April 16, 2024
Business

Maine boat owners ‘muddling’ through

In Maine, the economic downturn is a fact of life, compounded for many boat owners by the low prices being paid for Maine lobster. But local contacts said Friday that there is no evidence that boat owners are selling their vessels, defaulting on their loans or cutting their losses by scuttling their crafts.

Patrice McCarron, executive director of the Maine Lobstermen’s Association in Kennebunk, said many lobstermen are struggling to make ends meet.

“The price being paid for lobster now is very, very low,” she said. “There is a lot of concern that lobster fishermen won’t be able to generate the revenue needed to make their boat payments.” McCarron said state officials are working with lobstermen and the banks that hold their boat loans to prevent defaults.

McCarron added that Maine lobstermen are a determined breed.

“There’s a real desire and a commitment to weather this storm,” she said.

Larry Barker, senior vice president at Machias Savings Bank, said the bank is working with state agencies to minimize the potential for loan defaults. So far, he said, Machias Savings Bank has not seen any dramatic increase in defaults due to general economic conditions or the price of lobsters.

“[Lobstering] is a tough industry right now,” he said. “We’ll do anything we can to help our fishermen through this rough time.”

Rockland harbormaster Ed Glaser said he has seen nothing out of the ordinary this fall. No more boats are for sale than usual, he said – neither working boats nor pleasure craft. There’s been some talk among local lobstermen of putting off investing in new boats, he said, and a few vague rumors of vessels farther Down East mysteriously missing or damaged.

But Glaser said the general outlook on the Rockland waterfront this November is similar to previous winters.

“Most everybody here’s just trying to muddle through,” he said, “and see what next year brings.”

mhaskell@bangordailynews.net

990-8291


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