Yachts are hardly a mass market product and yet the superyacht market has carved out a niche in being even more exclusive, but how much does a yacht cost to build, buy or rent? Let's take a look at the current state of the market.
Since the 1980s the amount of superyachts, ie yachts over 24 meters, has grown 600% with the worldwide fleet now counting over 10,000 vessels compared to around 1,500 in 1979. Deliveries of large sailing yachts have however remained constant throughout the decades with around 45 S/Y built per year since the 70s.
This exponential growth was brought mainly by the construction of motor yachts. Indeed, the ratio of M/Y to S/Y built has exploded from 2 in the 1980s to a whooping 7 motor yachts delivered for each sailing yacht under construction today. As a result sailing yachts have often retained value better than their counterparts.
The expansion of the worldwide fleet of superyachts has also had another significant effect, the accelerated depreciation of yachts on the brokerage market. A 43-meter Benetti Vision 145 could for example be built at a cost of €21,9 million in 2014 whereas a 10-year old model in mint condition such as M/Y Dia's could be bought for just €8 million on the brokerage market.
This large difference in price is however not unique to this case and can be found across almost all yacht manufacturers. Heesen, a well-known Dutch shipyard, is currently selling its 47-meter Project Ruya for €29,9 million. Its 2012 sistership, Lady Petra is however up for sale at the same time asking €22,500,000, down from her initial asking price of €31 million when it was first listed for sale in 2014.
On top of the initial purchase price must however also be added the yearly maintenance fees amounting to roughly 10% of the initial price of a new build. For a 55-meter yacht for example, this would represent close to $3 million per year.
Crew salaries today represent the largest of those expenses with the starting salary of a deckhand onboard a 50-meter yacht orbiting around $40,000 per year and going over $200,000/year for captains on larger yachts. The balance sheet is further burdened with fuel costs, repairs and operating costs such as uniforms and food for the crew.
To offset the operating costs, some owners turn to renting out their yachts to guests, which has created a market with near 1,400 yachts for charter throughout the world. Before the subprime crisis, these could represent a genuine business opportunity with some UHNWIs even building superyachts with solely charter in mind.
Few yachts are however able to fully recoup their maintenance costs in today's market. The 72-meter Axioma for example, one of the most popular charter yachts on the market, generated over €7 million in revenue from charters in its first year alone. Yet, its current asking price of €68 million suggest these have barely outperformed operational costs.
Many have therefore claimed that chartering a yacht has become the only financially justifiable option. It can indeed be argued that a like-new, 50-meter yacht could be chartered for near €250,000 per week during the summer season. To those would be added around 25% in fees of advanced provisioning, which would cover food, fuel, berthing fees and other expenses whilst charter guests are on board.
Annual operating costs of such a yacht would be near €2 million per year, which equates to nearly 6 and a half weeks of charter. It would therefore seem one would need to spend at least two months onboard to justify the operating costs, let alone the full purchase price. Yet, every year, dozens of new build projects are started despite this financial reasoning.
Prior to the 2008 crisis, an industry of yacht flippers had emerged with clients buying a slot for a superyacht at a prestigious shipyard and then reselling the yacht slightly before its launch. US businessman, Warren E. Halle had ordered 3 yachts from Lurssen in 2003, which he paid for €48 million a piece plus the cost of interior finishing. As following legal proceedings revealed, he later sold the first yacht (Project Marlin) for €65 million in 2006, the second one for €71,5 million in 2008 and kept the third one (Martha Ann) for himself, which is now on the market asking $79 million.
This market has since evaporated with many shipyards that had committed to build on speculation, in order to retain ownership of their slots throughout the construction, facing difficult financial times. Italian shipyard Baglietto posted losses of €105 million in 2009 and was ultimately only saved by the Gavio Group, which brought it back to financial stability. Yet, despite this turmoil, at least 700 superyachts are currently under construction.
Photo via Dutch Yachting
The megayacht market is at the moment particularly strong with at least 6 projects over 100 meters currently in build at Lurssen alone and several other shipyards working on their largest yachts to date such as Benetti and Feadship. Historically this high demand for megayachts in the past decade has allowed their sales prices to remain higher than construction prices due to the gains in time a brokerage purchase offered.
In 2011 for example, the late Russian oligarch, Boris Berezovsky managed to sell his Project Darius, under construction at Lurssen at the time, for €240 million to the Al Futtaim. He had however paid just €148,5 million, plus interior finishing costs, for the project as became known in a legal process that followed.
