ORDER BOOK – Definitive Guide to Superyachts Under Construction –

2014 In association with: Presented by: GLOBAL orDer BooK – Definitive guiDe to superyachts unDer construction – Azimut 84 By Raphael Montigneaux and the editors of ShowBoats International magazine or a while, we’ve noticed activity leading builds than their U.S. counterparts. While us to believe that the yachting industry the rest of the world’s builders are eager to Fis on the road to recovery. Now we cash in on the U.S. economic recovery, U.S. finally have some proof. For the first time shipyards did not seem to benefit directly this since the financial turmoil and the record year. Greece clinches the 10th place this year, year of 2009 (when 1,008 new orders were pushing France out of the list. A few months recorded), the number of new build projects ago French builder CMN, a member of the is higher than that of the previous year. This ADM Group, quietly refocused its strategy on year’s Global Order Book reveals that 735 commercial and navy contracts, temporarily new yachts are under construction or on shelving current and future superyacht 2014 AT A GLANCE order, a 6.2 percent increase over the 692 projects. projects in the 2013 Order Book, and also up from the 2012 figure of 728. The reversal NEW yachTS 735 yachts more than 80 of a decreasing trend that lasted four years ArE UNDEr feet under construction is certainly good news but warrants digging CONSTrUCTION deeper to reveal a more accurate picture. Or ON OrDEr world-wide, up 6.2% While little has changed among the world’s five top yacht builder nations, with Orders for the largest yachts—those 19 projects over 100 meters Italy still by far number one, a closer look exceeding 328 feet (100 meters)—have LOA sets new record reveals a few significant facts. The Netherlands grown from 14 projects last year to 19 this and Turkey consolidate their places. The U.S. “year. Among these projects are four sailing retains its fourth-place ranking thanks to the yachts ranging in size from 331 to 482 feet, number of builders length of the projects, but it is losing its lead with the largest a not-quite secret project at rises for first time in five over U.K. builders, which as a group have Nobiskrug. A 331-foot project by Ed” Dubois, grown significantly in the last two years—up which we anticipated in our 2013 report, years 51 percent based on length of projects in was signed and brings the number of super build—and this year have eight more new sailing yachts currently under construction 15.5% increase in yachts building below 100 feet LOA Canados 120 Taiwan yard production up by 32.4% U.S. yard production down by 6.5% ShowBoats International magazine, part of Boat International Media, is North America’s premier luxury yacht publication. Its select readership includes high-net-worth superyacht owners, builders, brokers, captains, and designers. boat international MEDIA www.boatinternational.com/gob GLOBAL ORDER BOOK Westport 164 n NUMBEr OF PrOJECTS By LENGTh 1000 800 250+250'+ 200-249 200'-249' 600 150-199 150'-199' 120-149 Overall, projects over 150 feet are up slightly 120'-149' 100-119 from last year, 189 this year versus 186 last 400 90-99100'-119' year, while there are currently 40 projects over 250 feet versus 39 last year. 80-8990'-99' 200 new customer growth 80'-89' ’07 ’08 ’09 ’10 ’11 While the big yachts often attract attention, ’12 ’13 ’14 and these multi-year custom projects are Year good news for shipyards, they represent just a small part of the yacht market. Perhaps one of the most positive trends that we noticed to a historic high. Among the very large yachts this year is a pick-up in new orders in the 80- are a number of flagships for pedigreed yards SEVErAL ESTABLIShED to 99-foot segment. This part of the market 1000such as Lürssen, which recently sea trialed the yArDS SIGNED FLAGShIP suffered the most during and immediately post world’s largest yacht, the 591-foot Nauta- PrOJECTS ThIS yEAr recession. From 213 projects last year, new designed Azzam, due to handover near press orders in this segment grew to 246, a 15.5 800time. Feadship is building its largest yacht yet, a 335-foot motor yacht, and Oceanco is constructing a 360-foot motor yacht in n NUMBEr OF PrOJECTS By LENGTh 600addition to a 354-foot sailing yacht, known as project Solar. LENGTH 2014 2013 2012 2011 2010 2009 2008 2007 “(IN FEET) Several other established shipyards 80-89 164 119 178 158 187 286 253 207 signed flagship motor yacht projects this 400year: hakvoort announced a 207-foot 90-99 82 94 70 78 89 117 114 109 explorer yacht; Mondo Marine a 197-foot 100-119 