The old cliche that a boat is a hole in the water into which you pour money applies far too well to tall ships. They are expensive to build or restore and chronically costly to maintain and keep running. It should come as no surprise that most of the ships in the recent Parade of Sail at OpSail New York were training vessels funded by the navies of various governments.
Recently, the schooners Virginia and the Spirit of South Carolina have fallen on hard times. The historic schooner Ernestina ex. Effie M. Morrissey, the official “tall ship of Massachusetts” is in dire straits, needing significant repairs to keep her afloat. The replica HMS Bounty has been actively for sale for some time and the brigantine Pelican is also actively for sale. The list of vessels in financial distress or actively for sale, goes on and on. Recently Aaron Applegate, writing for HamptonRooads.com, looked at the economics of “tall ships.”