Nordhavn
Encyclopedia
Nordhavn is a trade name of a line of ocean-going recreational trawler style yacht
designed and produced by Pacific Asian Enterprises, Inc. of Dana Point, California
. The yachts, ranging from 40 to 120 feet (36.6 m) in length, are renowned for their structural strength and ability to cross oceans. They all have a raised forward pilothouse which is separate from the main salon and galley, or an aft deckhouse with the pilothouse raised on a second level above the salon. They also generally have full headroom in the engine room, and a single main engine with a "wing" 'get home' engine with separate prop shaft and propeller. Some models optionally have twin engines.
One 40 feet (12.2 m) 'stock' Nordhavn made history as the smallest production power yacht to circumnavigate
the world
, from November 3, 2001 - June 30, 2002. It covered more than 24000 miles (38,624.2 km) over some 170 days at sea, starting and ending its circumnavigation
at Dana Point, California.
, USA. The company designs, builds and markets offshore passagemaking trawler yachts ranging from 40 to 120 feet (12 to 37 m) in length. These powerboats
travel at slow speeds - typically 7 to 10 knots (13 to 19 km/h) - but can cover thousands of miles on a single load of diesel fuel, and many have made long ocean passages. All Nordhavn boats use a "dry stack" for exhaust (approximately vertical pipe from the engine) and a "keel cooler" (pipes under the hull) to take away excess engine heat. Most yachts use a "wet exhaust," which draws in seawater to cool engine coolant in a heat exchanger. The "dry stack," which is used by most commercial boats, was chosen as it is a far less troublesome arrangement. This is just one example of how Nordhavn designed their vessels to be more reliable than others.
The yachts are constructed by boatbulding
companies in Taiwan
(Ta Shing) and China
(South Coast) with whom PAE has a long history. Most Nordhavns are sold and commissioned
in the United States, but the company has a sales office and service facility in England
, has a sales office in Australia
, and Nordhavns are routinely delivered and commissioned in Europe
, Asia
, Australia
and elsewhere.
and become PAE's chief designer. Like his brother Jim and Dan Streech, he now holds an ownership stake in the company.
With the sailing yacht market in serious decline, in 1988 PAE built its first trawler yacht--the Nordhavn 46 conceived by Jim Leishman and designed by his brother Jeff. The new Nordhavn oceangoing powerboat concept turned out to be a seminal event for the company. Though no longer in production, the popular 46 played a pivotal role in creating a new market for passagemaking yachts capable of going anywhere in the world and was a cornerstone in establishing the Nordhavn brand as one of the world's pre-eminent ocean-cruising motor yachts. As of the end of 2009, more than 500 Nordhavns had been built. (In late 2009, Nordhavn 46 hull number one, was cruising in the Mediterranean with its new owners, Patrick and Chris Mouligne onboard.)
For several years in the 1990s PAE's standard offerings were its Nordhavn 46, 50, 57 and 62, yachts which proved immensely popular. However, in 1999 the company built the first in a new series of Jeff Leishman-designed yachts identifiable by their sturdy, boxy, almost commercial look: the Nordhan 40, 43, 47, and 55. These yachts are high on the water and carry their beam far forward, reducing efficiency and trading good looks for greater interior capacity, meaning more room for fuel and for the stuff that really sells boats: lush, comfortable interiors. Nordhavn has gained a reputation for rock-solid systems integrity—systems that are well engineered and keep on working.
PAE made one foray away from its oceangoing trawler heritage beginning in 2000: the Nordhavn 35, billed as a fast coastal cruiser. Problem was, the early 35s—designed as 15-knot yachts—were so heavy they couldn't meet the company's speed goals. Later hulls in the series include a tunnel over the propeller, and a determined "lightening" program made later Nordhavn 35s faster than the originals, but the 35 never truly gained market traction and the company discontinued the model after 23 were built. Current Nordhavn 35 owners, however, reportedly love the boats, and the yachts command a premium price on the broker
age market.
