Kirill Pisarev, co-founder of PIK Group (a real-estate development company in Russia) has just won a law suit against Moran Yacht & Ship over a claim on commission. The brokerage agency argued they had introduced the buyer which is what ultimately led to the yacht's sale. Mr Pisarev is said to have become unhappy with M/Y 4You as the yacht was too small for him, his wife and four children. The 47-metre 4You was built in 2009 by Heesen Yachts and could accommodate 10 guests in 5 cabins. Mr Pisarev therefore decided to sell the yacht and to commission a 55m yacht from Amels. The sale eventually occurred in 2012 and 4You now belonged to Alexander Miliavsky, for 19.8 million euros. The 55m Amels, 4You was also delivered to Mr Pisarev in 2012 and was much more spacious and easier for himself and his family to enjoy, the judges were told.
Following the sale, Mr Pisarev ended up in court after the brokerage agency who managed and crewed the yacht, Moran Yacht and Ship, argued they were owed a £615,000 commission on the deal, 4% of the sale price. Their claim was dismissed by the High Court in 2014, and on February 11th 2016 Lord Justice Christopher Clarke dismissed the motion once again, reaffirming Mr Pisarev's victory in this legal dispute.
According to the Daily Mail, Sir Terence Etherton, Lord Justice Lewison and Lord Justice Christopher Clarke, were told by Moran's queen's counsel, Stephen Auld, that the firm is claiming an estate-agent style commission for having showed the yacht to Miliavsky early in 2010, two years before he bought it.
Whilst Pisarev conceded Miliavsky, a friend of his, had been on the yacht in May 2010 with a Moran employee, he said it was not on his instructions and had not led to the sale. Miliavsky agreed with Pisarev that, at the time, he had no intention of buying the yacht and had only gone aboard briefly because of the "persistence" of the Moran employee.
Lord Justice Clarke said Miliavsky already owned a yacht at the time, "with which he was quite content", and it was "not surprising" that he was then uninterested in buying Pisarev's.
He added: "In those circumstances it is not necessary for us to consider whether the judge was right to hold, as he did, that Moran were not involved in the sale."
The judge dismissed the appeal and ordered Moran to pay Pisarev's £65,000 legal costs bill.
As for the 47-metre Heesen yacht, she has been sold again through Jonathan Barbe (Edmiston) and David Legrand (Fraser Yachts) to an unknown buyer in June 2015 after having received an interior refit in 2014. The asking price was set at 19,500,000 euros.
Following the sale, Mr Pisarev ended up in court after the brokerage agency who managed and crewed the yacht, Moran Yacht and Ship, argued they were owed a £615,000 commission on the deal, 4% of the sale price. Their claim was dismissed by the High Court in 2014, and on February 11th 2016 Lord Justice Christopher Clarke dismissed the motion once again, reaffirming Mr Pisarev's victory in this legal dispute.
According to the Daily Mail, Sir Terence Etherton, Lord Justice Lewison and Lord Justice Christopher Clarke, were told by Moran's queen's counsel, Stephen Auld, that the firm is claiming an estate-agent style commission for having showed the yacht to Miliavsky early in 2010, two years before he bought it.
Whilst Pisarev conceded Miliavsky, a friend of his, had been on the yacht in May 2010 with a Moran employee, he said it was not on his instructions and had not led to the sale. Miliavsky agreed with Pisarev that, at the time, he had no intention of buying the yacht and had only gone aboard briefly because of the "persistence" of the Moran employee.
Lord Justice Clarke said Miliavsky already owned a yacht at the time, "with which he was quite content", and it was "not surprising" that he was then uninterested in buying Pisarev's.
He added: "In those circumstances it is not necessary for us to consider whether the judge was right to hold, as he did, that Moran were not involved in the sale."
The judge dismissed the appeal and ordered Moran to pay Pisarev's £65,000 legal costs bill.
As for the 47-metre Heesen yacht, she has been sold again through Jonathan Barbe (Edmiston) and David Legrand (Fraser Yachts) to an unknown buyer in June 2015 after having received an interior refit in 2014. The asking price was set at 19,500,000 euros.
