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About Ferretti
As the company was preparing for an initial public offering (IPO) after having been acquired in a leveraged buyout by Candover Investments which put the Group's value at €1.5 billion in 2007, the financial crisis led to a significant drop in sales. As a result, the Group had to restructure debt and its creditors, led by the Royal Bank of Scotland, converted a portion of their €1.2 billion debt into equity.
Ferretti Group was eventually sold to Weichai Group, a state-owned Chinese company, the largest maker of bulldozer's in China.
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Ferretti Group celebrated a significant milestone today with the grand reopening of its extensively refurbished Riva shipyard in La Spezia. The event, attended by Chairman Tan Xuguang, CEO Alberto Galassi, local authorities, and a delegation from Weichai, Ferretti Group's longstanding shareholder, marks a new era for the shipyard.The revamped facility, now a pivotal industrial hub, employs over 750 workers daily, including 200 direct employees. Strategically located along the Ligurian and Tyrrhenian Seas, the shipyard has undergone substantial enhancements to both its production and management sections, as well as the lounge area designed to offer hospitality to yacht owners, captains, and crew.Spanning 64,000 square meters, the upgraded site features 33 berths along more than 400 meters of docks, four industrial sheds with 21 production stations, and two additional sheds dedicated to painting, totaling 1,000 square meters. Equipped with photovoltaic plants and bespoke spaces like the Riva Lounge, the production center focuses on seven Riva models ranging from 76 to 130 feet. When fully operational, the site will be capable of launching 30 boats annually, each up to 40 meters in length.Located in an area of Regional Interest, the La Spezia shipyard emphasizes environmental protection and sustainability. It holds Rina certifications according to ISO 14001:2015 and ISO 9001:2015 standards, underscoring Ferretti Group's commitment to high environmental and quality management standards.As part of the "Miglio Blu" (Blue Mile) project, the shipyard aims to promote local excellence in yachting while respecting the surrounding environment. This initiative highlights the region's rich maritime heritage and Ferretti Group's dedication to sustainable development.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
May 17, 2024
The renowned Venetian design studio Nuvolari Lenard is set to launch the first yacht in its new series, the 47-metre S1, from the Mengi Yay shipyard in Turkey. This groundbreaking superyacht, nearing completion, will be showcased at the Monaco Yacht Show in September, highlighting the exceptional design and craftsmanship that Nuvolari Lenard is known for.Nuvolari Lenard's S1 project represents a significant milestone, bringing the luxury and features of larger superyachts into a more compact and efficient package. The S1 is designed to be a sub-50-metre yacht that remains under 500 gross tonnage (GT), offering a unique combination of luxury, versatility, and practicality. This design allows for a 4,000-mile range, enabling the S1 to access more destinations and cruising grounds that larger yachts cannot.“The S1 opens up more destinations thanks to its 4,000-mile range while opening up more cruising grounds because of its more compact size,” says Carlo Nuvolari, Co-Founder of Nuvolari Lenard. “But it doesn’t achieve those through compromises – with more than three decades of expertise to draw on, we have managed to bring ideas from our much larger superyacht projects down to the S1, and as a result, she offers large exterior decks, side deck walkways that you’d expect to see on a much larger yacht, and showstopper features for a sub-50-metre such as a bridge deck owner suite and a giant sundeck.”The S1 boasts a bridge deck owner's suite with an aft-facing suite offering expansive views, a private terrace, and an ensuite with large windows. The main cabin opens onto the upper aft deck, creating a versatile space that can be enjoyed year-round. Guest accommodations include four double ensuite cabins on the lower deck, with two cabins that can be combined into an exceptional VIP suite. The yacht also features an elevator, a rare inclusion in this size bracket, making it accessible for all generations.Social areas on the S1 are equally impressive. The main deck features a private forward saloon with an open balcony overlooking the sea, ideal for relaxation, entertainment, or as a study. The beach club and large cockpit, equipped with a folding bulwark and retractable crane, provide ample space for sea-related activities and can accommodate a large tender or even a car.The sundeck is one of the largest in its category, offering three distinct areas: an aft sunbathing area, a central living area with a mini pool, and a bow-facing view. This deck is designed for all-day enjoyment and is serviced by an independent crew staircase to ensure privacy and quality service.