The superyacht market preserves a historically high pace. By the end of the 3rd quarter of 2022 the overall sales of 30m+ yachts in 2022 are already higher than sales of any previous whole year except 2021 in almost all segments of the market. The sales skyrocketed in the 2nd half of 2020 as many buyers, including first-time yacht purchasers and former charterers, came on the market in search of an asylum and a safer means of transportation in the middle of the pandemics.
Pick of the market:
Top 3 yachts for sale under 5 years old
For many sellers, the post-Covid surge in demand became a signal to enter the market with speculative asking prices. This provided an increase in new listings in the beginning of 2022. However the buyers, which remain cost-conscious as ever, keep looking for reasonably priced opportunities, including off-the-market yachts. 2022 Q2 sales saw a small drop-off from the 2021 figures in almost all size segments of the superyacht market, though the sales were still higher compared to the corresponding periods of 2018, 2019 and of course 2020. The lack of supply and world events have understandably slowed the market. Besides, sales activity is generally quieter in summer as brokerage yachts become busy with owners' use and active charter schedules.
As an ending mark of the summer season in the Med and ahead of the autumn yacht shows Monaco and Fort Lauderdale, the brokerage market demonstrated a surge in the number of owners putting their boats up for sale in August-September. There were 65 new arrivals on the sales market in August and 87 – in September, with several big-ticket listings, most notably the 90m Phoenix 2 asking EUR 129,000,000 and 85.6m B2, asking EUR 88,000,000.
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With more yachts entering the market and the exchange rates playing in favor of American buyers - the main driving force of the superyacht market - the sales saw a huge increase from the previous months in September, both in numbers and total price. The most expensive deal in Q3 was the sale of the 97m Carinthia IV with an asking price of EUR 95,000,000.
The majority of market transaction volume in 2022 continues to lay within the sub-50m range, with 30-40m yachts accounting for half of all sales. On average, yachts are sold within 12 to 18 months of being placed on the market. Quality and reasonably priced yachts aren’t sitting on the market for long. Speaking of the quickest deals since the beginning of 2022, the 42m Istros was sold in 53 days, 72m Stella Maris and 46.7m Odyssea shifted hands in 2 months.
There is still a good number of people actively looking to buy a yacht and it helps to maintain prices at a relatively higher value than before. Sometimes sellers were only testing out the market with high prices and would seriously discuss a deal, but many owners stayed firm on their asking prices – not least because of the high replacement costs. In the last two years, on the back of increased demand, many shipyards raised their new construction prices by 10-20% – which is best noticeable in the semi-custom segment with well-known base price levels, as with Heesen and Amels. And now we can see a huge price gap between the new yachts and 5-15 years old brokerage yachts. Owners entering the market are focused on the new construction prices, while the buyers, on the other hand, focus on the average brokerage market prices of previous periods.
Pick of the market:
Major price reductions third quarter
As for the new build market, according to Boat International, the 2022 Global Order Book records an impressive 1,024 projects in build or on order, a rise of 24.7% on 821 in 2021. The demand for new construction projects remains consistent, despite the rising new build costs and longer delivery times. All the leading shipyards have their order books stretched into 2026. Even builders of production GRP yachts are now selling slots with deliveries in 2025. Because of the increased demand and the heavy workload in the yards, contracts are now being concluded 6 to 12 months before the start of construction work (mostly for small and GRP yachts).
But what looks like to be a success for the industry also gives some food for thought on whether or not the boom on the superyacht market is going to remain for long. Concerns are that as most of the leading shipyards operating in the production segment with certain model ranges are packed with orders for the next couple of years or more, it means that they are not able to build new generation yachts before they complete current builds. And by the time the new buyers will be able to start building, the models offered to them may become too outdated and less appealing. Along with a lack of inventory on the brokerage market this may create a downfall in sales.
We have seen quite a few good yachts coming into the market recently and expect to see stable market activity in the following months. However, though the demand for yachts remains ever high, the global uncertainty and lack of supply may put some serious pressure on the sales in 2023.
