the-superyacht-market

The Superyacht Market

In about a month, the Monaco Yacht Show – MYS- will return to the quays of Port Hercule and will unveil another outstanding fleet of superyachts on display for purchase or charter by the leading names in the yachting industry.

  • 300 exhibitors will be participating to the show.
  • 60 superyachts will be exhibited, including 40 brand-new launches by some of the most famous shipyards

And this year, the show will be focusing on offering superyacht’s end clientele a positively upmarket visiting experience.

The new Dockside Area, a part of the exhibition dedicated to companies directly linked with the construction or management of superyachts and tenders, will therefore be exclusively open to end customers (in possession of a “Discover”, “Advise” and “Sapphire Experience” badges) on Wednesday 22 September, before being opened up to all visitors starting Thursday. 

A more varied exhibition

The Monaco Yacht Summit will take place on September 21, 2021 at the Yacht Club de Monaco with the support of  J.P. Morgan Private Bank, the  Monaco Economic Board and Ulysse Nardin as official sponsor.

With the new format of the Monaco Yacht Show and the tailor-made Monaco Yacht Summit, the organisers recognise the importance for the yachting industry to deliver the best and most relevant intelligence to the next wave of superyacht clients who are eager to better understand a sector still largely unfamiliar. 

The event is exclusively dedicated to participants with a current or prospective yacht project (charter, purchase, construction). Visitors will be treated to two new exhibitions: 

The first is dedicated to sailing boats, held on Quai l’Hirondelle where several crafts will be moored opposite the stands representing their respective shipyards, designers and specialist equipment manufacturers.

These two areas perfectly complement the luxury tender and water toys exhibitions at Tender & Toys (Quai Antoine Ier), in addition to luxury cars at the Car Deck (Quai Antoine Ier), luxury products (Parvis Piscine tent), nautical equipment manufacturers and the latest tech releases (Darse Sud and Quai Albert Ier).

As of now, among the sixty or so superyachts published online, 37 are 2021 new deliveries unveiled by their builders in Monaco. Among them, 4 new models of more than 70m in length:​​​​, including the megayacht  Viva, from the Dutch shipyard Feadship, is announced as the largest new build of the 2021 edition with her impressive 94 metres and – key environmental feature – her hybrid propulsion system, as required by her owner.

The yachting sector, omnipresent in Monaco, is changing rapidly. Regulations and customer demand evolve; the actors, all on the move, take concrete action. Boat designers, captains, crews, owners, port infrastructure manager, all are committed to responsible yachting in the Principality.

“As far as yachting in Monaco is concerned, the activity is important. to be effective, awareness of the environmental reflexes, must be constant”.

Olivier Lavagna: Deputy Managing Director of the Monaco Ports Operating Company (SEPM)

Global SuperYacht market is changing

American yacht owners are the driving force behind the growing superyacht market according to the recently published market report by SuperYacht Times, The State of Yachting 2021.

Owners from the USA currently own 23% of the global superyacht fleet, which is almost twice as much as the Russian owners who come second with 9% of the superyacht fleet, according to SuperYacht Times’ The State of Yachting 2021.

The data in the report, powered by SuperYacht Time market intelligence system SYT iQ, shows that the superyacht fleet grew with 150 new superyachts in 2020, which is slightly less compared to the 158 new superyachts in 2019. For the past couple of years the fleet has seen a steady increase with an average growth rate of 2.9% and today there are 5,245 superyachts.

Live data from SYT iQ shows that as of today more than 110 new yachts over 30 metres have been sold. If the market continues at this pace it will break the 200 mark for new yacht sales, something that was last seen in 2018 with 212 new yacht sales and before that only in 2007 and 2008.

“From the third quarter of 2020 the market started to take off and there are several explanations for this. First-time buyers who couldn’t charter yachts decided to buy yachts and clients who had postponed their buying decision came back to the market. Then of course there were people who made a lot of money during the pandemic and we have seen an increase in buyers from the tech industry. And last but not least, people realised that they should enjoy life more and what better way than spending time onboard a superyacht!”

Merijn de Waard, Founder & Director of SuperYacht Times

The market for used yachts was off to a very slow start in 2020 with only 109 used superyachts sold in the first half of the year, but thanks to a very strong second and fourth quarter, the year ended with 301 sales, which is up 7.5% compared to 2019. Data from SYT iQ shows that already 233 used superyachts have been sold in the first half of 2021.

“The amount of used yachts and the speed at which they are sold at the moment is incredible. Will it continue at this pace? Perhaps, but we already hear in the market that yacht brokers have challenges finding the right yacht for their buyers. Furthermore, prices are also on the rise and yachts are getting sold closer to their asking prices. However, at the end of the season new yachts will be listed for sale, so we expect a record year with over 350 used superyacht sales.”

Merijn de Waard, Founder & Director of SuperYacht Times

The list of the SuperYachts registered at the Monaco Yacht Show 2021 is available here.

Article: Joana Foglia – Source: SuperYacht Times, MYS

Post Author: Wealth Monaco