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Superyacht annual report: how do you expect the market to perform?

The following report is a succinct summary of the superyacht new build market’s activity in 2016. How do you expect the market to perform between now and 2020? Do you think the number of vessels being delivered is likely to increase, decrease or remain consistent? We'd like to know, you can leave your comment at the end of this article.

Contrary to the sensationalist proclamations of a superyacht market collapse or renaissance, according to data published in The Superyacht Annual Report 2017: New Build , the industry is in the midst of a post-market-adjustment era of consistency.

With 139 superyachts delivered in 2016, it was a negligible year-on-year market downturn. This figure was three deliveries fewer than 2015, and 14 and 15 deliveries fewer than 2014 and 2013 respectively, equating to a 9.7% fall in industry output over four years.

But while this may look, at first glance, to be something of a downturn, with 16 deliveries made since then, and 222 superyachts scheduled for delivery in 2017, it is more likely the market dynamic for the year ahead will be one of consistency.

The global order book of yachts currently in build in all shipyards across the world does make for remarkably positive reading. However, one should be wary of basing their appraisal of the superyacht market on the order book, which is almost always unerringly positive, and distorted by speculative orders and mothballed projects that rarely come to fruition. In 2015, for example, there were 249 superyachts scheduled for delivery in 2016, but in reality, the actual figure was 139 deliveries, a 44.2% shortfall.

For this reason, it is far more practical to base the market’s performance on industry output, which has remained broadly consistent since 2013. Even so, there is reason to be cautiously optimistic. The total order book numbers 516 vessels – 109 greater than five years ago and the fifth consecutive year of growth.

While the minimum entrance criteria for a superyacht is an overall length of 30m or more, it is the top end of this luxury market, or the ‘niche within a niche’, that is bolstering the market as a whole.

The production and semi-custom motoryacht sector, broadly between 30m and 45m, has exhibited a 20% fall in annual output over the last five years. It is the custom, most expensive end of the market that is enjoying success.

The size of the 80m+ motoryacht market grew by 36.3% between 2012 and 2016 and there are currently 42 motor- and sailing yachts in build. Furthermore, there are a staggering 17 superyachts of more than 100m in build, which, when delivered, will bolster this upper echelon of the market by 39.5%.

2016 was also the year that the mean average of a superyacht (based on the delivered fleet) surpassed the historic 50m mark, while the 100th largest yacht measured 82m. This is all the more impressive when one considers that, in 1986, the 100th largest superyacht measured 44m – a length that would rank around 1,300th today.

In terms of geographical activity, Italy remains the most prolific territory for superyacht construction with 298 deliveries since 2012 and 60 yachts delivered nationwide in 2016. The more custom-focused Dutch market enjoyed 20 deliveries, exactly in line with its five-year average, while Germany, which is home to Lürssen (which has delivered 59 superyachts to date, at a staggering cumulative 4,760.3m), continues to produce the world’s largest yacht; in 2016, the aforementioned yard delivered the world’s largest ever yacht based on volume, 156m Dilbar (15,917 GT). Of the major yacht-building nations, it is only Turkey that has seen its combined output slow significantly, with only six deliveries in 2016 across the country, compared to a 15.5-delivery five-year average.

During the boom period of 2006-2010, an average of 235.6 new superyachts were delivered per annum, and this created a misconception among the public consciousness that the superyacht industry was infallible. Yet, in reality this period should be seen as an anomaly, punctuating the market dynamic that remains remarkably consistent, if not spectacular.

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Superyacht Sales Dropped 17% Last Year. Here’s Why.

The exclusion of russian oligarchs and skyrocketing costs of ownership caused the fall. despite that, superyacht deliveries were up 31 percent in 2023., michael verdon, michael verdon's most recent stories.

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The annual State of Yachting report found that 203 superyacht sales were made last year. That’s down from 245 in 2022 and a record 313 the year before that. A superyacht is defined as any yacht over 90 feet.

Dazert added that backlogs of builds that started during record demand three to four years ago are also impacting the decision to buy. A buyer ordering a yacht today could wait more than four years before taking delivery, especially if the yacht is a bespoke vessel.

