Superyacht News

Lloyd’s Register, the world’s largest yacht classification society, is calling on the industry to step up enforcement of superyachts on-board safety at sea rules.

“The number one priority of any yacht should be to provide a quality service, but with safety being one of the most dominant values,” said Thomas Zeferer, manager of marine training services for Northern Europe at Lloyd’s Register.

“A culture of behaviour-based safety must start from the top (and) filter down to the guests. Setting the right example means providing quality service, but also telling guests when they are doing something that is fundamentally unsafe.” Continue reading “Superyachts must do more to raise on-board safety says Lloyd’s Register”

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.

Continue reading “Ensuring the insurers”

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.

The fleet

The global fleet over 30 metres in length consisted of 5,245 superyachts in operation at the start of 2021. In addition, there are also around 84 superyachts out of service, while about 195 superyachts have been completely lost since 1945. 84% of the global fleet consists of motor yachts and 16% of sailing yachts. In 2020, 150 superyachts were completed. This is slightly less than 2019 when 158 superyachts were completed. Continue reading “The State of Yachting 2021 report from SuperYacht Times”