Last quarter of 2019 has brought several news from the stock exchange in the yachting industry. One of the leading Italian yacht builders, Sanlorenzo, has gone public on the Borsa Italiana on track with earlier plans. Their compatriot competitors, the Ferretti Group, meanwhile earlier abandoned the course. Yacht Harbour takes a closer look at the situation.
Sanlorenzo entered the stock exchange on December 10 successfully and spent the first day of trading starting from €16 per share, according to the plans they had intended. The initial pricing meanwhile is set to bring total market capitalisation to €552 million, meaning the €72 million capital increase for Sanlorenzo.
However, although the stock traded at or slightly above the IPO offer price for much of the week, it sank on Thursday to close at €15.42. According to GlobalCapital, liquidity was very low even by Thursday, with only 1.5% of the free float traded on the day.
Nonetheless, in regards of the difficult market backdrop towards IPOs of the small and mid-size companies, the situation can be considered positive. Noteworthy, only one third of investors interested in 35% of the shipyard’ listed capitals, come from Italy.
The offering consists of 4.5 million newly-issued shares resulting from a capital increase and 7.6 million shares offered for sale by Happy Life Srl. The latter is the company’s major shareholder, also controlled by Sanlorenzo executive chairman Massimo Perotti.
Perrotti commented:
Today we have reached an important objective, and we are very proud of this achievement. […] Listing on the stock exchange represents a fundamental step for Sanlorenzo, and a new starting point for growth and development on international markets.
Another yachting industry representative, major US retailer OneWater Marine specialising in boats sale and maintenance of boats, filed for an IPO July 12 this year. The company owns and operates 60 stores in the United States.
Founded in 2014, they reported $719 million in FY2019.
On October 15, OneWater Marine announced the terms of its IPO. They were planning to raise $60 million by offering 3.2 million shares at prices ranging from $18 to $20. However, the group decided to postpone its IPO.
Returning to the European market, another key player and competitor of Sanlorenzo, the Ferretti Group, not only postponed but even withdrew from the public listing 30% of the company’s shares due to insufficient valuation.
Ferretti saw lowering of its indicative price range for shares from the initial target of €2.50 to €3.70 per share to only between €2.00 and €2.50. That said, it would have meant a market valuation of € 581 million instead of aimed €1.08 billion.
Under the new prospective, Alberto Galassi, CEO of the company, said in 2020 a share of about 30% might be sold to some new investor from Europe, reported Reuters.
The 49.9-meter motor yacht Tsumat, built by Trinity Yachts, has been sold after a substantial price reduction of USD9 million. Frank Grzeszczak Sr. of FGI Yacht Group represented the seller, while Yannis Zagorakis of Hargrave Yachts acted on behalf of the buyer. The sale follows Tsumat’s prominent display at the Fort Lauderdale International Boat Show (FLIBS), where the adjusted asking price drew considerable attention.Delivered in 2012 by the U.S.-based Trinity Yachts, Tsumat features an aluminum hull and superstructure. The yacht’s design was helmed by Geoff Van Aller, with interiors crafted by Ramon Alonso. A comprehensive, multi-million-dollar refit in 2023 brought modern updates to the vessel, enhancing her appeal on the market. Notably, Tsumat is the last yacht from Trinity’s 164 range, a hallmark of the shipyard’s craftsmanship.The 499GT yacht accommodates 12 guests in six cabins, including a master suite, VIP cabin, three double cabins, and one twin cabin. Crew quarters are available for 10 personnel. Unique design features include lattice woodwork incorporated into the deckheads, extending the aesthetic into both interior spaces and exterior deck overhangs.ABS-classed and powered by twin 3,384hp Caterpillar diesel engines, Tsumat achieves a top speed of 23 knots and a cruising speed of 18 knots, with a range of 3,000 nautical miles.Tsumat's last known asking price was USD17,499,000.Credits: FGI Yacht Group
January 10, 2025
