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
Spanish marina operator Ocibar has entered its first international venture by acquiring a 25% stake in Marina d'Arechi, a major Italian marina located in Salerno. The facility, developed and operated by the Gallozzi Group, offers 950 berths for vessels from 10 to 100 meters, along with winter storage and maintenance services.Antonio Zaforteza, CEO of Ocibar, stated: “Marina d’Arechi is one of the great examples of success in marina development in the Mediterranean and still has significant growth potential. Our alliance will further enhance this marina and integrate it into a unique value proposition for its customers and those of the various Ocibar marinas.”Ocibar, which manages marinas in Tarragona, Mallorca, Ibiza, and Valencia, sees the investment as part of its Mediterranean expansion strategy. The Gallozzi Group, active in shipping and port operations since 1952, welcomed the partnership.Agostino Gallozzi, CEO of the Gallozzi Group and Marina d’Arechi, said: “We had contemplated expanding the shareholder base of Marina d’Arechi and are very happy to have Ocibar joining us with a 25 per cent participation, based on shared values and principles of business ethics. Our partnership will propel Marina d’Arechi into a new phase of development.”Planned upgrades include berth expansion, infrastructure improvements, and the construction of a hotel to support Salerno's tourism initiatives.Credits: Marina d'Arechi
April 18, 2025
GB Marine Group, the parent company of Grand Banks and Palm Beach Motor Yachts, has named Lynn Fischer as its new Global Chief Marketing Officer. The appointment follows recent expansions, including a 114,000-square-foot factory upgrade, and aligns with the company’s focus on brand growth and owner services.Fischer, previously Chief Marketing Officer at private aviation firm Vista, brings experience in luxury and premium brand strategy. In her new role, she will oversee marketing, brand development, and customer engagement for GB Marine Group’s yacht brands.Lynn Fischer“GB Marine Group is not only a heritage builder – celebrating nearly 70 years of Grand Banks Yachts and 30 years of Palm Beach Motor Yachts – it's a company at the forefront of next-generation yachting,” said Fischer. “From its ocean racing-inspired manufacturing approach that redefines performance and fuel efficiency, to its use of advanced technology and materials, GB Marine Group is pushing the boundaries of what's possible on the water.”CEO Mark Richards stated, “We are thrilled to welcome Lynn to the GB Marine Group. Her deep expertise in building aspirational brands and delivering personalized client experiences will be instrumental as we bring even more exciting new products to market, expand our global footprint, and evolve our factory-direct strategy.”Fischer’s responsibilities will include brand strategy, digital marketing, global campaigns, and enhancing owner experience programs. The move comes as the company prepares new product launches and expands its factory-direct sales model."GB Marine Group owns and operates three premium yacht brands: Grand Banks, Palm Beach Motor Yachts, and Eastbay YachtsCredits: GB Marine Group
April 18, 2025
Itama has introduced the Itama 54, a new 16.44-meter open cruiser designed to enhance onboard comfort and living space while retaining the brand’s signature style. The model, presented at boot Düsseldorf, marks Itama’s return to the 50 to 59-foot segment.Developed by the Ferretti Group Product Strategy Committee and the Group’s Engineering Department, with exterior and interior design by Tommaso De Luca, the Itama 54 features a streamlined aesthetic with functional innovations. The exterior includes a forward sun pad integrated into the deck and a redesigned transom that provides 1,800 liters of storage for water toys. Access to the bow has been relocated to the starboard side for improved convenience.The deck layout prioritizes comfort, with a large aft sun pad and a dual-cockpit design. The main cockpit includes a convertible dining area, while a second cockpit behind the windscreen offers a sheltered relaxation space. Both are served by a portside bar unit. The helm station features an ergonomic seat and a floating dashboard.Below deck, the Itama 54 accommodates two cabins, two bathrooms, a galley, and a dinette. The master cabin includes a central bed with storage, while the guest cabin offers a choice between a queen-size bed or bunk beds. Interior materials include wood, leather, and fabric, emphasizing simplicity and functionality. Side glazing runs the length of the hull, contributing to a modern silhouette.The yacht is powered by twin MAN i6-730 engines (730 HP) as standard, delivering a top speed of 33 knots and a cruising speed of 28 knots. An optional upgrade to MAN i6-850 engines (850 HP) increases performance to 37 knots top speed and 33 knots cruising speed (preliminary data).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.Credits: Ferretti Group
April 18, 2025
Camper & Nicholsons announces the establishment of its fourteenth office in Viareggio, Italy. This strategic move underscores the company's ongoing dedication to maintaining leadership in yacht construction and design.Located within one of Europe's premier yacht-building hubs, the new facility will focus on new-build sales, refitting services, and comprehensive project management. It symbolizes Camper & Nicholsons' evolving approach to yacht design, aiming to set new benchmarks for creative innovation and superior craftsmanship.According to Paolo Casani, CEO of Camper & Nicholsons, “The rising demand for new builds and project management necessitated establishing a specialized presence to enhance client service delivery. The Viareggio office provides an advanced structure guiding owners throughout all stages of yacht creation, from concept to completion.”Led by Daniela Duck, Managing Director of Camper & Nicholsons Italy, the office aims to cater to the expanding market for customized yacht solutions. Beyond conventional sales and project oversight, the Viareggio branch envisions becoming an inspirational space where clients engage directly in the design process, shaping their visions collaboratively with experts.Additionally, Camper & Nicholsons is pioneering novel digital tools to streamline and elevate the design phase further. This innovative initiative reinforces the company's reputation for pushing boundaries in yacht engineering and aesthetics.With its latest venture, Camper & Nicholsons seeks to usher in a transformative period for yacht development, blending tradition with modern technology. The firm welcomes stakeholders and enthusiasts alike to join in creating the next wave of exceptional vessels.Credits: Camper & Nicholsons
April 17, 2025
U-Boat Worx's submarines aboard Viking and Seabourn expedition vessels are transforming marine exploration, enabling unprecedented discoveries and advancements in oceanography. Powered by state-of-the-art technology, these submersibles facilitate detailed observations and data collection in previously unreachable marine habitats.Recent highlights include the rare documentation of the giant phantom jellyfish (Stygiomedusa gigantea) in Antarctica, marking the first publication of such findings by a cruise line. Other achievements encompass exploratory dives in the Great Lakes, leading to extensive surveys of historic shipwrecks. Most notably, Seabourn Pursuit located the long-lost Titania, a German supply vessel, which had remained undiscovered for over a century.Equipped with sophisticated instruments capable of diving to 300-meter depths, these submarines enable researchers to assess marine biodiversity, evaluate climate change effects, and monitor delicate ecosystems. Their presence aboard Viking and Seabourn ships underscores the synergy between luxury travel and scientific progress, setting a precedent for environmentally conscious exploration.Torstein Hagen, Chairman and CEO of Viking, emphasized, "Every voyage provides opportunities for scientific discovery… Our expedition vessels and scientists have already contributed to research that might not have been possible otherwise." Similarly, Robin West, VP and GM of Expeditions at Seabourn, highlighted the company's dedication to pioneering exploration: "These experiences are a testament to the spirit of expedition... taking guests to places where no other human has ever ventured."By integrating luxury with scientific rigor, Viking and Seabourn exemplify how maritime exploration can yield valuable insights, enhancing global awareness of marine ecosystems and advancing efforts toward sustainable conservation.Founded in 2005, U-Boat Worx leads the global market in designing and manufacturing submersibles for private, research, and cruise industries. With over 60 operational units worldwide, the company prioritizes safety, performance, and comfort, continuously innovating underwater exploration technologies.Credits: U-Boat Worx
April 17, 2025