“The S1 achieves all this without appearing cumbersome or bloated, testament to the genius of the Nuvolari Lenard team,” explains Dan Lenard, Designer and Co-Founder of Nuvolari Lenard. The design combines masculine and feminine elements, creating a sleek, elegant profile with serene interiors featuring wood and bronze accents.The S1's hull, designed by Van Oossanen naval architects, offers efficiency and comfort, while the engineering and systems are optimized for long-term cruising. The Mengi Yay shipyard has meticulously realized the construction, ensuring that every detail of Nuvolari Lenard’s design is executed to perfection.Hüseyin Mengi, Chairman of the Board at Mengi Yay shipyard, expressed his excitement: “It has been a privilege to realize the superb design of the S1 and all of Nuvolari Lenard’s details that make the S1 such a special project. As a family-owned yard with 60 years of experience building yachts, we are excited to be nearing completion of a superyacht that we are confident will stun when she appears at the Monaco show, as well as everywhere else she goes.”Credit: Nuvolari Lenard
May 17, 2024
Benetti has commenced outfitting work on a new 67-meter yacht from the B.Now series at its Livorno shipyard. This steel yacht, known as FB289, features six decks, including one exclusively reserved for the owners. The project showcases the collaboration of renowned design firms RWD and Reymond Langton Design, alongside the yacht’s representatives, West Nautical.The exterior of the yacht, designed by RWD, reflects a sophisticated and contemporary aesthetic, while the interiors, crafted by Reymond Langton Design, offer a luxurious and personalized ambiance. Established in 2001, Reymond Langton Design brings a multi-disciplinary approach, leveraging the diverse experiences of its founding partners.FB289 boasts several distinct features across its decks. The Observation Deck provides panoramic views, while the Bridge Deck includes an outdoor stern area and a wing station. The Main Deck is designed for socializing and relaxation, featuring a spacious lounge, a lobby, guest cabins, and an outdoor pool. The Lower Deck accommodates a gym, beach area, engine room, garage, galley, and crew quarters. The Tank Deck houses essential services such as the freezer/fridge room, laundry, crew lounge, and crew services.The yacht's high level of customization underscores Benetti’s commitment to meeting the unique preferences of its clients. The collaboration with West Nautical, the owner's representatives, has been pivotal in ensuring a seamless and synergistic construction process from the outset.Massimiliano Casoni, General Manager of Benetti, remarked, “The success of the B.Now line and the increased demand for large steel yachts is a testament to Benetti’s expertise in customization and our ability to meet the diverse needs and tastes of our owners.”Geoff Moore, Managing Director of West Nautical, expressed his enthusiasm for the project, stating, “West Nautical, having brokered the deal for the owner, is greatly enjoying the build process at Benetti. Working alongside the interior design team at Reymond Langton Design has been a rewarding experience. The initial phase of steel and aluminum construction was well-coordinated, and now we look forward to overseeing the outfitting work over the next two years at Benetti’s Livorno shipyard.”The 67-meter B.Now yacht is scheduled for delivery in the summer of 2026.Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. They design, build and sell composite vessels from 29 to 44m and steel and aluminum boats from 37 to over 100m. Their fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom, to meet all the needs of the market, and they belong to the Azimut|Benetti Group, the largest privately owned luxury yachting group in the world.Credits: Benetti
May 17, 2024