Vitters Shipyard has announced the launch of its latest creation, the 44-meter sailing yacht Magic. A collaborative effort between the Dutch shipyard and a team of renowned designers and engineers, Magic represents a significant milestone in modern yacht building. Naval architecture was handled by Reichel/Pugh, with interior design by Design Unlimited and styling by Pieter Laureys.The yacht first emerged from the construction shed in Zwartsluis, Netherlands, on January 3, after 30 months of meticulous construction. Her sleek, modern design stood in stark contrast to the tranquil green fields and the charming village setting. On January 7, Magic was launched into the cold waters of Amsterdam, marking a pivotal moment in her journey. Her 62-meter Southern Spars rig was stepped on January 8, completing the yacht’s striking silhouette. Commissioning and sea trials are scheduled to take place in Amsterdam ahead of her February 2025 delivery.Magic is a contemporary cruising sloop designed with dynamic lines and an emphasis on both performance and comfort. Measuring 44 meters in length and with a beam of 9.66 meters, she accommodates 10 guests in luxury, supported by a crew of seven. Her fixed keel allows for a draft of 4.8 meters, while her innovative design incorporates features such as a covered cockpit for all-weather protection and a spacious aft deck for relaxation. The transom hatch opens to reveal a convertible beach club, offering seamless access to the water.Powered by a conventional drivetrain with a controllable-pitch propeller, Magic also includes a battery bank capable of providing silent operation for up to eight hours. All winches, furlers, tensioners, and other sail-handling equipment are hydraulically powered by systems engineered and built in-house by Vitters. To maintain a clean bow and foredeck, Magic employs two submarine anchors, further enhancing her streamlined aesthetic.The yacht’s interior is a showcase of craftsmanship by List, featuring a modern design that flows harmoniously from the full-beam master cabin aft to the forward crew quarters. High-quality materials and thoughtful detailing ensure a seamless blend of elegance and practicality throughout.After delivery, Magic is set to head to the Mediterranean for her maiden voyages. Notably, her current owner has listed her for sale, with Burgess acting as the Central Agent, represented by Eleonora Pitasso. Vitters Shipyard is a Dutch high-end performance yacht builder. The shipyard was founded in 1990 by Jan Vitters. The company delivered the first luxury sailing boat, the 28m Aphrodite, in 1993. Vitters Shipyard has a crew of dedicated engineers and craftspeople who have a strong eye for detail and the passion to exceed the expectations of its yacht owners. Credits: Vitters
January 9, 2025
Tankoa Yachts has introduced its latest full-custom superyacht, Diamond Binta, at the 2024 Monaco Yacht Show. This 58-meter vessel, signed in 2021 and delivered in the summer of 2024, represents a significant evolution in the Italian shipyard’s boutique approach to yacht building. Designed for long-range cruising, Diamond Binta combines Tankoa’s technical expertise with the refined aesthetic vision of Francesco Paszkowski Design Studio.The owner of Diamond Binta, a returning client of Tankoa, sought to expand on their previous experience with the 50-meter S501 Binta d’Or. The goal was to create a larger yacht tailored to their lifestyle, offering a distinctive style, advanced functionality, and long-range capabilities. Guided by Tankoa’s commitment to customization, the shipyard collaborated closely with the owner and the design team, ensuring every detail reflected their vision.The yacht features modern amenities such as a spacious beach club with seating, a treatment room illuminated by glass walls and skylights, and a top-deck gym with panoramic views. A helipad on the upper deck, a nine-meter tender garage, and a main-deck master suite with a private drop-down terrace showcase the yacht’s luxurious functionality.Interior highlights include extensive use of oak in various finishes, a neutral color palette, and bespoke furniture. Materials such as leather, metal, and marble enrich the décor, with custom-designed pieces complementing high-end furnishings from Minotti and Poltrona Frau. Unique design elements include curved ceilings with integrated LED lighting, asymmetrical motifs in carpets and cabinetry, and rounded furniture forms that create a cohesive, modern aesthetic.The lower deck features an innovative corridor with panoramic windows into the engine room, demonstrating the owner’s passion for engineering. Five guest cabins, including two with Pullman beds, accommodate up to 12 guests, while the full-beam master suite includes a lounge, study, and spa-like ensuite bathroom.According to Tankoa CEO Vincenzo Poerio, Diamond Binta embodies the shipyard’s ability to “realize and enhance the dreams of an owner.” The yacht’s maiden voyage will take her to the United States, where she will debut at the 2025 Palm Beach International Boat Show, showcasing her blend of craftsmanship, innovation, and luxury.Tankoa was founded in 2007 and began production in 2008. A true “boutique shipyard”, focused on building semi-custom and custom constructions 45-meter and up.Credits: Tankoa