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Cantieri di Pisa's CdP Custom Division has announced the sale of a 37.50-meter explorer yacht, featuring a steel hull and composite superstructure. Designed and engineered by Marcelo Penna, this vessel offers accommodation for six guests and four crew members, with interiors designed for comfort and ample light-filled outdoor spaces. Key features include a well-equipped galley, a hot tub, an owner’s terrace, a spacious beach club, a massage room, and two side terraces. Parallel to launching three new yacht lines, Cantieri di Pisa is advancing its CdP Custom Division. “This sale marks a significant milestone for our CdP Custom Division,” said Marco Massabò, CEO of the shipyard under the ownership of Enrico Gennasio. “We are pleased with the swift completion of this sale, thanks to the collaboration of our sales and engineering teams. The yacht is set to launch by summer 2026.”At 37.50 meters in length and 8.15 meters in beam, the explorer sold to a French owner features a steel hull and a composite superstructure crafted using advanced vacuum technology. This reduces tonnage and lowers the center of gravity, enhancing propulsion efficiency and reducing fuel consumption. It also has a spacious garage midships with a side-launching system for a 6.5-meter tender and wave runners. The well-appointed galley, pantries, fridge and freezer areas, and a high-capacity laundry ensure comfort for long cruises, supported by generous storage compartments on all four decks.Designed for cruising in various latitudes and suitable for chartering, the yacht is equipped with state-of-the-art entertainment systems. The owner’s suite on the main deck includes a private terrace, while a full-beam VIP cabin and four guest cabins are on the lower deck. The captain’s cabin, situated on the bridge deck, is adjacent to the wheelhouse. Additionally, a massage room on the upper deck can serve as an extra single cabin.Marcelo Penna, the project's designer, noted, “This explorer is tailored for an expert owner, offering sustainability through a hybrid battery pack and generators that power hotel services at anchor. This ensures compliance with stringent environmental regulations.”Powered by two 1,000 HP MAN V8 engines, the yacht achieves a top speed of 15 knots and a cruising speed of 14 knots, with a range of 2,600 nautical miles. The engines meet the highest environmental standards (IMO III Epa Tier IV), and the hybrid battery pack provides additional power and silent operation during nighttime anchorage.The yacht will carry Bureau Veritas Charter class certification. Yachts Invest represented the shipyard in the sale, while AB Yacht represented the owner. AB Yacht commented, “The buyer chose Cantieri di Pisa for their uncompromising quality. This modern hybrid vessel, suitable for chartering, will set a new benchmark in the motor yacht market.”Cantieri di Pisa shipyard was founded in 1945 on the river Arno, the Tuscan shipyard became famous for its planing motoryachts, such as the Akhir and Kitalpha series designed by Pierluigi Spadolini. Since 2021 Enrico Gennasio is the new owner of Cantieri di Pisa.Credits: Cantieri di Pisa
July 26, 2024
Espen Øino, renowned for designing some of the world's most notable superyachts, has turned his attention to a smaller scale with Hodgdon's latest limousine tenders.The new limousine models, designed by Øino, measure between 9 and 11 meters and feature sleek, contemporary profiles. Both models share a streamlined hull design and can be configured with either a forward or aft helm. The helm's position affects the layout: a forward helm allows for a spacious aft deck, while an aft helm creates space in the bow for a plush lounge and a boarding ramp for beach access.The cabin boasts a retracting glass roof and large integrated windows, ensuring ample natural light and 360-degree views. The interior includes upholstered seating for up to eight passengers, with four additional seats in the bow lounge on one model and two captain’s chairs at the helm on both.In terms of propulsion, the tenders can be equipped with single or twin engines. Although Hodgdon has not disclosed specific details about propulsion options, speed, or range, the company’s existing lineup indicates robust performance. For instance, Hodgdon’s Mini Venetian Limousine, powered by a Volvo D3-220 diesel engine, can cruise 250 kilometers at 32.5 knots and reach a top speed of 35 knots.With these new limousine tenders, Espen Øino and Hodgdon combine luxury and performance in a sleek, modern package, offering a stylish and efficient option for superyacht owners seeking high-quality tenders for their maritime adventures.Hodgdon Yachts founded in Boothbay, Maine, in 1816, has a legacy of delivering over 440 vessels across two centuries. Known for high-quality, advanced composite construction, the family-owned company offers a variety of tenders, including limousine, beachlander, and open styles, along with fully custom runabouts tailored to specific owner requirements.Credits: Hodgdon Yachts
