Sanlorenzo says it has already sold nine units of its new ‘crossover’ motoryacht, the SX88, that it is launching this week in Cannes. The uniquely-styled 27m vessel, which combines the best elements of a flybridge and a compact explorer yacht, took three years to develop and features a vast open rear deck and a striking forward section. The extra space afforded by only having one helm station allows for the master cabin to be on the main deck. According to Sanlorenzo CEO Massimo Perotti, the vessel targets a new type of Sanlorenzo owner.
“In most instances demand builds supply. We are doing the opposite, we’re a supplier building the demand,” he told IBI at Cannes. “The SX88 is attracting younger buyers, the sons and daughters of Sanlorenzo owners,” he said. As well as its striking looks, the SX88 also features a ‘fast-displacement’ hull shape and is powered by a triple Volvo Penta D13-IPS1050 installation, reflecting an “element of sobriety” Perotti sees creeping in to owner requirements. “It’s not a planing hull so you’re not burning lots of fuel, but it’s faster, more purposeful than a displacement boat. It has a cruising speed of 20-21kt and a top speed of 23kt.”
Sanlorenzo plans to build 10 units a year and will extend the range with a smaller SX72 that will be unveiled at next year’s Cannes show (two units of that model have already been sold), followed by a 100 for Cannes 2019 and a 120 scheduled for a Cannes 2020 launch.
Earlier this week Sanlorenzo announced increased profits and expected revenues this year of around €314m – on par with last year and following a steep 42% climb in revenues in 2015. Since its pre-crisis sales peak of €198m in 2008, the Italian builder has maintained relatively steady revenue growth, but it is in the last four years that the builder has made real headway, effectively doubling its sales since 2013.
“Europe is doing well, even buyers in Spain and Greece are coming back. We expect another 2-3 years of growth at least. Exchange rates have impacted UK buyers a little, but that said they are still there. Russian buyers are coming back slowly and new markets are emerging for us in Australia and Japan. China we think will be stable but at a low level – the government’s anti-corruption stance is still a problem.”
Perotti highlighted the US as an area of concern. “With nine years of GDP growth there’s a risk of a downturn there,” he admitted.
“We’ve seen a weakening of the dollar – is that down to Trump? Who knows, but it could be a problem if the Trump situation is still framing the picture. We think the US could be risky in the mid 2-3 year term – and that obviously impacts the markets in Central and South America.”