According to company president Dan Streech, quoted in the company-published magazine Circumnavigator in October 2009, ". . .we have a great brand in Nordhavn, and as a company we work hard to make every Nordhavn yacht better than those that came before it. The company is right-sized: small enough to be quick, nimble and smart, yet large enough to bring many economies of scale to bear in the process of designing, building and delivering our yachts. While many boatbuilding companies are corporately owned and carry a lot of debt, a combination that can create a stranglehold, we’re fundamentally a debt-free company. PAE is a corporation, but it’s wholly owned by three career boatbuilders: Jim, Jeff and myself. We don’t answer to corporate boards, bean counters, banks, or other masters—we make our own decisions. Building boats is our life’s work, what we love to do. It’s what we’ve chosen to do with our lives for the past 30 years, and it’s the only business interest any of us have. Period. Our experience doing this has allowed us to develop a certain kind of wisdom and a skill set that helps us avoid the common pitfalls of the boat business. We have a very close, longstanding and mutually beneficial partnership with our two Chinese factories, and they build nothing but Nordhavns. In short, we believe we’ve seen it all, and we’ve learned a lot. It’s why we’ve managed to remain successful, both in good economic times and bad."
the globe
, PAE VP Jim Leishman conceived an around-the-world trip, a west-about circumnavigation in a "stock" Nordhavn 40. With a rotating crew of PAE officers and employees and yachting
journalists, the yacht, named NORDHAVN, covered more than 24000 miles (38,624.2 km) over some 170 days at sea, from November 3, 2001 - June 30, 2002, starting and ending its circumnavigation at Dana Point, California
. It set a record for what is believed to be the fastest motor yacht
circumnavigation
ever.
Buoyed by the success of the around the world trip, in 2003 Jim Leishman had another idea. In 2004, the company took a considerable risk by sponsoring a highly publicized trans-Atlantic event for owners, the Nordhavn Atlantic Rally. Under the rally banner, 18 yacht
s (and about 100 people) covered just over 4000 miles (6,437.4 km) from Florida
to Gibraltar
, with stops in Bermuda
and the Azores
. Fifteen of the yachts were Nordhavns, and all except the company's Atlantic Escort were privately owned and operated. This marked the first fleet-based Atlantic crossing by a group of motor yachts, and its success further boosted the company's stature. A similar but smaller non-commercial and all-volunteer rally, Med Bound 2007, was conducted in summer 2007, with eight Nordhavns going to Bermuda
and five returning to the USA, while three of the yachts, by plan, continued on to the Azores
and Gibraltar
.
: Nordhavn 64, 68, 72, 76, 86, and then a Nordhavn 120. By 2008, the new and larger Nordhavns were responsible for an increasing share of the company's revenues. A new 75 feet (22.9 m) Nordhavn Expedition Yacht Fisher (EYF), essentially an extended range sportfishing
yacht, is capable of taking anglers to the world's most remote fishing spots. It is styled as a sportsfisher, rather than as the traditional Nordhavn trawler, giving Norhavn now three distinct styles; trawler, motorsailer, and sportsfisher.
of over 70,000 lbs, and a 750 gallon fuel capacity. Powered by the proven Lugger 1066 T diesel engine, the boat has a top speed of over 10 knots. A 36-inch four-bladed controllable pitch
Hundested propeller
is used for flexibility of operation. When conditions dictate, the propeller can be fully feathered to enhance sailing performance. Under sail power alone it can cruise at up to 8 knots. Alternatively, the engine can be run at very low rpm and high propeller pitch, combined with the drive and stabilizing force of the sails, to provide comfort, economy and capability. A larger model motorsailer is also in the plans.
Streech continued in his interview: "Nobody likes to see a downturn of this magnitude, but while other builders have been pulling back, closing factories, or failing, we have been busy designing, developing, building and introducing new models. We’ve used the time to upgrade our work force and talent by hiring the best and the brightest from other companies. In other words, we’ve taken advantage of the downturn to strengthen our company’s human resources and our Nordhavn brand. Another plus is that the strong survive and the weakest of the boatbuilding companies tend to go away in conditions like those we’ve experienced since the end of 2008, leaving more market share for PAE."
