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The most powerful
and candid report
on the true state of the
superyacht market’s
new build sector.
New format
New analysis
New data
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If you need to know who is building, who is financially
stable or who is struggling to stay afloat, then this
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and all senior shipyard management.
ANNUAL
REPORT
2015
The Superyacht Intelligence Annual Report 2015
If you want to know what the real situation is in the superyacht market, then
you need to order your personal copy of The Superyacht Intelligence Annual
Report 2015, brought to you by the editors of The Superyacht Group and the
analysts of Superyacht Intelligence.
Detailed analysis
Real facts
Comprehensive insight
Accurate figures
Unrivalled data
Honest reports
Incredible information
Powerful statistics
Intelligent accuracy
Candid opinions
We have recorded, verified, analysed,
scrutinised and reviewed what is really
happening in the new build sector
in order to create a candid picture
of the state of the superyacht sector.
From what we have found, we are
entering an interesting phase.
We have also created some new market
segmentation to allow our readers to
see more clearly how the market is
built. It is not just one big market, but
comprises several specific markets.
Targeting Owners · Investors · Bankers · Brokers · Lawyers · Advisors · Suppliers · Senior Shipyard Management
From now on all data and analysis from
The Superyacht Intelligence Agency
will follow these core new segments –
using geographical splits, more logical
size segments and some intuitive age
segments, in order to highlight more
accurately strengths and weaknesses
of the market over the past two decades.
16
the aNNuaL report / The State of the Industry – World Wealth
the aNNuaL report / The State of the Industry – World Wealth
17
50
24
THE ANNUAL REPORT / The State of the Industry – Marinas and Cruising
MoNey MaKes
the WorLD
Go rouND ...
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Despite continued uncertainty surrounding the broader
global economy, the wealth of the ultra-rich continues to grow,
as traditional client hotbeds bolster their uhNWI numbers,
offering encouragement to the industry. Will Mathieson reports.
a
s the rest of the world trundles
towards a recovery of sorts the good
news is that for uhNWIs there has been
little impact on their cumulative wealth.
In fact, the number of billionaires has
continued to grow this year, according to
a report by Wealth-X and credit suisse.
the report identifies 2,325 us-dollar
billionaires, with a combined wealth of
$us7.3 trillion, an increase of seven per
cent on 2013. Factor in that the average
personal fortune of each billionaire has
risen to $us3.1 billion and it appears
that the client pool is looking bountiful
heading into 2015.
this is especially encouraging
when compared with the superyacht
Intelligence agency’s analysis of
superyacht owners’ net worth: 46.7 per
cent of existing owners have a yacht
between 30m and 60m, with an average
net worth of around $us2 billion. this
is comfortably within Wealth-X’s own
uhNW average, and indicates to those
who don’t already have a superyacht that
ownership at the lower- to medium-size
range is easily within their grasp.
entering 2015 the industry’s traditional
target markets abound, with the us in
particular providing an abundance of both
existing and potential owners. Indeed,
according to credit suisse’s Global Wealth
Databook 2014, america’s uhNWI
population accounts for 49 per cent of the
global total. With the creation of 9,500
us uhNWIs since 2013 – more than the
total chinese uhNW population (7,600)
– it will remain the superyacht industry’s
marketplace of choice for some time.
With its relatively business-friendly fiscal
regime, the uK (with 4,700 uhNWIs) has
risen to fourth in credit suisse’s ultrarich table, ahead of top-band-targeter
France (4,100) and closing in on Germany
(5,500); the ever-lucrative russian market
is ranked eighth, with 2,800 ‘one per centers’.
While these markets represent welltrodden paths for the superyacht industry,
expanding the size of the fleet is reliant
on forging bonds with new markets. of
these emergent markets the Wealth-X/
uBs report identifies asia as the one
growing most vociferously. the figures
show an 18.7 per cent increase in asian
billionaires, contributing 30 per cent to
the global billionaires’ pot. Furthermore,
the report predicts that china will usurp
america as the leading billionaire hub by
2027, a sure sign that the industry must
continue its work to crack this, as yet,
elusive market.
the appetite of chinese buyers
appears to be on the rise, indirectly
evidenced by the purchase of sunseeker
by Dalian Wanda Group’s purchase of
sunseeker, its founder Wang Jialin’s
reputed purchase of pyc-compliant
Equanimity, and the appetite of chinese
yard pride Mega yachts to begin work on
108.8m tomorrow. however, this remains
a market in its infancy, and attracting
the chinese to custom yacht building
continues to challenge the shipyards’
e
$
4,491
4,317
62,800
7,600
5,500
4,700
4,100
leading marketeers. If one looks
at the owners of the 20 largest
superyachts on the water, according
to data provided by the superyacht
Intelligence agency, 75 per cent
come from the Middle east, america
or russia, with Greek owners taking
up the remaining places.
russian owners continue to prove
very attractive to brokers, as the
average Loa of russian-owned
superyachts is 73.8m, almost 10m
longer than the roW average. the
age of owners building in this top
bracket is also encouraging – 30 to
50 years old, comprising 13 per cent
of the ownership pool – because it
is this group that, with time on their
side, is likely to commission further
new build projects in the future.
that is, however, why there has been
such a piqued response among the
sales fraternity to the continuing us
and eu sanctions being placed on
russians and their assets, which some
have blamed for 2014’s relatively
disappointing new build market
performance, when evaluated in
the context of a rebounding global
economy.
