In recent years, Asia has rapidly become one of the major territories active in the yachting industry. Thus, after a series of yacht-related acquisitions led by Chinese beneficiaries, 87 percent stake in the Feretti Group is owned by Chinese conglomerate Weichai Group; Dalian Wanda Group was announced to buy a 91,8% stake in Sunseeker Yachts; Lai Sun Group acquired 49.9% of Camper and Nicholsons International for €13 million. Still, according to Bloomberg research, the optimistic forecasts on the development of the yachting market in China turned out to be erroneous.
According to Boat International Media, there are only three confirmed Chinese owners from the TOP-200 of the largest yachts in the world, despite the fact that no other country can boast such a large number of billionaires. The Chinese rich actually do spend money collecting the best works of art, buying sports teams and golf courses. Nonetheless, big vessels remain taboo for them.
Hong Kong broker Eric Noyel from Asia Marine Yacht Services Ltd reports that finding takers for even a modest-size superyacht has now proved almost impossible in China, although only 7 years ago, the China Cruise & Yacht Industry Association predicted a boost on the local market. They stated, there would be 100,000 luxury vessels in China by 2020, raising from 3,000 back in 2012.
Delphine Lignières, chief executive officer of China Rendez-Vous, which runs the boat show in Sanya, says China’s yachting ambitions were suppressed as a side effect of an anticorruption campaign.
Yacht sellers did not anticipate the rapid take-off of Xi Jinping, who became general secretary of the Central Committee of the Chinese Communist Party in 2012. Shortly, he punished over 100 thousand party members, as a result high-level officials had to forget about luxurious life attributives. Part of the propaganda, it has become almost a crime to flaunt one’s wealth in a public way, as 200 million Chinese citizens live in poverty.
Gordon Hui, President of Sunseeker Asia Ltd., which has been selling boats since the beginning of the 2000s, was forced to close three salons in China. Since 2015, he has not sold a single yacht for use in China, though still selling to mainland customers for delivery outside the country.
What is more, there are other reasons behind the choice not to invest in private yachts among the Chinese. The mainland’s coastal metropolises lack repair yards, equipment suppliers, and the rest of the costly support network that private yachts require. There are very few large marines there, so anyone who considers buying a yacht will be forced to moor in Hong Kong, Singapore or Phuket. Some locals even keep their ships far away in the Mediterranean.
In 2015, the rules for operating yachts in the waters of China tightened: now there can be no more than 12 people on-board. Given that a yacht of any size needs a team of six people, there is no room for holding big parties.
Furthermore, the coastal waters of China is a complex water area. In the North, pesticides, waste and chemical fertilisers have poisoned the waters. Qingdao, where the 2008 Olympic Games were held, fights green algae each year. South, in the subtropics, water is patrolled by law enforcement officers. There is a struggle for the disputed territory, and not so long ago, new artificial islands were formed, stocked with troops and weapons.
Billionaire He Xiaopeng keeps his 26-metre yacht in Hong Kong. But as his electric car startup Xpeng Motors consumes all his time, he claims to use the vessel once a year, more often deployed by his friends. Fang Yuan from Heysea Yachts explains, that it is a standard story, as once he visited a boat a year after delivery and found the mattress still packed.
Manufacturers have already noted that, introducing the series of yachts called Tai He Ban, developed by Ferretti. The series is distinguished through practically no places to sleep - the space is reserved for banquet tables and karaoke stage.
One of the few yacht owners in China was Wang Jianlin whose company Dalian Wanda Group took possession of 92% of the British Sunseeker Yachts. His 28-metre yacht was docked at Qingdao marina that he owned, as well. Still, last year he sold both the yacht and the marina where she was located.
Another example, conglomerate HNA Group Co,. used a 49-metre superyacht for charters out of Hainan Island. In January 2019, they sold the ship, fearing pressure from the government, which urged the company to find ways out of the debt trap.