The top of the market has been most effected, according to the report, with orders for yachts between 200 and 600 feet, declining by 40 percent. Smaller vessels between 100 and 200 feet also saw order drops, but they were not as dramatic. Dazert said he expects sales this year to decline a “little bit.”

The exodus of Russian oligarchs who, along with Middle Eastern royalty, typically buy the largest, most expensive vessels, also contributed to last year’s order downturn. “The Russians were prone to ordering very extravagant and very large yachts,” Dazert told CNBC.

Many of these impounded vessels remain “frozen” in marinas around the world, waiting for some resolution in their status. Amadea , for instance, is costing the U.S. government nearly $1 million each month to maintain in San Diego, as federal prosecutors seek to put the boat up for sale. Other oligarchs have sailed their yachts to friendly havens such as Dubai or Istanbul, where those governments, instead of seizing yachts, have welcomed them.

Despite the shortfall in orders, the superyacht market remains buoyant. Thanks to record demand during the pandemic, superyacht deliveries last year numbered 202, up 31 percent from the previous year’s record of 278. There are now nearly 6,000 superyachts, three times as many as 2002, according to the report. “The pool of customers has expanded permanently,” Dazert said.

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Billionaires like Jeff Bezos and Mark Zuckerberg spend six figures a year maintaining their superyachts. Here's how.

• Superyachts  are one of the most expensive assets money can buy.
• The true cost of ownership is even more, adding up to millions a year.
• Here's how much it costs to own a superyacht — and what that money is going toward.

Financial advisors are quick to warn prospective owners that a boat is nothing more than a hole in the water in which to throw money. When it comes to superyachts , you'd better have bags and bags of cash.

As one luxury agent told Business Insider at the Palm Beach International Boat Show: "Buying a boat, it's a huge purchase — and nobody needs a yacht."

A superyacht, generally over 30 meters long, is one of the most expensive assets money can buy, with the largest costing more than a lot of real estate or a private jet. Billionaires like Jeff Bezos, Mark Zuckerberg, and Steve Jobs each spent nine figures on their megayachts.

That doesn't include operating costs. Owners should expect to pay about 10% of a yacht's new-build price each year, experts told Business Insider. That's tens of millions of dollars annually for the most luxurious boats.

"It's a small-to-medium-sized business in its own right," said Jeffrey Beneville, a senior vice president at insurance company NFP, where he specializes in consulting clients about yachts.

Unlike many smaller boats, superyachts need staff, not just a captain. Some superyachts have space for dozens of crewmembers , including a chef, engineer, and masseuse for the guests onboard. Each gets an annual salary — the highest-ranking members earn six figures — and benefits. Eric Schmidt's yacht fits a crew of 28 for a ratio of about two crewmembers per guest.

Then there's fuel, dockage fees, routine maintenance, and insurance. The latter hinges on everything from the reputation of a yacht's shipyard to where an owner wants to take it (if a vessel is taking frequent trips to the South China Sea, for example, expect to pay a higher premium). If a superyacht has a support yacht — or a support superyacht, in Bezos ' case — expect to pay another 10% of that boat's price annually.

"The cost to maintain a yacht is so high that they just think that money's getting lit on fire," Matthew Fleissig, the CEO of wealth management firm Pathstone, told BI of his clients who choose to charter rather than own.

One of his firm's clients who does own has a 23-meter yacht valued at $5.2 million. The annual cost to staff, maintain, dock, and insure the boat is $346,297, according to documentation provided to BI. The lion's share is spent on marina fees ($95,970) and maintenance work ($88,408.) While not exactly a Sunfish, that boat is too small to count as a superyacht.

At 106 meters, the Amadea, owned by a sanctioned Russian oligarch , definitely does. The $300 million yacht, which was seized in 2022 and is docked in San Diego, cost $922,000 a month to maintain, a court filing showed: $360,000 for crew salaries, $75,000 for fuel, $144,000 for insurance, $178,000 in dry-docking fees, and $165,000 for maintenance, waste removal, food for the crew, and miscellaneous expenses.

"And that's an inactive yacht that's in the water," NFP's Beneville said.

If it were operational and carrying guests, the costs would be about twice that, or between $20 million and $30 million a year, he added.

