Positive start to 2014 as orders outweigh launches
2014 is still just eight weeks old, but with sales of new build projects outweighing launches the year has got off to a positive start...…
Issue 150 of The Superyacht Report, The Annual Report, recorded a growth in the global order book for the first time in six years. With this encouraging fact, together with indications of renewed movement in the new build sector, we predicted that 2013 would lead to an even stronger 2014. The new year is still just eight weeks old but already our statistics are giving promising early signs that the movement we were sensing is there.
As the records stand [correct as of February 19th 2014] order numbers in 2014 currently outweigh the number of launches, with 12 orders to seven launches (see graph below - note these figures refer to yachts of 29.5m+). To see growth of the total order book, the year must end with order numbers either equalling or exceeding launch numbers, and these figures are a good step towards that goal.
New Orders - 2014 to date
29.5m M/Y Darwin Class - Cantiere delle Marche
30.5m M/Y CL100 - Custom Line (sale of spec build)
35m S/Y Swan 115 - Nautors Swan
38m S/Y C.2130 - Perini Navi (sale of spec build)
42.95m M/Y 140/Hull 1 - Canados
44m M/Y - CRN
44m M/Y - CRN
45m M/Y BV019 - Benetti (sale of spec build)
50m M/Y Custom 164 - Christensen Shipyards
50m M/Y Project Azuro - Heesen Yachts (sale of spec build)
68m M/Y Project Skyfall - Sunrise Yachts
68m M/Y - CRN
Other new order announcements this year have come from Mondo Marine, who have sold a unit of of their 41m SF40 line, and Wider who announced the commencement of their Wider 165 at the Miami Yacht Show. These orders were disclosed to The Superyacht Report in 2013 and appear in The Annual Report. Although not a 2014 order Royal Huisman also closed an order for 43.5m S/Y Sea Eagle on 31 December 2013.
Worth noting, if for no other reason than to inject a dose of realism,
is that some of new ‘orders’, as marked, are sales of hulls begun on
spec. These are not 'new orders' per se, but nonetheless their sale represents
good interest in new build projects. 16% of the 411 new build projects
in the Annual Report were listed as for sale, so there is certainly some
itinerary to clear out but the fact that it is selling is good.
European yards continue in their dominance with all bar one of these orders coming from Europe, with three from CRN alone. Interestingly a good proportion of these new orders have been for sailing yachts. The average size of these orders is 45m, and unsurprisingly the majority are motoryachts although is is encouraging to see the presence of sailing yachts in these early order listings.
We will bring a full analysis on the state of the market at the close of Q1 of 2014, when we hope to report on a continued rise in order numbers. For full insight into the state of the new build sector, and what 2014 holds, make sure you read The Annual Report, the leading source of information on the superyacht industry. Subscribers can download their copy here, or to subscribe click here.
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Profile links
Cantiere Delle Marche Costruzioni Navali S.R.L.
Custom Line SpA (Ferretti Group)
CRN Costruzioni Riparazoni Navali SpA
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