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Targeting Owners Investors Bankers Brokers Lawyers Advisors Suppliers Senior Shipyard Management The most powerful and candid report on the true state of the superyacht markets new build sector. New format New analysis

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Targeting Owners · Investors · Bankers · Brokers · Lawyers · Advisors · Suppliers · Senior Shipyard Management

The most powerful and candid report

n the true state of the

superyacht market’s new build sector.

New format New analysis New data

SUPPORTED BY

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Targeting Owners · Investors · Bankers · Brokers · Lawyers · Advisors · Suppliers · Senior Shipyard Management

ANNUAL REPORT 2015

If you need to know who is building, who is fjnancially stable or who is struggling to stay afmoat, then this exclusive report is a vital piece of business research and analysis for anyone in the market, including owners, investors, bankers, brokers, lawyers, advisors, suppliers and all senior shipyard management.

The Superyacht Intelligence Annual Report 2015

Detailed analysis Real facts Comprehensive insight Accurate fjgures Unrivalled data Honest reports Incredible information Powerful statistics Intelligent accuracy Candid opinions

We have recorded, verifjed, analysed, scrutinised and reviewed what is really happening in the new build sector in order to create a candid picture

f 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 specifjc markets. 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

f the market over the past two decades.

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.

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Exclusively available to current paying subscribers of The Superyacht Report and all subscribers of Superyacht Intelligence (who subscribed prior to December 2014). If you order The Superyacht Intelligence Annual Report 2015 before the end of February: You can purchase your copy for the discounted price of £95.00 (plus p&p). Use offer code: SIAR2015 Note: post publication the retail price will be £125.00 per copy, (plus p&p). We will send out copies to all eligible subscribers before the end of

February. If you would like to order

more copies, please contact: charles@thesuperyachtgroup.com. If your subscription has expired

r you would like to subscribe:

Subscribe today to make sure you get your personal copy of The Superyacht Intelligence Annual Report 2015.

The Superyacht Intelligence Annual Report 2015

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the superyacht report

the aNNuaL report / The State of the Industry – World Wealth the aNNuaL report / The State of the Industry – World Wealth

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 identifjes 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

wnership 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 fjscal regime, the uK (with 4,700 uhNWIs) has risen to fourth in credit suisse’s ultra- rich 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 cent- ers’. While these markets represent well- trodden paths for the superyacht industry, expanding the size of the fmeet is reliant

n forging bonds with new markets. of

these emergent markets the Wealth-X/ uBs report identifjes asia as the one growing most vociferously. the fjgures 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’ 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

r 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

f 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

pen 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 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

f superyacht owners, the industry

should welcome these encouraging fjgures. 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 TO COMMENT ON THIS ARTICLE, EMAIL: TAR@SUPERYACHTREPORT.COM WITH SUBJECT: MONEY MAKES THE WORLD GO ROUND

MoNey MaKes the WorLD Go rouND ...

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

n their side, is likely to commission further

new build projects in the future. 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,

ffering encouragement to the industry. Will Mathieson reports.

CREDIT SUISSE’S ULTRA-RICH TABLE: NUMBER OF UNHWIS

1. USA

62,800

2. CHINA

7,600

3. GERMANY

5,500

4. UK

4,700

5. FRANCE

4,100 24 25 THE ANNUAL REPORT / The State of the Industry – Marinas and Cruising THE ANNUAL REPORT / The State of the Industry – Marinas and Cruising

pposition and reduced liquidity in

the investment market. Analysing the number of marinas that have emerged

ver 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

f our market include Rivergate Marina

and Shipyard in Queensland, Australia, which announced in November 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

fficially opened in July 2014 and has

115m berths. 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 TO COMMENT ON THIS ARTICLE, EMAIL: TAR@SUPERYACHTREPORT.COM WITH SUBJECT: BERTHING PAINS

www.cnmarinas.com

Port Louis Marina GRENADA Grand Harbour Marina MALTA Cala Ponte Marina ITALY Porto San Rocco ITALY Marina Trogir CROATIA Dukley Marina MONTENEGRO CAN146 SYR ad 35x210_DPS_V3.indd 1 17/12/2014 18:15 Athens Marina GREECE Sani Marina GREECE Çeşme Marina TURKEY Palmarina Bodrum TURKEY Limassol Marina CYPRUS Yas Marina ABU DHABI

www.cnmarinas.com

CAN146 SYR ad 35x210_DPS_V3.indd 2 17/12/2014 18:15 TOTAL FLEET & YACHTS DELIVERED 2005-2014

1000 2000 3000 4000 5000

3,356 3,099 3,604 3,881 5,000 4,000 3,000 2,000 1,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 4,108 4,317 4,491 4,690 4,836 4,994 188 258 247 275 227 206 174 182 146 150 AVERAGE SIZE OF YACHT IN BUILD & DELIVERED YACHTS DELIVERED OVER 45M+ 2010 2011 2012 2013 2014 50 40 30 20 10 46.6M 40M 45.1M 45.3M 45.9M 45.4M 43.57M43.57M 47.8M 44.5M 2015 ???? ???? IN BUILD DELIVERED 10 20 30 40 50 60 70 80 80 70 60 50 40 30 20 10 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 10 9 18 16 21 18 21 23 29 39 36 46 45 69 50 64 59 53 44 53 YACHTS DELIVERED OVER 90M 1 2 3 4 5 6 6 5 4 3 2 1 2006 2007 2008 2010 2011 2012 2013 2014 1 6 5 1 3 2 6 TOTAL FLEET DELIVERED 2009 the superyacht report

the superyacht report

the aNNuaL report / Gross tonnage analysis the aNNuaL report / Gross tonnage analysis

ross tonnage is a unitless fjgure 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

f 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 for classifjcation 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

ne another, including safety

requirements (solas, lsa and IsM), regulation fees, berthing fees, marina limitations and security certifjcations. 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

pposed to using length alone.’

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 fmeet 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 fmeet 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 fmeet by loa, has dropped to number 25 on the gt list, coming in just behind 103.82m Loaloat Al Behar, which was 34th

n the loa list.

When creating a list of the top 100 vessels by gt and comparing the differences, the top 100 superyachts in the fmeet are very different. 180M 155M 139.3M 147.25M 136.33M 126.18M 116.41M 134M 200M 150M 100M 500M 5% 27% 68% TOP 10 THE REST AZZAM

50 100 150 200

AZZAM 18,000GT 162.5M ECLIPSE 13,564GT 162M DUBAI 12,488GT AL SAID 15,580GT TOPAZ 11,589 FULK AL- SALAMAH 10,864GT OCTOPUS 8,343GT TURAMA 8,343GT AL SALAMAH 12,234GT SERENE 8,231GT 20,000GT 15,000GT 10,000GT 5,000GT 18,000GT AZZAM 180M 13,564GT ECLIPSE 162.5M 12,488GT DUBAI 162M 15,850GT AL SAID 155M 11,589GT TOPAZ 147.2M 4,620GT PRINCE ABDULAZIZ 147M 4,561GT MAHROUSSA 145.7M 12,234GT AL SALAMAH 139.3M 7,600GT RISING SUN 138.37M FIGURE 1: GT COMPARISON OF THE TOP 10 BY LOA (M) FIGURE 2: TOP 10 YACHTS BY GT LOA (M) FIGURE 3: DISTRIBUTION OF GT OF THE TOP 100 BY LOA 10,864GT FULK AL- SALAMAH 136.33M

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E. charles@thesuperyachtgroup.com

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