This year MYS has risen up to the industry-wide challenge set forth a few months ago, by building the show around the visitors’ experience and that of (future) yacht buyers in particular. The show featured 440 exhibitors and 101 superyachts, half of which were launched in 2020 and 2021, reaching an estimated total worth of €3.6 billion at the start of the show. Featured yachts included 37 new launches and 14 superyachts measuring over 70m in length.
“We worked alongside stakeholders from across the industry in order to put on a show that meets the latter’s expectations and, more specifically, those of their clientele. The 2021 MYS appears to have benefited from the excitement spurred by this reunion, as well as from the favourable state of the market, with an increase in yacht sales over the last 18 months: clients have turned to yachting to escape the gloomy context that the pandemic has brought about and the frustration of having their freedom restricted. Therefore, 2021 has been a win-win for everyone involved in yachting. Thanks to the steering committee founded this year, we intend to pursue our collaboration in order to further improve the MYS for the 2022 edition,” says Gaëlle Tallarida, General Director of the MYS.
Travel constraints and health regulations partly explain the drop in attendance on Monaco’s quaysides, but a reduced turnout had in fact been expected and planned for by the organisers. Their objective was to decrease the number of visitors, whilst focusing on specific profiles and thereby facilitating connections between exhibitors and their targeted clientele. According to the show’s yacht builders and brokers, their visiting schedules were full from the very start of the event and potential clients came on board with serious intent to buy. This trend certainly fits in with the current rise in yacht sales.
Builders remain confident that the new MYS format will eventually bring enormous added value to the industry. “The 2021 edition of the Monaco Yacht Show was the first opportunity to see the results of a change in approach to the show, by placing the focus firmly on the customers of the industry rather than the business activities within it. The result was a more relaxed atmosphere, and with no overcrowding of the quays the experience for those customers was much more in line with the superyacht experience itself. It is important that we capitalise on this opportunity and continue on our chosen path, improving where necessary. In this way, the Monaco Yacht Show will maintain its important and high-profile role both by showcasing the unique products shaped by the industry and also by promoting the superyacht lifestyle,” confirms Theo Hooning, Secretary General of SYBAss (an association of 40+ metre yacht builders).
Among the new additions to the 2021 MYS, the Yacht Design & Innovation Hub offered visitors a better understanding of a custom yacht’s construction process and a look into the future of superyacht design, thanks to lectures by designers Espen Oeino, Luiz De Basto Designs, Sam Sorgiovanni, Sinot Yacht Architecture and Design and Winch Design. This interactive space also allowed attending designers to present their work, giving visitors an opportunity to meet the experts who will design their future yacht.
The new Sailing Yacht Area featured no less than 12 large sailing yachts. A fitting number, given that sail boats currently represent 15% of the world’s yachting fleet. This space dedicated to sailing yachts targeted a new yachting clientele, showcasing the benefits of a sportier and more environmentally friendly way of sailing, whilst still enjoying the same level of comfort, technology and facilities as on board motor yachts.
The 2021 edition thus marks a key step in the MYS’s new approach for the coming years: the event aims to offer a tailor-made platform to promote superyachting for a new generation of customers, thus benefitting all sectors across the market.
Credits: MYS
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
Denison Yachting has introduced the Project Spitfire, an impressive 50.6-meter motor yacht crafted by Ares Yachts. This new construction opportunity is a joint central listing shared with Will Christie of Christie Yachts, based in London.Inspired by the iconic Supermarine Spitfire fighter aircraft, Project Spitfire exemplifies sleek design and cutting-edge features. Ares Yachts states that the superyacht seamlessly merges aeronautical elegance with exceptional maritime capabilities, built upon the award-winning Ares 150 Bold hull, recognized as the 'World's Best Offshore Patrol Vessel' in 2018. The hull design has undergone extensive optimization and validation through advanced simulations and rigorous testing, ensuring a superior blend of design innovation and technical precision.Spitfire offers luxurious accommodations for up to 18 guests across five staterooms, featuring a full-beam owner’s suite on the main deck complete with a private deck featuring a hot tub, movie area, and side balcony. The yacht includes two double cabins, two twin cabins, and five crew cabins, all designed for utmost comfort. The interior layout promotes informal and versatile living, catering to diverse guest needs and creating a relaxed atmosphere.Equipped with a diesel-electric hybrid propulsion system, Spitfire focuses on delivering a refined user experience by minimizing noise, emissions, and vibration. This advanced system allows for six hours of silent cruising without the genset or one hour entirely on electric power. It can achieve up to 11 hours of "silent" operation during typical Mediterranean conditions in a 24-hour period, ensuring a tranquil experience while keeping operational costs in check.Alex G. Clarke, Denison’s superyacht broker representing the project, praised Ares Yachts, a prominent family-run business located in Antalya, Turkey. “Ares Yachts is one of the most impressive shipyards I’ve encountered, and I’m confident Spitfire will showcase their exceptional quality upon delivery," he remarked. The yacht showcases a wellness-centric design, featuring a gym, beach club, and fold-down balconies, blending interior and exterior living spaces with flair.“Collaborating with such renowned figures as Dickie Bannenberg and Simon Rowell has been truly gratifying, bringing about a dream project,” added Clarke. Construction for Project Spitfire is set to commence in early 2025, with a delivery timeline of two years. Its pricing reflects the prestigious standards expected from Bannenberg & Rowell, positioning Ares Yachts as a leading name in the global superyacht market.Ares Yachts, situated in Antalya Free Zone on Turkey’s south coast, spans 40,000 square meters of build space across four large sheds. Besides Simena, the shipyard is concurrently working on other projects, including the 50m motor yacht Spitfire and a 54m explorer yacht known as Project Atlas. Additionally, Ares Yachts is developing a 65-85m yacht range in collaboration with Lateral Naval Architects.Credits: Denison Yachting
November 13, 2024
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
November 12, 2024