After the meeting between the President The European Committee for Professional Yachting and the Directorate of Tax Legislation, it has been confirmed that VAT reductions on charters earlier practiced in Italy, France, Malta, Greece, Cyprus and Croatia, would no longer apply in 2020.Earlier, it was possible to reduce VAT on charter services by means of a short-term charter in international waters. The European commission had to ask the above-listed countries to modify their tax practice starting from from January 1st, 2020. The policy aims at unifying conditions and terms for VAT benefits application throughout Europe. Up to now, Italy, France, Malta, Greece, Cyprus and Croatia have been practicing tax benefits upon going in international waters during charter period. Starting from 2020, VAT discounts will be applied only in proportion to the time or the distance a yacht would take outside the European waters.Noteworthy, in summer 2019, the EU Commission warned Italy and Cyprus that it would take further steps to end illegal tax breaks in the yacht industries on their territories, first brought to light in the Paradise Papers leaks.
December 11, 2019
The 2019 has made a significant impact on the yachting industry not only through multiple megayachts delivered during the year, but also with several yacht losses. Yacht Harbour recalls some of the most striking episodes causing yacht losses in 2019.#1. 40m Baltic sailing yacht My Song falls from cargo shipOn May 25, the sailing superyacht My Song from Baltic 130 line fell from the cargo ship that was carrying her across the Atlantic, from the Caribbean to the Balearics. The vessel was hauled out to Palma de Mallorca, ahead of her owner's confirmation of being 'not salvageable’. Yacht transport company Peters & May that was responsible for the transportation, released an official statement in response, claiming that My Song might have fallen due to the collapse of her cradle. Photographs and videos taken showed extensive damage to the yacht, with several holes in the hull. The winner of last year's Loro Piana Rehatta, My Song’s crew set a new speed record during the RORC Transatlantic Race last December. The journey of 3,000 nautical miles from the Canary Islands to Grenada took 10 days, 5 hours, 47 minutes and 11 seconds for the crew — almost 1 hour and 20 minutes less than the previous record of 2015. Sails, rising on the 56-metre mast, accelerated My Song to 30 knots.#2. Hurricane DorianPhoto: ReutersThe devastating Hurricane Dorian that had hit the North of the Bahamas this September, has been already called one of the strongest Atlantic storms in history. The strongest wind blows of up to 82.5 m/s were taken by the Islands of Abaco and the Island of Grand Bahama, bearing reported death toll of 70, with 282 people still missing.The US NATIONAL Hurricane Tracking Center assigned Dorian the highest fifth category, Catastrophic. It has caused significant damages to homes, businesses and other buildings and marine infrastructure. Media sources report, the reconstruction of such ports as Marsh Harbour will run into billions of dollars.The pictures of the disaster meanwhile show numerous yachts and other craft driven ashore through the storm. Only Marsh Harbour had nearly 30 boats based there at the time of storm, with not all of them being moved in time.#3. 49-metre Lohengrin and 32.6-metre Reflections destroyed in fire at Fort LauderdaleOn November 16th, properties at Fort Lauderdale went on fire, leading to destruction of two superyachts, the 49-metre Lohengrin and 32.6-metre Reflections. According to Fort Lauderdale Fire Rescue, the estimated loss from the fire amounts to over $20 million representing “the biggest fire loss in Fort Lauderdale history”.The city fire marshal reported, the fire broke out in the morning, with loud explosions waking up residents. Allegedly, the blaze started on-board Lohengrin and spread to a neighbouring Reflections. It is understood that the two yachts were under maintenance and refit work at the time of the fire.Reportedly, around 100 firefighters from several agencies were called out to the blaze. Many cellphone videos spread on social media witnessed flames going out, with huge plumes of smoke in the air. However, the fire brigade managed to bring it under control.#4. 55m superyacht Lady D totally burnt down in ThailandPhoto by Achadtaya ChuenriranIn the early hours of August 7, the 56.39-metre superyacht Lady D, anchored at Phuket Grand Marina, Thailand, caught fire. All crew members left the ship safely but the vessel totally burnt down.According to the report of the municipal mayor of Paklok, the fire started at the stern of Lady D, quickly spreading over the upper floors despite the crew’s attempts to stop it using fire extinguishers.From the pictures, it seems that the damage done by the fire is beyond repair, and the owner and the insurance might decide to send it to scrap. Meanwhile, Phuket Marine Office Chief Wiwat Chitchertwong told the media, the value of the damage done would amount to nearly B240 million, or $7.8 billion, according to what they had heard from the marina.#5. 