Yacht
A yacht is a recreational boat or ship. The term originated from the Dutch Jacht meaning "hunt". It was originally defined as a light fast sailing vessel used by the Dutch navy to pursue pirates and other transgressors around and into the shallow waters of the Low Countries...
designed and produced by Pacific Asian Enterprises, Inc. of Dana Point, California
Dana Point, California
-Climate:Dana Point enjoys a mild climate where temperatures tend to average around the 60's. The warmest month of the year is August with an average temperature of 79 degrees Fahrenheit. The coldest month is December with an average minimum temperature of 44 degrees Fahrenheit.-2010:The 2010...
. The yachts, ranging from 40 to 120 feet (36.6 m) in length, are renowned for their structural strength and ability to cross oceans. They all have a raised forward pilothouse which is separate from the main salon and galley, or an aft deckhouse with the pilothouse raised on a second level above the salon. They also generally have full headroom in the engine room, and a single main engine with a "wing" 'get home' engine with separate prop shaft and propeller. Some models optionally have twin engines.
One 40 feet (12.2 m) 'stock' Nordhavn made history as the smallest production power yacht to circumnavigate
Circumnavigation
Circumnavigation – literally, "navigation of a circumference" – refers to travelling all the way around an island, a continent, or the entire planet Earth.- Global circumnavigation :...
the world
World
World is a common name for the whole of human civilization, specifically human experience, history, or the human condition in general, worldwide, i.e. anywhere on Earth....
, from November 3, 2001 - June 30, 2002. It covered more than 24000 miles (38,624.2 km) over some 170 days at sea, starting and ending its circumnavigation
Circumnavigation
Circumnavigation – literally, "navigation of a circumference" – refers to travelling all the way around an island, a continent, or the entire planet Earth.- Global circumnavigation :...
at Dana Point, California.
Nordhavn yachts
Nordhavn is a brand of yacht from Pacific Asian Enterprises, Inc. (PAE), based in Dana Point, CaliforniaDana Point, California
-Climate:Dana Point enjoys a mild climate where temperatures tend to average around the 60's. The warmest month of the year is August with an average temperature of 79 degrees Fahrenheit. The coldest month is December with an average minimum temperature of 44 degrees Fahrenheit.-2010:The 2010...
, USA. The company designs, builds and markets offshore passagemaking trawler yachts ranging from 40 to 120 feet (12 to 37 m) in length. These powerboats
Powerboating
Power boating describes activities performed in a motorized boat. Generally, a power boat has a high power-to-weight ratio and a hull design that allows for easy planing, which allows for higher speed and improved handling. Also, the shape of the actual boat is usually very streamlined, which...
travel at slow speeds - typically 7 to 10 knots (13 to 19 km/h) - but can cover thousands of miles on a single load of diesel fuel, and many have made long ocean passages. All Nordhavn boats use a "dry stack" for exhaust (approximately vertical pipe from the engine) and a "keel cooler" (pipes under the hull) to take away excess engine heat. Most yachts use a "wet exhaust," which draws in seawater to cool engine coolant in a heat exchanger. The "dry stack," which is used by most commercial boats, was chosen as it is a far less troublesome arrangement. This is just one example of how Nordhavn designed their vessels to be more reliable than others.
The yachts are constructed by boatbulding
Boat building
Boat building, one of the oldest branches of engineering, is concerned with constructing the hulls of boats and, for sailboats, the masts, spars and rigging.-Parts:* Bow - the front and generally sharp end of the hull...
companies in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
(Ta Shing) and China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
(South Coast) with whom PAE has a long history. Most Nordhavns are sold and commissioned
Ship commissioning
Ship commissioning is the act or ceremony of placing a ship in active service, and may be regarded as a particular application of the general concepts and practices of project commissioning. The term is most commonly applied to the placing of a warship in active duty with its country's military...
in the United States, but the company has a sales office and service facility in England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, has a sales office in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, and Nordhavns are routinely delivered and commissioned in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and elsewhere.
