Denison Europe: a Year of Notable Sales and Charter Expansion

Italian yacht manufacturer Sanlorenzo has announced impressive financial results for the first three quarters of 2024, highlighting a growing order backlog that has reached €1.72 billion, a record high for the company.In the first nine months of the year, Sanlorenzo reported net revenues from new yacht sales totalling €669 million, marking a 6.9% increase from €626 million in the same timeframe last year. This growth is primarily driven by the superyacht sector, which experienced a substantial 15.4% rise in revenue, while the yacht and Bluegame segments showed steady performance with more modest gains.The company's net profit climbed to €72.9 million, reflecting a 9% increase from €66.9 million in 2023, resulting in a profit margin of 10.9%. Sanlorenzo also made strategic organic net investments of €27.8 million aimed at enhancing production capabilities and developing new models. When accounting for acquisitions, total net investments amounted to €162.1 million.The group’s gross order book expanded by €355 million in the third quarter alone, benefiting from 90% of orders being sold directly to end clients. With substantial bookings already in place, over 94% of the company's revenue guidance for new yacht sales is covered for the current year, while €844 million is secured for subsequent years. The net backlog is strong at €1.05 billion, providing a coverage ratio that surpasses 1.1 times the guidance for new yacht revenues in 2024.Regionally, Sanlorenzo has seen remarkable growth in the Americas, where revenues surged 39%, complemented by an 80% increase in the MEA region. The APAC area also reported a 17% rise, while European revenues experienced a 9% decline, largely due to high comparative figures from the previous year.EBITDA for the period rose to €123.6 million, representing an 8.6% increase from last year’s €113.8 million, translating to an 18.5% margin on new yacht revenues. EBIT was reported at €97.5 million, up 6.8% from the prior year, with a margin of 14.6%.As of September 30, 2024, Sanlorenzo's net cash position stood at €27.2 million, influenced by dividend distributions and one-time cash flows linked to recent acquisitions.In August 2024, the company completed the acquisition of Nautor Swan Group, broadening its portfolio to encompass 13 entities across seven countries. This strategic move aims to foster synergies in technology, production, and marketing, enhancing the company’s presence in both the motor and sailing yacht markets.Sanlorenzo's chairman and CEO, Massimo Perotti, remarked, "The results from the first nine months reaffirm the strength of our group, which continues to thrive in challenging conditions due to our well-balanced and meticulously crafted strategy."He further noted that with a net backlog exceeding €1 billion, of which 90% is sold to end clients, the company is insulated from the fluctuations typical in the distribution networks of competitors dealing with lower-tier products. Perotti underscored the importance of substantial investments in direct distribution channels, reinforcing Sanlorenzo's global footprint while creating operational efficiencies.He described the company’s approach as rooted in "desirability, scarcity, and genuine sustainable luxury," with a focus on "innovation that honors tradition and aspires to unparalleled quality."Sanlorenzo has confirmed its forecast for 2024, anticipating strong results across all financial metrics – revenues, EBITDA, EBIT, net profit, and investments – anchored by a solid order backlog that meets more than 90% of the year's revenue projections.The company has updated its estimates for its net financial position at year-end, now projected to be between €110 million and €120 million.Sanlorenzo was founded in 1958 in Viareggio by yacht builder Gionvanni Jannetti. In 2005, Massimo Perrotti became the majority shareholder in the shipyard. Sanlorenzo builds yachts ranging from 28.60 to 73 meters in length. Credits: Sanlorenzo

