Denison Yachting has published its quarterly business report, calling the quarter 1 of 2022 as ‘positive one’ in the yachting industry. According to it, ‘like 2020, 2021 was an impressive year for the yacht sector, and 2022 is following this upward trend. After unprecedented shake-ups in the initial stages of the COVID-19 pandemic, yachting recovered with a bang, and hotbeds like the United States Southeast and the Mediterranean region achieved record sales. By the end of Q4 2021, powerboat sales in the U.S. had exceeded more than 300,000 units for the second consecutive year, and the industry stood out as an excellent example of economic resilience. This set the stage for Q1 2022’.
Bob Denison
Now that 2022 is underway, the long-term impact of the pandemic has begun taking shape. While a reasonable chunk of the sales in 2021 was attributed to the long backlogs carried over from 2020, the market’s performance this year has so far been primarily driven by new orders.
Global Yacht Market Performance in Q1 2022
Despite economic times and supply chain upheavals, the yachting sector had a strong start to the year. Quarter 1 2022 had the third highest first-quarter boat sales of the last 15 years, behind only 2021 and 2018.
The below chart demonstrates this, showing first-quarter sales in North America in the last seven years.
Sales across all the top boating regions decreased in Q1 2022 compared to Q1 2021, bringing the total closer to, but still above, pre-pandemic times.
The following chart illustrates first-quarter sales in Asia since 2016.
Asia registered a 35% drop from the target-shattering 2021 figures, followed by North America with 16%. Surprisingly, sales in Europe only dropped by 8%, even with sanctioned Russian buyers, who have traditionally accounted for 9% of all global superyacht sales.
The chart below displays first-quarter sales in Europe for the past seven years.
Q1 2022 Sales in the U.S.
The U.S. market started the year on a high, with sales in Quarter 1 2022 only marginally below Quarter 1 2021 levels. America was the only one of the three key yachting areas with higher sales than the five-year average.
Sales in the top three major boating destinations – the Southeast, the Gulf Coast, and the Mid-Atlantic – dropped by 14% from Q1 2021, but were still 19% higher than Q1 2020.
An Impressive First Quarter for Denison
Denison sales in Q1 2022 mirrored the industry’s overall performance, exceeding pre-pandemic numbers and our five-year average. The top Denison categories – superyachts, motor yachts, sportfish, sailboats, and trawlers, all had a strong showing in Q1.
The Report says that ‘we had a remarkable Quarter 1, with sales exceeding $160 million for the second consecutive first quarter’.
‘Denison’s charter business has achieved commendable growth in the past two years, and is expected to continue throughout 2022’, says at the end of the report.
Denison has long been a leader in the yachting industry with a rich family history dating back to 1948, and the start of Broward Marine in Fort Lauderdale. Today, the company provides complete yachting services worldwide, including superyacht sales, yacht charter, crew placement, and new construction. Denison operates out of 21 waterfront offices in the United States, and one location in Monaco with a team of 100+ licensed and bonded yacht brokers.
Credits: Denison Yachting; Unsplash
Northrop & Johnson has sold the 41.9m Kingship motor yacht Ocean’s Seven with yacht brokers Wes Sanford, Sean Doyle and Ed Dickinson acting on behalf of the seller. The expedition vessel Ocean’s Seven is the fifth yacht finished by Kingship in partnership with Vripack. She is an ideal yacht for offshore cruising and showcases exemplary Dutch craftsmanship. Ocean’s Seven has been extensively operated by her previous owner to many remote locations, a testament to her seaworthy build and worldwide exploration capabilities. In 2015, the yacht underwent a refit that left her in pristine condition. In 2022, she completed her ten-year Lloyds survey.Ocean’s Seven welcomes up to 12 guests in five cabins. The full-beam master suite with a private office is located on the main deck. The lower deck is home to two VIPs and two twin cabins. Ocean’s Seven has crew accommodations for up to 10.The interior of the yacht is modern, open and elegant. Beautiful marble can be seen throughout, and the expansive windows allow guests a front-row view of the yacht’s cruising grounds. Her bridge deck aft is ideal for alfresco dining and entertainment, with a versatile layout of shaded and unshaded areas. Ocean’s Seven’s aft deck has the capacity to store a 6.4m tender, but when it is launched, the area is arranged as a welcoming lounge space. The yacht boasts the ultimate sundeck, complete with a bar, a large hot tub surrounded by sunpads and a dedicated lounge area. Ocean’s Seven’s Caterpillar power, Quantum Zero Speed stabilizers and capable hull design make her extremely comfortable and efficient for all-ocean crossing.The yacht was last asking EUR11,500,000.Credits: Northrop & Johnson
November 25, 2022
