When one thinks of the yachting sector, images of opulence and wealth are the first to come to one's mind. Inevitably, those lavish stereotypes are the ones that the general public associates the industry with. As an extension, yacht owners are often viewed as irrational beings who have too much money to spend. These portrayal is however satiric at best and doesn(t reflect the many benefits yacht owners bring to economies.
Superyachts tend to stand out in most marinas and hence draw a lot of attention to themselves, exciting the curiosity and fueling the jealousy of many. It might therefore come as no surprise that when FinandField conducted a survey amongst its audience, mostly composed of hunting and fishing sportsmen, 40% answered that they considered yachts to be a waste of money.
There has arguably been a long-standing history of magazines highlighting the craziest events held onboard super yachts dating back to Onassis's parties in Monaco on Christina O and passing through Malcom Forbes' annual 4th July cruise on the Highlander. As a result, the view that the general public has of yacht owners is somewhat distorted. The vast majority of owners keep their lives extremely private. Relaxing, family friendly cruises simply don't make good enough headlines to sell.
When Tatoosh, the 92.4 meter yacht owned by Microsoft co-founder, Paul Allen has allegedly destroyed part of a reef in the Cayman Islands with her anchor, it was only the pejorative side of the story that was broadcasted by mainstream media. The fact that Mr Allen had proposed a plan to local authorities to rebuild the reef shortly after has however been mostly overlooked.
Selfless acts made by yacht owners are actually not that rare and fall within the much less discussed opposite side of the spectrum. In March 2015, cyclone Pam hit the island nation of Vanuatu located in the South Pacific. To assist with humanitarian efforts, the owner of the 73m Dragonfly sent his yacht to bring medical aid and doctors to remote areas that needed immediate care.
In addition to the overall generous nature of yacht owners, the industry as a whole is an extremely efficient distribution of wealth all by itself. Profit margins for shipyards orbit around 3-4% with most of the expenses going to an extensive number of staff and materials. Bob Saxon, former CEO of IYC, commented "There is no greater redistribution of wealth than to build a yacht. Thousands of workers employed five years, and when the yacht is delivered it is an impressive consumer of goods and services."
As a rule of thumb, yacht maintenance costs 10% of the purchase price which for yachts of around 50 meters is generally near the 2 million dollar mark. The lion share of these expenses is going to crew members. During its operation, a yacht will also require the services of marinas to dock and refuel. Many suppliers are also stocking the yacht with anything from food and beverages to water toys.
Yachts are in fact not so different from companies, most of them are even registered as an Llc for tax reasons. Masses seem however to show much more resentment to yachts as opposed to multinational firms. These superyachts however can have much bigger impacts on local economies and create more jobs than more traditional types of developments.
Thailand, long-inaccessible to yachts due to regulations, has opened up its waters at the end of last year. This comes with a push from the Thai government to create a yachting hub in Phuket to stimulate its economy. "People who own yachts are above-average wealthy individuals, which is the kind of tourist we want to attract to Phuket" said Gulu Lavlani, chairman at the Royal Phuket Marina. The marina in question has set out an extensive, multi-million dollar plan to enhance its facilities.
It therefore seems clear that yacht owners are extremely positive players in economies and might sometimes be depicted as much more extravagant than they really are. In fact, most people never hear about educated and generous yacht owners that are simply to dull for media to report on.
Superyachts tend to stand out in most marinas and hence draw a lot of attention to themselves, exciting the curiosity and fueling the jealousy of many. It might therefore come as no surprise that when FinandField conducted a survey amongst its audience, mostly composed of hunting and fishing sportsmen, 40% answered that they considered yachts to be a waste of money.
There has arguably been a long-standing history of magazines highlighting the craziest events held onboard super yachts dating back to Onassis's parties in Monaco on Christina O and passing through Malcom Forbes' annual 4th July cruise on the Highlander. As a result, the view that the general public has of yacht owners is somewhat distorted. The vast majority of owners keep their lives extremely private. Relaxing, family friendly cruises simply don't make good enough headlines to sell.
When Tatoosh, the 92.4 meter yacht owned by Microsoft co-founder, Paul Allen has allegedly destroyed part of a reef in the Cayman Islands with her anchor, it was only the pejorative side of the story that was broadcasted by mainstream media. The fact that Mr Allen had proposed a plan to local authorities to rebuild the reef shortly after has however been mostly overlooked.
Selfless acts made by yacht owners are actually not that rare and fall within the much less discussed opposite side of the spectrum. In March 2015, cyclone Pam hit the island nation of Vanuatu located in the South Pacific. To assist with humanitarian efforts, the owner of the 73m Dragonfly sent his yacht to bring medical aid and doctors to remote areas that needed immediate care.
