ESC 2020 Bulletin No7 – 2021 Regatta Proposal

Hello sailors and hopefully this is received with you, your family and friends in good health.

I have been in a few discussions with Sasha/Cagliari and we have come as far as I think we can achieve.

The proposal for your review with regards to our current booking and arrangements for next year are as follows:

  1. All the bookings can be transferred to 1 – 8 May 2021 at the same price and this date has been optioned for us. (ECC 2021 is the following week btw)
  2. Deposit paid so far would be transferred to those dates too.
  3. There is no need for the 2nd payment now, but there is a requirement to pay Euros 300 per boat by 1st October 2020, with the balance payable 1 month before charter as per the current agreement.
  4. Our payments are protected via Yacht-Pool in case of the company’s insolvency.

We discussed the suggestion to be refunded in exchange for a letter confirming we will charter next year but this was not accepted and in my opinion we also need to view it in the same context as the request for item 3. Firstly we have protection via Yacht-Pool for insolvency which may not be as easy or clean as a refund, but if we have to claim this then I expect that we will be indeed in a bad place globally and this would be the least of our issues. Besides, we are only a short while away from having to place a deposit anyway as if we were chartering afresh.

Secondly it should be of no surprise that the charter companies are in bad shape cash wise as typically they spend the deposits on winter maintenance and prep and anticipate making their business balance on the 2nd payments. This season they are going to be substantially short on income and will still have to winter prep the boats again. To refund significant cash which they probably don’t have at this point is probably not going to work well for both parties. I can write a very lengthy email explaining all the discussions/permutations and scenarios debated (and there have been many) but in essence they all come back to the proposal as above as representing the most risk minimised approach to chartering next year and minimising our out of pocket expenses. Unprecedented times!

If I obtain agreement to this approach then contracts will be re-drawn and we can secure the yachts. It is my recommendation that we do this.

Can I have your comments please, hopefully short and positive.

Best

Mike

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