19 Oct 2012
Porto Montenegro refit plans approved
Just two miles across the bay of Kotor from the development of Porto Montenegro is Adriatic Shipyard Bijela. It is a government-owned and operated commercial yard, which Porto Montenegro directors believe will make an ideal superyacht refit facility.
The first phase of a two-stage plan for the yard has now been approved by the Montenegrin government. One quarter of the 12-hectare Bijela site will be developed by Porto Montenegro in partnership with an as-yet-unnamed refit or shipyard partner.
“The last remaining piece to the puzzle of Porto Montenegro’s development is refit capability,” Oliver Corlette, CEO of Porto Montenegro, told SuperyachtNews.com exclusively. “This first stage of development has been approved by the government and we’re now in the process of establishing an operating partner for the site.”
Corlette says that the top brands in superyacht refit as well as new-build shipyards are in discussions at the moment to take on the 3 hectares of hard standing. A projected investment of €15-20 million to develop the site with offices, travel lifts (8-900 tons) and paint sheds would ideally be split 50-50 between Porto Montenegro and the refit partner, Corlette said. He hopes to see the site set up and running in a year to 18 months.
“We’re talking to the government about a full privatization of the shipyard,” Corlette confirmed. “The real question is, what is the right model to enable Bijela to evolve into a superyacht refit facility? We’ve agreed to take over one quarter of the shipyard with our third party operator, with a view to taking over full operations of the site in the future.”
With the Golden Fleet having signed into Porto Montenegro as its home port, the development continues to benefit from its top-flight international connections and its strategic location within the increasingly popular cruising grounds of the Adriatic. “We’re having our best year ever. We’re doubling the size of the marina and we’re about to commence planning for the next phase of residential construction.”
While still relatively a relatively poor European nation, Montenegro appeals to superyacht owners for its financial profile: The harsh winds of austerity buffeting Spain, Italy and France aren’t felt in the sunny Bay of Kotor, where the government is not heavily in debt, taxes are low, and officials appear happy to welcome wealthy investors into the local economy.
Add a comment
Other Business News
The private aviation market in China is enjoying something of a purple patch, which in part can be attributed to the functional purpose jets serve. Superyachts, by contrast, are a nascent phenomenon and their growing appeal in the country may lie in marry More
Princess Yachts has appointed Richard Lambert as its new M Class Director. Lambert, whose focus was vessels up to 45m in his previous role at OceanStyle, will oversee the development of Princess' superyacht business. More
Jamaica has been selective in using the best practices of the yachting world to craft a competitive flag. Launched at the end of 2012, work is now completed on delivering a fully fledged Jamaica superyacht flag that its team says has the edge over others. More
Netherlands based turnkey electrotechnical yacht systems specialist, Piet Brouwer, announced the doors are officially open to its office and workshop on the Carrer Monseñor Palmer, Palma de Mallorca. More
- Loher facing insolvency if no buyer is found
- 'Triton' sold at auction for US$11 million
- Jamaica superyacht flag gives competition a run for its money
- Superyachts in private aviation's Chinese slipstream
- The social media revolution starts @Superyacht
- “Company goes free” critique on Costa could be levelled at superyacht sector
Superyacht Intelligence Data
Most Recent Comments
- Jamaica superyacht flag gives competition a run for its money More
- Michael Payne appointed CEO of Camper & Nicholsons International More
- FMC issues warning on yacht transport More
- Creditors demand investigation into 'sordid history' of yacht transport company More
- Global standard to crack down on tax evasion and 'hot money' More
Nautic Crew International, Inc.
Nautic Crew Intl is a Crew placement company started by yachting professionals that truly care about your future crew because we understand the dynamics of life onboard. When it comes to hiring new crew or looking for a position, Experience the Difference!!
For 40 years Pantaenius has been providing yacht insurance to yacht owners all over the world.
Reckmann Yacht Equipment GmbH
Reckmann Yacht Equipment GmbH is a specialist company for reefing systems, masts and hydraulics and will celebrate the 120th anniversary in 2012. Today, the company is one of the leading producers and traders of headsail reefing equipment and is a synonym for quality, continuity and innovation.
Bond TM is an independent consultancy company for AV, IT, communication, navigation and security systems. We manage new builds and refits projects for the most advanced super yachts and provide to the industry the best 24/7 IT support.
Helkama Bica Oy
Helkama is specializing in development and production of marine and offshore cables. Our experience in this field goes back more than thirty years. We produce only halogen free cables and the cable range include both flame-retardant and fire resistant cables. Helkama marine cables are approved by all major classification societies.
ASEA POWER SYSTEMS
ASEA POWER SYSTEMS is the Marine Industry Leader for Shore Power Conversion equipment ranging in power from 8kVA - 1000kVa.