The Italian Sea Group signs loan agreement
The Italian Sea Group signs loan agreement of up to 20 million euros with UniCredit and Deutsche Bank…
The Italian Sea Group, parent company of Admiral Yachts, Tecnomar and NCA Refit, has signed a loan agreement with UniCredit and Deutsche Bank for a maximum amount of €20million to support its multi-year investment. The financing will allow The Italian Sea Group to expand its production spaces in order to permit the company to increase its production capacity and expand the refit activities that are carried out across its dry dock, docks and other facilities.
"I am very proud to have two important partners such as UniCredit and Deutsche Bank,” comments Giovanni Costantino, President of The Italian Sea Group, “which believe in our development plans, in the solidity of the company and in our ability to look concretely towards the future to seize the opportunities the market offers us. In a difficult context such as the one we are currently living in, we have confirmed all the investment plans that we planned, proving our strength and characteristics which in just over a decade have made us one of the major international players in our own industry.”
Giovanni Costantino, President of The Italian Sea Group
Located in Marina di Carra, The Italian Sea Group’s facility is over 100,000sqm, of which 30,000sqm is dedicated to refit, includes 2500m of quay and 200m of dry dock, making it one of the largest superyacht facilities in the Mediterranean. There is 11 distinct production areas, 1,000 tons of lifting capacity and a floating barge with a capacity of 2,700 tons for lifting vessel up to 100m in length. With this loan, UniCredit and Deutsche Bank will contribute to supporting the group’s various growth projects, which currently employees around 300 direct employees and an additional 800 collaborators in the area.
“This financing operation testifies to the commitment of UniCredit to support local businesses in the implementation of their growth plans,” explains Adrea Burchi, UniCredit Centre-North regional manager. “Today we feel even more responsible when it comes to guarantee all our support for the economy of our country and strengthen our intervention in favour of Made in Italy excellence.”
According to The Superyacht Agency, the new build brands that fall within The Italian Sea Group, namely Admiral Yachts and Tecnomar, have delivered an average of 2.3 superyacht projects per year since 2010, fluctuating between a high of five deliveries in 2014 to a low of zero deliveries in the following year. After a period of consistent delivery figures from 2016-2018, numbers once again slumped in 2019 when the yards delivered only a single 30m-plus project between them. However, if the order book proves to be accurate, The Italian Sea Group is expecting four deliveries in 2020, all of which have already been launched. That being said, the extent to which the COVID-19 pandemic will have an adverse effect on delivery schedules remains to be seen.
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