Of course, it makes more financial sense for the non-obsessives to charter, and many of Fleissig's clients do. And some owners choose to offer their yachts for charter — the most luxurious cost as much as $1 million a week — to offset the costs.

"If you charter the boat for 50 days a year, it's going to help a lot," Anders Kurtén, the CEO of brokerage firm Fraser Yachts, told BI.

Then again, the running costs don't matter as much at a certain point. "If you're worth $30 billion, it's nothing. And if you're worth $117 billion — and these are the guys we're talking about — they're in it as long as it's still enjoyable for them," Beneville said. "It's not a money thing."

Watch: Why South Sea pearls are so expensive

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An inside look at jeff bezos’ $500 million superyacht and what it costs to keep it afloat.

Cliché but true, the second-richest man on the planet, according to Forbes , owns the tallest sailing yacht in the world . In fact, the 417-foot Koru is so big, it has its own 250-foot support vessel .

Priced at $500 million, the Koru hit the sea for the first time in 2023 and has since ferried Jeff Bezos and company around the globe. Complete with three massive 229-foot masts, it can reach a top speed under sail of 20 knots, according to the New York Post — which is approximately 23 miles per hour.

Made for a group, up to 18 guests can set sail on the yacht, allowing Bezos to bring family and friends on vacation with him. Here’s a look at the Koru’s extravagant features and how much it costs to operate his floating mansion.

Also take a look at Bezos’ mansion collection.

See More: Robert Kiyosaki: 7 Ways To Become Wealthy Beyond the 9-to-5

Read Next: 4 Genius Things All Wealthy People Do With Their Money

Key Features

As expected Bezos’ yacht is dripping with luxury. With a net worth of $203.8 billion — as of May 4, 2024, according to Forbes — he can afford to outfit the Koru with nothing but the best and he did just that.

The superyacht has three outdoor decks, with two containing swimming pools, according to the New York Post. It also features a cinema, several lounges and multiple business areas, according to Luxuo .

Highly personalized, the yacht is complete with a figurehead modeled after Bezos’ fiancée Lauren Sanchez. Even its masts are luxurious, as the Amazon founder chose in-boom furlers, which keep the canvases at the bottom of the mast above the deck, creating a pristine and spacious rope-free deck.

For You: Make Yourself Money Smart: 20 ChatGPT Prompts To Increase Your Wealth

Support Vessel

One of the most shocking features of the Koru is the fact that it requires its own support vessel. The $75 million Abeona features a helipad that Sanchez has been spotted using to park her personal helicopter, according to the New York Post.

Designed to carry extra gear, four jet skis, two fast launches and a dinghy were spotted on the Abeona during a 2023 trip to Mallorca, Spain, according to the New York Post. It’s also capable of lifting a small submarine, but Bezos isn’t believed to own one — at least not yet.

Additionally, the support ship has two extra staterooms, which can accommodate four guests. This could come in handy if Bezos wants to entertain a larger group than can fit on the Koru.

On-Board Crew

It probably isn’t a surprise that operating both the Koru and the Abeona is no small task. From staff to drive the boats and maintain them to caring for guests onboard, Bezos needs a small army at sea.

The Koru has a crew of up to 36 people, according to The New York Post. If you think that’s a lot, the Abeona requires up to 45 crew and support staff.

Annual Operating Costs

Purchasing the Koru and Abeona cost Bezos more than half a billion dollars, but his expenses didn’t end there. As you might imagine, the annual cost to maintain a superyacht and its own enormous supporting yacht is more than most people earn in a lifetime.

The Koru costs approximately $25 million in operating expenses per year, according to the Daily Mail . Much less, but still sky-high, Bezos spends around $5 to $10 million on annual maintenance costs for the Abeona, according to Super Yacht Fan ).

When their owners are on dry land, yachts have to find a parking space. However, even this doesn’t always come cheap for Bezos and the Koru.

In November 2023, the billionaire’s yacht arrived in Fort Lauderdale, Florida, but was too big to fit in the port with all the outer superyachts, according to the Daily Mail. Therefore, it had to be docked with cruise ships at Port Everglades, at a rate of $16,500 per week.

While one week of storage might be more than the average person can afford, picking up the tab for any number of weeks would clearly be no issue for Bezos. While his superyacht and the many expenses surrounding it are clearly astronomical, he’s still living well within his budget.