A growing concern for superyacht builders has however become the increasing gap between the increasing number of individuals with a net worth of over €250 million and the stagnant number of new build projects. Some have speculated that a possible explanation for this shift is a disinterest with the new generation of younger UHNWIs to own yachts and an increasing preference to charter by picking from an ever-growing fleet.
Dutch shipyard, Feadship has however delivered the 70-meter Joy, first yacht to boast an exterior design by Bannenberg & Rowell in modern history, to their youngest client yet. As a testament to her owner's young age, the superyacht features a basketball court on the bow and a gym surrounded by glass walls on the bridge deck.
Despite all the financial reasoning that might nudge UHNWIs to charter rather than own, over 350 superyachts were sold in 2016 showing that the reasons behind owning a yacht might actually be dominated by the pleasure and freedom that owners get from their own superyacht.
Spanish studio Daroca Design has introduced Real, an 80-metre yacht concept developed as part of Oceanco’s Simply Custom collection. This approach allows clients to begin with a proven platform by Lateral Naval Architects, then customise both the exterior and interior.According to designer Alejandro Crespo, Real is a “true reflection of a desire for sleek minimalism and perfect proportions,” with an exterior intended to “integrate into the natural landscape.” The design features flowing lines, curved superstructure details, and glass bulwarks. A beach club includes two pools and direct water access via a swim platform. The concept also shows generous lounging areas, a helipad at the bow, and white furnishings for a contemporary look.Crespo describes Real as “a symbol of sincerity and distinction,” designed for both calm coastlines and open waters, with the goal of reconnecting with nature, family, friends, and “the beauty of life.”The Simply Custom designs incorporate advanced technical elements such as optimised stabilisation, pod drives, electric propulsion, and onboard battery storage. Oceanco states that the platform supports renewable diesel fuels like HVO, which can reduce carbon emissions by 80 to 90 per cent compared to standard marine diesel.Real’s unveiling follows the introduction of other Simply Custom concepts, including North West Boatworks’ Aurora earlier in the month.Credit: Daroca Design
December 20, 2024
Aiata, a brand entering the boating market under the Turkish conglomerate Anadolu Group, will make its global debut at Boot Düsseldorf 2025. The show, held from January 18 to January 26, 2025, attracts over 250,000 visitors and more than 1,900 exhibitors worldwide. Aiata will present the Wayfinder 38 in three variations: Cabin, Open, and a specialized Fishing configuration derived from the other two models.The Wayfinder 38 is a 25-foot outboard walkaround designed by Finnish designer Jarkko Jämsén. Aiata states that this model “stands for flexibility, comfort and craftsmanship.” The Cabin version includes a wheelhouse layout with an L-shaped salon, integrated galley, Webasto sunroof, and air conditioning system. It offers teak furniture, a queen-size bed, an enclosed bathroom, and 2-meter ceilings. Its wheelhouse incorporates a lift-up mechanism connecting the interior and cockpit. The bow area features a U-shaped sofa with a hi-low table.The Open model is designed for a more outdoor experience, featuring a suntop and a continuous salon layout intended to create a seamless connection between interior and exterior spaces. Oak furniture complements the open deck.A Fishing configuration is also available, applicable to both Cabin and Open models. It includes a spacious foredeck sunbed and is described as ergonomic and intuitive, making it suitable for day cruises, watersports, or fishing activities. The Wayfinder 38 offers outboard engine options ranging from 300 to 425 horsepower.Yutkun TokYutkun Tok, General Manager of Aiata, said: “We are honored to participate in Boot Düsseldorf, a prestigious platform that celebrates the pinnacle of the boating world. The Wayfinder 38 embodies Aiata’s mission to deliver versatile, high-performance boats backed by the Anadolu Group’s legacy of innovation and excellence. For Aiata, this is a defining moment – not only because we are showcasing the Wayfinder 38, but because it reflects the expertise and unwavering commitment to quality that define the Anadolu Group. Aiata benefits from the financial strength and engineering excellence of Anadolu Group, ensuring every vessel we produce is a symbol of reliability, innovation, and craftsmanship. We look forward to sharing our passion for boating with enthusiasts from around the globe.”Credits: Aiata
December 20, 2024
