In recent quarters, a myriad of marinas have gone through deep restructuring to strengthen their offering and compete for superyachts' attention. At the core of this pivotal moment for yachting infrastructure, however, stood Porto Montenegro, one of the first, purpose-built superyacht hubs.
The project started when Peter Munk, a Hungarian-born, Canadian businessman purchased a site in Montenegro for €23 million in 2007 with the purpose of building a superyacht marina that would rival mainstream destinations. With backing from LVMH Chairman, Bernard Arnault, Russian oligarch, Oleg Deripaska and Lord Jacob Rothschild, the Barrick Gold founder set out to develop the largest private-sector investment in the country.
Located near the coastal city of Tivat, Porto Montenegro's ambition was to become a homeport for some of the world's largest yachts by providing their crew and visiting owners with high end facilities. The development also included the construction of a strong ecosystem around the marina with condos, restaurants and a five star hotel.
By 2014, Munk was quoted saying that the combined value of the yachts in the marina were bigger than the GDP of Montenegro. Amongst its top members were yachts from the Golden Fleet, a series of vessels owned by the son of the late Crown Prince of Saudi Arabia with its 123-meter flagship Golden Odyssey.
When initially acquired by Munk and his partners, the site was a former military base with long, concealed concrete piers that had been used by the Serbian Navy for its submarines. Now featuring over 450 berths, with the possibility to welcome yachts of up to 250 meters in theory, the marina benefits from exemptions on fuel tax and excise charges that considerably drop down the costs of yacht maintenance.
The location for the MYBA Pop Up Superyacht show, Porto Montenegro saw the opening of its latest Pool Club Residences last summer with over 62 residences built directly overlooking the marina. These are serviced by the five star Regent Hotel.
Over its several years of development, Porto Montenegro caught the eye of new investors and in May 2016 it was confirmed that the development was acquired the Investment Corporation of Dubai, the city-state's investment arm. "The internationally renowned Porto Montenegro presents an opportunity for ICD to access a successful business with significant potential for expansion both in the marina and landside" His Excellency Mohammed Al Shaibani, Executive Director of ICD said at the time of the sale.
The change in ownership brings an even stronger backing to the thriving marina as ICD has already developed a set of hotel rooms directly opposite the Atlantis hotel on the Palm in Dubai and is a shareholder in New York's Mandarin Oriental as well as Washington D.C.'s W Hotel and Cape Town's One&Only.
Azimut has received three industry accolades in China, reflecting its focus on technological innovation, sustainable design, and luxury interiors. The honors include a Best of the Best Award 2024 from Robb Report China for the Seadeck 6, and two China Yacht Awards 2024 from Oceanway magazine for the Azimut Grande Trideck and the Azimut Grande 26M.Azimut Grande 26MSeadeck 6 Honored by Robb Report ChinaThe Seadeck 6 earned the Best of the Best Award 2024 from Robb Report China, with judges citing its approach to sustainable yacht design and operations. The vessel’s construction utilizes carbon fiber to reduce weight and features a streamlined hull aimed at lowering energy consumption. Seadeck 6A “Fun Island” concept was introduced, merging indoor and outdoor living spaces and enhancing the connection with the sea. In addition to the use of alternative, sustainable materials like cork and recycled fabrics, the Seadeck 6’s mild hybrid system allows zero-emission operation at anchor and reduces fuel use while cruising.Azimut Grande Trideck main saloonAzimut Grande Trideck and Grande 26M Recognized at China Yacht Awards 2024At the China Yacht Awards 2024, organized by Oceanway magazine, Azimut’s Grande Trideck was named Superyacht of the Year in the 30M to 40M category. Judges praised the yacht’s design, which adds a dedicated Sea View Terrace to the three traditional decks, creating a “+one” layout that enhances outdoor living and maximizes the vessel’s connection to the ocean environment.Seadeck 6 saloonThe Azimut Grande 26M received the award for Best Interior Design in the 24M to 30M category. The jury noted the yacht’s attention to interior layout and detail, featuring a main deck master cabin with full-height windows and a layout focused on comfort and natural light. The craftsmanship and choice of materials were also recognized as contributing to the yacht’s overall sense of refinement.Azimut Grande 26M saloonCommenting on these recognitions, Enrico Chiaussa, Azimut’s Chief Commercial Officer for EMEA-APAC, stated that the awards highlight the company’s commitment to innovation, sustainability, and careful craftsmanship across its product range.Azimut Grande Trideck Azimut, founded by Paolo Vitelli in 1969 and part of the Azimut|Benetti Group, offers owners around the world a wide range of motor yachts from 42 to 144 feet in length, organised in seven series (Verve, Atlantis, Magellano, Fly, S, Grande and Seadeck). The brand stands out for the spirit of innovation that puts it at the forefront of trends and solutions in technology and design recognised throughout the world of yachting.Credits: Azimut