It seems then that established
groups continue to represent
the industry’s primary source of
revenue, but the pool of potential
clients is growing at an encouraging
rate and this has the potential to
open new doors for the superyacht
market. superyacht Intelligence data
indicates that, by 2022, there will be
1,191 asian billionaires to sell to,
alongside 301 [projected] billionaires
in Latin america and 120 in africa
and oceania combined.
at this point, these are relatively
modest markets for the superyacht
fraternity, but there has been a visible
effort to make an impact in these
territories, and the assurance of their
46
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1995
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1997
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1998
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300
188
250
258
247
275
227
206
100
0
20
50
30
30
20
20
10
10
10
2005
2006
2007
2008
2009
46.6m
45.1m 45.3m
45.9m
45.4m
40m
40
50
174
182
2011
2012
2010
150
2003
2004
2011
2012
2013
CAN146 SYR ad 35x210_DPS_V3.indd 1
Grand Harbour Marina
MALTA
2014
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2006
2007
2008
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2010
47.8m
opposition and reduced liquidity in
the investment market. Analysing the
number of marinas that have emerged
over the past decade and considering
the number of berths needed going
forward, all of these limiting factors
clearly need to be overcome.
So where might you go if you had a
100m+ yacht? Developments last year
aiming to satisfy the growing need for
marinas with capacity for the larger end
of our market include Rivergate Marina
and Shipyard in Queensland, Australia,
which announced in November
44.5m
43.57m 43.57m
????
2013
Cala Ponte Marina
ITALY
20
2007
2011
2012
2013
2014
delivered
2014
????
2015
30
Port Louis Marina
GRENADA
2006
3
www.cnmarinas.com
the superyacht report
2005
5
3
3
in build
30
0
2010
146
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go round
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2002
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40
40
2001
4
4
average size of yacht iN BUild & delivered
50
2000
yachts delivered over 90m
5
5
200
Porto San Rocco
ITALY
Marina Trogir
CROATIA
44
23
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6
150
0
21
18
16
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To commenT on This arTicle,
50
30
1000
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36
29
3030
00
email: [email protected]
wiTh subjecT: money makes The world
the superyacht report
59
50
5050
2000
Credit SuiSSe’S ultra-riCh
table: number of unhwiS
64
6060
4,108
3,604
3,356
3,099
1010
future prosperity should be seen as a
positive. however, the old bastions of
industry collateral – North america,
europe and the Middle east –
will continue to contribute a vast
proportion of the world’s billionaires
(60.45 per cent) in 2022. as these
regions are responsible for such a
disproportionately large number
of superyacht owners, the industry
should welcome these encouraging
figures.
It is clear that, in 2014, uhNWIs
were not only thriving, but also
rapidly growing in both number
and individual wealth. however,
just because the longevity of the
source is assured, it does not mean
the industry can rest on its laurels.
Last year showed modest returns
for the new build market and it
remains down to the yards, brokers
and industry as a whole to compete
effectively in an increasingly crowded
luxury sector market. g
the annual report / Gross tonnage analysis
G
69
7070
3,881
4,000
the annual report / Gross tonnage analysis
51
8080
4,690
4000
40
50
yachts delivered over 45m+
4,994
4,836
total fleet
delivered
2,000
the age of owners building in the top
bracket is encouraging – 30 to 50 years old,
comprising 13 per cent of the ownership
pool – because it is this group that, with time
on their side, is likely to commission further
new build projects in the future.
1. usa
2. china
3. germany
4. uK
5. france
£
25
THE ANNUAL REPORT / The State of the Industry – Marinas and Cruising
total fleet & yachts delivered 2005-2014
5000
ANNUAL
REPORT
2015
2014 it is able to offer berthing for
vessels up to 234m in length. Port Denia,
Spain, certainly seems to have benefited
from the change in matriculation tax
regulations, upgrading the 130m berth
alongside the port for their use. Port
Tarraco can accommodate yachts up to
130-160m, and Qatari Diar, the investors
behind them, have two further similar
marinas under negotiation. Limassol
Marina, Cyprus’ largest infrastructure
project at a cost of €350 million, was
officially opened in July 2014 and has
115m berths.