Still, random sales occur here and there on the market. For instance, Simpson Marine managed to find a buyer for a 26-metre boat in China. Further, one of the recent highlights of the local scene was the launch of the 88-metre Illusion Plus - the largest yacht produced in China. In Hainan and Zhuhai, the government is considering building new marinas, although not large enough for Illusion Plus.
The Italian Sea Group, in collaboration with Behnemar Yachting Consultancy, participates in the fifth edition of the Abu Dhabi International Boat Show (ADIBS) 2024. The event is taken place from November 21 to 24 at the prestigious Abu Dhabi National Exhibition Centre (ADNEC).This year, attendees will witness the debut of the renowned Tecnomar for Lamborghini 63 motor yacht, showcased for the first time in the Middle East, prominently presented in its iconic Verde Gea color. This stunning vessel embodies the flawless blend of elegance and power, reflecting the cutting-edge design of Automobili Lamborghini coupled with the superior craftsmanship synonymous with the Tecnomar brand.ADIBS 2024 represents a pivotal moment for The Italian Sea Group as it aligns with its strategic development plan to enhance its presence in the Middle East and North Africa (MENA) region. This initiative is bolstered by the partnership established earlier this year with Behnemar Yachting Consultancy, serving as the Authorized Sales Agency in the area.The exclusive Behnemar | The Italian Sea Group exhibition space will feature several standout models from the Admiral, Tecnomar, and Perini Navi fleets, with the Tecnomar for Lamborghini 63 prominently moored nearby."Our presence at this event alongside Behnemar marks a significant step in our expansion strategy within the MENA region, offering us the opportunity to engage with a discerning audience that shares our commitment to luxury and innovation," stated Giovanni Costantino, Founder & CEO of The Italian Sea Group. "The Tecnomar for Lamborghini 63 yacht, showcased for the first time in the Middle East, will serve as a testament to our dedication to innovation and excellence."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 22, 2024
Azimut has clinched a prestigious accolade at the Boat Builder Awards 2024, winning in the category of “Collaborative Solution between a Builder and its Supply Chain Partner,” in partnership with Volvo Penta.The awards ceremony, organized by IBI and METSTRADE, took place on Wednesday, 20 November, where the jury honored the innovative technology developed by Volvo Penta, which was first tested in collaboration with the R&D Department of the Azimut|Benetti Group.This groundbreaking project saw the introduction of the first hybrid-electric version of the Volvo Penta IPS Drive on the new Azimut Seadeck 7. This revolutionary hybrid-electric system enables the yacht to moor and navigate in fully electric mode at speeds of up to 11 knots, seamlessly transitioning between electric and thermal motors without requiring an onboard generator. The Hybrid Boost feature allows for powerful acceleration, while the energy recovery system enables regeneration while sailing, and fast charging mode offers quick battery recharges utilizing thermal engines. During anchorage, the onboard batteries can power all services for up to 12 hours, ensuring a serene and completely silent experience at sea. Additionally, the system supports access to zero-emission zones, fully aligning with environmental sustainability.Through this innovative hybrid-electric system and advanced naval architecture, Azimut's Seadeck 7 provides conscientious owners with a means to reduce emissions by up to 40%, showcasing the forefront of solutions available for decreasing fuel consumption and CO2 emissions.“We are honored to receive the Boat Builder Awards recognition,” stated Marco Valle, CEO of Azimut|Benetti Group. “By integrating the Volvo Penta hybrid-electric package into the Seadeck 7, we are at the forefront of hybridization for yachts in this segment, improving efficiency and ensuring smooth operation in yachting. This pioneering solution not only minimizes consumption and emissions but also enriches the onboard experience for our customers. We take pride in leading an evolution that will positively impact both our waters and our owners.”“We are thrilled to be recognized alongside Azimut for our shared commitment to advancing innovation and decarbonization in the marine industry,” remarked Johan Inden, President of the Marine Business at Volvo Penta. “Partnering with like-minded pioneers is crucial to redefining the future of boating. This collaboration showcases a winning combination of unique technology and state-of-the-art yacht design, aimed at enhancing efficiency, performance, and the overall boating experience.”Azimut Yachts is an Azimut Benetti Group brand. With its Atlantis, Magellano Flybridge, S, Verve and Grande collections, Azimut offers the widest range of 10 to 40 meters.Credits: Azimut Yachts