In addition to the overall generous nature of yacht owners, the industry as a whole is an extremely efficient distribution of wealth all by itself. Profit margins for shipyards orbit around 3-4% with most of the expenses going to an extensive number of staff and materials. Bob Saxon, former CEO of IYC, commented "There is no greater redistribution of wealth than to build a yacht. Thousands of workers employed five years, and when the yacht is delivered it is an impressive consumer of goods and services."
As a rule of thumb, yacht maintenance costs 10% of the purchase price which for yachts of around 50 meters is generally near the 2 million dollar mark. The lion share of these expenses is going to crew members. During its operation, a yacht will also require the services of marinas to dock and refuel. Many suppliers are also stocking the yacht with anything from food and beverages to water toys.
Yachts are in fact not so different from companies, most of them are even registered as an Llc for tax reasons. Masses seem however to show much more resentment to yachts as opposed to multinational firms. These superyachts however can have much bigger impacts on local economies and create more jobs than more traditional types of developments.
Thailand, long-inaccessible to yachts due to regulations, has opened up its waters at the end of last year. This comes with a push from the Thai government to create a yachting hub in Phuket to stimulate its economy. "People who own yachts are above-average wealthy individuals, which is the kind of tourist we want to attract to Phuket" said Gulu Lavlani, chairman at the Royal Phuket Marina. The marina in question has set out an extensive, multi-million dollar plan to enhance its facilities.
It therefore seems clear that yacht owners are extremely positive players in economies and might sometimes be depicted as much more extravagant than they really are. In fact, most people never hear about educated and generous yacht owners that are simply to dull for media to report on.
Benetti unveiled M/Y Juno’s 7, the inaugural vessel of its Class 44M series, during a launch event in Viareggio. This remarkable yacht showcases the artistry of Cassetta Yacht Designers, featuring a design that emphasizes natural, informal settings across its four decks, reflecting the brand's rich heritage.Juno’s 7 represents a significant milestone for Benetti, as it is the shipyard's fiberglass flagship, merging excellence and tradition with a modern flair. Daniela Petrozzi, Benetti’s Sales Director, expressed her excitement, stating, “This yacht embodies our continued commitment to innovation while honoring our legacy. Cassetta Yacht Designers have expertly redefined the exterior and interiors, bringing a fresh perspective to our design ethos.”The design philosophy behind Juno’s 7 focuses on creating a relaxing atmosphere, intentionally steering clear of overly artificial or elaborate environments. The use of expansive transparent surfaces, such as hull mirrors in the main lounge, enhances the natural light and openness of the space.Material selection played a central role in the design. Highlights include the use of trowelled resin for bathroom surfaces instead of traditional marble – reserved only for the main deck's basins. The yacht features a diverse array of FSC-certified woods, including antique elm flooring that retains the wood’s natural knots and uniquely varied plank sizes. Striped ash paneling was chosen for the walls, meticulously curated to achieve the perfect aesthetic for the yacht.Juno’s 7 is tailored for extended and secure voyages, with a layout designed for maximum privacy and ample storage. The yacht boasts four decks: the main deck includes the owner’s cabin, a galley, a dayhead, and a spacious lounge with panoramic views; the upper deck features a helm station, expansive living areas, and an optional VIP cabin; the sun deck offers over 102 square meters of recreational space, while the lower deck houses four guest cabins and crew facilities. A unique beach club near the water's edge adds an independent, multifunctional area, complemented by a garage strategically located on the port side.Soundproofing is a standout feature, placing this 44-meter yacht at the forefront of its class through advanced floating floors, bulkheads, and cutting-edge flexible transmission couplings. Additionally, the yacht’s air-conditioning system ensures optimal climate control with six air exchanges per hour.Powered by twin MAN engines rated at 1,400 HP each at 2,300 r/min, Juno’s 7 can reach a top speed of 15 knots and offers an impressive range of 4,100 nautical miles at a cruising speed of 11 knots.Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. Benetti designs, builds and sells composite vessels from 29 to 44m and steel and aluminum boats from 37 to over 100m. The fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom to meet all the needs of the market. Benetti belongs to the Azimut|Benetti Group, the largest privately owned luxury yachting group in the world.Credits: Benetti
November 15, 2024
The Italian Sea Group marked a significant milestone with its brand Tecnomar for Lamborghini during the European premiere of Automobili Lamborghini's latest super sports car, the Temerario1.Over 400 automotive enthusiasts arrived at Lamborghini Day Germany, hosted at Luftschiffhangar Mülheim near Düsseldorf, showcasing their extraordinary super sports cars. The event offered a thrilling 360-degree celebration of the iconic brand and unveiled the Temerario1, a remarkable Fuoriclasse super sports car boasting a powerful 920-hp twin-turbo V8 hybrid powertrain.As a partner for the occasion, Tecnomar for Lamborghini curated a unique experience using its Ad Personam configurator, enabling guests to customize their own Tecnomar for Lamborghini 63 yacht. A stunning scale model of the yacht captured the attention of attendees, emphasizing the dynamic synergy between the realms of Tecnomar and Lamborghini through their shared attributes of sportiness and power.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 15, 2024
