The Superyacht Buyer Report ISSUE 204 1
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A REPORT WORTH READING 204 The 10/2020 Superyacht Buyer Report The Superyacht Buyer Journey The Superyacht Directory The Superyacht Market Reports Best practice at every step A selection of the finest superyachts Analysis of new-build segments of the buying process currently on the market outlining shipyard performance DREAMBOAT 90m / 295ft OCN011020 Adv DreAMBoat_210x265.indd 1 1/10/20 4:46 PM EDITOR’S LETTER William Mathieson has identified ALT + F4 a shortcut that offers the industry an ‘escape’ … The sun is shining, it is early August and While on a personal note, I enjoy the if it had been any other time in the past shows a chance to see old acquaintances, 10 years, I would already be convulsing capture some sun, forge new business with anxiety over the multitude of opportunities and bask in the glory projects, campaigns and events that of our industry’s final products, the characterise the lead-up to ‘show season’. relentlessness of the calendar, and the The planning would have begun long encumbering plethora of projects that ago – as long ago as January, in fact – must be undertaken to ensure visibility and we would now be a week into the at every event, is exhausting. And having execution, with the level of enquiries, a year off makes me question whether collaborations and meeting requests it’s necessary. steadily gaining momentum over the Now, I am not referring to the shows days and weeks to come. It was, in short, themselves. We all agree the shows the beginning of the most intense period that offer exhibitors, buyers and sellers of the superyacht industry year. value for money will return stronger But, of course, that is not the case than ever next year. What I am question- this year. Instead, I’m at home, writing ing in this column is why we all feel so this Editorial in the manner books are obliged to go above and beyond to be written in films – with none of the toil seen at these events. The number of or pressure of deadlines, but in the people who admit to me, perched on sunshine, cafetiere at my side and buzz their stands at events, that the cost of of London’s vibrant working day beneath what they’ve produced has spiralled and me on my roof terrace. yet they continue to press on because DREAMBOAT 90m / 295ft Show season has been curtailed, for they fear the repercussions of not one year only. A year that will go down being visible … increasingly, I question as modern society’s most profound the logic. anomaly and, as so many people have I now ask myself, are we using shows said, a chance for any and every industry and events efficiently? Or are we just to press ‘reset’ on its practices. Martin, I doing whatever we can to be noticed? and our team have all spoken at length Historically, I fear much of the industry about what this opportunity means to our is guilty of the latter. But I hope that, industry, and it is a drum we will continue with a rare fallow year offering us time to bang as part of our Forum Live series in to reflect, next year will usher in the BY WILLIAM MATHIESON November and onwards into 2021. former. WM The Superyacht Buyer Report ISSUE 204 1 OCN011020 Adv DreAMBoat_210x265.indd 1 1/10/20 4:46 PM 5 18 160 10-23 METRES BERTHS YEARS MINUTES We now have Mega yacht berths IYCA leases Five-minute 12 mega yacht berths available from available from helicopter transfers available on 70 to 160 meters 10 to 23 years from Nice airport LIMITED SUPPLY. Billionaire’s Quay LIMITLESS POSSIBILITIES. RANGE EXCLUSIVE REASSURANCE CONVENIENCE Megayacht berths at the heart of the Côte d’Azur Exclusively at Port Vauban ENQUIRERS +33 4 93 34 30 30 • [email protected] IYCA_Ad_TSG_DPS_420x265_FINAL.indd All Pages 09/09/2020 12:25 5 18 160 10-23 METRES BERTHS YEARS MINUTES We now have Mega yacht berths IYCA leases Five-minute 12 mega yacht berths available from available from helicopter transfers available on 70 to 160 meters 10 to 23 years from Nice airport LIMITED SUPPLY. Billionaire’s Quay LIMITLESS POSSIBILITIES. RANGE EXCLUSIVE REASSURANCE CONVENIENCE Megayacht berths at the heart of the Côte d’Azur Exclusively at Port Vauban ENQUIRERS +33 4 93 34 30 30 • [email protected] IYCA_Ad_TSG_DPS_420x265_FINAL.indd All Pages 09/09/2020 12:25 CONTENTS The Buyer Journey Exploring the market 11 Taking the right tax advice 41 A boater’s advice The most taxing of times Barin Cardenas, YachtCreators Nic Arnold, PwC Private Client A three-phased approach Out with the old and in with the new Paolo Casani, Camper & Nicholsons International Adam Ramlugon, Bargate Murray The path to enlightenment Best practice surrounding taking the right tax advice Theo Hooning, The Superyacht Life Foundation Alison Vassallo, Fenech & Fenech Advocates, chair yachting services business section within the Malta Chamber Finding the right advisor 19 The importance of class 46 Research, references and instinct Patrick Coote, Northrop & Johnson The importance of class on the buyer journey The advisor owners don’t know they need Engel-Jan de Boer, Lloyd’s