The Italian Sea Group S.p.A. (TISG), a global leader in luxury yachting, has announced impressive financial results for the first quarter of 2024, highlighting significant revenue growth and increased EBITDA. The Board of Directors has approved selected information showcasing a prosperous start to the year, reaffirming the company's strategic outlook and guidance for 2024 and beyond.
TISG reported revenues of EUR 95.6 million, marking a notable increase of 12.2% compared to EUR 85.2 million in the first quarter of 2023. Shipbuilding revenues surged by 26.2%, driven by progress in ongoing projects and new contracts.
EBITDA reached EUR 16.1 million, up by 16.6% from EUR 13.8 million in the same period last year. The EBITDA margin stood at 16.8%, reflecting improved operational efficiency and cost management.
The total value of the Order Book reached EUR 1,344 million as of March 31st, 2024, underscoring a robust pipeline of projects. TISG currently has 35 projects under construction, including yachts and megayachts, with deliveries scheduled up to 2027.
TISG invested EUR 2 million during the quarter, primarily directed towards enhancing production capacity and infrastructure at key facilities.
The Net Financial Position stood at EUR -25 million, mainly attributed to the extension of the Marina di Carrara state concession. Despite this, TISG remains well-positioned for future growth initiatives.
Giovanni Costantino, Founder & CEO of The Italian Sea Group, expressed pride in the company's performance and emphasized its development trajectory. He attributed the success to the increasing global demand for superyachts and the popularity of semi-custom lines, which optimize production capacity and enhance order book quality.
TISG reaffirmed its 2024 guidance, with revenues projected between EUR 400 – 420 million and an EBITDA margin between 17 – 17.5%. Additionally, the company presented its 2025 Strategic Outlook, targeting revenues between EUR 430 – 450 million and an EBITDA margin between 18 – 18.5%.
TISG continues to expand internationally through strategic partnerships and commercial agreements. The recent collaboration with Kitson Yachts as an Authorized Sales Agency in America reflects TISG's commitment to tapping into new markets and fostering growth opportunities.
The company's success in the semi-custom segment, evidenced by recent sales, positions TISG for accelerated growth and increased market share. By leveraging its expanded production capacity and engineering expertise, TISG aims to cater to a broader clientele while maintaining its focus on delivering unparalleled luxury yachting experiences.
The Italian Sea Group's strong performance in the first quarter of 2024 underscores its resilience and strategic vision in a competitive market landscape. With a robust order book, sound financial position, and strategic growth initiatives, TISG remains well-positioned for sustained success in the luxury yachting industry.
The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters.
Credits: The Italian Sea Group
Camper & Nicholsons has announced the exclusive listing of the Benetti yacht New Waves for sale. Represented by sales advisor Maël Fiolet, this 42.00m is a Benetti Fast 140 yacht, delivered in 2015 and maintained in pristine condition by a private family. Designed by Stefano Righini, the yacht features a tri-deck configuration, blending quality construction with Italian design.The exterior offers ample space for various activities. The sundeck includes areas for dining, lounging, and a bar. At the aft, a beach club with a large swim platform provides easy water access. Additional exterior spaces include the main deck aft and a forward deck with sunbeds and a hot tub.Inside, the yacht features a bright and elegant interior designed by RWD, with enhancements by Wolterinck in 2017. The layout accommodates 10 guests in five cabins, including a full-beam owner’s cabin on the main deck with a private study and dressing area. The lower deck houses two spacious VIP cabins and two double cabins. The main saloon and upper deck sky lounge offer additional socializing spaces, with the main saloon accommodating dining for up to 10 guests.New Waves underwent a full repaint in 2024 following an extensive refit and has been regularly maintained and upgraded. The yacht complies with MCA LY3 commercial standards and is offered for sale with full EU VAT paid.Currently available for viewings by appointment in Palma, Spain, New Waves asking price EUR 16,500,000, with VAT paid.Credits: Camper & Nicholsons
May 31, 2024
Ferretti Group and Flexjet have entered into a strategic partnership aimed at combined growth in the luxury segment. The agreement was announced at the Venice Boat Show, where Ferretti Group showcased a fleet of 10 models, including the world premieres of the Custom Line Navetta 38 and Pershing GTX 80.The partnership connects the expertise of Ferretti Group in luxury yacht building with Flexjet's leadership in private aviation. This collaboration targets Ultra-High Net Worth Individuals (UHNWIs), offering them exclusive benefits and unique events. Both companies share a commitment to excellence in performance, design, and service.Under this agreement, Ferretti Group clients will have access to Flexjet's global fleet of over 300 private jets and helicopters. This includes the Gulfstream G650, Praetor 600, and Sikorsky S-76 in Europe. Clients will also enjoy access to Flexjet’s private terminals in key locations such as Teterboro, New York; Naples, Florida; and Van Nuys, California.Conversely, Flexjet clients will gain VIP access to global boat shows, private tours of Ferretti Group’s Riva shipyard, and preferential terms on Riva Brand Experience products and accessories. The partnership also promises shared presence at international boat shows and high-profile events, including Ferretti Group’s Private Preview in Monaco and Flexjet’s VIP viewing experience at the Palio di Siena.The collaboration will also see the creation of a Riva-inspired interior for one of Flexjet’s Gulfstream G650 aircraft, reflecting Flexjet’s bespoke LXi Cabin Collection interiors.Alberto Galassi, CEO of Ferretti Group, remarked, "People who love cruising on Ferretti Group yachts expect standards of absolute excellence when they fly too, which is why I’m so pleased to associate our name with Flexjet, a partner that shares our same passion and desire to offer customers an increasingly rewarding experience. Venice is the ideal showcase to celebrate this important agreement."Kenn Ricci, Chairman of Flexjet, added, "This exciting partnership takes the decades-long expertise and luxury brand power from leaders in two complementary sectors, and combines them to present today’s UHNWI audience with a set of exclusive and unique advantages. I have been a huge admirer of Ferretti Group’s philosophy for many years, and we share a deep understanding of what it takes to deliver a truly exceptional luxury experience. I’m excited to see how this significant strategic alliance can lift our offerings to even greater heights of excellence."The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credit: Ferretti Group
