There is no shortage of people willing to tell you where the market is heading. Brokers, project managers, owners’ reps, consultants and journalists all have a view, but the perspective that tends to be least heard in public and arguably the one that matters most belongs to the people who actually run the yards. So we asked nine of the market-leading shipyard executives the important questions to get a true understanding of where the market is and where it is heading. Their answers amount to a collective diagnosis and a clear barometer of the current new-build landscape.

The yards represented here span the full competitive range of the European market, from Royal Huisman, Damen Yachting and Feadship in the Netherlands to Palumbo, Sanlorenzo, Azimut Benetti and Ferretti in Italy, from Abeking and Rasmussen in Germany to Bilgin in Türkiye. Of course, they don’t agree on everything, but the convergence on certain themes is inescapably evident.

It is a near-united front on how they build. The past two to three years have brought a genuine step change in how these yards organise and deliver: facility redesigns, digital tools, closer integration between engineering and production and a concerted push to eliminate the late-stage revisions that have historically plagued new builds feature in almost every response. Obviously, skilled labour is the constraint that no investment in facilities can fully resolve. Finding the right people, training, keeping and ensuring the craft knowledge that makes these yachts exceptional is passed to the next generation is the essential thread that runs beneath everything else these leaders say. Supply chains have stabilised but remain brittle for specialist components. And in cost management, the ability to maintain quality without haemorrhaging margin is repeatedly cited as the factor most likely to define who thrives.

Yes, order books are strong, but the nature of what is being ordered has shifted. Owners are more considered, more experience-driven and increasingly motivated by how they spend their time on board. Purpose, sustainability and genuine adventure are genuine design drivers here. And when probed on the future, not one of these leaders talks about explosive growth. What they describe instead is a market that will be defined by the quality of what is delivered, the credibility of the yards delivering it and the ability to remain relevant to a generation of owners whose expectations extend well beyond the vessel itself. 

What follows is an interview by News Editor Conor Feasey with Marco Valle, the CEO of Azimut Benetti, taken from The Superyacht Report: New Build Focus. Interviews with a further eight shipyard CEOs will be published over the coming days.

What changes have you made across your yards over the past two or three years that have genuinely helped construction and what has improved as a result?
Over the past three years, we have under-taken a profound transformation of our industrial structure in Tuscany. The first major step was the specialisation of our production sites: we consolidated Benetti’s fibreglass yacht construction at the Viareggio shipyard, enabling the Livorno shipyard to focus exclusively on steel yachts and custom projects. In parallel, we made substantial infra-structure investments to maintain and  optimise the production capacity of both Azimut and Benetti. Another key development was the creation of dedicated hubs of excellence: we established the light steel hub, operating between Viareggio and Livorno, which specialises in steel structural components, and the composite hub, a specialised centre focused on fibreglass and carbon fibre processing for both Azimut and Benetti.

What has not worked as well as expected and where do you see the greatest risk to the market right now?
The Group’s performance remains solid and fully aligned with expectations, reflecting the strength of our brands, product strategy and global positioning. Looking ahead, we expect renewed momentum from the Asian market. The primary risk factor at present is the broader global climate of uncertainty, a challenge that is not specific to the yachting sector but reflects the complexity of the current geopolitical and macroeconomic environment.

The most significant pressure point now is cost management, and the ability to effectively manage costs will be a critical factor in making a difference.

Is the supply chain realistically capable of supporting current order books? Where is pressure showing most and what would make the biggest difference?
Yes. There has been a contraction in new boat production, allowing suppliers to reposition themselves and stabilise their operations. The most significant pressure point now is cost management, and going forward, the ability to effectively manage costs will be a critical factor in making a difference.

Finally, on a more personal note, how do you see the market developing over the next decade? What does the future look like in reality?
In my opinion, there will be a steady and moderate growth in the 30 to 60-metre yacht segment. At the same time, I expect a process of rationalisation and reshuffling among yacht manufacturers, which is a natural and cyclical evolution of any mature industry.

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Azimut Benetti

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