History
Pacific Asian Enterprises, a California corporation, was incorporated in 1978. Dan Streech and Jim Leishman, the president and vice president respectively, were two of the company's three foundering partners; Joe Meglen, the third founding partner, left the company in 2004. Originally, Pacific Asian Enterprises contracted to have yachts, including CT-41 and TransPac 49 sailing yachts, built in Taiwan and imported them into the USA. In its early years, the company's most successful product was its line of sailing yachts designed by naval architect Al Mason, starting with the Mason 43. In 1978, Jim Leishman's brother Jeff, still in high school, began working part time for the company. Jeff went on to obtain a degree in naval architectureNaval architecture
Naval architecture is an engineering discipline dealing with the design, construction, maintenance and operation of marine vessels and structures. Naval architecture involves basic and applied research, design, development, design evaluation and calculations during all stages of the life of a...
and become PAE's chief designer. Like his brother Jim and Dan Streech, he now holds an ownership stake in the company.
With the sailing yacht market in serious decline, in 1988 PAE built its first trawler yacht--the Nordhavn 46 conceived by Jim Leishman and designed by his brother Jeff. The new Nordhavn oceangoing powerboat concept turned out to be a seminal event for the company. Though no longer in production, the popular 46 played a pivotal role in creating a new market for passagemaking yachts capable of going anywhere in the world and was a cornerstone in establishing the Nordhavn brand as one of the world's pre-eminent ocean-cruising motor yachts. As of the end of 2009, more than 500 Nordhavns had been built. (In late 2009, Nordhavn 46 hull number one, was cruising in the Mediterranean with its new owners, Patrick and Chris Mouligne onboard.)
For several years in the 1990s PAE's standard offerings were its Nordhavn 46, 50, 57 and 62, yachts which proved immensely popular. However, in 1999 the company built the first in a new series of Jeff Leishman-designed yachts identifiable by their sturdy, boxy, almost commercial look: the Nordhan 40, 43, 47, and 55. These yachts are high on the water and carry their beam far forward, reducing efficiency and trading good looks for greater interior capacity, meaning more room for fuel and for the stuff that really sells boats: lush, comfortable interiors. Nordhavn has gained a reputation for rock-solid systems integrity—systems that are well engineered and keep on working.
PAE made one foray away from its oceangoing trawler heritage beginning in 2000: the Nordhavn 35, billed as a fast coastal cruiser. Problem was, the early 35s—designed as 15-knot yachts—were so heavy they couldn't meet the company's speed goals. Later hulls in the series include a tunnel over the propeller, and a determined "lightening" program made later Nordhavn 35s faster than the originals, but the 35 never truly gained market traction and the company discontinued the model after 23 were built. Current Nordhavn 35 owners, however, reportedly love the boats, and the yachts command a premium price on the broker
Broker
A broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...
age market.
According to company president Dan Streech, quoted in the company-published magazine Circumnavigator in October 2009, ". . .we have a great brand in Nordhavn, and as a company we work hard to make every Nordhavn yacht better than those that came before it. The company is right-sized: small enough to be quick, nimble and smart, yet large enough to bring many economies of scale to bear in the process of designing, building and delivering our yachts. While many boatbuilding companies are corporately owned and carry a lot of debt, a combination that can create a stranglehold, we’re fundamentally a debt-free company. PAE is a corporation, but it’s wholly owned by three career boatbuilders: Jim, Jeff and myself. We don’t answer to corporate boards, bean counters, banks, or other masters—we make our own decisions. Building boats is our life’s work, what we love to do. It’s what we’ve chosen to do with our lives for the past 30 years, and it’s the only business interest any of us have. Period. Our experience doing this has allowed us to develop a certain kind of wisdom and a skill set that helps us avoid the common pitfalls of the boat business. We have a very close, longstanding and mutually beneficial partnership with our two Chinese factories, and they build nothing but Nordhavns. In short, we believe we’ve seen it all, and we’ve learned a lot. It’s why we’ve managed to remain successful, both in good economic times and bad."
