The Scandinavian superyacht market
A succinct summary of new build and cruising activity in the region…
There has been something of a spotlight on Scandinavia, thanks to the addition of the highly-publicised REV Ocean Vessel to the superyacht fleet.
Indeed, there is good reason for this fanfare. Not only does this vessel represent a unique proposition, for its on-board features and operational objective, according to data supplied by The Superyacht Agency's Intelligence division, at a staggering 182.9m it is 35.9m longer than the next longest superyacht, Helsingor-built Prince Abdulaziz, delivered in 1984, and 139.3m longer than the Scandinavian historical fleet average (43.6m).
Of course, as anew build market, Scandinavia is known as a hub of excellence for sailing yacht construction, with industry leaders, Baltic Yachts and Nautor’s Swan, who have a historical market share of 11.3 per cent and 15.5 per cent respectively.
While the Scandinavian new build sector is undoubtedly an export market, the domestic cruising market attracts a very different vessel profile.
The average LOA of superyachts visiting Scandinavian waters since 2015 is 56.5m, which is ≈10m above the fleet average and indicative of a region with less infrastructure and a greater expanse of cruising under rugged conditions than the more popular Mediterranean.
While this beautiful area of the world is far from the traditional yachting climes, and remains a niche attraction, a robust new build market, a surge in general tourism (up 111.5 per cent between 2000 and 2016) and noble work on the part of presentative bodies such as Superyacht Norway to bolster education on cruising itineraries, has helped to establish continued growth in the number of unique superyachts visiting Scandinavia, a figure which grew 27.3 per cent between 2015 and 2018.
We will explore shifting migratory patterns among the fleet, and the impact this is happening on infrastructure development and operational planning, at The Superyacht Forum, in association with METSTRADE, 18-20 November.
*Main thumbnail image courtesy of Espen Gjelsten / Fuglefjellet
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