The phenomenon of superyachts is known by most people and speaks to the imagination. They are often to be spotted at a tropical holiday destination or on television as back drop of Formula one races in Monaco and the Middle East. Superyachting can be seen as the ultimate leisure activity and is only accessible by the very few in the world due to the expensive nature of superyachts.
The global fleet of superyachts sailing the world’s oceans totals some 4,500 with those over 40 metres in length comprising around 1,500 in total . Nowadays the average number of superyachts over 40 metres delivered worldwide per year is 80, whereas only fifteen years ago this average was 30. It is therefore a fairly young industry that has experienced significant growth in demand in a relatively short period of time. Similar growth trends have been seen in the number of Ultra High Net Worth Individuals (UHNWIs), the target audience that are able to afford commissioning these vessels.
The superyacht industry is often perceived as small and therefore squeezed between the maritime leisure and professional marine industries. Yet the output of the superyacht building industry is similar in Compensated Gross Tonnage (CGT) to the passenger shipbuilding industry, which is often considered to be much larger . (CGT) is a macro-economic indicator that provides an estimate of the amount of work involved in building a ship of a certain type and size, ultimately expressed in man-hours per gross ton (GT). Currently also a global economic impact study is being conducted to analyse the economic value of this industry.