Total value of activity among ICOMIA superyacht refit members was nearly €400m from 1,136 projects, representing approximately 40% of global business in the sector.
The latest report from the International Council of Marine Industry Associations’ Superyacht Refit Group (ISRG) covering projects worked on during 2018-2019 shows that their workload increased 10% to a value of €395.7m. In total 1,136 refit projects were undertaken – a rise of 4.7% compared with 2017-18, while the average value of projects was set at €576,870.
|Yacht Length||No of Projects||% of Projects||Value (€m)||% by Value|
ISRG provided work share percentages both by length and draught. The statistics show that by length superyachts of 30m-50m accounted for 56%, 50m-70m - 31%, 70m-100m - 11% and over 100m - 2%. Reviewing the breakdown by drafts shows that 1m-2m draught accounted for 3%, 2m-3m draught for 37%, 3m-4m draught for 45%, 4m-5m draught for 9% and 5m+ draught for 5%.
ICOMIA points out that the members of ISRG are estimated to account for 40% of total global refit projects.
- Amico & Co, Italy
- Astilleros de Mallorca, Spain
- BAE Systsems, USA
- MB92 La Ciotat, France
- Huisfit (Royal Huisman), Netherlands
- Lusben, Viareggio, Italy and other locations
- Marina Barcelona 92, Spain
- Monaco Marine, Monaco and France
- NCP – Repair Shipyard Sibenik Ltd, Croatia
- Nobiskrug, Germany
- Pendennis Shipyard Ltd, UK and Spain
- IMS, France
The survey of ISRG members’ refit activity shows that 76.5% was accounted for by technical service work, 9.8% by interior works, and 13.7% by painting. Across all three superyacht length ranges, technical refits account for the biggest share of project types followed by the paint jobs and then interior works.
In respect of these ICOMIA provides a simple bar graph which gives an indication of the volume of the three types of refit in each length category but no statistics, values or percentages to go with it.
ICOMIA explains that:
- Technical refits include logistics, special surveys, machinery and equipment services and repairs, electronics, electrical, class and flag requirements and other periodical certifications.
- The interior refits involve all interior alterations and related structural changes such as to interior layouts; modifications to partitions, technical systems and new structural furniture on the outside.
- Paint refits cover all paint and coating works plus related tasks such as scaffolding, covers, fitting, dismantling, refinishing, heating, underwater hull paint and tank coatings etc.
An analysis of the refits by duration shows that 59% took 0-3 months, 22% took 3-6 months, 15% took 6-12 months, and 4% took a year or more. This section of the ISRG report also includes an analysis of projects by size and duration.
A geographical analysis of yards and refit locations was also compiled. ICOMIA say that the regional distribution of refit shipyards and activity is based on a detailed assessment of yacht locations and refit activity using AIS transmissions dates and desk research.
Not surprisingly the location of refit yards is led by those in South Europe, followed by North America, North Europe, and Rest of the World.
In respect of the analysis of global refits by length and region, and global refits and draughts, the following results were presented:
|Length/Region||EU (South)||North America||EU (North)||Rest of World|
|Draught/Region||EU (South)||North America||EU (North)||Rest of World|
The refit yards used in the survey totalled 48. These were located as follows:
- Europe – Germany 6, Netherlands 4, UK 1, France 8, Spain 4, Italy 4, Greece 1, Turkey 3 and Croatia 2.
- USA and Caribbean – Washington 1, California 1, Florida 4, Georgia 1, Virginia 1, Rhode Island 1 and Guadeloupe 1.
- Rest of World – China 1, Hong Kong 1 and Australia 3.