The power of enduring collaborations is evident, especially when it comes to the partnership between shipyard and design studio. This synergy speaks not only to the success of previous projects but also to the mutual understanding of project needs and how to elevate past designs into something new.This rings true for the Italian design studio Hot Lab, a part of the Viken Group, and Turkish shipyard Numarine, known for their popular contemporary explorer yachts, many of which have benefitted from Hot Lab's creative flair. It’s this successful history that led Numarine to engage Hot Lab for the interior design of its new flagship, the 45.34-metre 45XP, debuting for the first time. The interiors showcase clever spatial designs, multifunctional spaces, and a clean yet inviting beach-house-chic aesthetic that beautifully complements the expansive deck areas and guest amenities of the 45XP.Main saloon “With several years of collaboration under our belts, we share a mutual understanding of each other’s distinct styles,” said Ömer Malaz, Chairman of Numarine. “Given the significance of this new flagship, establishing a cohesive design strategy was paramount. While we provided some technical guidelines, we entrusted much of the creative vision to the Hot Lab team.”Main saloonThe yacht boasts a remarkable 498GT exterior, highlighted by striking profile lines that maximize deck space and superstructure glazing, ensuring a strong connection to the outside world from any point within. But the 45XP is designed not only for aesthetics; it’s built for serious cruising, featuring a seaworthy hull with a trans-ocean range of 6,000 nautical miles. This exceptional foundation allowed Hot Lab to enhance the livability of the guest spaces, drawing upon their extensive experience with previous models in the series.Master cabinThe design process began with a thorough review of the layout, which proved to be a straightforward task, thanks to Numarine’s advanced work. “The project was already positioned well technically, and Numarine requested our input on the general arrangement,” shared Enrico Lumini, design director and co-founder of Hot Lab. “Minimal intervention was needed because the yard had developed an incredibly solid design. For this 45-metre yacht, we provided insights built from our extensive construction experience, focusing on the yard's strengths while suggesting minor improvements for detail.”Upper deck loungeMalaz noted that Hot Lab understood Numarine's previous projects well, having crafted varied interiors for their last few models. “They recognize that interiors don't always need to mirror the exterior style, especially for well-received yachts produced in multiple units,” he stated. “However, they strive to enhance the interplay between interior and deck spaces, ensuring that windows and connections to the outdoors create cohesion.”Upper deck cabinThe interior design philosophy aimed to craft warm, inviting, and well-proportioned areas that harmonize in color. The layout prioritizes spaciousness in individual cabins rather than simply maximizing the number of cabins. While the design is adaptable to client preferences, Numarine is showcasing the project with an emphasis on five generously-sized cabins, fostering privacy alongside communal spaces—an essential feature for their flagship design. The yacht includes large saloons and a spacious owner’s cabin with direct access to a private bow area. “It harmonizes the yard's characteristics with innovative proposals,” Lumini noted.Moreover, they intentionally layered multiple functionalities within shared spaces to promote social interaction. This resulted in inclusive areas where families of varying ages could engage together or pursue different activities, with the saloon serving as a communal “piazza” that thoughtfully integrates lounging, dining, and cinema within a unified setting.Complementing this design is a carefully curated palette of colors and materials, balancing wood and leather and contrasting grey-sand oak with burgundy leather. The stylish design of walls and columns is fused with oriental tones in the ceiling panels. “This blend of styles is perhaps the yacht's most distinctive feature,” Lumini remarked.Main saloonÖmer Malaz further emphasized that the designers drew inspiration from current trends – not simply for the sake of fashion, but because these trends align seamlessly with their design philosophy. Their approach favors simplicity, natural materials, and unrefined finishes, celebrating the essence of materials like travertine and oak without artificial treatments. “This philosophy allows the natural aesthetics of these interiors to shine,” Lumini affirmed.This collaboration exemplifies the thorough alignment of purposeful layout and design, positioning the 45XP as a testament to Numarine's commitment to quality and style. “Our long-term partnership reflects continuity and trust, making us proud of our collective achievements,” expressed Antonio Romano, commercial director of the Viken Group and co-founder of Hot Lab. “This yacht is unequivocally Numarine, offering spacious interiors and unique pathways, yet it represents the pinnacle of quality and style developed by the yard over recent years. We’re thrilled to have contributed to it.”Malaz wrapped up by noting, “Our new flagship marks a further evolution of our previous endeavors, embodying the design expertise and construction quality we've perfected over countless projects. This interior layout and style resonate perfectly with the essence of the 45XP and the adventurous cruising lifestyle that Numarine offers to all our owners through our tailored explorer yachts.”Numarine, a European high-performance motor-yacht shipyard headquartered in Istanbul, offers a range of yachts from 19 to 45 meters.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: Numarine
November 15, 2024
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