Tecnomar, a brand of The Italian Sea Group, a global operator in luxury yachting, will join Automobili Lamborghini in its new lounge in Doha with the model of the Tecnomar for Lamborghini 63. The floating pop-up lounge located in The Pearl, Doha, will be open to visitors until December 18 from the exclusive Marsa Arabia Marina by invitation only."The Lamborghini Lounge is an exciting opportunity to further nurture interest from the nautical market and beyond in the Tecnomar for Lamborghini 63 yacht. It will be an opportunity for meetings with exclusive owners and prospects who will come from all over the world, in a special and unique location," commented Giuseppe Taranto, Vice President & CCO of The Italian Sea Group. "Our presence in the Middle East region continues to establish itself quickly and enthusiastically. The positive performance of the sales is further confirmation of the success of this highly innovative yacht, which has now become as futuristic an icon as the car from which it is inspired."The temporary lounge at The Pearl will be open until the end of December.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
November 25, 2022
The new flagship of the German shipyard was delivered to her owners. The 29.71 m sailing yacht shows sporty lines, her exterior design and naval architecture was drawn by Bill Tripp while the interior is the result of a styling by two design studios – Norm Architects and the experience of Design Unlimited. They combined their architectural and yachting experience and created a Scandinavian elegant look for the Y9 that follows the principle of "soft minimalism" – oiled oak and gray fabrics and panels determine the color palette. As all YYachts models, the Y9 is built completely from carbon fiber optimizing performance and making her extremely competitive. With her length of 90 feet, the yacht has an interesting rating and is for sure able to win some trophies at the St Barths Bucket, the Superyacht Cup or the Maxi Rolex Cup.According to Zademack, several discussions with owners were decisive for the development of the Y9: "Actually, customers were interested in 100 feet in length. However, from this size upwards – in my experience – yachts become disproportionately expensive because many custom-built components have to be installed. With our expertise, we have therefore implemented the comfort of a 100-foot yacht on a length of 90 feet. With our new Y9 we are entering the super yacht segment.”The Y9 generates an incomparable volume due to her transversely arranged tender garage in the stern and even has a separate owner's apartment which consists of a private office, a dressing room, a bedroom and a bathroom with double washbasin including a separate shower and a separate toilet. A maximum of privacy is guaranteed, which the owner can enjoy with family or close friends. Great importance was also given to the design of the crew area. The crew cabins on the Y9 have been designed extra large, with well thought-out storage space and an additional crew lounge. The captain's cabin can be converted into a saloon during the day, for example – rooms on the Y9 do not have to have a single predefined purpose.Following this concept, the interior layout options can be customized with the YYachts design department to satisfy all customer’s desires and to preserve the exclusive style of the boat. Incidentally, Y Yachts offers no fewer than five different layouts for the Y9. And it is available on request as a Pilot Saloon version and as a Y9 Custom with almost unlimited freedom of choice when it comes to design.To adjust or set the sails, to fetch the kicker or the luff, all it takes is the push of a button, which is why such a 29.71-meter cruiser can even be sailed by two people. Its performance potential is impressive: the hull speed is beyond twelve knots. The main alone measures 242 sq. m of sail area, the gennaker catches the wind on 617 sq. m. On the passage, speeds of 26 knots were reached, the captain reports. From Greifswald to Cannes took only eleven days, up to 240 nautical miles were mastered in 24 hours. A crew of four was necessary; in cruising and owner mode, two crew members – captain and stewardess – are usually permanently on board.YYachts is a German shipyard that builds carbon sailing yachts between 70 and 100 feet in length. The portfolio consists of the Y7, Y8 and Y9 models; the Custom Division implements completely individual designs.Credits: YYachts
November 25, 2022
A brief look at the superyacht market in October reveals a significant number of price reductions. The biggest price reductions of the month were for 82m Sarafsa (Devonport), which stepped down from EUR 75,000,000 to EUR 65,000,000 and the 68m Soaring (Abeking & Rasmussen), dropping from EUR 98,000,000 to EUR 88,000,000. The 66m Luna B (Oceanco) declined by EUR 5M and now asking EUR 42,500,000. As mentioned in our Q3 market review, we saw a surge in new listings ahead of the Fall show season – 65 in August and 87 in September. Evidently quite a few of these were testing the market with high asking prices. Now those owners who didn’t secure deals or have not received sensible offers at the yacht shows are making price reductions to invite buyers. As we approach the end of