Around the World and Nordhavn Atlantic Rally
To show the world that even its smallest oceangoing Nordhavn was capable of circumnavigatingCircumnavigation
Circumnavigation – literally, "navigation of a circumference" – refers to travelling all the way around an island, a continent, or the entire planet Earth.- Global circumnavigation :...
the globe
World
World is a common name for the whole of human civilization, specifically human experience, history, or the human condition in general, worldwide, i.e. anywhere on Earth....
, PAE VP Jim Leishman conceived an around-the-world trip, a west-about circumnavigation in a "stock" Nordhavn 40. With a rotating crew of PAE officers and employees and yachting
Yachting
Yachting refers to recreational sailing or boating, the specific act of sailing or using other water vessels for sporting purposes.-Competitive sailing:...
journalists, the yacht, named NORDHAVN, covered more than 24000 miles (38,624.2 km) over some 170 days at sea, from November 3, 2001 - June 30, 2002, starting and ending its circumnavigation at Dana Point, California
Dana Point, California
-Climate:Dana Point enjoys a mild climate where temperatures tend to average around the 60's. The warmest month of the year is August with an average temperature of 79 degrees Fahrenheit. The coldest month is December with an average minimum temperature of 44 degrees Fahrenheit.-2010:The 2010...
. It set a record for what is believed to be the fastest motor yacht
Yacht
A yacht is a recreational boat or ship. The term originated from the Dutch Jacht meaning "hunt". It was originally defined as a light fast sailing vessel used by the Dutch navy to pursue pirates and other transgressors around and into the shallow waters of the Low Countries...
circumnavigation
Circumnavigation
Circumnavigation – literally, "navigation of a circumference" – refers to travelling all the way around an island, a continent, or the entire planet Earth.- Global circumnavigation :...
ever.
Buoyed by the success of the around the world trip, in 2003 Jim Leishman had another idea. In 2004, the company took a considerable risk by sponsoring a highly publicized trans-Atlantic event for owners, the Nordhavn Atlantic Rally. Under the rally banner, 18 yacht
Yacht
A yacht is a recreational boat or ship. The term originated from the Dutch Jacht meaning "hunt". It was originally defined as a light fast sailing vessel used by the Dutch navy to pursue pirates and other transgressors around and into the shallow waters of the Low Countries...
s (and about 100 people) covered just over 4000 miles (6,437.4 km) from Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
to Gibraltar
Gibraltar
Gibraltar is a British overseas territory located on the southern end of the Iberian Peninsula at the entrance of the Mediterranean. A peninsula with an area of , it has a northern border with Andalusia, Spain. The Rock of Gibraltar is the major landmark of the region...
, with stops in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
and the Azores
Azores
The Archipelago of the Azores is composed of nine volcanic islands situated in the middle of the North Atlantic Ocean, and is located about west from Lisbon and about east from the east coast of North America. The islands, and their economic exclusion zone, form the Autonomous Region of the...
. Fifteen of the yachts were Nordhavns, and all except the company's Atlantic Escort were privately owned and operated. This marked the first fleet-based Atlantic crossing by a group of motor yachts, and its success further boosted the company's stature. A similar but smaller non-commercial and all-volunteer rally, Med Bound 2007, was conducted in summer 2007, with eight Nordhavns going to Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
and five returning to the USA, while three of the yachts, by plan, continued on to the Azores
Azores
The Archipelago of the Azores is composed of nine volcanic islands situated in the middle of the North Atlantic Ocean, and is located about west from Lisbon and about east from the east coast of North America. The islands, and their economic exclusion zone, form the Autonomous Region of the...
and Gibraltar
Gibraltar
Gibraltar is a British overseas territory located on the southern end of the Iberian Peninsula at the entrance of the Mediterranean. A peninsula with an area of , it has a northern border with Andalusia, Spain. The Rock of Gibraltar is the major landmark of the region...
.
Moving to Larger Yachts
Larger Nordhavn yachts have begun coming off Jeff Leishman's drawing boardDrawing board
A drawing board is, in its antique form, a kind of multipurpose desk which can be used for any kind of drawing, writing or impromptu sketching on a large sheet of paper or for reading a large format book or other oversized document or for drafting precise technical illustrations...