January 9, 2025
Lomac Milano has announced the launch of “Lomac Atelier powered by D-Factory,” a groundbreaking customization service aimed at offering an unparalleled level of personalization for rigid inflatable boats (RIBs). The service, unveiled at Boot Düsseldorf 2025, brings together Lomac’s expertise in high-performance boat manufacturing and D-Factory’s skills in bespoke design and surface finishing, opening a new chapter in tailored luxury for boating enthusiasts.Central to the announcement is the debut of the Odyssey, a show-RIB based on Lomac’s iconic Adrenalina 8.5 model. The Odyssey demonstrates the extent of Lomac Atelier’s customization potential. Its design, inspired by Penelope from Greek mythology, serves as a creative provocation, encouraging visitors to imagine how far their ideas can shape their own vessels.Lomac Atelier allows clients to personalize nearly every element of their RIBs, from tube colors to dashboard finishes and from upholstery textures to T-top designs. Each detail can be tailored to suit individual tastes and preferences. D-Factory, a recognized name in automotive design and an official partner of Audi and Porsche, contributes its advanced technology, offering premium wraps and regenerative Paint Protection Film (PPF). This film not only protects fiberglass surfaces from UV rays and wear but also enhances their appearance, ensuring long-term durability.Beyond exterior finishes, D-Factory brings customization to upholstery, incorporating unique designs, shapes, and stitching that add refinement to interiors. Clients can expect a seamless blend of cutting-edge technology and luxury craftsmanship, ensuring their vessels are as unique as they are functional.The partnership signals a shift in the boating sector, introducing a level of personalization traditionally associated with luxury cars. Lomac Atelier promises to create high-performance RIBs that meet the demands of avid boaters while offering an aesthetic appeal akin to customized vehicles. By combining Lomac’s technical expertise with D-Factory’s design innovations, the collaboration aims to set a new standard for bespoke boats.The Odyssey stands as a vivid example of this potential, presenting bold choices in design and functionality. Visitors at Boot Düsseldorf are encouraged to use this prototype as inspiration, imagining how they might craft their own vessels. With Lomac Atelier powered by D-Factory, the boundaries of creativity are virtually limitless, offering clients the chance to make a bold statement with a truly one-of-a-kind RIB.Lomac was founded in the early 1960s in Milan. Today it is led by Paolo and Fabrizio Lo Manto, the third generation of the family, and offers a production that includes seven different series for 58 models, the result of the union of the highest technologies with careful craftsmanship. Lomac also produces and markets a wide range of original accessories to better customize your boat, and maintenance products created specifically for its models.Credits: Lomac
January 9, 2025
Ocean Independence has unveiled the Mishi 102, the new flagship of Mishi Yachts' sailing range, designed to deliver exceptional experiences for families and friends. The 31-meter sailing superyacht, presented at the Monaco Yacht Show 2024, is available for sale at EUR10.7 million.The Mishi 102 builds on the success of its predecessor, the Mishi 88, offering expanded space and enhanced performance. Ocean Independence broker Lukas Stratmann emphasized the yacht's design as a "natural next step," blending reliability and sailing prowess with the luxury expected of a superyacht.In the competitive 30-33m sailing yacht market, the Mishi 102 distinguishes itself with advanced blue-water sailing capabilities, elegant design, and a competitive price point. “It’s a head-turner that combines comfort, elegance, and speed,” said Stratmann.The yacht offers a spacious deck house and thoughtful interiors designed by Taka Yacht Design and Atilla Eren. It features a large saloon, a versatile galley, and accommodations for up to eight guests, including a luxurious owner’s cabin.Built by the Istanbul-based family-run shipyard, Mishi Yachts, the Mishi 102 reflects decades of craftsmanship, advanced technology, and a commitment to client collaboration. It targets ocean enthusiasts seeking elegant and reliable vessels for exploration.Founded in 1986, Yonca Shipyard aimed to lead in fast boat design and advanced composites. Despite doubts, handcrafted boats reflected our vision. Now an industrial-scale enterprise, the shipyard produces cutting-edge pleasure, commercial, and naval craft. Yonca Shipyard delivered more than 180 ships and boats, specializing in fast interceptor craft and patrol boats for defense and law enforcement agencies.Credits: Mishi Yachts
January 8, 2025