Saxdor Yachts enhances its global footprint by entering the Mexican market through a strategic partnership with Performance Boats, the country’s leading family-owned marine company. As Saxdor's inaugural official dealer in Mexico, Performance Boats will introduce the brand’s cutting-edge, high-performance models to customers nationwide, solidifying Saxdor’s presence in the Americas and positioning Mexico as a vital hub for future growth in the region.With over 33 years in the industry, Performance Boats stands as Mexico's largest family-owned marine business. Built on a foundation of exceptional customer service, the company boasts an impressive portfolio, representing renowned brands like Ferretti, Boston Whaler, Fairline, and Pershing. To date, they have successfully sold over 4,000 units and operate from eight strategic locations across the nation, including full-service marinas, dry storage facilities, and fueling stations. Performance Boats offers a comprehensive range of services, ensuring maintenance, storage, and yacht management for their clients.This partnership signifies a crucial milestone for Saxdor, which is actively expanding its geographic reach—an impressive feat achieved in just five years. By entering the Mexican market with Performance Boats, Saxdor aims to address the diverse demands of the country’s boating regions, from the stunning waters of Cancún to the Pacific coastline and inland lakes. The brand’s versatile models will deliver the perfect mix of performance, design, and innovation, enhancing the experience for Mexican boating enthusiasts.Performance Boats’ dedication to quality service is key to this collaboration, ensuring Saxdor owners in Mexico receive superior, localized support. With a bilingual team fluent in Spanish and English, Performance Boats offers a comprehensive suite of services, including after-sales support and technical assistance, guaranteeing that each Saxdor boat operates at peak performance for yacht owners and their crews. To further enhance after-sales support across the Americas, Saxdor will also establish a spare parts storage facility in Florida, minimizing response times and ensuring swift access to essential components for U.S. and Mexican clients.“We are extremely proud and excited to begin this partnership with Performance Boats, the most esteemed dealer in Mexico,” said Erna Rusi, CEO of Saxdor Yachts. “Their long-standing reputation for excellence and extensive reach align seamlessly with Saxdor’s commitment to quality and performance. This collaboration opens new opportunities for Saxdor in one of the most vibrant yachting markets.”Jon Hautamäki, Saxdor Yachts’ Sales Director, added, “We are truly impressed with the strong presence that Performance Boats has established in the Mexican market, supported by exceptional facilities and an experienced team. We look forward to a successful collaboration that will broaden the brand’s reach in the region and provide top-notch service to our customers.”The alliance with Performance Boats represents a significant advancement in Saxdor’s strategic plan to establish robust footholds across the Americas. Together, Saxdor and Performance Boats will deliver innovative, high-quality boats to the Mexican market, granting local enthusiasts access to Saxdor's state-of-the-art fleet and a tailored customer experience backed by decades of industry expertise.Since its inception in 2019, Saxdor Yachts has experienced exponential growth, producing over 1000 boats and capturing the industry’s attention with their innovative approach. Now, with the introduction of the Saxdor 400 GTO, Saxdor Yachts aims to make waves in the 40-45 ft sport boat market, leveling up from the game-changing entry-level 200 and mid-range 320 models.Credits: Saxdor Yachts
November 14, 2024
Ferretti Group continues its upward trajectory, reporting a remarkable marginality of 16.0%, an adjusted EBITDA of €138.2 million, and an order intake that has surpassed €1 billion, resulting in an unprecedented order backlog of €1.6 billion as of today.Order intake for the first nine months of 2024 reached €736.9 million, totaling over €1 billion due to a robust influx of orders after the quarter-end, fueled by favorable responses from recent boat shows. The current order backlog stands at a record €1.6 billion, reflecting the volume of orders secured since the conclusion of Q3. Net revenue from new yacht sales amounted to €865.3 million, which marks a 3.8% increase compared to the same period in 2023. Adjusted EBITDA of €138.2 million represents a 10.7% increase, with a margin of 16.0%, up by 100 basis points from the first nine months of 2023. The net profit was €62.2 million, closely aligned with the €61.9 million reported in the first nine months of 2023. As of September 30, 2024, the net financial position reflects €149.6 million in net cash. The mid-term guidance remains intact; however, the 