16 Jul 2012

Week in Superyacht Brokerage: price reductions triple in seven days

By Lulu Trask

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The week dating 6 – 10 July 2012 saw a surge in brokerage activity. Unfortunately, despite the week’s promising six superyacht sales, this figure was somewhat overshadowed by news of 19 price reductions – a huge jump from last week’s six. However, with just nine new central agencies, this, along with the sales figures, showed some promise.

Superyacht Sales

This week saw six superyacht sales with a cumulative length of 233.53m – all motoryachts – two of which were new build contracts. The largest second-hand superyacht sold was Feadship’s 43.3m 1987 Kingfisher (refit in 2008). The joint listing with Ocean Independence and Burgess was asking $7.75 million at the time of sale.

Ocean Independence saw further sales success as the brokerage house announced its second sale of the week, also the second-largest brokerage yacht sold: Denizcilik’s 39m 1979 Moonmaiden II, asking $1.45 million at the time of sale.



Northrop & Johnson also announced the sale of Crescent’s 35m 1996 Kapalua (refit in 2010) asking $3.6 million when Westport Yacht Sales brought the buyer, whilst Cape 4 Yachting sold Falcon Yachts’ 30.7m 2002 Lady TYG.



Two new build contracts were signed this week: Rossinavi signed a contract for a second 49m Prince Shark, hull FR028, due for delivery in 2014, and Horizon Yachts sold a new 36.5m RP120 at its open house last week.

New Central Agencies

This week saw the announcement of nine new central agencies – eight motoryachts and one sailing yacht – four less than last week. Following the brokerage house’s sales success this week, Ocean Independence also boasted the largest addition to the sales fleet this week: a joint listing, Golden Yachts’ 53.5m 2010 motoryacht O’Rama, asking €19.9 million. The brokerage house also added Codecasa’s 35.4m 2000 motoryacht Mimu (refit in 2009) to its fleet; previously known as My Max and sold by Ocean Independence in October 2011, the yacht is back on the market, once again asking $6.95 million.



Y.CO was another brokerage house to boast a large addition to its fleet, Hodgdon Yachts’ 47.2m 2003 motoryacht Scheherazade (refit in 2011) is asking $15.95 million, whilst Camper & Nicholsons announced it had been appointed central agent for Devonport Yachts’ 39.3m 1994 motoryacht Rospiya (refit in 2009), asking €2.1 million after a €200,000 reduction.

Meanwhile, Bradford Marine Yacht Sales has added Westport’s 34m 1999 motoryacht Resilience to its fleet, asking a reduced price of $3.75 million, whilst World Yacht Group announced it had been appointed central agent for Noble Yachts’ 32m 2009 motoryacht Golden K, asking €3.7 million.

Northrop & Johnson was appointed central agent for two superyachts this week: Newcastle Marine’s 31m 2001 motoryacht Newcastle Explorer, asking $5.9 million, and Catana’s 27.4m 2008 sailing yacht Orion, asking $4.9 million after a reduction. Elsewhere, Ardell also announced its new listing of Primorets’ 24m 2010 motoryacht Enigma, asking $4.5 million.



Price Reductions

This week price reductions saw an enormous jump in activity, with 19 announcements in just seven days totalling over €15.6 million (on 17 motoryachts and two sailing yachts) – an average of 2.7 announcements per day. Edmiston’s listing of Hodgdon Yachts’ 47.2m 2003 sailing yacht Scheherazade (refit in 2011) was the largest superyacht to be reduced this week and alongside Big Fish saw the largest reduction, dropping in price by $4 million to $15.95 million.



Merle Wood & Associates’ joint listing of Perini Navi’s 46.5m 1991 sailing yacht Antara (refit in 2007) with Perini Navi USA, was the second-largest superyacht to be reduced, however as a result of a currency change from euros to dollars the reduction was small, down by just $55,465 to $11 million.

Next in length came McMullen & Wing’s 45m 2010 motoryacht Big Fish,soon to undergo a refit. The motoryacht, listed by Y.CO, saw the joint-largest reduction of the week with Scheherazade; to reach its new asking price of $25 million the yacht was reduced by $4 million. The brokerage house announced two further reductions this week: Danish Yacht’s 38m 2011 motoryacht Shooting Star was reduced by €2.3 million to €15.75 million as a result of its currency change from dollars to euros, and Leopard’s 27m 2006 motoryacht Bembik, a joint listing with SuperYachtsMonaco, was reduced by €450,000 to €1.25 million.



Meanwhile, International Yacht Collection reduced Richmond Yachts’ 42m 2004 motoryacht Penny Mae, refit this year, by $1 million to $11.4 million; Denison Yacht Sales reduced Westport’s 39.6m 2002 motoryacht Mary Alice II by $500,000 to $9.4 million; whilst Worth Avenue Yachts reduced its listing of Cheoy Lee’s 38m 2003 motoryacht Namoh by $500,000 to $9.99 million.



Elsewhere, Yachting Partners International and North Star Yachting reduced its joint listing of Cantieri Di Baia’s 31m 2010 motoryacht Mirage by €1.2 million to €5.7 million, whilst CSO Yachts reduced Falcon Yachts’ 30.7m 2002 motoryacht Ol’Iva B, by €300,000 to €1.68 million.

Four reductions took place as part of new central listings this week: As well as Edmiston's above-mentioned reduction of Scheherazade, Camper & Nicholsons reduced its new listing, the aforementioned 39.3m Rospiya, by €200,000 to €1.9 million, Bradford Marine Yacht Sales reduced it’s aforementioned 34m Resilience by $245,000 to $3.75 million, and Northrop & Johnson reduced its new listing, Catana's 27.4m 2008 sailing yacht Orion by $1 million to $4.9 million.

Northrop & Johnson were busy announcing reductions this week, the brokerage house confirming five of its listings, though just one was larger than 30m. Inace’s 30.2m 1999 motoryacht Unforgettable was reduced by $1.225 million to $3.495 million; Admiral Marine’s 29m 1990 motoryacht Serenity II by $200,000 to $1.795 million; Mangusta’s 28m 2005 motoryacht My Kampai by $195,000 to $3.7 million; Nautor Swan’s 25m 2003 sailing yacht Cappo Giro by $495,00 to $3.995 million; and the aforementioned $1 million reduction of Orion.



Also reduced this week was Blue Water Yachting’s listing of Overmarine’s 25m 2003 motoryacht Callaloo, by €225,000 to €750,000, and Allied Marine’s listing of Mangusta’s 24.4m 2005 motoryacht Happy, now asking $1.58 million.

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