34-metre yacht D'Angleterre burnt down in the Mediterranean SeaThe fire on-board the 34-metre yacht D'Angleterre occurred on August 24 off the coast of Mallorca in Spain. At the time of the fire, 15 people were on board, all of them were rescued. Multiple photos and videos of the fire depict the back of the yacht blazing with fire, and thick clouds of black smoke rising into the sky.#6. 29m sailing yacht Asia sunk in Indonesian watersOn November 22, the 29-metre sailing yacht Asia with 4 crew members on board sank 50 miles off Indonesian coast. Reportedly, the vessel hit an undefined object in the water. The crew had managed to sail a lifeboat to land, where they were found undamaged marine police 8 hours later.Asia was designed by Don Brooke and built by Culham Engineering in 2009. With a beam of 7.5 metres and a draft of 3 metres, she has a steel hull and aluminium superstructure. Her interior volumes of 135 GT enables accommodation of 10 guests across 5 cabins. The yacht is powered by Gardner engines to a maximum speed of 12 knots and a cruising speed of 8 knots. The vessel was listed for sale with Fraser asking $2,900,000. On November 23, she was withdrawn from the market.#7. The 1883-built sailing ship Elbe No 5 sinks near HamburgA 36.8-metre wooden sailboat Elbe No. 5 just launched after restoration, sank on the Elbe River near Hamburg, Germany. The vessel collided with a 142-metre Astrosprinter dry cargo ship flying the flag of Cyprus on June 9, according to CNN.Despite quick evacuation via rescue boats, several people of the 43 (including 14 crew members) on-board the vessel were injured in the collision and taken to local hospitals. The causes of the incident were being investigated.
December 11, 2019
Polish yacht builder Sunreef Yachts exhibited their catamaran 70 Sunreef Power at the recent Miami edition of Art Basel in an untraditional way. In collaboration with artist Alexander Mijares, the yard presented an art work at the Fontainebleau Marina in Miami Beach from December 4 to December 8.Sunreef Yachts founder and president Francis Lapp commented:Originality is definitely part of the Sunreef DNA. Our crafts and all our endeavors are meant to leave a long-lasting impression. When I heard Alexander Mijares wanted to collaborate with our brand, I immediately agreed, knowing he would come up with a compelling and memorable project. I am happy to have him on board with us for Art Basel.Alexander Mijares designed an original hull wrap reflecting the vibrant energy of Miami. The artist named his work Pieces of Me, using the yacht as a sort of canvas to explore his own Miami roots. With dark and warm hues playing against the blue ocean back front, this vessel stands out much from typical white hulls.The 70 Sunreef Power model belongs to the shipyard’s previous power catamaran range. Meanwhile, recently tennis superstar Rafael Nadal has recently ordered Sunreef 80 Power yacht from the builder.Photo via Sunreef Yachts
December 10, 2019
As the middle-size market continues to struggle, megayachts have had yet another explosive year, pushing new limits for the industry and leading some yards to thrive. The world now has 53 yachts over 100 meters, more than double the amount in the fleet 10 years ago. Whilst the Middle East and Russia have remained active in the range, the addition of buyers from the US to the megayacht range has led the space to new heights.Yacht Harbour looks at the largest yachts delivered in 2019 and what you need to know about them.#1 Flying FoxLength: 136m Yard: Lurssen The largest yacht delivered by Lurssen this year, Flying Fox also became the most massive yacht to enter the charter market. Stretching across 136 meters, the yacht’s exterior was designed by Espen Oeino, often involved with large Lurssen builds. Onboard, Flying Fox features 11 cabins with sea view terraces, a 400 square meter spa spread over 2 floors, a 12-meter long swimming pool, a dive center and 2 helipads, all serviced by a crew of 24.#2 TISLength: 109m Yard: Lurssen The largest yacht ever displayed at the Monaco Yacht Show, Tis wowed prospective buyers with her one of a kind interior inspired by Parisian palaces and designed by Andrew Winch. The 109-meter long Lurssen was put on the market shortly prior to her delivery and is currently looking for a new owner at a $250 million price tag. Meanwhile Tis is available for charter at $2.2 million per week. On top of the helipads, swimming pool, spa, gym and luxurious staterooms, arguably one of the most unique amenities onboard is a main salon spread across 2 levels with a grand staircase.#3 IJE Length: 108m Yard: BenettiA transformational build for Benetti, the Italian yacht manufacturing behemoth, IJE became 1 of 3 yachts over 100 meters built by the yard in 2019. Delivered to Australian billionaire James Packer, the yacht became his latest flagship following Arctic P. Crafted in traditional Benetti style on the exterior, not much is known about the yacht’s interior. IJE and its new generation of Benettis did however put the yard into the competition for more 100-meter plus new builds as an increasing number of yards begins to compete for the segment.#4 Lana Length: 107m Yard: Benetti The first mega Benetti to be delivered, the 107-meter was built as hull FB 277 and was since named Lana. With its construction overseen by Imperial Yachts, online commentary has been speculating its owner to be from Russia. Little is known about the ship, other than its distinctive exterior look. At the time of her launch, it was teased the yacht would later be made available for charter, in what is a growing trend among megayachts.