Previously, part of the editorial team previewed what to expect in their round up of the sale and purchase, design, crew, and management sectors of the industry. Here, Ellie Brade, Don Hoyt Gorman, Will Mathieson and Rebecca Dark summarise what to expect in their reports on new build, refit and repair, world wealth, insurance and banking, marinas and cruising, and regulations.
Asia Pacific editor, The Superyacht Group and editor, Superyacht Intelligence
Five years on from the start of the GFC, interest in new build projects appears to be greatly heightened, although it will still take some time before these inquiries manifest themselves as numbers in the order book. For now capacity still far exceeds order numbers. Looking at who is building, leading shipyards still have a firm standing in the order book, with many owners still unwilling to take a chance on less proven yards when committing to a build. Providing in-depth detail the Annual Report's order book listings and statistical analysis provides a market-leading insight into the state of the industry and is a must read.
REFIT AND REPAIR AND WORLD WEALTH
Don Hoyt Gorman
Business editor, The Superyacht Report and features editor, The Superyacht Owner
The second half of 2013 marked the start of increasing business in the refit and repair sector of the superyacht industry. With yards in every region of the globe reporting increased bookings and scope of works on order, it is clear the purse strings are finally loosening. But as we also note in our wealth report, it's taken this long for family offices, sovereign wealth funds and asset managers to find their footing. Simply more transparency requirements, reporting procedures and accounting has distanced the clients from the satisfaction of a passionate purchase. For real growth in new build and brokerage, 2014 will need to be a year of putting the fun back into buying.
INSURANCE AND BANKING
News editor, SuperyachtNews.com
It’s been a year of contrasting fortunes for the superyacht finance and insurance sectors. Whilst the former has become increasingly constrained by more stringently regulated banking conditions, forcing most players out of the market, the latter has been exemplified by ever increasing competition and downward pressure on pricing. We evaluate the prospects of two markets heading in very different directions.
MARINAS AND CRUISING AND REGULATIONS
Assistant editor, The Superyacht Report
A busy year for cruising and marinas, 2013 saw locations off the very beaten track are investing heavily in their infrastructures in order to entice superyachts away from the overcrowded spots that rely mainly on their location for traffic. With berthing becoming an issue as the superyacht fleet grows, several existing marinas, in 2013, were looking to or starting to expand their berthing capacities. The largest impact in terms of regulations this year was the implementation of MLC 2006. A regulation that affects all aspects of the industry from designers to crew, it was actually geared very little towards superyachts and the standards it ran to were actually too low. MARPOL Tier III emissions was another bone of contention for the industry as it could effectively negatively impact the 24m-32m high-performance semi-displacement hulls, with reduced on board space hence impacting their commercial viability.
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