Rolls-Royce has announced it is set to launch a range of sustainable solutions for yachts, starting with IMO III propulsion for production yachts from spring 2022. Along with the company announcing the first mtu-IMO-III systems for series yachts for 2022, Rolls-Royce says its mtu hybrid solutions will be on the market as of 2023, and mtu yacht engines certified for sustainable fuels as of 2023.
The first large yachts are already running with mtu systems based on the mtu Series 4000, which are certified for IMO III emissions regulations. Joining the market in April 2022 will be mtu Series 2000 propulsion systems with exhaust gas after treatment for production yachts.
Since January 2021, the IMO III nitrogen oxides (NOx) legislation that already applies to commercial vessels has been extended to marine leisure vessels above 24m load line length, which navigate in US waters as well as the North and Baltic Seas. Providing another step towards increased sustainability in the industry, the 2021 legislation is aimed at reducing emissions. To comply, affected yachts now need to be fitted with a Selective Catalytic Reduction (SCR) after-treatment system. This has led Volvo Penta to work on an optimized solution for its yacht customers both for IPS and traditional inboard shaft installations.
The lockdowns of the past 18 months or so have given us all time to think and readjust our priorities. Like never before yacht owners and potential purchasers have been giving thought to their work-life balance, the risks of travelling and where in the world can a vacation actually take place? All of this has had a knock-on effect on the market, making yacht insurers’ lives busier than expected.
Mike Wimbridge, managing director, Pantaenius told Superyacht Investor: “I think in the chain of insurance buying people have had a little more time to reflect, rather than maybe just renew year-on-year. Throw into that the fact that some insurance markets are looking at what they write and possibly increasing prices and changing terms and conditions for risks they’re less concerned about.” Wimbridge is clear he is not talking about “bad risks”, but said some underwriters are looking at their portfolios.
The global superyacht industry started 2020 very well, with a high level of sales. However the Covid-19 pandemic hit the industry severely in the second quarter of the year. Afterwards, superyacht sales recovered rapidly, with the used yacht market in particular posting very impressive results in the third and fourth quarters of 2020. The positive momentum in the superyacht market has carried on into 2021 and we are expecting a very busy year in 2021 for superyacht sales, both new and used.