Supply lines are running dry in New York as demand for new boats to ferry and haul cargo has cooled, with a recent boom in private boat supply, which is expected to keep going for another few weeks.
According to the New York Stock Exchange, the supply of supplies for new baby boats has fallen by nearly 40 percent since January, when the New Zealand Government announced it would allow people to bring their own boats onto its waterway, and the number of new boats available to rent has fallen to its lowest level in more than a decade.
The supply of boats has also fallen in tandem with demand, with the number for private hire up more than 30 percent, the company said.
The market was not immediately available for comment on why demand was falling.
The New Zealand Transport Agency said in a statement that demand for boats has declined since the government introduced the policy, which has seen demand fall for both charter and commercial use.
The NZTA said demand for charter boats fell by 13 percent in the first quarter, the lowest since February.
However, it said it expects charter boat demand to return to pre-policy levels over the next few weeks, and that the overall demand for the industry is expected as low as 40,000 vessels per month by mid-2018.
The Auckland Transport Agency, meanwhile, said demand has remained low despite the ban on charter boats, and said demand remains low despite supply of supply lines.
The stock market has not responded well to the news, with New Zealand’s share price falling by about 8 percent since the announcement on Jan. 31.