#5 Zoza Length: 105m Yard: Benetti Rounding up the ranks of the 50 largest yachts in the world, Zoza was launched in 2019 for a Middle Eastern owner according to social media. Primarily differentiating itself from other megayachts with tall panoramic windows, the yacht is likely to remain private and off the charter market.#6 MadsummerLength: 95 meters Yard: Lurssen Built by the German shipyard Lurssen, in what has proven to be their size range with the highest resale value thanks to strong demand on the buy size, Madsummer was delivered earlier this year. Indicative of the growing influence of American influence in the size range, Madsummer was built for experienced yacht owner Jeffrey Soffer active in Florida real estate.#7 Lady S Length: 93mYard: Feadship A surprising player in the megayacht sector is LVMH. Following their purchase of the Feadship Royal Van Lent yard nearly a decade ago have grown their influence over the space and maintained Feadship’s reputation in the megayacht sector. Built for Washington Redskins owner Daniel Snyder, Lady S was designed by Michael Leach. Perhaps the most innovative feature onboard the American billionaire’s yacht is an IMAX cinema.#8 DreAMBoat Length: 90m Yard: Oceanco In the fight for supremacy over the megayacht market a rapidly gaining player has become the Dutch-based Oceanco, whose most recent megayacht became DreAMBoat following hallmark projects like Jubilee and Black Pearl. Another example of Americans’ increasing presence, the 90-meter was built for Home Depot co-founder Arthur M. Blank. The capitalization in the yacht’s name being a clever play on the billionaire’s initials AMB.#9 Bold Length: 85m Yard: Silver Yachts One of the most unusual yachts on the water, its story begins with a bet to build fast, long yachts in Australia, which Guido Krass made when setting up Hanseatic Marine. Since renamed to Silver Yachts and now owned by a Chinese aluminium producer, the yard has built 5 yachts, the latest of which is Bold. It’s most unusual feature is the vast lounge deck with full panoramic windows overlooking a large helipad aft of the main deck. Stretching over 85-meters the yacht is the reflection of a growing desire to explore from a new generation of owners.#10 Excellence Length: 80m Yard: Abeking & RasmussenBuilt for serial yacht owner Herb Chambers, the 80-meter yacht becomes his latest flagship built by German yard Abeking & Rasmussen and 3rd new build with that particular yard. Created with an instantly recognisable look, the yacht is now available for charter. Amongst her key features is a 3-storey tall atrium with panoramic windows. Chambers’ previous yachts were also named Excellence and proved to be successful charter vessels. His former flagship, Excellence V was sold in May asking €69.5 million. His prior 78-meter Abeking&Rasmussen was however sold to a Russian billionaire even prior to her delivery, now known as Eminence.#11 Dragon Length: 80m Yard: Columbus Whilst Dutch, German and Italian yards have been competing for the megayacht market, Palumbo Group, a Malta-based company has been quietly amassing a leadership position in refits and expanding into new builds acquiring ISA Yachts and now managing to deliver an 80-meter yacht through their Columbus brand. Dragon becomes the largest yacht built by the Maltese group. With all of the amenities one would expect of a yacht this size like a 7-meter swimming pool, beach club and vast staterooms, the yacht is a clear statement to the Maltese group’s expansion on the scene.
December 10, 2019
Italian designer Pierpaolo Lazzarini makes his specialty not only in futuristic boats design but also cars, product design and architecture. He has shared images of a new bold F33 Spaziale yacht concept, capable of literally flying over water, thanks to foils installation. F33 model will come available in two versions. The first version of "teardrop" shape would be ideal for relaxing cruising with comfortable areas for sunbathing on the sofas at the stern or on the sundeck. Layout would also comprise a guest cabin to sleep a night.The second version might feature less posh appearance, since primarily intended for outdoor activities. For example, she even allows transportation of an inflatable boat on the cabin roof.F33 Spaziale would come fitted with either a pair of Yanmar diesel engines with a 440-litre capacity for each, or similar 387 CV Tesla electric motors. In addition, there is a possibility to install jet-propelled Hamilton Jets. Thus, the model’s maximum speeds vary from 35 to 55 knots, depending on the engine choice.Though still a concept for the moment, the model might go serial in the future. For instance, the previous boat project by Lazzarini, 3.4-metre Jet Capsule has successfully entered the market.Regarding the vessel’s price, the basic model is currently estimated at about about $610,000, while more ‘complex’ version may cost up to $1.6 million. Meanwhile, the average construction process for all types of the model is expected to take nine months.
December 9, 2019