Register John Crupi, Rubicon Maritime Challenging the rule book How to find the right advisor Martin Richter, DNV GL Alexander McBarnet, Rhone High Value Asset Services SA Classification of yachts Pete Southgate, Cayman Registry The buyer checklist 27 The true cost of ownership 53 Notes for buyers Feargus Bryan, Hydrosphere Studios The sum of its parts A buyer checklist for a new entrant to the market Michael Breman, Lürssen Will Christie, Y.CO Care and consideration Critical considerations Alasdair Milroy, Breaking the Mould Accounting Limited Chris Wright, Hill Robinson The 95 per cent rule Ian Petts, Equiom Monaco The role of lawyers 32 Manning and operations 59 Trusted and impartial Mark Needham, Hannaford Turner Bringing a yacht to life The rules of engagement Anita Griffiths, Equiom Isle of Man John Leonida, PhD researcher and occasional To review or not to review? consulting superyacht advisor with LP Squared Matt Halpin, Lead Yacht The role of a lawyer in yacht transactions It’s a ‘people’ business Gianfranco Puopolo, PG Legal Adrian Tinkler, Yachting Partners International How to work with brokers 36 Buying a second-hand yacht 64 Forging a special bond Write a wish list Patrick Coote, Northrop & Johnson Jim Eden, Northship Inc. How to work with [insurance] brokers The ‘It’ factor Mark Feltham and Nancy Poppe, Jim Evans, SuperyachtsMonaco Willis Towers Watson Tailoring to your needs Caveat emptor Julia Stewart, Imperial Yachts Brendan O’Shannassy, Katana Maritime 4 CONTENTS Upgrading and refitting your first yacht 71 Sea trials, handover and delivery 99 ‘Refit yards’, not ‘refit brokers’ The Oceanco way Alberto Amico, Amico & Co. Antonio Caviglia and Bas Swanink, Oceanco The buyer and their refit journey The final piece of the puzzle Bart M. Bouwhuis and Marnix Hoekstra, Vripack Piers Flood, Döhle Yachts Refit vademecum The handover conundrum Alberto Perrone, Lürssen Ed Geary, RICS and RINA Deciding on new builds 77 The Superyacht Market Reports New yacht construction AJ Anderson, Wright Maritime Motoryachts 133 Building a new yacht 30-40m Jim Eden, Northship Inc. 40-50m The build process Derek Munro, Divergent Yachting 50-60m 60-70m 70-90m What makes a great spec 82 90m-plus An apple, not an elephant Terry Allen, consultant surveyor Good specifications: the best money you will ever spend on your new yacht Gregory Marshall, Gregory C. Marshall Naval Architect Ltd Sailing yachts 185 What would you advise a client when 30-50m compiling a spec for a new-build project? James Roy, Lateral Naval Architects 50m-plus The value of good contracts 89 Know what you are signing … and why John Leonida, PhD researcher and occasional consulting superyacht advisor with LP Squared Uncomfortable conversations Jean-Philippe Maslin, Ince & Co., France Key considerations for yacht-building agreements Arnold J. van Steenderen and Charlotte J. van Steenderen, Van Steenderen Mainport Lawyers B.V. The importance of surveys 94 Worth the time and effort Richie Blake, Döhle Yachts Money well spent Mark Elliott, IYC Let the buyer beware Dean Smith, Hampshire Marine The Superyacht Buyer Report ISSUE 204 5 The Superyacht Report 10/2020 For more than a quarter of a century, The Superyacht Report has prided itself on being the industry’s most integral source of information and insight. Having continually invested in the most respected journalists and analysts, with complementary areas of expertise that span the whole industry, we firmly believe we are the only source of independent and honest opinion. Our editorial team and our industry contributors stand by their words, and that is why The Superyacht Report is the industry’s most trusted report: A Report Worth Reading. Editor-In-Chief INTELLIGENCE Martin H. Redmayne [email protected] Head of Intelligence Russell Cockerton Editorial & Intelligence Director [email protected] William Mathieson [email protected] Data Analyst Dennis Leung Business Editor [email protected] Rory Jackson [email protected] Data Analyst Trevor Seymour Research Editor [email protected] Clare Sidwell [email protected] Junior Research Analyst Jonathan Green Technical Editor and [email protected] Intelligence Analyst Bryony McCabe Junior Research Analyst [email protected] Max Lake [email protected] DESIGN & PRODUCTION Designer & Production Manager Felicity Salmon [email protected] 6 ADVERTISING Follow The Superyacht Report and Intelligence content @SuperyachtNews SuperyachtNews Visit our websites www.superyachtnews.com www.superyachtnews.com/intel Advertising [email protected] Subscriptions [email protected] Intelligence [email protected] Subscribe to The Superyacht Report An annual print and online subscription, comprising six issues, costs £75 and can be purchased at shop.thesuperyachtgroup.com/ tsr SuperyachtIntel Premium Six issues of The Superyacht Report and 12 months’ access to our database’s highest tier, SuperyachtIntel Premium To subscribe, visit: shop.thesuperyachtgroup.com/p/TIER3 ISSN 2046-4983 The Superyacht Report is published by TRP Magazines Ltd Copyright © TRP Magazines Ltd 2020 All Rights Reserved.