: Nordhavn 64, 68, 72, 76, 86, and then a Nordhavn 120. By 2008, the new and larger Nordhavns were responsible for an increasing share of the company's revenues. A new 75 feet (22.9 m) Nordhavn Expedition Yacht Fisher (EYF), essentially an extended range sportfishing
Recreational fishing
Recreational fishing, also called sport fishing, is fishing for pleasure or competition. It can be contrasted with commercial fishing, which is fishing for profit, or subsistence fishing, which is fishing for survival....
yacht, is capable of taking anglers to the world's most remote fishing spots. It is styled as a sportsfisher, rather than as the traditional Nordhavn trawler, giving Norhavn now three distinct styles; trawler, motorsailer, and sportsfisher.
Motorsailer yacht
Nordhavn is also producing a Passagesailer. PAE says this yacht combines the best characteristics of a passagemaking trawler yacht and a motorsailer: a yacht that will perform well in either role, with transoceanic range under power alone and modest sailing performance in offshore conditions. Originally designed at 50 feet (15.2 m), it has been produced as a 56-footer, a displacementDisplacement (ship)
A ship's displacement is its weight at any given time, generally expressed in metric tons or long tons. The term is often used to mean the ship's weight when it is loaded to its maximum capacity. A number of synonymous terms exist for this maximum weight, such as loaded displacement, full load...
of over 70,000 lbs, and a 750 gallon fuel capacity. Powered by the proven Lugger 1066 T diesel engine, the boat has a top speed of over 10 knots. A 36-inch four-bladed controllable pitch
Controllable pitch propeller
A controllable pitch propeller or variable pitch propeller is a type of propeller with blades that can be rotated around their long axis to change their pitch...
Hundested propeller
Propeller
A propeller is a type of fan that transmits power by converting rotational motion into thrust. A pressure difference is produced between the forward and rear surfaces of the airfoil-shaped blade, and a fluid is accelerated behind the blade. Propeller dynamics can be modeled by both Bernoulli's...
is used for flexibility of operation. When conditions dictate, the propeller can be fully feathered to enhance sailing performance. Under sail power alone it can cruise at up to 8 knots. Alternatively, the engine can be run at very low rpm and high propeller pitch, combined with the drive and stabilizing force of the sails, to provide comfort, economy and capability. A larger model motorsailer is also in the plans.
Impact of the 2008-9 Recession
In an interview in Circumnavigator magazine, published for PAE in October 2009, company president Dan Streech, said "We’ve seen our once proud order book shrink to less than half of what it was a year ago, partly from cancellations and defaults by buyers—but mostly because we’ve been building, shipping, and delivering the boats faster than we have been receiving orders. When you’re not selling as many new boats and not taking as many deposits, cash flow slows. We remain fundamentally debt free and intend to stay that way, but less cash coming in the door means doing more with less. PAE’s three owners have taken a 33.3 per cent cut in pay, and every other PAE employee has taken a 10 per cent reduction in pay. We have asked our partner factories to help us shoulder the burden, and they’re carrying their share of the load. We’re also asking our vendors—those great companies who make all the equipment on every Nordhavn—to lend a hand as well with better pricing, and they have risen to the challenge. In addition, we’re tightening our belts and cutting overhead where it hurts the least. Everyone recognizes that these are extraordinary times, and we also recognize that pulling together is what it takes." He went on to say, "The good news is that PAE has proven to be healthier and more resilient than any company we know of in the boat business. We know of no other boat building company we’d like to trade places with."Streech continued in his interview: "Nobody likes to see a downturn of this magnitude, but while other builders have been pulling back, closing factories, or failing, we have been busy designing, developing, building and introducing new models. We’ve used the time to upgrade our work force and talent by hiring the best and the brightest from other companies. In other words, we’ve taken advantage of the downturn to strengthen our company’s human resources and our Nordhavn brand. Another plus is that the strong survive and the weakest of the boatbuilding companies tend to go away in conditions like those we’ve experienced since the end of 2008, leaving more market share for PAE."