December 16, 2024
Two long-established German shipyards, Flensburger Schiffbau-Gesellschaft (FSG) and Nobiskrug, have filed for insolvency amid ongoing financial difficulties faced by their parent company, Tennor Group, and its owner, Lars Windhorst.District courts in Flensburg and Neumünster have appointed lawyers Christoph Morgen of Brinkmann & Partner and Hendrik Gittermann of REIMER as provisional insolvency administrators. These filings follow months of instability and reported mismanagement, during which the shipyards struggled to meet operational costs and payroll obligations.On Monday, Schleswig-Holstein’s public utility provider threatened to cut off power at the Rendsburg facility after unpaid bills dating back to December 1. The shutdown was temporarily postponed because a federal police vessel remained at the yard for repairs.The financial collapse has affected around 500 employees at both facilities, leaving many uncertain about their future before the holiday season. Some have already lost their jobs. At a recent rally in Flensburg, workers’ union representatives claimed delayed salary payments, including outstanding November wages and Christmas bonuses. Jan Brandt, chairman of the Flensburg Works Council, accused Windhorst of repeated dishonesty and unkept promises regarding timely compensation.In recent months, workers, unions, and political figures have criticized Windhorst, citing poor management and lack of transparency. Schleswig-Holstein’s Economics Minister, Claus Ruhe Madsen, urged Windhorst to assume responsibility and consider selling the shipyards. With insolvency proceedings now underway, new investors may have the opportunity to restructure operations and stabilize the workforce.Tennor Group took over FSG in 2019 and rebranded it as “FSG 2.0,” but failed to secure the orders needed to ensure long-term viability. In 2021, FSG acquired Nobiskrug following the latter’s own insolvency proceedings, though this acquisition did not resolve ongoing financial problems. During summer 2024, the federal government withdrew a €62 million grant intended for LNG bunker ship construction at FSG, citing insufficient equity from Tennor.The provisional insolvency administrators are now working to resolve existing projects, including a RoRo ferry at FSG and a yacht at Nobiskrug. They may seek interim financing from federal and state governments until clients accept completed projects and provide payment. Insolvency pre-financing has been arranged to secure compensation for approximately 340 employees in Flensburg and 140 in Rendsburg through January 2025, covering overdue November salaries.Local officials and industry observers have suggested that FSG should pivot to manufacturing components for offshore wind energy projects to meet growing market demand. Others have recommended that Nobiskrug broaden its portfolio to include commercial vessels. With new ownership and strategic adjustments, the shipyards may still find opportunities to recover and rebuild their reputations in the maritime industry.German shipyard Nobiskrug was founded in 1905. Recognised today as one of the world’s foremost builders of spectacular fully custom superyachts, the shipyard is famous for the 92m Tatoosh, the award-winning 68m Sycara V, the 74m Mogambo, the 143m industry-changing Sailing Yacht A, and the environmentally innovative 80m Artefact.Credits: Nobiskrug
December 16, 2024
Milan-based design studio Hot Lab, part of the Viken Group, has provided a custom interior for the recently delivered M/Y Oculus, the latest unit in the Numarine 37XP explorer yacht series. This marks the fourth collaboration between Hot Lab and Numarine on this particular model.The Numarine 37XP’s design is characterized by an angular exterior, large trawler-style windows, and a pronounced bow. According to Hot Lab, the interior concept for M/Y Oculus was developed to reflect these purposeful lines while also meeting the owner’s requirement for a contemporary yet robust aesthetic. The design process was carried out remotely during the yacht’s construction phase.The interior features a blend of contrasting tones and materials. Pale upholstery stands against darker cushions, while dark-stained oak flooring contrasts with white deckheads. The chosen materials include ebony slats, white marble with dark veining, and organically patterned wool carpets. Stone elements, such as three large backlit onyx panels in the upper saloon’s bar area, contribute to what Hot Lab describes as a masculine ambiance, complemented by stitched leather bar stools and metallic mesh detailing.The yacht’s layout includes an open-plan main deck saloon with floor-to-ceiling glass, dining and lounge areas, a forward owner’s suite on the main deck, four guest cabins below, and additional lounges on the upper deck and flybridge. Numarine Chairman Ömer Malaz noted that the 37XP series aims to combine a spirit of exploration with interior design that aligns with the yacht’s overall character.M/Y Oculus was delivered in summer 2023 and is the latest result of a longstanding partnership between Hot Lab and Numarine. The studio reports that experience with previous units in the series informed its approach and execution on this project.The Viken Group includes Tillberg Design of Sweden, Hot Lab and Thalia Marine. It has been established to gather leading and passionate companies, with similar ideas and business ethics, under one umbrella. This enables it to provide a full range of completely aligned and comprehensive design, naval architecture and project management services.Credits: Kerem Sanliman/Numarine
