ISA Yachts in Ancona, Italy, has submitted notice to the trade union and court authorities that it is seeking agreement with its creditors. The procedure, known as “concordato preventivo” in Italian, is designed to stave off insolvency by paying suppliers and subcontractors only a portion of what is owed to them. “There are 106 jobs at risk and there are no potential buyers for the yard or new investors on the horizon,” said Giuseppe Ciarocchi, regional secretary of the Federation of Metal Workers (FIOM-CGIL), in the local newspaper Corriere Adriatico.

The shipyard, acquired by the London-based Yachting Investors group in October 2006, delivered a record four yachts last year (43m Philmi, 43.63m Silver Wind, 54m Forever One and 66m Okto), but it has not signed a new order since May 2014 when it secured the contract to complete a 71m motoryacht whose hull and superstructure were built in Arkhangelsk, Russia.

Hein Velema joined the senior management as head of sales and marketing in 2013 to spearhead the company’s expansion plans following the departure of co-founder Marcello Maggi, supposedly as a result of falling sales. As recently as September last year, sales broker Jeroen Minnema, formerly with Ocean Independence, also joined the team.

The latest news comes at a time when the municipal council of Ancona has convened to discuss the controversial situations of two other local shipyards: Fincantieri and CRN. Since being acquired by the China-based Weichai Group in 2012, CRN has undergone repeated restructuring with associated voluntary redundancies and temporary lay-offs. Despite post-recession hopes that the superyacht industry is slowly recovering in Italy, these developments indicate that market confidence is still lacking and the situation for some yacht builders remains unstable.


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ISA - International Shipyards Ancona

CRN Costruzioni Riparazoni Navali SpA

Fincantieri Yachts