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The Superyacht market is growing because the rich want more luxury and isolation

After the worst crisis in the history of tourism and tourism, one segment of the market has improved as the business has grown.

The demand for superyachts has not diminished as wealthy tourists enjoy seaside resorts to escape the masses and are threatened by the Covid-19.

For those who can afford it, there is everything from water to yoga and exercise, as well as the opportunity to have a good time with friends and relatives in a hidden cloud.

“Ever since we came out the first to close [last summer], the market has been growing stronger than ever before, ”said Antony Sheriff, Princess Yachts chief at Plymouth.

This great story is also told by yacht manufacturers all over Europe. Ferretti, a shipbuilder based in Forli in northern Italy, issued 56 jackets in the first quarter and said “dramatic improvements” in the law contradicted the prediction.

Elsewhere, 208 superyachts have been sold at the broker market for $ 1bn this year as of May 17, up from 131 last year, according to the publisher of the international Boat International.

Yacht’s bosses also say the epidemic has encouraged wealthy people to re-evaluate how they spend their time and jump in to buy their first boat or climb higher prices to increase their wealth.

“With coronavirus, people have realized that ‘your life can change instantly.’ Their attitudes to life have changed and they want to take advantage of this moment,” said Marco Valle, chief executive of Benetti Yachts in Viareggio in Tuscany. “Private trading houses went up a lot. We were ready with the right sales.”

Even the suspension of many boat shows in beautiful places like Monaco has failed to reduce the demand for goods because online shopping has reduced sales on the market, which often attracts buyers.

“Last year without boat shows, we had a much better chance than ever,” said Rose Damen, general manager of Damen Yachting, a Dutch manufacturer whose book has grown by about € 800m in the last 12 months.

However, not all has been well. Demand for social unrest has made it difficult for the months to come when the shipping crews closed at the end of spring, while production costs, which could not be easily provided to consumers, have been on the rise.

It also follows a decade of hard work experienced in a joint venture with 20 pilots making up 65% of the superyachts delivered last year, up from the third in 2010, according to the Superyacht Group.

The recent failures are Nobiskrug in northern Germany, with French-Lebanese company Iskandar Safa’s Privinvest, which took control last month (April), and the collapse of Perini Navi of Italy in February and Kleven of Norway last July.

Ferretti's ship is on display in China: the rise of regulation in the superyacht market follows a decade-long decade while several errors have forced companies to merge

Increased regulation in the low-end boat market at the end of a decade-long crisis when several failures forced the business to integrate © Guo Zhihua / VCG via Getty

In addition, manufacturers have to deal with some of the most difficult customers in the world, as the rich make risky negotiations, on only a few projects where the budget cuts in one agreement can be profitable.

“People expect it to be a very lucrative business because your customers are billions, but it’s not a very small business and it can be very risky,” Damen said.

Now, the task of building 5,700 superyacht shipbuilders – called boats more than 30m long – is working for customers in the epidemic market.

While the pool of 520,000 people with a net worth of $ 30m, as calculated by Frank Knight’s Wealth Report, is expected to grow, many wealthy customers may choose to spend their money on other things after the crisis.

Industry executives also say they have a hard time overcoming what they see as derogatory remarks that supertaches are a game for the rich, increasing inequality and contributing significantly to climate change.

One British businessman, seeing the plague with his family on his boat in the Bahamas while taking Zoom to call for a job, also spoke of the public outcry.

Antony Sheriff, Princess Yachts chief, said the market has been settled

Antony Sheriff, Princess Yachts’ chief executive, said the market was “thriving” © Princess Yachts

“Life is good and the time is good.” But his email signature says London to avoid excitement from friends or customers. “The green-eyed monster is alive and well,” he added.

Consumers are not the oligarchs competing for cigarettes or party animals that are featured on popular radio stations Under the Deck, perhaps.

“The owner of an archetypal boat – skinny, a martini in hand – with a little trope. This is gone,” said Brendan O’Shannassy, ​​who was aboard a ship more than 100m plus who jumps into the waters south of Bermuda.

Officials also add that the work that industry does is sometimes overlooked. These workers or technicians often know their skills in long-term work or years of hard work.

“People talk about the skills, abilities and talents needed to make a Bentley or a Rolls-Royce. But not for the pilots, “said Martin Redmayne, chairman of the Superyacht Group.

However, Valle of Benetti is still waiting for legal and military exchanges to succeed and keep customers safe after the crisis.

“Our job as producers is to prove them[customers]. . . sailing the ship is not only new, but a renewed interest, to remain in this life and to transfer the family of sons and daughters. ”

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