November 22, 2024
Turkish catamaran specialist VisionF Yachts has sold the third hull in its highly acclaimed 82ft (24.7m) model series. Construction of this elegant aluminium power catamaran is already underway at the cutting-edge shipyard in Yalova, with its launch scheduled for mid-2025.While the striking contemporary design of this latest vessel mirrors that of its predecessors, VisionF Yachts offers a semi-custom approach, allowing for a unique interior configuration. Adopting a galley-up layout, the design allocates a dedicated corner in the spacious saloon for cooking, thereby maximizing accommodation space in the hulls below. This layout enables the inclusion of a luxurious owner’s suite, three VIP cabins, and two crew cabins. Additionally, this VisionF 82 features a custom jet-ski garage located beneath the bridge deck.The VisionF 82 is establishing itself as a worthy successor to the successful VisionF 80, with multiple hulls already launched. Key highlights of this model include its generous interior volume and expansive exterior deck areas. Constructed from sturdy yet lightweight aluminium, its impressive 9.9m beam and 24.7m length create a lavish living space.The yacht showcases an elegant saloon furnished with parquet flooring and freestanding armchairs, along with guest cabins that offer stunning views of the ocean. For outdoor enjoyment, owners can choose from the shaded comfort of the covered flybridge or the open foredeck lounge and expansive bathing platform to bask in the sun.On the technical front, the VisionF 82 is equally remarkable, capable of reaching top speeds of up to 20 knots. Its sleek twin hulls ensure exceptional efficiency, making for smooth sailing with twin Volvo Penta IPS 1050 drives, while offering an impressive cruising range of up to 4,000 nautical miles.VisionF Yachts in Turkey was set up by Coşkun Bayraktar in Istanbul in 2019, but despite the shipyard’s relative youth it is a brand that is going places in the power catamaran world. In November 2020, VisionF Yachts debuted its first vessel, the VisionF 80. Credits: VisionF Yachts
November 22, 2024
In celebration of its 30th anniversary, the prestigious Monegasque yachting brand Wally has launched the wallybeacon initiative, providing students with a unique opportunity to pitch their innovative ideas. The initiative culminated in a two-day event held on November 18-19 at H-FARM Campus, where 16 international teams competed for cash prizes in three different categories.The wallybeacon event kicked off earlier this autumn with a call for proposals that attracted over 80 students from renowned institutions, including Arsutoria School, Bocconi, H-FARM College, IED, International University of Monaco, and POLI.design. Wally challenged participants to develop ideas in three categories: personal goods, innovative living, and smart services and experiences. The first category focused on footwear, bags, and luggage; the second on multifunctional furniture and functional design objects; and the third on digital products and “phygital” experiences, merging the digital and physical realms.Following an initial selection process, 16 successful teams were each paired with mentors from Wally and strategic design firm MAIZE. They attended business training sessions, received product development support, and were guided through the process of crafting compelling pitch presentations. Participants were encouraged to conduct market surveys, develop business models, and create prototypes, all while emphasizing sustainability.The excitement surrounding the finals was palpable, with Wally Founder and Chief Designer Luca Bassani among the esteemed speakers, alongside notable figures such as Freediving World Champion Alessia Zecchini and International Beatbox Champion Azel. The event also featured ample networking opportunities, culminating in live pitches from the finalist teams.The following projects were honored during the event:3rd Prize (Smart Services and Experiences): WALLY INFINITY by Filippo Dainese, Riccardo Lovisetto, and Alberto Pupulin from H-FARM College, noted for its innovative blend of physical and digital experiences that aligns with Wally’s vision of client well-being.2nd Prize (Personal Goods): JUMP by Julia Baldini, Ugo Bompass, Matteo Bulla, and Matan Laron from Arsutoria School, recognized for its strategic