According to the latest (super) Yachting Index — released this week by Camper & Nicholsons International and SuperYachtTimes.com — orders for new-builds of above 30m (100ft) fell by 70 per cent in 2009 compared to the previous year. It also reports that the global charter sector retracted by more than 30 per cent in 2009.

Brokerage, however, "remains very active" though the volume of sales is lower than 2008.

The report states: "The beginning of 2009 brought about a market correction and, as a result, business gradually picked up throughout the year, albeit chaotically, to reach more satisfying levels."

It adds that the pre-owned market for boats stabilized by the end of 2009. "There is no longer a massive influx of additional pre-owned yachts for sale, and the level of sales vs. the level of yachts on offer is balancing out, an indication that the market has bottomed out," it says. Around 290 superyachts above 24m (80ft) were sold in 2009 — generating an estimated total turnover of US$2.5bn.

But yards were hit hard last year, with only 90 contracts signed for new builds, compared to 241 in 2008. Deliveries of new yachts fell 18 per cent last year to 213.

The survey describes the decline in new orders as "alarming".

"As these orders were signed by 57 different yards — as opposed to 105 different shipyards in 2008 — there is also much cause for concern for the future of a number of yards," it concludes.

Benetti SpA and sister company Azimut Yachts led the field. Benetti delivered 14 units in 2009 (a total length of 608m) while Azimut delivered 12 yachts (totaling 386m). Westport Yachts had eight projects (totaling 305m). Trinity Yachts — which delivered seven projects — was third overall in total length with 359m. Westport had a total length of 305m.

Italy was once again also the leading builder nation, with 93 projects and a total length of 3,263m, or 41 per cent of total market share by length. The US was second with 26 projects, with a total length of 1,127m, or 12 per cent of total market share by length. The Netherlands had 20 projects, with a total length of 1,127m, and Turkey was fourth with 23 projects and a total length of 936m.

The total value of all superyachts completed in 2009 was around €4bn (US$5.4bn) with an average value per yacht of €19m (US$25m). Of the 213 superyacht deliveries in 2009, 84 per cent (179 units) were motoryachts, while 14 per cent (34 units) were sailing yachts.

The global charter fleet saw a 15 per cent reduction in overall numbers last year as many new yacht owners decided to keep their yachts private "until better times." Charter bookings generated around US$360m in 2009 — down about 32 per cent from 2008, or about the same levels as 2007.

Charters in the Mediterranean basin accounted for 75 per cent of all charters, while the Caribbean was the second-most popular destination, with 14 per cent of all charters. Fifty-two per cent of yacht charterers originated from the UK, the US and Canada, while 9 per cent were from Russia. The remainder of Eastern and Western Europe charter clients accounted for 15 per cent.

Superyacht Business / Michael Verdon, 13 August 2010