Owner of Reel Addiction Charters hopes to turn profit despite rising

James Mosher

Deep-sea fishing is hard work. But keeping a fishing business afloat takes a financial Ahab.

So says Gregory J. Ignash, owner of Reel Addiction Charters LLC, a contract fishing business that operates out of Ocean City and Edgewater as well as Cape Charles, Va. Ignash is well schooled in finance, having earned a bachelor's degree in economics from George Mason University and an MBA from American University. Keeping his business going has taxed Ignash both intellectually and fiscally.

It's a fight just to keep going, said the 38-year-old captain, who grew up in Maryland and Virginia.

Ignash says his 5-year-old company has yet to post an annual profit. Losses have been narrowing year over year, but rising fuel costs have bitten Reel Addiction just as the company was steaming toward profitability.

It hurts, Ignash said. We do ocean trips, and that burns a lot of fuel. But as long as we don't have a big increase in maintenance costs, then we'll continue making progress.

A profit is possible this year if the company manages to win a fishing tournament, Ignash said. The contests often draw throngs of onlookers, and some of the major events award thousands of dollars in prize money to the most successful fishermen.

Reel Addiction hasn't won a tournament, although it has come in second place several times. Two years ago, on the maiden voyage of Ignash's current boat, Reel Addiction was leading the Ocean City Shark Tournament with a 258-pound catch until the last hour when another team caught a larger shark and walked away with first prize. Though disappointing, second prize did come with a check for $1,500.

Angling for anglers

The Chesapeake Bay striped bass, or rockfish, season begins today, and Ignash's Reel Addiction, his 35-foot Carolina Classic craft, will be on the bay with hundreds of others. The captain and crew's busiest period, however, will kick off Memorial Day.

We hope to be booked solid from June 1 to Oct. 1, he said.

Trip prices start at $600 for a striped bass day trip on the Chesapeake. The most popular package is a $1,250 day trip on the ocean to fish for marlin and tuna, he said. The most expensive is an overnighter on the ocean, which costs $2,200. The boat can hold six customers plus Ignash and his crew, and food and drink is not included in the fee.

Because there are more than 100 other deep-sea charters working out of Ocean City, for example, effective marketing is key to hooking business. Reel Addiction goes to about six major sports show every year. Its tradeshow exhibit cost $5,000 to put together.

We put on a huge booth, Ignash said. It takes several people to set it up. - We manage to attract a lot of attention.

He also does seminars and TV shows to make his company's name better known.

There's a lot of competition, so you got to hustle to make customers, the captain said.

Reel Addiction (877-725-FISH) does stand out as one of a few charters that advertises itself as a year-round service. Ignash and his crew go after the biggest fish, particularly marlin and tuna, in all kinds of weather.

We just love to fish. The problem is finding customers who want to pay to go out in the winter, he said.

Ignash loves winter ocean fishing, and he's pushing to make it a larger part of his business.

I'd love to be down in [North] Carolina fishing for bluefin [tuna] in January and February then come north a little to fish for yellowfin [tuna] in March, he said. We're trying hard to get customers to do that because it's a lot of fun, and you can catch some great fish at those times.

Seafaring spirit

Ignash has been in the fishing business 22 years. He started as a mate and became a captain seven years ago. When he's not fishing, Ignash works as a consultant for Freddie Mac, the government- chartered home mortgage company.

Reel Addiction made 46 trips out of Ocean City last year. The company is hoping to increase the amount to about 65 this year, according to Ignash. It did about 20 trips from Edgewater last year and plans to do the same number this year, the captain said.

Ignash dreams of winning Ocean City's White Marlin Open, which he considers the Super Bowl of deep-sea tournaments. Last year he entered for the first time and caught a 375-pound blue marlin, good enough for a tie for 44th place. Ignash plans to enter the August tournament again this year.

True to his hearty, seafaring spirit, Ignash has been as far north as Cape May, N.J., and as far south as Cape Hatteras, N.C., chasing fish. He is considering entering a shark tournament this summer in Martha's Vineyard, Mass. Like birds, fish are migratory.

We go where the fish are, he said. And four-footers [waves] don't bother us.

The largest fish Ignash's team ever caught was a 550-pound blue marlin on a trip out of Ocean City last year. The marlin was hauled in by Lori O'Malley of Bethany Beach, Del., during a charity tournament for breast cancer research.

Ignash recounts his battles with monster fish as calmly as someone ordering a fish sandwich at McDonald's. If whaling ever makes a comeback, expect Ignash to be in on it.

Copyright 2005 Dolan Media Newswires
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