July 26, 2024
Heesen has unveiled Project Agnetha, a 55-meter steel class motor yacht with a profile designed by Frank Laupman of Omega Architects. The yacht's exterior features a modern, assertive design with horizontal lines that enhance its visual length, broad expanses of tinted glass on the main and upper decks, and a distinctive 'shark tooth' motif on the wheelhouse overhang. The design eliminates the need for fashion plates, resulting in a pillar-free superstructure aft, which enhances the yacht's indoor/outdoor flow and offers unobstructed sea views from nearly every vantage point on board, including the sky lounge.Mark Cavendish, Heesen CCO, comments: "The Heesen 55-meter Steel Class is constantly evolving, and Project Agnetha is the result. The beauty of buying this kind of superyacht is that the shipyard has taken care of all the technical aspects and has perfected the platform, incorporating in-depth feedback from our constant dialogue with brokers, owners, and captains. So when clients join the project, they can enjoy the fun part of building a superyacht, focusing on all those details that will make the yacht truly theirs."Project Agnetha accommodates twelve guests across six opulent staterooms, including a spacious owners' stateroom on the main deck forward, with separate his and hers dressing rooms and bathrooms, and a veranda on the starboard side, four guest cabins on the lower deck, and a VIP suite on the bridge deck. This layout makes the Heesen 55-meter class perfect for charters and clients who prefer multiple cabins.The interior, designed by Luca Dini Design and Architecture, focuses on creating a cosy and traditional atmosphere that radiates warmth and hospitality. Using a palette of warm tones, the design wraps guests in a feeling of comfort and familiarity, making Project Agnetha an ideal sanctuary for those who like to spend extended periods on their yachts.Niels Vaessen, CEO of Heesen Yachts, comments: "The Heesen 55-meter Steel Class represents the best example of intelligent superyacht construction. Over the past decade, we have focused on excellence and have achieved it, developing and refining the platform while optimising our supply chain and creating strategic collaborations with suppliers. This approach means we can deliver unparalleled benefits to our clients, including shortened delivery timelines, extensive personalisation, and – of course – Dutch craftsmanship of the highest standard."Vaessen elaborates, "Heesen has always been at the forefront of innovation in superyacht construction. We were pioneers in speculative build projects, beginning this transformative journey in the early 2000s with the highly successful 37-meter series and subsequently expanded the portfolio to include the 44, 47, and 50-meter yachts. Today, we are global leaders in the 50 to 57-meter segment. It's a testament to our bold and strategic commercial vision."Photo by Ruben GriffioenThe engineering of Project Agnetha is equally impressive, with an ultra-efficient Fast Displacement hull and two MTU8V4000 M63 (IMO Tier III) engines, enabling a top speed of 15.5 knots. The yacht is designed for safe navigation in all sea conditions, making it a quintessential go-anywhere blue-water motor yacht.Project Agnetha, where modern elegance meets superior performance, is available for delivery in Q2 2025.Heesen Yachts is a Dutch ship building company that specializes in custom-built superyachts in aluminum and steel from 30m to 70m in size. Founded in 1978, it has launched more than 170 yachts since its inception.Credits: Heesen Yachts
July 26, 2024
U-Boat Worx, a leading manufacturer of personal and commercial submarines, has announced a significant milestone for its Cruise Sub series, achieving 5,000 dives since its launch in 2019.The Cruise Sub series has become a prominent choice for underwater exploration, particularly within the cruise industry. With units delivered to private clients and ten units supplied to cruise operators, these submarines have established a reputation for safety, reliability, and performance.Since their introduction five years ago, U-Boat Worx’s Cruise Subs have been integral to the cruise industry, providing unique underwater experiences for passengers. The submarines’ capability to perform 5,000 dives underscores their durability and operational excellence.Roy Heijdra, Marketing Manager of U-Boat Worx, commented, "Reaching this milestone of nearly 25,000 people diving inside a Cruise Sub is a testament to our mission of making the oceans accessible. Our network of nearly 300 trained professionals reflects our commitment to advancing underwater technology and ensuring the highest operational standards."U-Boat Worx has positioned itself as a primary supplier to the cruise industry, driven by the growing demand for immersive underwater adventures. The Cruise Sub series allows cruise companies to offer guests unparalleled experiences while prioritizing