Pershing has introduced the GTX70, a remarkable addition to its Sport Utility Yacht range, showcasing a blend of innovation and comfort consistent with the previous models. This cutting-edge yacht boasts an impressive design aimed at maximizing external spaces, allowing for a stronger connection with the surrounding water. The seamless flow between interior and exterior areas enhances livability, particularly on the main deck, creating an expansive, open space experience. Every detail aboard the Pershing GTX70 emphasizes comfort, especially in how the various volumes harmonize to facilitate exceptional relaxation. This model is the impressive result of a collaborative design effort involving the Ferretti Group Product Strategy Committee led by Piero Ferrari, Vallicelli Design, and the Group’s Engineering Department. The hull was expertly crafted at the Ferretti Group Plug and Mould facility, where advanced technology is seamlessly integrated with Pershing’s renowned craftsmanship. A pivotal feature of the GTX70 is its space optimization, offering 30% more exterior areas and 10% greater interior spaces than similar models, emphasizing the brand's commitment to creating environments where guests can socialize and enjoy the sea to the fullest. The exterior design of the Pershing GTX70 is inspired by the acclaimed Pershing Gran Turismo family, highlighting its sporty lineage through an incredibly vertical bow that enhances the boat's sleek silhouette. The seamless, convex sheer line flowing from bow to stern, alongside the bulwarks, creates inviting outdoor terraces, embodying a sophisticated use of space. Inside, the dynamic interior design reflects the brand’s cruising ethos, with the main deck featuring a split stern area that enhances the beach-like atmosphere. With terraces opened, this area expansively measures 23 square meters, seamlessly merging the outdoor dining space with the interior lounge through an ingenious galley design enhanced by a versatile up-down pocket window. Below deck, the GTX70 offers three comfortable cabins, each with private en-suite bathrooms, emphasizing space efficiency thanks to innovative design strategies. Additionally, a convenient laundry room enhances functionality and accessibility. Atop the yacht, a 16-square-meter sportbridge caters to relaxation with sunpad areas, dining space, and helm station, all protected by an electrically operated bimini top. Performance-wise, the GTX70 is equipped with three 900 MHP VOLVO PENTA D13 IPS1200 engines, achieving a top speed of 35 knots and a cruising speed of 30 knots. The yacht will also hold CE Class A certification, ensuring it meets the highest safety standards for vessels under 24 meters in length.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

Alia Yachts has made waves in the luxury boat market with the launch of its stunning 45-meter superyacht San, a remarkable showcase of bespoke engineering and design by Sinot Yacht Architecture & Design and naval architecture by Lateral Naval Architects. This innovative vessel maintains a sleek profile while ensuring that its interior spaces enhance onboard comfort and living areas, exemplified by its unique layout. The San features full-height glazing on the main deck that provides panoramic views, complemented by versatile open-air spaces for relaxation or entertainment. A notable aspect of the yacht is its expansive main deck aft, equipped with shaded sofa seating and a dynamic beach club area that relies on folding bulwarks and sunpad arrangements. The main dining table is designed for functionality, transforming between a coffee table and a full dining experience, while the foredeck offers an additional space for lounging. The streamlined exterior design creates a low profile when afloat, while the raised pilothouse configuration maximizes space efficiency, resembling an airplane cockpit, creating a luxurious feel aboard. Each square centimeter of San has been meticulously optimized, reflecting a balance between ergonomics and comfort, according to Paul Costerus, Senior Yacht Designer and Project Manager at Sinot. The main deck saloon, surrounded by floor-to-ceiling glazing, ensures captivating sea views even when seated, while the main saloon blends a cozy design with generous ceiling heights. Alia’s President, Gökhan Çelik, emphasizes the complexity of engineering behind San's open design, highlighting minimal barriers and intricacies involved in the build. The interior palette, featuring premium materials like teak, stained oak, and leather, is both understated and sophisticated, further enhanced with expert craftsmanship by Alia's in-house Atelier. Communication with the owner played a key role in the yacht's design, as articulated by Davide Siggia, Senior Interior Designer, showcasing a deep understanding of the client's vision. Access to guest accommodations on the lower deck is through a stylish spiral staircase, leading to well-appointed suites that reflect personalization and luxury. The master stateroom features inventive design elements like retractable mirrors and ample natural light from large windows. The guest quarters are equally equipped, including personalized design featuring high-end finishes. The crew accommodations are effectively designed to ensure comfort and functionality, complete with professional-grade galley facilities. With impressive power from four Volvo Penta engines, San promises exhilarating performance, achieving a top speed of 23 knots and a cruising speed of 18 knots. This latest launch reinforces Alia Yachts' reputation as a premier custom yacht builder, delivering extraordinary projects characterized by innovative engineering and stunning design.Alia Yachts was founded in 2008 by Gokhan Çelik and Omer Koray. Located in the port of Antalya on the beautiful Turkish Riviera, Alia Yachts shipyard currently occupies approximately 8,000 m2, including three construction halls with their suites of specialist workshops and a dedicated interiors facility. With an additional 16,000 sq. m under development for 2019, Alia Yachts will rank among the top facilities in the region.Credits: redcharlie media/Alia Yachts