151 142 151”151 144 190 179 155 yacht; Sanlorenzo a 194-foot yacht; Admiral 120-149 149 151 150 155 150 193 175 152 Tecnomar a 181-foot hybrid yacht; and a 200 150-199 113 100 109 132 112 145 125 108 relative newcomer to the superyacht builder 200-249 36 47 43 45 41 40 47 28 circle, although an experienced boat builder, Gulf Craft is building its first 155-footer. With 250+ 40 39 27 30 30 21 23 18 these0 interesting new orders, a few of the well- Total 735 692 728 749 753* 992** 916 777 established yards now have enough work to * Does not include 10 projects from Amels. keep them busy through 2016 and even 2017. ** Does not include 16 builds from Lürssen and Amels not identified by length. n ThE rULES & METhODOLOGy The Global Order Book was established in 1992 by the editors of Order Book is entirely voluntary and is free of charge. Qualifications for ShowBoats International to provide a body of data, updated annually in a a project to be included in the 2014 Global Order Book are: Each yacht systematic fashion, to show the scope of economic activity within the must be 80 feet (24m) or longer to be eligible. In one graph we have international luxury yacht industry. Each year, we present a list of yachts isolated custom yacht builders for comparison purposes. Builders such 80 feet (24 meters) and longer, on order as of September 1, at shipyards as Amels and Palmer Johnson that build series designs along with truly throughout the world. custom builds are included in the “custom” list due to the extensive cus- Every effort is made by the editors to ensure that the Global Order Book tomization of these vessels. New projects must be signed and with a mini- data is comprehensive and accurate. We rigorously attempt to survey all the mum 10 percent deposit received by the shipyard by, on, or about Sept. 1, shipyards currently building yachts in the specified size range. Every ship- 2013. Speculative (“on spec”) construction may be listed, but only if actual yard receives the same list of rules and, whenever possible, shipyard data construction, i.e. cutting metal, hull lay-up or tooling, is started by, on, or is cross-referenced with other industry sources. In many cases, the data is about the same date. corroborated with personal visits to shipyards. Participation in the Global boat internAtiOnal MEDIA www.boatinternational.com/gob GLOBAL ORDER BOOK 2014 GOB RANK COUntrY TotaL (M) TotaL (FT) ProJEctS AVG. LEngth (FT) 2013 GOB Rank 1 Italy 10,686 35,059 274 128 1 2 The Netherlands 3,456 11,339 65 174 2 3 Turkey 3,120 10,236 70 146 3 4 USA 2,435 7,989 63 127 4 5 UK 2,081 6,827 71 96 5 6 Taiwan 1,724 5,656 56 101 6 7 Germany 1,457 4,762 16 298 7 8 China 900 2,953 26 114 8 9 UAE 851 2,792 18 155 9 10 Greece 412 1,352 5 270 not ranked percent increase in one year. The bulk of these Baglietto 46 Fast yard’s heySea 82 series launched in September are production and semi-custom yachts, but an 2011, and the shipyard announced it had sold interesting trend is the appearance of custom the 20th in the series in summer 2013. heySea projects in this size range from a few boutique now has a new flagship series called Asteria shipyards, such as Conrad, JFA or in the U.S., 108, and it has reportedly received four orders. rybovich. So while this new market in Asia is good The cards have been redistributed a bit news for worldwide shipyards, it also means among shipyards building semi-production increased competition from new domestic yachts, with an overall and continued decline builders increasingly tapping the local and in the number of smaller hulls built in Italy international markets. (perhaps due to the slow but continued Increased competition is felt all around as decrease in the popularity of express cruisers). CUrrENTLy 216 yArDS this year the number of builders worldwide At the same time we see increasing numbers ArE BUILDING yachTS rose for the first time since 2009. Currently in the U.K. (notably with Princess yachts LOA AND UP 216 yards are building yachts over 80 feet. This going from 22 to 30 new orders), as well 80 growth appears to be driven by producers of FEET as China and Taiwan. While Asia’s affluent smaller yachts who see an opportunity in the buyers prize established brands—which has megayacht market. attracted marquee builders such as Ferretti, As far as the type of boats built, express Sunseeker, Sanlorenzo and many others to ITALY (1) cruisers (open yachts), which as noted earlier open dealerships in China—import taxes “ 35,059' (10,686m) had declined during the financial crises (a trend remain prohibitive.

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