December 16, 2024
Bilgin Yachts has launched Al Reem, the third and final yacht in its 80.1-meter Bilgin 263 series. Sold in 2022 through brokerage firm Bluewater Yachting, Al Reem follows the delivery of Tatiana, introduced at the 2021 Monaco Yacht Show as the largest yacht built in Turkey, and Leona, delivered in 2023.Al Reem, formerly known as Project Silence, is said to offer increased volume – around 100GT more than its predecessors – and additional exterior deck space, as well as a larger mast structure. All three units of the series share a slender exterior profile by Unique Yacht Design and interiors by H2 Yacht Design.The latest hull incorporates various design modifications, including a teak foredeck, a superstructure finished in a metallic grey-white and black scheme, and a reconfigured internal layout with enlarged living areas. Technical refinements include a lengthened upper deck and an extra covered area at the stern.The owner’s deck, positioned on the main deck level, provides 300-degree views and access to an outdoor terrace and hot tub. Guest accommodation comprises two VIP cabins on the main deck and three guest cabins on the lower deck. A secondary saloon on the lower deck includes a balcony-style opening to the sea. An elevator connects all decks.Al Reem’s interior uses materials such as matte timber, cream leather wall panels, silk carpets, and marble feature walls. According to H2 Yacht Design’s Jonny Horsfield, the interior is designed to be “light and modern,” differentiating it from the layout and design of Tatiana.<iframe width=560 height=315 src=https://www.youtube.com/embed/FF3TcLuDFNk?si=VGpDFVuo2UIL8Pt5 title=YouTube video player frameborder=0 allow=accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share referrerpolicy=strict-origin-when-cross-origin allowfullscreen></iframe>In terms of technical capabilities, Al Reem features a new ventilation system and increased generator capacity. Equipped with twin 2,560 kW engines, the yacht can reach a maximum speed of 19 knots and has a reported range of up to 6,000 nautical miles.With the launch of Al Reem, Bilgin Yachts concludes its 263 series. Delivery of Al Reem is scheduled for 2024. Bilgin Yachts is a boutique shipyard on the European side of Istanbul, building 50 to 120m luxury superyachts. It has been a family-run business for five generations since the early 1900s.Credits: Bilgin Yachts
December 13, 2024
Northrop & Johnson has confirmed the sale of the 25.8-meter Feadship motor yacht Monara. Yacht brokers Ed Dickinson and Ed Cavendish acted on behalf of both buyer and seller, with the yacht last listed at EUR4,500,000. Originally built in 1969, Monara underwent a complete rebuild at Feadship’s Makkum yard in 2016, placing it among the Feadship Heritage Fleet. The rebuild included the installation of Zero Speed stabilizers and a silent electric battery system.Inside, the main salon is designed with warm oak finishes and offers an L-shaped settee and a concealed pop-up TV. A glass floor panel provides a view of the yacht’s restored Gardner main engines. The galley features a Dutch door that opens to the main deck, creating an integrated indoor-outdoor living area.Accommodations include four staterooms for up to eight guests. The master suite, lit by four hull windows, has a queen-size bed and an ensuite with adjustable privacy glass. The VIP cabin is also ensuite, while two additional guest cabins can be configured as twin or double rooms and share a bathroom.Externally, Monara retains classic yacht elements, including a clipper bow and canoe stern. The covered aft deck features seating around a teak table, accommodating up to 12 for alfresco meals. The sundeck is equipped for multiple functions, offering a convertible 10-person sunbed, an L-shaped lounge, an additional sunbed forward, and shade options via adjustable sails.Following its recent sale, Monara continues to represent a combination of traditional Feadship craftsmanship and contemporary onboard technology.Based in the Netherlands and with roots dating back to 1849, Feadship was formed as a group in 1949 as a marketing partnership between six Dutch shipyards, de Vries Lentch, Van de Stadt, Witsen & Vis, Akerboom, De Vries Scheepsbouw and Van Lent Shipyard, and De Voogt Naval Architects. Feadship is well-known as one of the Netherlands’ most elite yacht builders and delivers superyachts from 50–100+ meters in length.Credits: Feadship
December 13, 2024