German shipyard SAY Carbon Yachts has initiated insolvency proceedings following “slower-than-expected” sales growth following its recent inventory expansion. This was confirmed by CEO Karl Wagner in an official statement on 23 January, 2024.

Facing a slump in growth and sales, Wagner says the shipyard is undergoing a challenging period. SAY, which originated in 2006 as a shipyard near Lake Constance, Germany, was initially focused on sailboats and ribs with a specialisation in lightweight design using carbon fibre materials.

In 2014, Wagner's investment changed SAY into SAY Carbon Yachts, specialising in carbon fibre yacht manufacturing. Wagner, having founded the Austrian-based Carbo Tech Composites, previously achieved relative success in carbon fibre technologies within the automotive industry, and hoped to replicate this in the superyacht sector.

Despite the firm’s best efforts to continue its innovation and growth, including the launch SAY 52 in 2023, it claims to have been negatively impacted by a recent downturn in the global marine industry.

In 2023, the company's annual turnover stood at €4.63 million. During this insolvency phase, SAY Carbon Yachts is actively seeking investment from a strategic partner to support sales and expansion initiatives.

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