approach to footwear, highlighting functionality and technology integration, particularly in the medical domain.1st Prize (Living Solutions): SAVA by Asia Paganessi, Valentina Panontin, Sofia Rossoni, and Aurora Zottarel from H-FARM College, celebrated for its innovative “space-free” organizing concept that bridges luxury and scalability in product and service offerings.Additionally, a special mention in the Smart Services and Experiences category was awarded to FOUR CORNERS CREW, created by Ksenia Kochineva, Nived Nair, Dhrumil Senghani, and Congyi Wang from Bocconi University.The wallybeacon event successfully showcased the creativity and potential of young innovators, establishing a vibrant platform for collaboration and inspiration. Moreover, it serves as a valuable opportunity for Wally to explore new avenues in design, aligning its brand legacy with the fresh perspectives of tomorrow's leaders. With a rich tradition of innovation recognized by two Compasso d’Oro awards, Wally is poised to expand its influence in new design territories.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 21, 2024
Quick Group showcased its ambitious sustainability program and 2025 targets at METSTRADE 2024. The program centers on reducing emissions and enhancing the company's carbon footprint, reflecting the Group's commitment to environmental accountability.Since 2024, Quick Group has undertaken a rigorous integration process alongside newly acquired brands to align with its established quality and production standards. This integration focuses initially on enhancing product quality, with plans to fully adopt the Group's sustainability practices and quality systems by 2025. Quick Spa, a key player for years in promoting sustainability, aims to embed these values deeply across all Group operations, making them fundamental to its identity.The Group has set concrete goals for 2024 and beyond, including significant carbon emission reductions and substantial investments in renewable energy sources such as solar power. A core element of the sustainability program is ensuring transparency across the supply chain, engaging business partners to adopt and promote responsible practices. By fostering a collaborative approach, the Group aspires to drive a collective shift toward sustainability throughout its value chain.Plans also include implementing vertical production methodologies and expanding the carbon footprint assessment to various product lines, with an emphasis on lifecycle analysis. The Group is committed to enhancing its circular economy practices, focusing on efficient resource use, waste reduction, and sustainable packaging initiatives.Quick Group is taking concrete actions against climate change, setting measurable targets for emission reductions aligned with a broader decarbonization effort across its supply chain. This includes certifying key products based on energy utilization, aiming for a notable drop in overall emissions by 2025. After achieving a 12.5% reduction in 2023 and a 6% decrease in 2024, the Group is pursuing a transition to 100% renewable electricity, supported by guarantees of origin.To elevate its quality standards, Quick Group plans to extend ISO 9001 certification—currently held by Quick Spa—to all production entities by 2025, with a goal of achieving ISO 14001 and ISO 45001 certifications by 2026. The adoption of these standards will involve implementing rigorous processes and policies to monitor and manage environmental impacts effectively."Building a robust quality system is essential for ensuring compliance and fostering customer trust," remarked Marco Rodi, Chief Operating & Sustainability Officer of Quick Group. He emphasized the importance of investing in quality as a means to secure future resilience while maintaining alignment across all Group companies.In addition to operational goals, Quick Group is committed to fostering diversity and inclusivity within its workforce. The company achieved balanced gender representation in 2024 and aims to further enhance inclusivity through a newly approved inclusion policy designed to ensure a discrimination-free environment. Furthermore, the Group guarantees equitable pay across all positions, regardless of gender, emphasizing the value of its human resources."Sustainability is integral to our Group's philosophy, guiding our actions and differentiating us within the industry," said Rodi. "As consumers and shipyards increasingly prioritize sustainability, we are dedicated to being a comprehensive partner by offering certified, value-aligned solutions while ensuring our suppliers share these principles."Credits: Quick Group
November 21, 2024