The Spanish Cabinet has approved a Royal Decree for the adoption of LY3 as the country’s standard for the governance of large pleasure vessels. As LY3 is now the world’s de facto standard for large yacht construction and operation, this is yet another step towards bringing the country’s yachting industry into line with its international competitors.
Palma-based lawyer, Miguel Ángel Serra Guasch, and his colleague Marcus Gómez who contacted SuperyachtNews.com on behalf of their firm, Garrigues, felt that the news was encouraging for the Spanish market. “This first attempt of the Spanish Government to bring yacht legislation in line with its European partners should be welcomed”, he explained, “as it reflects Spain’s bid to develop the superyacht industry, and hence capitalise on its strategic location in the Mediterranean.”
Serra Guasch also speculated about its potential to draw customers to Spain’s shipyards. Whether this will be enough of an incentive is questionable, as the current constraints of the new build market have dictated that orders are increasingly placed based on reputation and client advocacy.
However, by bringing Spanish standards in line with its European peers, the decree has served to boost its reputation in the minds of the yachting fraternity. And this has the potential to positively impact business activity for those who rely on attracting vessels to the country’s shores, as well as bolstering the standing of the Spanish flag.
If you like reading our Editors' premium quality journalism on SuperyachtNews.com, you'll love their amazing and insightful opinions and comments in The Superyacht Report. If you’ve never read it, click here to request a sample copy - it's 'A Report Worth Reading'. If you know how good it is, click here to subscribe - it's 'A Report Worth Paying For'.