Design studios Rob Doyle Design and byJC have introduced an ambitious new concept: the Oi60, a 63.5-meter explorer trimaran engineered for swift voyages to the most remote destinations on Earth.Sporting a sleek and aggressive exterior, the Oi60 is equipped with wave-piercing hulls designed to minimize pitching, ensuring a smoother sailing experience. The trimaran's unique cross beam design creates an innovative "perforated box" structure, enhancing both stability and aesthetics.Accommodating up to 12 guests, the yacht features expansive glass walls that flood the interior with natural light. The main living areas are concentrated in the midship zone, designed for versatility with openings that seamlessly integrate indoor and outdoor spaces. The main deck is equipped with adjustable partitions, allowing for flexible use and protection based on weather conditions.Renderings of the Oi60 showcase an array of luxurious amenities, including an expansive aft swimming platform with a large pool, solar panels adorning the roof, a beach club, and ample outdoor lounging and dining areas, perfect for enjoying the stunning surroundings.Technically, the Oi60 boasts an innovative sail plan featuring a free-standing mast and streamlined sailing systems that can be easily managed by a single operator from the bridge or helm stations. With masts compliant with Panamax specifications, the trimaran is designed for effortless transit between the Atlantic and Pacific Oceans, making it ideal for global exploration.Key specifications highlight the yacht's impressive stature: a 61-meter mast height, a beam of 28 meters, and an internal volume exceeding 1,200GT. The Oi60 aims to be both self-sufficient and eco-friendly, harnessing renewable energy from wind and solar sources to power its journeys.Credits: byJC

Greenline Yachts is revolutionizing the yachting experience by eliminating traditional generators across its range of vessels, which spans from 39 to 58 feet. The company’s innovative approach incorporates solar panels and lithium batteries as standard features on all models, and advanced systems are designed to replace generators on diesel models. This shift has the potential to reduce emissions by up to 88 percent.The new Responsible Power Pack technology combines a larger battery capacity with high-powered alternators, allowing for significant reductions in carbon emissions without sacrificing comfort or enjoyment onboard. All Greenline models will now provide at least 48 hours of silent battery power while at anchor or docked, enabling owners to enjoy amenities like air conditioning without the noise, vibrations, or emissions typically associated with generators.By replacing generators with high-capacity alternators, which draw power from the engine during operation, Greenline yachts can arrive at their destinations with fully charged lithium battery banks, ready for extended periods of quiet use at anchor. Efficient energy management allows these yachts to harness solar power for essentials like cooking and lighting, extending their operational autonomy for days.This progressive move caters particularly to owners of conventionally diesel-powered Greenline yachts who are interested in adopting a more environmentally responsible approach to yachting. Starting now, these owners can enjoy their yachts without the need for a dedicated generator.Vladimir Zinchenko, owner of Greenline Yachts, emphasized the significance of this change, stating, “For conventional yachts, eliminating the generator is nothing short of revolutionary. There’s hardly a yacht of similar length and luxury capable of achieving this. My mission has always been to promote responsible yachting, and this transition to using high-powered alternators and batteries will dramatically reduce CO2 emissions.”For instance, the Greenline 45, the company’s best-selling model, previously required an 11kW generator to handle hotel loads, consuming 4 litres of fuel per hour and often running continuously for air conditioning. With the new Responsible Power Pack, it only needs nine hours of motoring to completely recharge its 34.2kWh battery system, enabling over 48 hours of emissions-free power.Chief Commercial Officer Luca Raumland noted the striking impact of this system, stating, “The figures are unequivocal. Our Responsible Power Pack can significantly reduce the carbon emissions associated with operating a yacht at anchor. By utilizing the engine’s spare power while underway, we can make non-hybrid models nearly as efficient as their hybrid counterparts. Moreover, with prudent management of air conditioning usage, the solar panels installed on every yacht can fully recharge the batteries during the day, allowing for indefinite emissions-free cruising at anchor.”Greenline Yachts are crafted in Slovenia within the European Union. The shipyard adheres to the highest European quality standards and reduces environmental footprint, prioritizes the use of local materials and expertise. The craftsmanship is rooted in more than 50 years of experience in composite boatbuilding. Credits: Greenline Yachts