Antonini Navi, established in 2020 by the Antonini Group in collaboration with engineer Aldo Manna, has announced the successful joining of the hull and superstructure for its Seamore 34 superyacht. According to the shipyard, “The steel hull was connected to the aluminum superstructure using bimetal,” and with this phase completed, the focus will now shift to the vessel’s internal compartmentalization.Seamore 34, featuring design and development by Hot Lab, is the first model in a “semi-custom” series scheduled for launch in the second half of 2025. The yacht’s profile is described as having “a high, dominant bow” that gives it a “sleek and sporty feel,” combined with superstructure volumes that result in “an elegant, maritime look.” The concept prioritizes versatility and flexibility, as well as open spaces that “create unique settings for sharing and conviviality among guests.”The shipyard states: “One of the most interesting features of Seamore 34 is the more than 150-square-meter open-air living space on the main deck, much of which can be closed off if needed by sliding pocket windows fitted flush with the deck.”At the current stage of construction, potential buyers, captains, and brokers can arrange onboard visits. These inspections, guided by engineers from the shipyard’s technical office, provide industry professionals the opportunity to examine the yacht’s construction quality and design firsthand.The Pertusola shipyard in the Gulf of La Spezia was bought by Walter Antonini in 1977. Since then, Antonini Navi has been a family-held leader in superyacht custom build and refitting.Credits: Antonini Navi
December 20, 2024
Turkish shipyard Sarp Yachts has released the first interior renderings of the XSR 85 RPH, a 25.9-metre raised-pilothouse model set to debut in late 2025. Developed in collaboration with Red Yacht Design and Van Oossanen Naval Architects, the yacht is described as having “more expansive interior and exterior spaces” compared to previous models in the XSR series.According to the shipyard, the interior design takes cues from “the captivating beauty of ocean life,” using light tones and airy spaces to promote a connection to the seascape. The yacht accommodates five cabins, including a main deck master cabin with a private bow terrace. Al fresco dining options are available on the sundeck, and lounge areas are located on the main deck aft and swim platform.Design director of Red Yacht Design, Cana Gokhan, stated: “The XSR 85 RPH represents our commitment to pushing boundaries in yacht design. By integrating an ocean-inspired theme with modern luxury and optimising both interior and exterior spaces, we’ve created a yacht that sets a new benchmark in its category."Elkin Yildirim, general manager of Sarp Yachts, added: “The XSR 85 RPH represents a leap forward in yacht design and functionality. In this project, we push boundaries and craft a vessel that merges elegance, comfort and practicality. We are thrilled to share these remarkable interiors, which perfectly reflect our dedication to innovation and excellence."Credit: Sarp Yachts
December 19, 2024
The 2025 RORC Transatlantic Race’s multihull lineup presents a departure from recent years, as a range of different vessels seek Line Honours in the MOCRA Class. Previous editions were dominated by MOD70s, but this year’s field promises greater diversity.Among the competitors is Oren Nataf’s Pulsar 50 Rayon Vert (FRA). In 2021, Rayon Vert secured overall line honours in the RORC Transatlantic Race, finishing in 9 days 2 hours 33 minutes and 19 seconds, and later took second place in MOCRA for the 2021 Rolex Fastnet Race. For the 2025 edition, Rayon Vert will race double-handed with François Seruzier.Miami-based Jacopo Bracco enters with the custom 53-foot trimaran Finn (USA), designed by Renaud Banuls. Bracco has raced multihulls since childhood, and Finn’s crew includes individuals with MOD70 experience, such as project manager Sam Mabey, 5.80 Transat winner Etienne Messikommer, and record-setter Jeff Mearing. Bracco stated: “In the right conditions, Finn can easily hit 20 knots and surf at 30!” He also noted one concession: “I have found a real Italian restaurant in Lanzarote which will be preparing some great meals. I am originally Italian, so there is no way we are going to race without good food!”Clarin Mustad’s Alibi 54 trimaran Dakota returns after failing to start in 2024 due to rudder issues. Now prepared in Lanzarote, Dakota could finish in about 12 days under ideal conditions. Mustad, new to ocean racing, said: “I prefer to compete rather than cruise because it makes the journey so much more exciting.” Dakota, bearing a Grenadian sail number, will be crewed by experienced sailors including co-skipper Carles Boned Roig and Christina Menabó, plus other friends.Thierry Roger’s Newick 39 trimaran Perros-Guirec, a sistership to the 1978 Route du Rhum winner Olympus Photos, will also compete. Roger will race double-handed with longtime colleague Renan Le Penven and aims to maintain an average speed of 10 knots. Roger, who has waited years to attempt a transatlantic crossing, said: “This will be my first transatlantic, but I have looked out over that ocean all my life… Now, at 64, I work less, so I have raced the boat in many regattas, but my ultimate goal is the 2026 Route du Rhum.”These entries join others in the Multihull Class at the RORC Transatlantic Race, supported by Calero Marinas, the International Maxi Association, and the Yacht Club de France. The race is scheduled to start on January 12, 2025, from Marina Lanzarote, covering 3,000 miles to Camper & Nicholsons Port Louis Marina in Grenada.Credit: RORС
December 19, 2024