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This article originally appeared on GOBankingRates.com : An Inside Look at Jeff Bezos’ $500 Million Superyacht and What It Costs To Keep It Afloat

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Sanlorenzo reports 27% growth in Superyacht Division for Q1 2024

Sanlorenzo has reported consolidated revenues of €194.8 million from the sale of new yachts for the first quarter (Q1) 2024, up six per cent from the same period last year. 

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Mark zuckerberg appears to celebrate 40th birthday on $300m ‘launchpad’ superyacht.

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Meta boss Mark Zuckerberg reportedly flew to Panama to celebrate his 40th birthday — where the billionaire’s alleged brand-new $300 million superyacht was docked.

Zuckerberg, who has been linked to the 387-foot-long vessel called “Launchpad” for months but has never publicly confirmed whether he is the owner, traveled to the Central American nation on Monday by private jet, according to tracking data viewed by Business Insider .

Launchpad and its smaller companion vessel, Wingman, were also docked in Panama on the same day, the outlet said, citing ship-tracking data.

Adding fuel to the rumors, Zuckerberg posted a video of himself on what appeared to be a private plane on Instagram. Captioned, “Travel mode: on,” the video showed Zuckerberg wearing the Meta Quest 3 virtual-reality headset while en route to his destination.

While the exact whereabouts of Zuckerberg and his expensive fleet of travel options are difficult to confirm, the coincidences raise the possibility that the billionaire celebrated Tuesday’s milestone birthday aboard the vessel.

Zuckerberg currently ranks as the fourth-richest person in the world with an estimated net worth of $167 billion, according to the Bloomberg Billionaires Index .

The Post has reached out to Meta for comment.

In March, the Launchpad was spotted at Port Everglades in Fort Lauderdale, Fla., after making its maiden voyage from the Netherlands, The Sun reported .

Zuckerberg reportedly spent a cool $300 million as a “birthday present” for himself.

The outlet said the superyacht was originally Russian-commissioned, which caused a delay in its arrival to the United States due to economic sanctions.

Zuckerberg was seen touring the ship in the Netherlands in early March, according to The Sun.  

It is said to be the 46th largest ship of its kind in the world, with a steel hull and an aluminum superstructure.

The party boat was built by Dutch firm Feadship and features exterior design by Espen Øino International and interior design by France-based Zuretti Interior Design, according to SuperYachtTimes.

Launchpad requires a whopping $30 million in annual upkeep, according to the SuperYacht Fan blog .

It can purportedly house up to 24 guests and 48 crew members.

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The global megarich are paying up to $2 million a week for superyacht rentals but smaller boat charters are down

Sales of luxury yachts may be down but the world’s megarich have found another, more instantaneous way to get their high seas kicks — chartering a swanky boat instead.

Total chartered days for yachts longer than 50 meters has increased since 2020, according to  IYC , a global firm specializing in the sale and charters of luxury yachts. Vessels between 60 to 70 meters posted the most growth last year, at 10%, whereas shorter yachts aren’t nearly as popular as before.

IYC Chief Executive Officer  Raphael Sauleau  said he’s seeing more customers willing to pay a higher premium for the ultimate ocean experience. Clients are willing to pay more for a so-called advanced provisioning allowance, which covers on-board expenses like food and service, of up to 40% compared to the standard 30% of the total charter fee, he said.

New customers are coming to yachting “with an appetite for larger yachts,” Sauleau said. Compared with smaller vessels, these floating villas come with more privacy, better facilities and a larger crew. A bigger range of large models that’s become available over the past three years has also contributed to higher bookings, he added.

Fraser Yachts , a major international broker, is experiencing a similar phenomenon, receiving 7% more charter bookings for yachts over 60 meters in 2023 versus prior years. Across yachts of all sizes however, the number of charter days reported last year was 19% down on 2021.

It’s a quirk that would seem to chime with the trend of super luxury brands defying a broader luxury slowdown. Hermes International SCA, for example, saw Chinese buyers  snap up its products . Hermes typically caters to the most affluent customers, making it more resilient in a challenging luxury goods market.