2008
2009
2010
2011
2012
2013
2014
You can’t consider the marina
landscape in 2014 without mentioning
the growing trend of establishing
partnerships and strategic alliance:
OneOcean launched with great pomp
at the 2014 Monaco Yacht Show –
creating a network between industry
heavyweights Rybovich in the USA,
MB92 in Barcelona and Marina Port
Vell. Karpaz Gate became the 18th
member of the ART ‘Destinations’
Network, which gives customers
discounts and benefits. Camper and
Nicholsons Marinas extended its ‘1782
Club’ network with the addition of
Dukley Marina in Budva, Montenegro,
Marina and Yacht Service Trogir,
Croatia.
Although it seems capacity is close to
being breached, marina infrastructure
continues to find ways to accommodate
the fleet. The numerous partnerships
made over the year present an
attractive option for marinas, globally,
as they try to acclimatise to both the
growing length of yachts and their
increasing number going into 2015. g
Athens Marina
GREECE
Sani Marina
GREECE
Çeşme Marina
TURKEY
Palmarina Bodrum
TURKEY
Limassol Marina
CYPRUS
the top 100
throughout the industry, lists of the
top 100 superyachts are generally
compiled by their loa alone and
disregard gross tonnage. however, by
creating a list of the top 100 vessels by
gt (full list on superyachtintelligence.com
and thesuperyachtreport.com/extras) and
comparing the differences, the top 100
superyachts in the fleet are very different.
the new gt list replaces 18 per cent of the
superyachts that feature on the original list,
some of which are quite surprising, such
as the 99.15m motoryacht Christina O, the
36th largest yacht in the fleet by loa, with
a gt of 1,802 drops to 124th. there is also
plenty of movement among those that have
made it onto both lists. For example, Prince
Abdulaziz, the sixth largest superyacht in
the fleet by loa, has dropped to number
25 on the gt list, coming in just behind
103.82m Loaloat Al Behar, which was 34th
on the loa list.
When creating a list of the top 100
vessels by gt and comparing the
differences, the top 100 superyachts
in the fleet are very different.
for classification and regulation
in place of loa. these categories
are: under 500gt, 500gt to 3,000gt
and over 3,000gt. Within these
categories superyachts are subjected
to very different regulations from
one another, including safety
requirements (solas, lsa and
IsM), regulation fees, berthing
fees, marina limitations and security
certifications.
the reason superyacht
Intelligence is placing more
emphasis on the use of gt is because
we consider it a more accurate
representation of actual size and
we believe there is more value in
comparing vessels based on this as
opposed to using length alone.’
figure 1: gT comparison of The Top 10 by Loa (m)
20000
figure 3: disTribuTion of gT of The Top 100 by Loa
5%
27%
top 10
the rest
azzam
68%
figure 2: Top 10 yachTs by gT Loa (m)
200
20,000gt
200m
18,000gt
180m
162.5m
15,850gt
15000
15,000gt
162m
155m
150
147.25m
150m
10,864gt
13,564gt
12,488gt
139.3m
134m
136.33m
126.18m
12,234gt
11,589gt
116.41m
100
10000
10,000gt
100m
7,600gt
5000
To commenT on This arTicle,
email: [email protected]
wiTh subjecT: berThing pains
4,620gt
50
4,561gt
5,000gt
0
www.cnmarinas.com
Dukley Marina
MONTENEGRO
ross tonnage is a unitless
figure of volume accounting
for all enclosed spaces up to the
hull framing. this is commonly
confused with displacement, a
totally different gauge measuring
the vessel’s mass. not only does the
gross tonnage clarify the actual size
of the vessel but also enables far
more detailed analysis of areas such
as the interior volume, handling,
berthing, operating expenses
and pricing, something that the
consideration of loa alone cannot
provide.
since the International
convention on tonnage
Measurement of ships 1969
entered into force in 1982, vessels
have been categorised under the
three gross tonnage thresholds
500m
0
0
0
azzam
180m
eclipse
162.5m
dubai
162m
al said
155m
topaz
147.2m
mahroussa
prince
al
145.7m
abdulaziz
salamah
147m
139.3m
rising sun
138.37m
fulk alsalamah
136.33m
azzam
18,000gt
al said
15,580gt
eclipse
13,564gt
dubai
12,488gt
al
salamah
12,234gt
topaz
11,589
fulk alsalamah
10,864gt
octopus
8,343gt
turama
8,343gt
the superyacht report
17/12/2014 18:15
serene
8,231gt
Yas Marina
ABU DHABI
CAN146 SYR ad 35x210_DPS_V3.indd 2
the superyacht report
17/12/2014 18:15
20
10
The Superyacht Intelligence Annual Report 2015
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