Warren Yachts 'shelved' till better times

10:58 AM Mon 6 Jul 2009 GMT

'Warren Yachts were known around the world for their craftsmanship, engenuity and performance.' .

Tough times call for tough measures and Warren Yachts has pared back its staff to 35 and focused its efforts on refits and leasing its sheds in response to cancellations and a dearth of new orders.

David Price, MD at the Brisbane-based firm since June 2008, describes the move as 'absolutely necessary' and 'the only option, given the market'.

He says Warren Yachts will 'be shelved for a period of time until the market comes back'.

'We are just finishing up our last boat, which will be wrapped up in August-September, then there's no next boat to build. We had three boats under construction, but their owners - two US and one Italian buyer - went out of business in the middle of the builds. So they are now mothballed.

'Instead we have to concentrate on refits and contributing to other jobs, attempting to make sure our people are working. We are finishing up a boat, then scaling right back to deal with the market.'

Fortunately, says Price, the refit business is going well. 'Refit Australia, which is a separate company but housed in the same premises, is working on two superyachts now and involved in some ferry builds. There is still a market for transport boats and maintaining them.'

Equipped with what Price describes as 'the best sheds in the hemisphere', the company will undertake work as it arises in Brisbane. 'Our sheds are impressive. One is 90m and the other 110m and we have 30m under gantry. They're the biggest single storey sheds other than the Qantas hangar.'

Warren Yachts, established by industry identity Dave Warren, is now part of the Shipworks Group, which acquired the company four-years ago and moved its operations from the NSW Central Coast to Brisbane.

The company specialises in luxury cruisers and superyachts in the $5.5 to $20 million range.

According to Price, 'the wind down was gradual and calculated'.

'In the boom times, we had around 300 people and we built four boats per year. Now there are just 35 people here. Some are staying, some are going on to opportunities in other industries. We are placing some guys now. Until this market turns around, we're not building on spec. We have brokers and dealers around the world flying the flag for Warren, but we are not planning to seek new work.'

Price is confident the refit work will buoy the company through this downturn. 'As far as servicing goes, we're full through Q1 2010. And they are big spenders. We are working on multiple-million dollar refits, and while we wish Warren Yachts was undertaking all the work, we are still providing space and servicing the marine industry. Things are very competitive at the moment. Our storage prices are similar to what they were back in 2003.'

by Jeni Bone

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