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New Horizon: Damen to develop refit yard in Montenegro
Damen, the Dutch group behind Amels, has entered into a contract with Adriatic Marinas and the government of Montenegro to develop a superyacht repair and refit facility in a former shipyard in Bijela, Boka Bay. It is expected to become fully operational in 2021.The redevelopment of the yard, according to Damen, will be completed in early 2020 with the new yard starting to be at full capacity by early 2021. Official statements say the project will create 300 new jobs and bring trained marine works to Montenegro."Together with our partners we take a long-term view on making yacht maintenance and refit in Montenegro a success," commented Damen CEO, Rene Berkvens. "A strong customer base at Porto Montenegro and yacht maintenance and refit skills within the Damen Group will contribute to the success of this venture."Nearby Porto Montenegro started when Peter Munk, a Hungarian-born, Canadian businessman purchased a site in Montenegro for €23 million in 2007 with the purpose of building a superyacht marina that would rival mainstream destinations. With backing from LVMH Chairman, Bernard Arnault, Russian oligarch, Oleg Deripaska and Lord Jacob Rothschild, the Barrick Gold founder set out to develop the largest private-sector investment in the country.Located near the coastal city of Tivat, Porto Montenegro's ambition was to become a homeport for some of the world's largest yachts by providing their crew and visiting owners with high end facilities. The development also included the construction of a strong ecosystem around the marina with condos, restaurants and a five star hotel.Over its several years of development, Porto Montenegro caught the eye of new investors and in May 2016 it was confirmed that the development was acquired the Investment Corporation of Dubai, the city-state's investment arm. "The internationally renowned Porto Montenegro presents an opportunity for ICD to access a successful business with significant potential for expansion both in the marina and landside" His Excellency Mohammed Al Shaibani, Executive Director of ICD said at the time of the sale.
The 11 largest yachts sold in 2018
Particularly strong for the megayacht market, 2018 has seen many deals go through the market. Yacht Harbour looks at the largest yachts sold so far in 2018 through its proprietary Timeline system.#1 JubileeLength: 110m / 361 ftAsking Price: €275,000,000Yard: Oceanco (2017)Built by Oceanco for the late, former emir of Qatar, the yacht was put on the market shortly before its delivery at an asking price of €275 million. Designed by Russian designer, Igor Lobanov, the yacht's exterior features fake, intermediary decks that make the yacht appear larger than it is when looked at from afar.Now owned by an American billionaire according to several industry sources, Jubilee can accommodate up to 32 guests in 16 cabins and carry a crew of 45. Key amenities onboard include a swimming pool with a built-in aquarium, a helipad and a large beach club.#2 OnaLength: 110m / 360 ftAsking Price: €250,000,000Yard: Lurssen (2008)Famously built as Dilbar, the 110-meter Lurssen was renamed to Ona by Russian billionaire, Alisher Usmanov, when the new, 156-meter Dilbar was delivered in 2016 and became the largest yacht in the world by gross tonnage. First listed for sale at the end of 2016 asking €250 million, Ona was later no longer publicly marketed for sale. Earlier this year, her name was changed to Raya presumably by a new owner although the yacht remains berthed at the same location in Monaco.#3 Indian EmpressLength: 95m / 312 ftSelling Price: €35 millionYard: Oceanco (2000)Built in 2000 by Oceanco in the Netherlands as Al Mirqab, the 95-meter yacht remains one of the most iconic on the water. Refitted in 2006 and renamed to Indian Empress by Indian billionaire, Vijay Mallya, the yacht was famously auctioned off by Malta after failures to pay creditors and crew. Following several attempts, the yacht was sold for €35 million and renamed to Neom following the sale.