May 31, 2024
The 70-meter superyacht, Project Thunderball, is now under construction, showcasing a collaboration between three industry leaders: Dutch design studio Vripack, Italian shipyard CRN, and Nauta Design. This custom yacht is designed for efficient and comfortable cruising, with features tailored for long voyages and regatta support.Vripack is responsible for the yacht's elegant exterior and naval architecture. The design includes an optimized hull, elongated bow, and a refined profile with classic elements. The yacht also features a peak shaving system to enhance energy efficiency and reduce fuel consumption. Nauta Design's interiors draw inspiration from the sea, incorporating geometric shapes that complement the exterior.Project Thunderball will be a steel and aluminum yacht with five decks, an 11-meter beam, and accommodation for 12 guests and 15 crew members. The yacht's design includes sharp entry lines and curved bilges, providing both aesthetic appeal and functional efficiency.Marnix Hoekstra, co-creative director of Vripack, commented, “Our focus was on delivering a yacht that guarantees highly economical cruising and a soft and comfortable ride, all of which is made possible by our most efficient hull lines to date and our sailing experience.”The yacht was sold by Y.CO in August 2022, with construction beginning in early 2023. Initial designs were developed as early as 2018. In May 2023, the yacht was transported to the Ferretti Group Superyacht Yard in Ancona, where a full hull 3D scan was performed. The build has now moved into the outfitting stage, which includes carpentry, machinery fitting, and installation of on-board systems and furniture. The exterior hull will also be primed and painted.Project Thunderball is scheduled for delivery in 2026. The yacht will serve not only as a luxury vessel for extended cruises but also as a support vessel for the owner's sailing yacht during regattas.Vripack is a yacht-design studio with a portfolio that represents over 7400 designs, made strong through its extensive naval architecture and engineering experience. From the moment they opened their doors in 1961, Vripack studio’s approach to design has been governed by the playful interaction between form and function.Credits: Vripack
May 31, 2024
IYC has announced a new partnership with Sunreef Yachts, appointing IYC as the Exclusive Commercial Agent for Sunreef Yachts in the United Kingdom. This strategic alliance aims to enhance IYC's offerings in the luxury yachting market and reinforce its commitment to providing exceptional yachting experiences.Raphael Sauleau, CEO of IYC, remarked, "This appointment marks a new chapter for our team in the United Kingdom. Sunreef Yachts is renowned for its superior craftsmanship and commitment to sustainability, and this partnership enhances our portfolio with some of the most forward-thinking and environmentally conscious yachts available today. We look forward to working with the Sunreef Yachts team of professionals."Francis Lapp, CEO and Founder of Sunreef Yachts, stated, "We are thrilled to announce our new exclusive dealership with IYC for the UK market. As we continue to strengthen our presence, it is crucial to have strong and experienced representation in such a significant market. IYC's expertise and dedication align perfectly with our vision for delivering unparalleled luxury and innovation to our discerning clients in the UK."Richard Gray, Head of Sales for IYC in the UK, added, "Our partnership with Sunreef Yachts marks another milestone for IYC's UK operations. Collaborating with one of the world’s foremost shipyards is not just an opportunity; it's a testament to our unwavering commitment to quality. This partnership opens up exciting new possibilities, and we look forward to supporting brokers and cultivating a growing client base of Sunreef Yachts enthusiasts in the UK."The partnership between IYC and Sunreef Yachts represents a significant development in the luxury yachting industry, combining IYC's market expertise with Sunreef's innovative and sustainable yacht designs.Sunreef Yachts was founded by Francis Lapp in 2002 in Gdansk, Poland. Since then, the shipyard has been designing and manufacturing luxury sailing and power multihulls. Credits: Sunreef Yachts
May 31, 2024
VisionF Yachts has announced the development of a new 30.7-meter supercatamaran, currently under construction at their Yalova shipyard. The hulls of this all-aluminium superyacht have already been completed and turned, with the superstructure also finished. The yacht features a GRP (Glass Fibre Reinforced Polyester) roof, a first for VisionF, aimed at reducing the vessel’s weight and enhancing speed.Named VisionF 101 Alu, the supercatamaran boasts nearly 400 square meters of living space, including a 30 square meter owner’s suite and a 140 square meter flybridge. Designed for both performance and comfort, the yacht is equipped with four Volvo Penta IPA1350 engines, producing a combined 4,000 horsepower. This setup allows the yacht to reach speeds over 20 knots, while its broad beam ensures stability and safety.The yacht is tailored for Mediterranean cruising, suitable for long crossings and coastal hops between harbors and anchorages. It includes expansive outdoor living spaces, such as a large cockpit, foredeck lounge, and a hydraulic bathing platform for water activities. The flybridge, covered by an elegant hardtop, offers various configurations for lounging, dining, and a whirlpool spa.Interior details are yet to be fully revealed, but the yacht will accommodate up to 12 guests. The designs for the first unit feature a modern style with neutral tones, emphasizing spaciousness and comfort. The VisionF 101 Alu is scheduled for launch in 2025.VisionF Yachts in Turkey was set up by Coşkun Bayraktar in Istanbul in 2019, but despite the shipyard’s relative youth it is a brand that is going places in the power catamaran world. In November 2020, VisionF Yachts debuted its first vessel, the VisionF 80. Credits: VisionF Yachts
May 30, 2024