the year, we may see even further price reductions. Many sellers will be motivated to close deals before the Christmas holidays and winter season.Top new listings over 40m:55m Reliance Heesen, 2022, € 54,000,00058m Unbridled Trinity, 2009, $ 24,950,00055m Turquoise Turquoise, 2011, € 20,500,000On the new listings side, October inventory saw a small decrease from September – in total 78 motor yachts of 30m+ entered the market, but only five measuring 40m+ and younger than 10 years old. The most expensive new listing of the month was the 55m Heesen Reliance, asking EUR 54,000,000. Approximately 50 deals were closed in October. Most of these transactions were the sales of sub-40m yachts and new builds. But there were also some significant sales on the larger end of the market. The most expensive brokerage sale was the 55m ISA Forever One, which was asking EUR 34,959,000 and spent 14 months on the market. This was followed by the sale of the 48m Christensen Mi Amore, asking EUR 21,500,000, after 6 months of listing. 43m ISA Agora III asking EUR 14,750,000 finally found a new owner having been on the market for almost 2 years. Top new listing under 40m:36m Mamma Mia Benetti, 2007, $ 6,299,00031m Andiamo Azimut, 2012, $ 4,650,000 32m Freddy Sanlorenzo, 2017, $ 8,499,000Volume wise traditionally October is a quieter month on the sales side as brokers and owners are usually busy preparing for the Fort Lauderdale Boat Show after a busy September. Currently active buyers are ready to transact with many yachts looking more attractive post price reduction. For motivated sellers it is also an opportune time when a deal can be made before the winter maintenance period. With the current EUR/USD exchange rate still favoring the American buyers, though not as much as in the 3rd quarter, we expect to have more exciting sales reported in the coming weeks. Stay tuned for our November review.Sponsored by YT PartnersE. ask@yt.partnersT. +44 7442 526545
November 25, 2022
Gulf Craft will present its new Majesty 72 and Silvercraft 32 WA (“WalkAround”) models at the Abu Dhabi International Boat Show 2022, which will be held from 24 to 27 November. The manufacturer will also be displaying a broad line up of its luxurious Majesty Yachts and Silvercraft range of leisure, fishing, and family boats.Majesty 7221.99m Majesty 72 is the latest model to the iconic Majesty Yachts. She fills the gap between the Majesty 62 and the best-selling superyacht Majesty 100.Her exterior is made by Gulf Craft’s in-house design team. The exterior entertainment areas are relatively larger within the segment with ample space on the fly-bridge. With an optional hydraulic swim platform and comfortable crew quarters, the Majesty 72 is an elegant fly-bridge motor yacht with a large fun factor and true cruising ambitions.Majesty 72The interiors are the work of the latest collaboration between Majesty Yachts and Netherlands-based Phathom Studio. Powered by a Twin MAN V8-1200 engine, the Majesty 72 is capable of achieving a top speed of up to 30 knots and is able to comfortably navigate shallow waters at a draft of 1.23m. Silvercraft 32 WAMeasuring 9.85m, the Silvercraft 32 WA’s stellar aesthetics inspired by the region’s passion for family days out on the sea and fishing, the yacht has unrivaled ergonomics and an evolved design to enhance the overall cruising experience. The perfect boat for a day in the sun or as a weekender with a cabin that includes an open area forward that converts into a queen-size berth, a well-equipped galley, and a generously sized en-suite.With an option of twin 300HP or 400HP Outboard engines, the Silvercraft 32 WA provides a smooth ride with a top speed of up to 42 knots and excellent fuel economy. At a shallow draft of 0.59m, she provides an extremely stable ride and ease of maneuverability in all seasons or varied weather conditions.“Across our 40 years, we have built a strong foothold both locally and internationally by providing our customers with a wide array of vessels. Whilst our superyachts continue to intrigue customers around the world – especially with the Majesty 160 and Majesty 111 – which were both announced this year, we have also had a terrific response to our leisure line range of vessels locally and in the region. As a result of this demand, we have decided to expand our offering with the introduction of two new models to provide our customers with more choice to find the perfect boat or yacht to suit their needs,” says Mohamed Hussein Alshaali, Gulf Craft’s Chairman. Since the company’s inception in 1982, Gulf Craft has grown to become one of the top seven shipyards in the world: once a builder of small fishing boats in its modest premises, which was a genuine passion for Gulf Craft, they then established their credentials as a leader of innovation and technology in the yachting industry. With five brands in their product portfolio ranging from 31 to 175 feet, Gulf Craft manufactures yachts and boats that appeal to a wide audience, such as touring passenger vessels, Silvercraft family day boats, Oryx Sport Cruisers, Nomad Explorer Yachts, and the flagship Majesty Yachts.Credits: Gulf Craft
November 24, 2022