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.
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.
Burgess announced a unique opportunity to acquire a large yacht currently under construction at the Dutch shipyard, Feadship. Project 825, a 74.8m motor yacht, is scheduled for delivery towards the end of 2024. This vessel features a Lloyd's-classed royal-blue steel hull and a polar-white aluminum superstructure, ensuring both elegance and compliance with charter standards.Renowned Parisian design studio Gilles & Boissier, known for their work on New York's Baccarat Hotel, has created a sophisticated and tactile interior concept. The use of earth tones, lime-washed grained wood, and finished stone exquisitely complement the floor-to-ceiling glazing, allowing natural light to transform the surfaces throughout the yacht.Spread across four decks and boasting an impressive 1,750GT, the yacht offers the expansive lower deck beach club that opens on two sides, providing a seamless connection to the surrounding environment. Guests can enjoy the dappled light filtering through the glass-bottomed pool on the main deck aft. Additionally, hot tubs on the bridge deck and a private hot tub for the owner add to the wellness center's allure.The wellness center itself features a gym with stunning aft-facing views, offering climate control or the option to open on three sides. Overlooking a terrace with a bar, lounge, daybed, and sunbathing area around the hot tub, the gym provides a serene retreat. Walkaround side decks allow guests to appreciate the surrounding scenery, while forward of the gym, a sauna, dayhead, and an elevator serving the bridge to main decks.The owner's deck occupies the lower level, with the owner's bedroom suite forward, offering access to a private terrace with a hot tub and two lounge areas that can transform into sunbeds. A touch-and-go helipad is situated forward of the owner's suite. The spacious en suite includes a shower room, walk-in wardrobe, and a private study.An owner's lounge featuring a wall-mounted TV, located on the aft. Sliding glass doors open onto an aft terrace with private dining shaded by the overhang and comfortable sun lounge seating. Walkaround side decks provide external access to the forward terrace, ensuring seamless transitions between indoor and outdoor spaces.The main deck aft is highlighted by a captivating pool flanked by sunbeds, a refreshing bar, and a drop-down swivel TV for onboard entertainment. Inside, a remarkable beach house awaits, complete with a lounge and dining area. Sliding glass doors on three sides seamlessly merge the interior with the exterior surroundings.In total, Project 825 can accommodate up to 12 guests in six cabins, while comfortably accommodating a crew of up to 17.Powered by twin 2,000hp MTU diesel engines, this yacht achieves a top speed of 15.6 knots, a cruising speed of 12 knots, and has a transatlantic range of 5,000 nautical miles. Zero speed stabilizers ensure optimal comfort while at anchor. The main deck forward features shell doors that house a 9.8m tender, toys, and a rescue tender.As a Central Agent, Burgess asking price of EUR169,500,000. 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
June 6, 2023
ISA Yachts announces the christening of their latest model at the Ancona shipyard, the ISA GT 45 M/Y UV II. The esteemed client was introduced to ISA Yachts by Peter Redford and Eugenio Cannarsa of Fraser Yachts Australia.True to the distinctive ISA DNA, UV II boasts prominent features and stylistic elements, including the iconic side arches that seamlessly connect the three decks, a circular dining room on the upper deck, and the exquisite sophistication evident in its exterior lines. The naval engineering for this vessel was skillfully handled by Palumbo Superyachts, while the renowned Enrico Gobbi – Team for Design lent their expertise to craft the striking exterior lines. The interior design of UV II was meticulously penned by Luca Dini Design & Architecture.An abundance of large windows, capable of being opened on all decks, bathes the interior spaces in natural light. Harmonizing the ambiance, a tasteful color palette of gold, sand, and turquoise pervades throughout.Below deck, four VIP cabins await, including two with twin beds that can be seamlessly converted into doubles, and two cabins featuring double beds.The full-beam owner's cabin, situated on the main deck forward, offers an impressive array of amenities. It features an inviting entrance hall complete with a sofa