being sold.

Exxon's chemical business saw earnings rise $26 million to $840 million.

The company said its average sale price for crude oil in the U.S. during the quarter was $63.84 a barrel, compared to $45.85 a year earlier. Internationally, however, Exxon said the average sale price for oil was $65.12 compared to $47.55 a year ago.

Exxon also sold natural gas in the U.S. for $6.39 per 1,000 cubic feet, compared to $6.45 during the same period a year ago. Non-U.S. sales for natural gas however, rose from $5.25 a year ago to $6.67 per 1,000 cubic fee
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Old 07-27-2006, 03:16 PM
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Default Re: Why the powerboat industry is sinking.

Only way to protect myself besides selling my boat (which is already gone) is to find a small car and park the truck.

Selling off the second house to reduce utility cost and looking at a woodburner.

I have gone from 3 full sized V-8 engines to one in the last two weeks.

I refuse to be a slave to the energy companies, even if it means no boating.

There was a pleasure derived from boating that has been replaced by the pleasure of not being so dependent on what I can't control.

Just did the math and figured out that I can afford to buy a car with what I will save by parking the truck. I would rather pay 2000 a year for a small car payment and 2000 for gas than the 4000 per year for just gas that I am putting in the truck. And I'll still have the truck.

And I stop putting cash in the hands of the oil companies.
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Old 07-27-2006, 03:18 PM
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Default Re: Why the powerboat industry is sinking.

Of course there taking profits.. wouldnt you ? And as long as the profits go to offshore rigs, exploration as well so we can get off the Arab tit then ill pay it
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Old 07-27-2006, 04:17 PM
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Default Re: Why the powerboat industry is sinking.

My "opinion" if anyone cares...

Interests rates were low cause the economy sucked but real estate was going thru the roof at too fast a pace. So now people who normally couldn't afford upgrading houses, buying bigger ones, taking home equity loans to buy boats could now afford it by extending their credit...

Fast forward 3-5 years, those ARM mortgages aren't looking like a sweet deal anymore and people need to refi. so they can lock in on a rate, meanwhile the payments are higher so they have to sell. When they sell they don't get as much $$ as they were hoping cause they took a $100K home equity loan to by a boat which is a depreciating assett.... it's a vicious cycle and the financial co's want us to live on credit...

Ok, so now we have oil concerns and prices going thru the roof... Cost more to put gas in our boats, plastic is a petroleum by-product so it cost more to make our plastic boats, it takes energy (sometimes oil) to make steel, aluminum, stainless etc..... another vicious cycle.

The writing is on the wall, unless something changes.
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Old 07-27-2006, 04:45 PM
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Default Re: Why the powerboat industry is sinking.

Quote:
Originally Posted by Panther
My "opinion" if anyone cares...

Interests rates were low cause the economy sucked but real estate was going thru the roof at too fast a pace. So now people who normally couldn't afford upgrading houses, buying bigger ones, taking home equity loans to buy boats could now afford it by extending their credit...

Fast forward 3-5 years, those ARM mortgages aren't looking like a sweet deal anymore and people need to refi. so they can lock in on a rate, meanwhile the payments are higher so they have to sell. When they sell they don't get as much $$ as they were hoping cause they took a $100K home equity loan to by a boat which is a depreciating assett.... it's a vicious cycle and the financial co's want us to live on credit...

Ok, so now we have oil concerns and prices going thru the roof... Cost more to put gas in our boats, plastic is a petroleum by-product so it cost more to make our plastic boats, it takes energy (sometimes oil) to make steel, aluminum, stainless etc..... another vicious cycle.

The writing is on the wall, unless something changes.

The ARMs are going to be the demise of many. Get it now, pay later. Credit Card mentality. There will be a plethora of "deals" in the not so distant future.

Sam
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