At the same time, sales of floating palaces are waning, the Superyacht Times said in a  report  in March. Sales of superyachts, generally defined as boats longer than 30 meters, contracted 20% in 2023 from 2022 and are well down on 2021, when many rich people splurged on boats to travel in a safe and exclusive way.

Stacy Fischer-Rosenthal , the president of luxury travel and lifestyle consultancy Fischer Travel Enterprises, said she’s expecting to help clients charter at least 10 yachts this year. Most of the interest is around megayachts — or yachts above 60 meters — and prices range from about $700,000 to $2 million a week, she said.

Wealthy people may be shying away from outright purchases due to geopolitical worries and global conflicts.

Fear of more widespread fighting in the Middle East and Russian’s war in Ukraine “seem to make some buyers nervous, particularly those in the market for very large new builds,” the Superyacht Times said.

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MSC World America to Offer Largest MSC Yacht Club

• May 15, 2024

MSC’s upcoming ship, the MSC World America, will feature the largest MSC Yacht Club with 152 suites when the ship launches in April 2025 from Miami.

The new ship will feature seven onboard districts including the MSC Yacht Club, the cruise line’s “ship-within-a-ship” concept. Introduced in 2008, the MSC Yacht Club concept offers priority embarkation at the cruise terminal, a dedicated concierge team, personalized butler service 24/7, premier room service and private areas.

Cristian Comirla, brand performance director, MSC Yacht Club, MSC Cruises, said: “MSC World America will take our MSC Yacht Club product to new heights as the largest MSC Yacht Club in the North American market. With exclusive amenities, top-notch service and luxurious benefits, MSC Yacht Club offers a tranquil holiday for guests who prefer to have a more relaxing and secluded cruise experience, yet still have access to the excitement of the ship’s entertainment, specialty dining and other amenities.

“MSC Yacht Club guests on MSC World America will also have access to Ocean House at Ocean Cay MSC Marine Reserve, providing an elevated experience at our private island in The Bahamas with a private beach and restaurant coupled with personalised service. With an elevated onboard experience that extends once guests are ashore at Ocean Cay, there are so many benefits to sailing in MSC Yacht Club and we are thrilled to be offering the latest and greatest to MSC World America sailing in the Caribbean.”

MSC World America’s MSC Yacht Club highlights include:

• Expansive Sundeck with the lower deck featuring a bar and grill with an expanded seating area. The upper deck includes whirlpools and private cabanas. For the first time, MSC Yacht Club guests aboard the World America will have a chance to enjoy table service from the nearby bar and grill. 
• Owner Suites – Two multi-room Owner Suites offer bedrooms with a walk-in wardrobe and a bathroom, a separate living and dining area with floor-to-ceiling windows and a private terrace with a hot tub and al fresco dining area.
• Duplex Suites  – Spanning two decks and aimed for families or larger groups traveling together. 

A premium beverage package, high-speed internet, thermal spa access and priority access to the ship’s entertainment venues are also included in the MSC Yacht Club experience.

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Audition day for MTA's 'Music Under New York' program

NEW YORK CITY (WABC) -- The MTA held its 34th annual auditions for the MTA's Music Under New York program on Wednesday.

The program presents musical performances in the transit system to help entertain commuters and give musicians a new platform.

The auditions took place at Grand Central Madison, at the LIRR Concourse Level, between 46th and 47th streets.

The more than 20 judges made of of music industry executives and fellow performers were seen swaying to the music and enjoying the entrants' performances.

They will be selecting 25 new acts out of the more than 50 finalists to add to the program.

The performers are judged on quality, variety and appeal to the very diverse public that rides the rails every day.

"We've actually played in the subway quite a bit without any official sanctioning I guess, but we love playing in the subway and to be able to do it in an official capacity under the auspices of the MTA would just be awesome," said Julian Maissel, a musician.

"We're all just in the studio one day and I saw how fast they were making beats because we're all self-produced, self-engineered, and I was like, yo, these guys are super fast and they're good," said Sidarth Ayyagari, a musician.

There are many genres for the judges to choose from like Indian funk, folk guitar and harmonica, salsa, reggae, and R &B among others.

Once selected, the musicians are eligible to perform in 40 locations throughout the transit system.

The MTA program started as a pilot back in 1985.

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