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 million
Investments for the period: EUR 7.2 million
Total 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 75m
Looking 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
Mengi Yay Shipyard has successfully launched the Atlante Classic 35, a new explorer yacht designed for luxury expedition cruising. The vessel marks the shipyard’s first foray into the luxury yacht market following its traditional focus on commercial vessels.The 35-meter yacht features a steel hull and aluminum superstructure, designed by Mengi Yay’s in-house team. The vessel is equipped with twin Caterpillar C18 engines, providing a top speed of 15 knots and a cruising speed of 12 knots. The yacht has a range of 4,000 nautical miles at 10 knots.The Atlante Classic 35 can accommodate up to 12 guests across 6 staterooms, including a master suite, VIP suite, and four guest cabins. The crew accommodation consists of 8 cabins for the crew of 10. The yacht features a spacious main deck saloon, an upper deck sky lounge, and an open flybridge with alfresco dining facilities.The interior design focuses on a contemporary style with natural materials and neutral tones. Key features include a large beach club area with a garage for water toys, a gym, and a spa area. The yacht is also equipped with zero-speed stabilizers for enhanced comfort at anchor.“The Atlante Classic 35 represents a significant milestone for Mengi Yay,” said Mehmet Mengi, CEO of Mengi Yay Shipyard. “We are proud to introduce our first luxury explorer yacht, combining our decades of experience in shipbuilding with modern technology and design.”The vessel is designed for worldwide exploration, featuring a shallow draft of 2.2 meters and a fuel capacity of 45,000 liters. The Atlante Classic 35 also incorporates advanced navigation systems and a state-of-the-art stabilization system.The yacht’s construction began in 2023, and after its launch, it will undergo extensive sea trials and final outfitting before delivery to its owner. The Atlante Classic 35 is expected to be completed in early 2025.Mengi Yay Shipyard, founded in 1972, is one of Turkey’s leading shipbuilders with a focus on commercial vessels. The launch of the Atlante Classic 35 marks the company’s expansion into the luxury yacht market.Credits: Mengi Yay
June 2, 2025
Moonen Yachts has secured the sale of its seventh 37.4-meter Martinique model (YN205) through IYC brokers Matthew Stone and Josh Marshall. The transaction marks the second in-house sale since IYC became Moonen's global sales representative.The American buyer selected the Dutch-built yacht for its customizable layout and indoor-outdoor connectivity. Construction will now extend beyond the original four-week delivery timeline to accommodate owner-requested modifications, including a hot tub installation."This sale demonstrates Moonen's flexibility in meeting client needs," said Matthew Stone, IYC Managing Partner. "The yard stood out among six competitors for its balance of quality, comfort and safety."Designed by René van der Velden with naval architecture by Diana Yacht Design, the 345GT Martinique features Hollander Yacht Design interiors. The yacht will undergo sea trials in the Netherlands before delivery to the U.S. East Coast later this year.Richard Gray, IYC's Head of Sales UK, noted: "This transaction reflects the effective collaboration between IYC and Moonen Yachts in our global representation partnership."The Martinique series continues to attract buyers seeking semi-custom steel-hulled yachts with Dutch engineering. Current construction progress indicates on-schedule completion of the customized modifications prior to sea trials.Moonen Yachts is a yacht builder based in the Netherlands, and its first yacht was built in 1964 under the original yard name of De Ruiter. In 1981, the yard was renamed Moonen Shipyards. It’s launching its first vessel under new ownership: Alhena. In 2017 Moonen Shipyards changed into Moonen Yachts. With the help of strong vision, innovative technology and new designers, Moonen is once again becoming the market leader in 30m to 50m luxury yachts.Credits: Moonen Yachts
June 2, 2025
Turkish yacht builder Numarine has launched two new explorer yachts - the 37-meter 37XP (hull 18) and 26-meter 26XP (hull 27), with a 32.6-meter 32XP (hull 14) scheduled for June delivery. All models feature designs by Umberto Tagliavini (naval architecture) and Can Yalman (exterior/interior)."The XP Series remains one of the most successful explorer ranges in the industry," stated Numarine Chairman Ömer Malaz. "Our yachts from 22 to 47 meters combine stylish design with functional features including ample storage and noise reduction."37XPThe new 37XP flagship offers 362 GT volume and 6,000 nm range at 8 knots. Its layout includes seven guest cabins, with main deck master suite and upper deck VIP option. The 83 m² flybridge and 9-meter tender storage highlight its expedition capabilities.32XPThe 32XP model maintains its position as the series' original offering since 2017, with 4,000+ nm range and six-cabin configuration. The 26XP features four cabins and 3,000 nm range, with optional solar panels and lithium batteries.32XPAll three yachts utilize steel hulls with composite superstructures, emphasizing long-range cruising and onboard comfort. The launches precede the anticipated July 2025 debut of Numarine's new 40MXP model.26XPNumarine, a European high-performance motor-yacht shipyard headquartered in Istanbul, offers a range of yachts from 19 to 45 meters.Credits: Kerem Sanliman; Ryan Alexander; all provided by Numarine
June 2, 2025
Oyster Yachts has introduced its new 24-meter 805 sailing yacht, developed with Humphreys Yacht Design. The model features a twin-access swim platform, configurable interior layouts, and solar-powered hardtop.CEO Ashley Highfield confirmed first delivery for 2027. The yacht offers 3.4-meter or 2.7-meter keel options, with the latter complying with Mediterranean seagrass regulations.Former Rolls-Royce CEO Torsten Müller-Ötvös joins as strategic advisor, stating: "Oyster is very similar to what Rolls-Royce is all about with its relentless striving for perfection."The 805 includes four convertible guest cabins and Oyster's largest sub-30-meter owner's suite. Standard features include ultra-thin marble surfaces and 3kW solar generation.Oyster Yachts was founded in 1973 by Richard Matthews. For 52 years the British brand has created the world’s finest luxury bluewater sailboats.Credits: Oyster Yachts
May 30, 2025
The 2025 ICOMIA Congress, hosted by Spain's ANEN in Palma de Mallorca, concluded yesterday after five days of meetings and events. The gathering, held concurrently with IFBSO's annual congress, brought together marine industry representatives, including Italy's delegation led by Andrea Razeto of the Italian Marine Industry Association.Key discussions centered on three committees chaired by Stefano Pagani Isnardi: the Technical Committee addressed upcoming revisions to the European Recreational Craft Directive; the Superyacht Division examined IMO greenhouse gas reduction proposals and French anchorage restrictions; while the new Trade and Market Intelligence Committee analyzed global tariff developments. ICOMIA has launched dedicated online resources for Posidonia meadow protection updates and tariff tracking.Frank Hugelmeyer (NMMA) was elected ICOMIA President, succeeding Darren Vaux, with Finnboat's Jarkko Pajusalo as Vice President. The board expanded to include representatives from Spain, Turkey, Sweden, and Australia alongside existing members.The 2026 Congress is scheduled for May 24-28 in Washington, D.C., hosted by NMMA.Credits: The Italian Marine Industry Association; Eugene Zhyvchik/Unsplash
May 30, 2025