2024 forecasts have been cautiously revised, pending the confirmation of order pickups from the American market following the elections in the composite segment.The Board of Directors of Ferretti S.p.A. convened to review and approve the consolidated financial results as of September 30, 2024, and to organize the upcoming ordinary shareholders’ meeting.Alberto Galassi, the Group’s CEO, commented: “With the closure of this quarter, we have achieved a new record in profitability, reaching 16%, confirming the strength and effectiveness of our strategy. In the third quarter of 2024, we observed a significant increase in order intake from the Super Yacht segment, confirming the success of our positioning in this market through the enhancement of our brands. We are also seeing excellent signs from the Composite Yachts segment, which we expect will provide a new boost to order intake. Additionally, the strong results from our participation in the major Mediterranean boat shows and the opening of the American season further contribute to our outlook, being activities that could bring concrete benefits in the short term. The Order Backlog as of September 30 stands at €1.3 billion, and by adding the orders received after the close of the quarter, the value is in line with that recorded in the first nine months of 2023. On the production side, we are continuing at a rapid pace with the construction of the Ravenna shipyard, which will soon allow us to expand and further improve our offering, optimizing the product mix and consolidating our position in segments with high growth and profitability potential.”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
November 14, 2024
ISA Yachts has announced the sale of the ISA Sport 120 M/Y ISA Love to an American client, who was introduced by Giampaolo Lo Conte of Blue Water. Earlier this year, the vessel underwent a comprehensive refit, including interior updates, by the After Sales & Maintenance department at the Palumbo Superyachts shipyard in Ancona.ISA Love, the eleventh model in the renowned range, measures 37 meters and is equipped with three MTU 16V M96 engines, generating 1,790 kW each (2,433 horsepower). This powerful setup, combined with two lateral Rolls-Royce Kamewa 71S3 waterjets and a central Kamewa 56B3 booster, allows the yacht to reach impressive speeds of up to 34 knots.Constructed from composite materials with carbon reinforcements, ISA Love boasts a stylish and sporty silhouette. One of the standout features on board is the elegant and spacious sun deck, which includes two sofas at the bow, a fully equipped bar with a fridge, sinks, and a dumbwaiter lift connecting to the main kitchen, as well as a hot tub to the right. The roll-bar’s unique design, supported by lateral ribs, creates a wide portal and features a large rigid roof that provides shade to the comfortable outdoor dining area, furnished with two semi-circular sofas and extendable tables that can combine into a single large dining table.On the main deck, the cockpit has a generous sunbathing area leading into a lounge. A large semi-circular French window offers access to a spacious lounge, which includes an "L"-shaped sofa, a bar, and a stunning dining area. The master cabin, located at the bow of the main deck, is designed in two levels, complete with a bathroom and wardrobe.Below deck, guests will find four well-appointed double cabins, two featuring double beds and two with twin beds, all equipped with private bathrooms. The crew area also accommodates three cabins for a total of five crew members. Additionally, the starboard side garage houses a tender measuring nearly 5 meters.Palumbo Superyachts began to take root in 2008, when the Columbus Yachts brand was established, and in 2011 launched its first 54 meter superyacht, emblematically christened “Prima” (“the First”). Currently, Palumbo Superyachts comprises a representative office in Monaco and a logistics network of five shipyards in the Mediterranean (Ancona, Malta, Marseille, Naples, and Savona), and also operates the following brands: ISA Yachts, Extra Yachts, Columbus Yachts, Mondomarine and Palumbo SY Refit.Credit: ISA Yachts
November 14, 2024
Gulf Craft is expanding its refit services to cater to its entire fleet, responding to a significant increase in demand. The company is poised to unveil a new refit center in Ajman, UAE, driven by the surging interest in refit services as the superyacht fleet continues to converge in the region. Currently under construction, the facility is slated for completion by mid-2025. Gulf Craft has also announced plans to enhance its Maldives facility over the next three years, as revealed to SuperyachtNews.