#4 KiboLength: 82m / 268 ftAsking Price: €129,000,000Yard: Abeking & Rasmussen (2014)Delivered in May 2014 by Abeking & Rasmussen to Russian billionaire Alexander Mamut according to Forbes, the 82-meter Kibo was designed by Terence Disdale. Listed for sale in 2018 asking €150 million, the yacht's asking price was then reduced to €129,000,000 in August and ultimately sold in November. Following the sale, the yacht was renamed to Grace and a 54-meter Amels under the name Grace was listed for sale.AnastasiaLength: 75m / 246 ftAsking Price: €75,000,000Yard: Oceanco (2008)Launched as Oceanco's hull Y703 in 2008, Anastasia was delivered amongst an uptick in the superyacht market. According to Forbes, she also became the first of a series of 3 yachts that her Russian billionaire owner, Vladimir Potanin would build at Oceanco.Initially listed on the market in 2012, when her owner took delivery of the 88.5m Oceanco, Nirvana, Anastasia was first asking €125 million. The newly delivered Nirvana was also listed for sale around the same time asking €230 million. After nearly two years, asking prices were first reduced and the yachts were eventually taken off the market as shows the Timeline index.Made available for charter since then from €600,000 per week, Anastasia came back on the market last summer asking €75 million. Around the same time, the 88m Barbara, an improved version of Nirvana, was delivered to her owner according to Forbes. Now, Anastasia has been sold, switching names to Wheels.Grace ELength: 73m / 240 ftAsking Price: €78,500,000Yard: Perini Navi (Picchiotti) - 2013Delivered in 2013 by Picchiotti, part of the Perini Navi group, Grace E was instantly met with a positive reaction at the Monaco Yacht Show in 2014 thanks to a unique design. In Q2 2017, the yacht was listed for sale and ultimately found a buyer in March 2018.SybarisLength: 70m / 230 ftAsking Price: €88,000,000Yard: Perini Navi (2016)The second largest sailing yacht built by the yard since the Maltese Falcon, Sybaris was built for American businessman Bill Duker in 2016 by Perini Navi. The yacht was listed for sale in April 2017 asking €88 million and sold at the same asking price in October 2018.Saint NicolasLength: 70m / 230 ftAsking Price: €46,700,000Yard: Lurssen (2007)Saint Nicolas' started as one of 3 yachts built by American entrepreneur Warren E Halle at Lurssen, in what had been a golden era of yacht flipping, during which developers would commission a yacht with the intent of selling it immediately after or even before launch. In 2008, Project Nemo was sold for €71,500,000 and became known as Saint Nicholas. According to Forbes, its buyer was Russian billionaire, Vasily Anisimov.Refitted in 2017, Saint Nicolas was listed on the market in the third quarter of 2017 at an asking price of €65 million. She then underwent a series of price reductions, most recently in September 2018, before now being sold at an asking price of €46.7 million.Lady SLength: 68.5m / 225 ftAsking Price: €59,000,000Yard: Amels (2006)Initially built by Amels in the Netherlands in 2006 under the name Lady Anne PB, the yacht was first sold in 2011 and renamed to Lady S. Following 2 refits in 2013 and 2015, the yacht came on the market in Q1 2018 asking €59,000,000. The yacht sold just before the summer.Damen 6711Length: 67m / 220 ftAsking Price: €28,500,000Yard: Damen (2014)Formerly the support vessel for Flying Fox, the 6711 support vessel was built as part of Damen's fast support ship programme. Listed for sale in July 2017, the yacht was sold asking €28,500,000 in February 2018. Amongst its key features are a helipad, diving center and 275 square meters of open deck space to transport toys.VanishLength: 66m / 217 ftAsking Price: €85,000,000Yard: Feadship (2016)Delivered in 2016 by the Dutch shipyard, Vanish was introduced at the Monaco Yacht Show later that year. Designed in a light, modern feel, the 66-meter has a high ceilings and an impressive interior volume. Listed for sale in October 2018, the yacht was reported as sold in December 2018 asking €85 million.
49m Elaldrea+ delivered by Benetti for repeat client
Initially launched in March 2018, the 49-meter Elaldrea+ has now been delivered to her owner after interior outfitting and sea trials. Designed by Argentinian designer, Horacio Bozzo, the yacht features a swimming pool forwards on the bow.Built with a 5-cabin layout that includes a full beam master suite on the main deck as well as four guest cabins on the lower deck, Elaldrea+ was designed for comfortable family living according to Horacio Bozzo.Key design features include a skylight in the beach club that also comes complete with an aft-facing porthole, which allows the area to be used both when at anchor or underway. When the transom door is open, the beach club area spans an impressive 25 square meters.Other highlights include a large swimming pool located forward on the Portuguese deck, which can be filled with seawater, as well as a second 4 by 2m pool can be found on the sundeck with an American bar set up and 50-inch TV. The yacht will have a 4,000nm range at 10 knots.The owner's previous yacht, a 35-meter Benetti also named Elaldrea was listed for sale asking €3.8 million back in February 2018, prior to the launch of the yacht. It was the 11th hull to be built by Benetti in its Classic 115 series.
