- Business - IGY Marinas expands its interest in Panama


IGY Marinas expands its interest in Panama

IGY Marinas shifts its focus from marketing to ownership and management of Red Frog Beach Marina in Panama. …

Thanks to successful branding efforts implemented by IGY Marinas in recent years, the marina specialist has today announced that it has extended its marketing partnership with Red Frog Beach Marina, Bocas del Toro, Panama, to an agreement that sees IGY Marinas take ownership of the marina and absorb management responsibilities, as well as the original marketing responsibilities.

“We have seen a big increase in superyachts to our Panama locations, especially with the IGY Marinas flag associated with the facility,” says Tom Mukamal, CEO of IGY Marinas. “We anticipate this to grow as both owners and yacht crew love the resort itself as well as the surrounding areas in Bocas, which are quite unique.”

IGY plans to make a significant investment in marina improvements to enhance the overall guest experience and is exploring plans for adding on-site food and beverage concepts, as well as a future concept plan to significantly expand the marina’s capacity to the extent that demand requires in the future. At present Red Frog Beach Marina has 12 superyacht berths with the ability to accommodate vessels of 90m and above.

There are several slips that are on long term contracts, but the majority of the marina is available for transients and short-term visitation. The long-term leased slips are also managed by IGY Marinas to ensure maximum availability to visiting vessels.

“Our customers tend to be global, well-educated and well-travelled…this has played an integral role in the evolution of marina management, as we must identify and predict the success of trends well before the savvy traveller,” continues Mukamal. “In remote locations, such as Bocas del Toro, management extends to support with customs, fuel, vessel services, maintenance and crucial logistical support.”

With tourism in Panama steadily increasing, due to it providing a more remote experience, Mukamal believes it will become an increasingly popular superyachting destination, aided hugely by the Panamanian government making it easier to travel.

“At the close of 2016, emigration officials confirmed that the existing fee of $105 (per person) in exchange for a maritime visa had been replaced by a six-month visa,” explains Mukamal. “This was an incredible milestone for the region, as it played a large role in many large vessels visiting Panama.”


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IGY Marinas expands its interest in Panama


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