Survey says: Superyacht industry to remain strong through 2011
By IBI Magazine
Camper & Nicholsons International (CNI) last week released its first annual "Superyachting Index." Using a cross-section of industry and proprietary data, the CNI study focuses on three different segments of the superyacht market (yachts 24m or larger), including current fleet statistics, brokerage sales and charter activity. "Our purpose was to show the realities of a booming sector that has evolved from a cottage industry into one of the world's strongest-growing luxury markets," said Laurent Perignon, CNI's director of marketing, at a press event at the New York Yacht Club. According to the survey, there are currently about 3,800 yachts over 24m on the water (as opposed to those being built in shipyards or on order). Superyachts between 24m-30m account for about 34 per cent of the total, or 1,310 units, while yachts between 30m-40m account for about 40 per cent, or 1,500 units. Yachts in the 40m-50m range account for slightly less than 15 per cent, or about 550 units. The 420 yachts over 50m account for 11 per cent. Perignon noted the superyacht fleet doubled in size between 1990 and 2000, and that it will most likely double again this year from 2000. "Projections indicate that at least 500 yachts over 24m will be delivered in 2008, while there were over 500 yachts over 20m delivered in 2007," read the report. "With the rising level of deliveries, this means that there will be more than 5,000 superyachts above 24m, and close to 7,500 yachts above 20m afloat by 2010 — a 240 per cent increase since 2000." A strong order book and the long-term lead times for many yachts should keep shipyards busy until 2011. "Strong growth in the number of current orders in the high-end bracket implies that most of the superyacht builders are going to be operating at full production levels over the next two to four years, even if the market were to stop placing orders now," read the report. The CNI report noted that about 1,000 superyachts are listed on the brokerage market. The total market value is estimated at about US$11.5 billion. Last year, said Perignon, 315 superyachts were sold. The total value of the listings was US$3.6 billion. "With a 10 per cent correction on asking prices, it can be estimated that the total turnover of the brokerage sector reached about US$3.2 billion in 2007, or slightly more than US$10 million per yacht sold," concluded the study. The study noted that the charter market, which generates about 10 per cent of the superyacht industry's annual turnover, has about 830 superyachts. The average weekly rate ranges from US$50,000 in the 24m-30m class to US$300,000 in the 50m-plus range. The total number of bookings for 2007 was about 2,750 weeks that generated a turnover of about US$370 million. Eighteen charter companies manage about two-thirds of the fleet, said the study, while 200 yachts, or 25 per cent of the fleet, produce more than 50 per cent of the volume of bookings.
(20 May 2008)
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