“With this new facility, we’re not just addressing the growing demand for superyacht services; we’re committed to delivering an exceptional experience for our clients and fostering the development of a premier yachting community in the region,” stated Abeer Alshaali, Deputy Managing Director of the shipyard.The new Gulf Craft Services facility in Ajman, which aims to become partially operational by the end of this year, represents a significant investment in the region's yachting infrastructure. While the shipyard has traditionally provided refit and maintenance for its own fleet, the new facility will be accessible to all yachts.The region presents its challenges, including heat, humidity, and high salinity. However, with over 40 years of manufacturing experience in these conditions, Gulf Craft asserts that it has robust systems to ensure operations run smoothly throughout the year.Spanning 10,034 square meters, the facility will feature an 8-meter natural water depth, a 600-tonne Cimolai travel lift capable of accommodating yachts up to 600 tonnes, and a 75-tonne travel lift for smaller vessels.Additionally, the shipyard will offer an 80-meter alongside berth for in-water repairs, along with four 60-meter yacht berths. Specialized workshops will provide carpentry, upholstery, painting, fabrication, mechanical, and electrical services, complemented by an on-site spare parts shop.Vessel registration services will also be available through a partnership with the Dubai Maritime Authority.Since the company’s inception in 1982, Gulf Craft has grown to become one of the top seven shipyards in the world: once a builder of small fishing boats in its modest premises, which was a genuine passion for Gulf Craft, they then established their credentials as a leader of innovation and technology in the yachting industry. With five brands in their product portfolio ranging from 31 to 175 feet, Gulf Craft manufactures yachts and boats that appeal to a wide audience, such as touring passenger vessels, Silvercraft family day boats, Oryx Sport Cruisers, Nomad Explorer Yachts, and the flagship Majesty Yachts.Credits: Gulf Craft
November 13, 2024
The Italian Sea Group S.p.A. ("TISG") reported a robust performance for the first nine months of 2024, showcasing significant growth across key financial metrics. Revenues reached EUR 292 million, marking an increase of 11.4% from EUR 262.2 million in the same period last year. EBITDA improved by 16%, totaling EUR 50.1 million, with an EBITDA margin of 17.2%, up from 16.5% in the first nine months of 2023.Key financial highlights include:Revenues: EUR 292 million (+11.4% vs. 2023)EBITDA: EUR 50.1 million (+16% vs. 2023), EBITDA Margin: 17.2%Net Financial Debt: EUR 19.0 millionInvestments for the period: EUR 7.2 millionTotal Order Book (contracts in progress): EUR 1,275 million as of September 30, 2024.Giovanni Costantino, Founder & CEO, expressed confidence in the positive trajectory of the company, especially following the successful debut of new superyachts at the Monaco Yacht Show. He emphasized the ongoing negotiations that could further enhance the company's performance heading into 2025.JAS In detail, TISG's revenues stemmed from shipbuilding, contributing EUR 257.3 million, up 12.2%, while refit revenues totaled EUR 34.8 million, increasing by 5.8%. The strategic focus on operating costs and production efficiency bolstered EBITDA margins.The backlog remains strong, with contracts related to new yachts and refit projects valued at EUR 1,275 million. Net backlog, deducting recorded revenues, stood at EUR 533 million.Investments during the period totaled EUR 7.2 million, aimed at elevating production capabilities, including the establishment of a business unit dedicated to steelworks.Net Financial Debt increased to EUR 19.0 million as of September 30, 2024, reflecting dividend payments and ongoing investments. The company continues to adhere to a strategic approach that balances growth and financial stability.In governance news, following the resignation of Simona Del Re, Mr. Filippo Menchelli was co-opted to the Board and appointed Chairman. Menchelli previously led the company’s financial strategy and operational efficiency initiatives.The Board also reaffirmed the independence of its non-executive directors in line with governance standards.ADM 75mLooking ahead, TISG remains committed to its growth strategy for 2024 and 2025 and is optimistic about upcoming negotiations for large yachts, including new projects in the Admiral fleet. Following the great success achieved last September at the Monaco Yacht Show, in particular with the MY Admiral 66m JAS and MY Admiral 78m Platinum, the Company is working on several negotiations for large yachts, which it believes will be finalised between late 2024 and early 2025.In this perspective, TISG recently presented to the market some details of its newest project in the Admiral fleet, ADM 75m, a response to the growing industry demands in the 70m+ segment, redefining the concept of elegance and comfort at sea. The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters. Credit: The Italian Sea Group
November 13, 2024