It’s tough being a luxury yacht owner in need of cash these days. Some high net worth individuals have been forced to accept discounts of up to 25% when selling their 24m-plus boats…but there is a silver lining.
Last month the Palma-based broker selling 32m motor yacht Trilogy, reduced its asking price by a quarter from €1.2m to €895,000.
Brokers of the 36m superyacht Necklace II reduced its price by a further €600,000 on top of a previous price reduction of €550,000, taking the price down 12% from €8.75m to an asking price of €8.15m.
In May, 82m motor yacht Alfa Nero had its price cut by €10.75m. In March the 67m superyacht Apoise was sold to a UK bidder for $46m at an unreserved auction, Read the rest of this entry »
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When I first wrote about the world’s new largest yacht in 2007, I said it would be slightly longer than 525 feet.
Yet during construction, the length of the ship–named Eclipse and owned by Russian billionaire Roman Abramovich–started to increase. By 2010, the ship was reported to be anywhere from 530 to more than 550 feet.
Forbes and others pegged it at 557 feet–24.5 feet longer than its nearest rival, the ship Dubai, owned by Sheikh Mohammed Bin Rashi Al-Maktoum.
Now comes the widely respected Superyacht Index from SuperYacht Times and the yacht broker Camper & Nicholsons International. The Index lists Eclipse at 162.5 meters, or 533.1 feet. Read the rest of this entry »
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« The moment I saw her, I fell in love with her. I felt it was my duty to save her, » declares Vincenzo Onorato, owner of Moby Lines Ferries and the president of Mascalzone Latino, the Americas Cup Challenge sailing team.
He is talking about his passion, a dilapidated tugboat that he had lovingly restored—to the tune of around €17 million ($21.4 million).
The 53-year-old Neapolitan entrepreneur chanced upon the neglected old ship, at the time called the Henry Morgan, several years ago, at the back of an Italian boatyard. Dating back to 1932, and used for commercial haulage during World War II, the 40-meter boat lay rusting and ready to be dismantled for parts. Read the rest of this entry »
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The uncertain economic times recently faced by the industry together with the increasingly safety and security sensitive environment have installed a greater awareness and sensitivity among owners choosing a jurisdiction for registering their superyacht as regards the advantages that may be offered by a particular flag.
The following are the key factors which, in our experience, are playing a determining role in leading owners to opt for the Maltese flag when registering their superyacht.
The Reliability and Reputation of the chosen flag:
In today’s safety and security sensitive environment owners would first and foremost consider the reliability of a flag that would be flown by their yacht. The European fleet is indeed today associated with a high level of safety through the implementation of, and compliance with, international and EU standards relating to safety and anti-pollution measures at sea by Flag States. Read the rest of this entry »
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The third edition of the (super)Yachting Index is now available to view online.
The Index looks at the year 2009, which, even with the economic climate, proved to be overall a good year for the yachting industry, with an unparalleled level of sales and charter activity.
Of course, already the question on everybody’s lips is what 2010 will bring about, and research has already begun for the third edition of the Index, out in 2011.
Read full index here:
http://www.camperandnicholsons.com/files/superyacht-index/index.htm
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As a way of measuring the global economy, this has got to be the coolest. From Abramovich’s Eclipse to a simple $250,000 a week charter, let’s have a look to the superyacht industry.
Azure shoots are bubbling up in the yachting industry. Just in the past few weeks, Brazilian shipyard MCP, Turkey’s Sunrise Yachts, and Italy’s Benetti have all announced orders for boats above 40 meters.
Even better, Christensen Yachts in Vancouver announced the first North America contract signed since the financial crisis – for a pair of identical 50-meter yachts, each costing roughly $30 million. Why two? Apparently, for the anonymous buyer, one was not enough. Read the rest of this entry »
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