(BVINews) – Chairman of the BVI Marine Association, Andrew Ball has confirmed that multiple local charter companies have sailed their boats to “bluer waters” in a bid to stop financial hemorrhaging.
Ball who appeared on a recent episode of the Cut Deep talk show said charter companies have sent their boats as far as the Mediterranean region to keep their businesses afloat.
“It’s not just St Thomas, boats have gone to The Bahamas, they’ve gone to St Martin, Grenada, some… have been shipped to the Mediterranean. Everybody’s redistributing to get what they can out of their assets so they can survive,” Ball explained.
He said diverting business elsewhere isn’t a malicious act but is intended to stay afloat and save many businesses in the sector that have acquired debt and undergone significant “cash burn”.