The Italian Sea Group S.p.A. (TISG), a global leader in luxury yachting, has announced impressive financial results for the first quarter of 2024, highlighting significant revenue growth and increased EBITDA. The Board of Directors has approved selected information showcasing a prosperous start to the year, reaffirming the company's strategic outlook and guidance for 2024 and beyond.TISG reported revenues of EUR 95.6 million, marking a notable increase of 12.2% compared to EUR 85.2 million in the first quarter of 2023. Shipbuilding revenues surged by 26.2%, driven by progress in ongoing projects and new contracts.EBITDA reached EUR 16.1 million, up by 16.6% from EUR 13.8 million in the same period last year. The EBITDA margin stood at 16.8%, reflecting improved operational efficiency and cost management.The total value of the Order Book reached EUR 1,344 million as of March 31st, 2024, underscoring a robust pipeline of projects. TISG currently has 35 projects under construction, including yachts and megayachts, with deliveries scheduled up to 2027.TISG invested EUR 2 million during the quarter, primarily directed towards enhancing production capacity and infrastructure at key facilities.The Net Financial Position stood at EUR -25 million, mainly attributed to the extension of the Marina di Carrara state concession. Despite this, TISG remains well-positioned for future growth initiatives.Giovanni Costantino, Founder & CEO of The Italian Sea Group, expressed pride in the company's performance and emphasized its development trajectory. He attributed the success to the increasing global demand for superyachts and the popularity of semi-custom lines, which optimize production capacity and enhance order book quality.TISG reaffirmed its 2024 guidance, with revenues projected between EUR 400 – 420 million and an EBITDA margin between 17 – 17.5%. Additionally, the company presented its 2025 Strategic Outlook, targeting revenues between EUR 430 – 450 million and an EBITDA margin between 18 – 18.5%.TISG continues to expand internationally through strategic partnerships and commercial agreements. The recent collaboration with Kitson Yachts as an Authorized Sales Agency in America reflects TISG's commitment to tapping into new markets and fostering growth opportunities.The company's success in the semi-custom segment, evidenced by recent sales, positions TISG for accelerated growth and increased market share. By leveraging its expanded production capacity and engineering expertise, TISG aims to cater to a broader clientele while maintaining its focus on delivering unparalleled luxury yachting experiences.The Italian Sea Group's strong performance in the first quarter of 2024 underscores its resilience and strategic vision in a competitive market landscape. With a robust order book, sound financial position, and strategic growth initiatives, TISG remains well-positioned for sustained success in the luxury yachting industry.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. Credits: The Italian Sea Group
May 16, 2024
The much-anticipated Italian debut of the WiderCat 92 is set to dazzle visitors at the Venice Boat Show from May 29th to June 2nd, 2024. This premiere offers a sneak peek before its global unveiling at the Cannes Yachting Festival in September.Crafted by Wider, the WiderCat 92 signifies a new chapter under the leadership of Marcello Maggi, President of W-Fin Sarl, the holding company owning Wider's capital. A collaboration between Luca Dini Design and Centro Stile Wider, this 28-meter fiberglass catamaran redefines luxury with its seamless integration of exterior and interior spaces, blending aesthetics, functionality, and technological innovation.With two VIP cabins, one double guest cabin, and a sprawling owner's suite, the WiderCat 92 prioritizes comfort and space. Its standout feature is the serial hybrid propulsion system, showcasing cutting-edge technology and innovative design. The tender garage, transforming into a spacious aft beach, and folding bulkheads in the Beach Club optimize onboard space, elevating the sailing experience.Marcello Maggi expressed his satisfaction, emphasizing Wider's pioneering vision and construction expertise. The partnership with Applied underscores Wider's commitment to technological innovation, with Applied's Future Marine software suite enhancing onboard control and management.Following the debut, a web series produced with The Creative Brothers will delve into the genesis of the WiderCat 92. Venice holds special significance for Wider, as it is here that construction is underway on the Moonflower 72, a 72-meter superyacht developed in collaboration with Nauta Design.At the Venice Boat Show, visitors can explore Wider's collaboration with select Italian and international brands. Talenti furnishings and TooA gelato will take center stage, embodying craftsmanship and innovation. Customized versions of the Seabob F5S and SipaBoards Neo Silver Drive offer a glimpse into Wider's dedication to enhancing the onboard experience.Founded in 2010 and based in Ancona (Le Marche), Wider Yachts is an innovative Italian yacht builder shipbuilder specialized in electric and renewable energy-powered superyachts. Credits: Moowe/Wider Yachts
May 16, 2024