and TV, a luxuriously appointed bathroom with double sinks, a walk-in wardrobe, and an exclusive balcony. One unique highlight of this space is the direct access to the forward outdoor lounge via a private staircase, further enhancing the owner's privacy and comfort.With a steel hull and aluminum superstructure, UV II is powered by two CAT C32 ACERT engines, each generating 970 kW. These engines provide a top speed of 16 knots and a cruising speed of 14.5 knots, ensuring exceptional performance on the water. Additionally, the yacht boasts a side-opening starboard garage on the lower deck, capable of stowing a 5-meter tender.UV II will be presented as a world premiere at the 2023 Cannes Yachting Festival and Monaco Yacht Show.ISA Yachts is part of Palumbo Superyachts network, which also includes: Columbus Yachts, Mondomarine and Extra Yachts. Currently in build are two 80-meter yachts which will serve as the new flagships models for ISA Yachts.Credits: ISA Yachts
June 6, 2023
The 47m high-performance cruiser Nilaya has departed from Royal Huisman’s facilities in Amsterdam following a successful series of sea trials on the North Sea and subsequent delivery to her owners. Earlier this year, Royal Huisman's Project 405 made its way from the shipyard's state-of-the-art facilities in Vollenhove to prepare for its launch and the installation of its carbon performance sloop rig by Rondal. During an exclusive ceremony held at the national maritime museum, "Het Scheepvaartmuseum," in Amsterdam, the yacht was christened Nilaya, meaning "blissful home." As the first vessel to showcase Royal Huisman's innovative Featherlight™ design and production method, this highly anticipated Panamax superyacht marks a significant milestone for the shipyard.Throughout the construction of Project 405, also known as Reichel/Pugh - Nauta 154, meticulous weight monitoring was implemented, resulting in an impressive 11% reduction compared to the typical advanced aluminum cruising yachts built by Royal Huisman. This achievement is a testament to the shipyard's commitment to optimizing weight without compromising stiffness or compromising on the renowned quality expected from a high-performance cruiser. The Featherlight™ method employed in the construction of this sailing masterpiece is not a singular process or construction technique; rather, it represents a comprehensive lightweight approach that integrates various aluminum and carbon fiber components, all working in harmony to achieve remarkable weight savings.“For such a large yacht, the acceleration is exciting as she rapidly reaches high speeds,” says Nigel Ingram of MCM Newport, who served as owner’s project manager. “Twin rudders and the light, positive steering give superb maneuverability and she has reached all her project targets with ease. Rondal’s sailing systems enable fingertip control of the massive loads involved.”Nauta Design created the general concept, the exterior design, and the interior design plan with the light, calm, contemporary décor that has been unpacked for the first time now that trials are complete. Mario Pedol, co-founder of Nauta Design, reports back from the sea trials of Nilaya: “A full day in beautiful sunny and windy weather in the North Sea off Amsterdam showed how Nilaya’s performance under sail is truly outstanding,” Pedol says. “By the time the mainsail was hoisted the breeze had built to a steady 18 knots. We sailed on a broad reach with the mainsail and Code Zero and rapidly reached a truly impressive 17 kt. boat speed. It was just the beginning of a great day of sailing with the owner and all of the main players of his and the builder’s teams.” Royal Huisman CEO Jan Timmerman called the Nilaya’s departure bittersweet. “We are always a bit sad to see one of our yachts sail away; it’s a bit like a child leaving home. At the same time, we are proud to have delivered another unique vessel, especially one that advances innovative engineering and build technology. Nilaya is a milestone in composite superyachts in the truest sense of the word and another fine example of Royal Huisman’s ability to provide owners with the ultimate expression of personal freedom. We wish her owners and all onboard fair winds and following seas during both world cruising and many exciting regattas.”Royal Huisman is a Dutch shipyard established in 1884 in Ronduite, building and refitting custom luxury sailing and motor yachts at its shipyard in Vollenhove, the Netherlands.Credits: Royal Huisman
June 6, 2023