safety and comfort.The submarines’ success is attributed to their adherence to stringent safety standards. U-Boat Worx collaborates with DNV, a leading classification society, ensuring their vessels meet advanced maritime standards. Andreas Fischer from DNV Maritime in Hamburg highlighted their decade-long partnership: "Our cooperation with U-Boat Worx has resulted in over 50 submersibles achieving compliance with international regulations. We congratulate them on this milestone and look forward to continued collaboration."The reliability of the Cruise Sub series has earned the trust of cruise operators worldwide. U-Boat Worx's comprehensive training program has been instrumental, with nearly 300 chief pilots trained to operate these submersibles, ensuring skilled handling in various conditions.Bryn Spencer, Chief Submersible Pilot, shared his experience, "Diving with the Cruise Sub and discovering new marine life in Chile's fjords was remarkable. Witnessing a bright orange anemone and a symphony of bioluminescence on our return was unforgettable."U-Boat Worx remains focused on advancing underwater exploration technology, with an unwavering commitment to innovation, safety, and reliability. This dedication drives the ongoing success and confidence placed in their submarines by the cruise industry.The Cruise Sub series continues to set the standard for underwater exploration. As U-Boat Worx celebrates five years of achievements and 5,000 dives, the company is poised to lead the industry with cutting-edge technology and a commitment to making underwater exploration accessible and safe.Founded in the 1980s by Bert Houtman, U-Boat Worx leads the global submersible market, continuing The Netherlands' maritime tradition with innovative, safe, and high-quality designs for both private and commercial use.Credits: U-Boat Worx
July 25, 2024
Royal Huisman, celebrating its 140th anniversary, has reached a significant milestone with the hull turning of Project 410, the world's largest sloop. This 85-meter marvel, also known as the "85m New World Sloop," represents the pinnacle of modern yacht design and engineering.Project 410, cloaked in secrecy, is a collaborative effort involving the yacht owner, Frers Design for the overall concept and naval architecture, and Wetzels Brown for the interior design. The engineering is handled by Royal Huisman's in-house team alongside expert co-makers. The project was initially unveiled at the St. Barths Bucket Regatta in 2022, but details have been sparse since then.The aluminum hull, constructed at Royal Huisman's expanded Hall 2 in Vollenhove, showcases the shipyard's commitment to pushing boundaries in superyacht construction. This latest milestone sees the main 61-meter section of the hull turned upright, a critical step in the vessel's development.The hull turning is a testament to Royal Huisman's engineering prowess and marks a pivotal point in the creation of the world's largest single-mast yacht. CEO Jan Timmerman highlighted the significance of this event, noting, "Four of the world's ten largest sailing yachts are either built by or under construction at Royal Huisman. This includes Athena, Sea Eagle, Project 410, and another large sailing yacht currently underway. These projects exemplify the advantages of large sailing yachts, such as the thrill of hoisting sails and cutting through waves, combined with advanced technologies for comfort and efficiency."Timmerman also emphasized the green credentials of these yachts, noting their ability to utilize wind propulsion and operate in an energy-neutral mode, a feature that allows for silent anchoring and efficient power generation. This approach continues Royal Huisman's legacy of innovation, initiated nearly two decades ago with the world’s first hybrid superyacht.The hull turning of Project 410 involved a meticulously planned maneuver using four cranes to lift and rotate the 200-foot aluminum structure over a canal adjacent to the shipyard. Once turned, the hull was placed on a cradle and moved back into the construction hall for further outfitting.With this phase complete, the focus now shifts to the installation of onboard systems and the completion of the bow section, which is being constructed separately. Concurrently, Rondal, a sister company, is progressing on the carbon boom, mast, and integrated sailing system.The completion of the hull turning marks a significant step forward in the journey of Project 410. As the yacht continues to take shape, it embodies the shipyard’s ethos of combining tradition with cutting-edge technology and sustainability. The Royal Huisman team, along with their partners, will continue to work towards delivering a yacht that is not only the largest of its kind but also a symbol of personal freedom and innovation.Royal Huisman is a Dutch shipyard established in 1884 in Ronduite, building and refitting custom luxury sailing and motor yachts at its shipyard in Vollenhove, the Netherlands.Credits: Royal Huisman
July 25, 2024