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Analysis of the second-hand Heesen market

A closer look at the second-hand Heesen market suggests that the order of sales listings may be a little muddled…

In 1978, Heesen opened its doors and began building 30m+ yachts at an inconceivable 150-gross-tons and with a seemingly unrecognisable style from build-to-build; competing with yards already rich in shipbuilding heritage, rich in style, and superyacht construction platforms that were becoming increasingly well-oiled and prevalent.

Today, with almost 100 30-70m deliveries to its name, 10 yachts in build and a semi-custom style that is unmistakably Heesen, the yard is an effective provider of good quality vessels for 40m+ second-hand ownership and 50m+ new build ownership, predominately.

You can purchase a 50m Heesen new build for roughly €30 million (€60,000/gt) – not a lot more in price than some of the second-hand listings – and yield selling prices of over €20 million (€40,000/gt) within 10 years of delivery and over €10 million (€20,000/gt) within 20 years of delivery. Combined with an approximate €1.5 million per annum operational cost, it looks to be cost-effective as far as 40m+ superyacht ownership goes.

There are currently 14 second-hand Heesens for sale, which have been on the market for 21 months, on average. Since 2013, second-hand Heesen sales had been on the market for 20 months, on average, at their point of sale, suggesting that the vessels are not selling as quickly as they have done previously.

If you look at the price-per-gross-ton order of the current Heesen listings, paying close attention to the age of the vessel, those that are priced to sell are noticeable – Sibelle, for example, has a two-boat owner who is very keen to sell, so she is priced at a better rate than a handful of younger vessels.

Those that are perhaps due a pricing correction are also clear to see. Celestial Hope, for example, is at a higher price than yachts that are four years younger and of a similar specification.

The order of second-hand Feadship listings – which are designed on a full custom platform, making every vessel completely bespoke – is seemingly more organised than the order of second-hand Heesen listings. And one would expect there to be a much clearer cut valuations procedure for Heesens due to the nature of the semi-custom platform.

Heesen does look to offer a platform that is value for money, but the current speed of second-hand sales and the table in the gallery would suggest that there are necessary pricing adjustments to be made to the current listings. It is also important to remember that whilst this is a guide to pricing by gross tonnage, it does not factor in other key valuation considerations, such as refit and maintenance work.

Data source: The Superyacht Intelligence Agency

 

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Analysis of the second-hand Heesen market

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