Camper & Nicholsons announced that the 31.1.m Taiji was added to its Central Agency sales fleet, with the yacht being represented by sales advisor Maël Fiolet.Taiji was launched as Sanlorenzo SL102A in 2021 and presented for sale in as-new condition. She was commissioned by an experienced yachtsman and has been equipped with many additional options, giving this yacht an incredibly high specification and enormous appeal.Benefiting from the advantages of Sanlorenzo's innovative Asymmetric design, the 31.1-meter Taiji showcases a plethora of cutting-edge features that set her apart. From an expanded main deck interior to a captivating fold-down terrace on the starboard side of the main saloon, this yacht exudes both elegance and functionality.Gracing the main deck, the master suite epitomizes luxury with its carefully curated elements. Adorned with an opening window on the port side, a walk-in wardrobe, an ensuite bathroom, and a private terrace on the foredeck. The lower deck houses four guest cabins, including two VIP doubles, one double, and one twin.Taiji's interior ambiance is characterized by a chic and contemporary style, featuring brushed oak panels, natural hues, and subtle accents of light pastel blue. Luxurious Santushi carpets grace the cabin floors, while Silk Georgette marble adds a touch of sophistication to the bathrooms.The sundeck offers an array of delightful amenities. Here, guests can indulge in the well-appointed bar, savor al fresco dining experiences, and bask in the sun on comfortable loungers. The retractable center panel of the hard top allows for customizable sun exposure, while an optional awning provides shade for the aft section of the sundeck.At the aft, Taiji showcases a hydraulic platform, providing easy access to the tender garage and water toy storage. Furthermore, she comes equipped with low engine hours and at-anchor stabilizers, ensuring optimal comfort and stability. Taiji has a top speed of 27 knots and a cruising speed of 20 knots.Taiji is asking EUR10,500,000. Credits: Camper & Nicholson
June 5, 2023
Marco Casali and Umberto Tagliavini have created a new version of the best selling Gozzo 35 for year-round navigation, in all weather conditions and for several days at a time when desired, as well as in northern Europe waters, the great lakes of North America and Turkey. Elegant and impactful, the deckhouse bathes the entire cockpit in a profound sense of protection: the volume of the structure is made to look lighter by the extensive perimeter glazing, which floods the lounge with light and offers guests a spectacular 360-degree view of the horizon. The interiors and exteriors united through a four-section plate glass door. Its functions are twofold: to create a single space connecting the indoor and outdoor settings or, when closed, to protect guests from excessive heat or bad weather. Here is the helm station and a functional galley behind it with a sink and hob, there is also an L-shaped dinette.The new Cabin version is also characterized by the care lavished on onboard comfort: the very generous stern platform, an extensive sun pad forward with panoramic seating, the pull-out L-shaped table seating six in the cockpit and the wide side decks. The high bulwarks have also made it possible to raise the deck and therefore increase the volume of the interiors, without compromising the boat’s lines. As a result, the height of the gunwale is 20 cm lower and a rail has been added to maintain the boat’s lateral flow, but also and most importantly for reasons of safety, given this new model’s exceptional cruising capabilities. Below the deck guests can find the layout with two cabins and a bathroom. While the forward area remains basically the same, the new layout brings benefits for the bathroom and shower, which now offer more surface area. The guest cabin amidships also gains in terms of width, with room for a bed that is 140 cm wide at head level.In terms of propulsion, the boat offers the practicality and reliability of a traditional in-line shaft arrangement with two Volvo Penta D4 270 engines, but there is also the option of twin Volvo Penta D4-270 DPI stern drives.The first Gozzo 35 Cabin will be presented to the public in the early months of 2024.The history of the shipyard starts in 1849, when Giovanni Aprea started to handbuild rowing and sailing boats used for fishing in Sorrento, basing his craft on the shape and form of the traditional “gozzo sorrentino”. Now the shipyard range includes the Apreamare and Maestro yachts.Credits: Apreamare
June 5, 2023