New Heights: How Azimut-Benetti is taking over the market
Established in 1873, Benetti went a long way from building wooden boats to posting a €1 billion turnover in 2008. Stronger than ever, the Italian group is now on its way to expanding its reach into the 100-meter plus market, tightening its grasp on yachting.Benetti's story starts with its foundation by Lorenzo Benetti in 1873 to manufacture local wooden boats. After WW2, the need for wooden boats had disappeared and the company started building steel, pleasure crafts. By the 1960s, it was creating some of the world's first superyachts.Its strongest push came with the acquisition of the yard by Azimut in 1985, resulting in the Azimut Benetti group, which still exists to this day. Propelled by commercial successes and a cooperation with then unknown designer Stefano Righini, the group went on a buying spree. Amongst its purchases, the Gobbi shipyard, which manufactures its Atlantis range today, Fraser Yachts, the brokerage house, as well as Marina di Varazze and the Royal Yacht Club in Moscow. By 2008, the group built its way to a €1 billion turnover.As the subprime crisis hit yachting, leaving many shipyards to shut down, the whole market, including Benetti, which was able to push through strongly nevertheless. Amongst yachts built in that period were Staluppi's 61-meter Diamonds are Forever and Nick Candy's 63-meter 11-11 amongst others.By 2016, Azimut-Benetti's turnover had risen again to near €700 million, marking 3 years of consecutive growth. Throughout this time, Benetti's most visible products, 30 to 60-meter yachts remained highly attractive to charter clients, some of which started buying them again as the market picked up.Whilst most visible through Benetti yachts in the mid-size range, the group's influence on yachting spread deeply throughout the market in different spaces. Azimut, a leader in the construction of yachts of up to 30 meters, has become a reference in the space, acting as a gateway drug to the group's yachts.Through its full ownership of Fraser Yachts since October 2017, the group controls Fraser Yachts, a brokerage firm also active in yacht management and crewing. By extension this provides the group with first-party data on client behaviour as well as deeper insights into yachting, knowing first hand how other competing shipyards perform."This recent acquisition is part of the strategic plan of our group to offer superyacht owners not only the most beautiful yachts, but also the utmost service" commented Azimut-Benetti's president, Paolo Vitelli, when the group bought out V.Ships' minority stake in Fraser in 2017. Skewing towards small to mid-size yachts of up to 60-meters, the Azimut-Benetti group had grown its position in the sector to the point of building the most meters out of any shipyards for 19 consecutive years. Its impact on the megayacht market, however, remained immaterial leaving Northern European shipyards like Lurssen, Feadship and Oceanco to dominate the space.Benetti's first attempt to enter the space came in the 1980s. At the time, the yard had secured the build of the 86-meter Nabila for Saudi businessman and arms dealer, Adnan Khashoggi, the 8th largest yacht in the world. The yacht was later purchased for $29 million in 1987 by Donald Trump and renamed to Trump Princess.For decades after, Benetti stayed away from new builds of this size, leaving the market to other shipyards. Recently, however, yachting changed and the megayacht space entered into an upswing, leading to Benetti coming back into the size range. This first took the form of the 90-meter Lionheart, delivered to British businessman Philip Green in 2016.The yard's current flagship, however, is about to be eclipsed by a 107-meter yacht launched in December 2018. More significantly, this will be the first yacht out of 3 over 100 meters to be delivered by Benetti over the coming months. Amongst customers for one of these new hulls is Australian billionaire and serial yacht owner James Packer.Benetti's ambition to takeover one of the remaining parts of the market is not unfamiliar to other shipyards. Dutch shipyard Heesen Yachts, backed by Russian billionaire Vagit Alekperov, has also built a new dry dock capable of building yachts of up to 85 meters back in 2016.Meanwhile yards known for megayachts such as LVMH's Feadship have started expanding their influence downward with projects such as Feadship's Lagoon Cruisers of 34 meters in length. Results of these strategies remain to be seen in coming quarters, however, even now over half of yacht gross tonnage is built by just 10 shipyards.
Rosetti Superyachts confirms 1st ever yacht sold
Italian firm Rosetti Superyachts has confirmed the sale of its first ever yacht. Sold to a European client, the 38-meter steel-hulled explorer yacht will be built to a concept designed by Hydro Tec, at the San Vitale shipyard in Ravenna, Italy.Scheduled to be delivered within 24 months of the start of the construction, Rosetti indicates that more information on the 38-meter yacht will be released in January. Based at the San Vitale shipyard, Rosetti says it has the capability to build yachts and supply vessels of up to 140 meters in length.Although Rosetti Superyachts was founded only in 2017 to try to compete in the superyacht space, the startup is part of the larger Rosetti Marino that was established in 1925, which primarily focuses on engineering and construction of off-shore plants and commercial ships such as ocean-going tugs and supply vessels. Its market cap now sits at €164 million on the Milan stock exchange.