In the latest edition of The Superyacht Group’s Digital Dialogues, William Mathieson speaks with Adam Ramlugon, partner at Hannaford Turner, about the current state of the superyacht market, exploring buyer sentiment, the threats and opportunities of Brexit, the US election and a host of other pertinent topics.
Adam Ramlugon is a partner and co-head of the Yacht and Luxury Asset team at Hannaford Turner, an award-winning law firm based in the City of London. As well as being a respected lawyer, Ramlugon is a candid market commentator and a leading light for the next generation of superyacht professionals.
“The first thing to say, of course, is that this year has been completely unprecedented for all of us in the superyacht industry,” starts Ramlugon. “It is fair to say that when we entered the first lockdown, in March as it was in the UK, the first couple of weeks were quite stressful…we saw a lot of runoff and consequential issues that arose out of COVID and out of lockdown, principally in terms of charter disputes.
“After that initial shock, however, we found that business really did return to normal quite quickly in terms of clients were keen to proceed with build or sale and purchase transactions, we also had some on running disputes that continued on a day to day bases. Other sectors of the industry have perhaps suffered more than the lawyers have, which won't be music to everyone’s ears.”
Ramlugon espouses the view that, unlike cyclical markets that respond predictably to economic peaks and troughs, the superyacht market often proves to be acyclical and the exception to the rule. Indeed the class of UHNWIs that make up the active superyacht buyers, either new build or second-hand, often prove themselves to be sufficiently insulated from a global financial downturn, making certain sectors of the superyacht market extremely resilient to global crises.
Elsewhere within the interview Ramlugon and Mathieson muse on the possible effects of Brexit, client confidence and activity in light of the United States election and whether or not it is true that superyacht owners are moving away from complex taxation systems. To watch the full interview, click here.
Adam Ramlugon, partner at Hannaford Turner
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You can view the ever-growing archive of Digital Dialogues here.
Adam Ramlugon is raising money as part of Movember to support the organisation in changing the face of men’s health. To read Adam’s story or contribute, click here.
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