An explosion of growth at the top end of the yacht market has been taking place. Around 750 new superyachts are currently being built around the World. Europa Marine Consultants Ltd investigates the new trends emerging in the superyacht industry.
Middle Eastern and Russian customers remain important in the purchase market of superyachts. However, China now has the most billionaires in the World. These billionaires are purchasing and building superyachts. As a result, Chinese superyacht building yards are becoming very prominent in China.
Technology influencing Superyacht Design
Recent advancements in Virtual Reality technology is now allowing clients to experience their yacht designs before construction has even begun. A virtual tour on board a proposed new-build allows clients to literally walk around their vessel. Clients can now fully assess their design, the materials, lighting conditions, and even understand the dimensions of corridors and rooms. Changes to the design can be made instantly before millions are wasted on construction costs or mistakes.
Superyachts Getting Bigger
The average size of superyachts has increased over the past decade. A superyacht can range in size from 24-meters, all the way up to 180-meters. Of the 750 new superyachts currently being built, seventy are over 75-meters and twenty are over 100-meters. Recent designs of superyachts planned to begin construction soon have the vessels measuring at 220-meters and beyond.
Problems With Size
Size brings with it the difficulty of finding a suitable berth. The large superyacht sizes have now out reached the average berth ports around the World. An embarrassing situation has now developed with berthing shortages for superyachts. Many superyachts now have the “indignity” of being left to anchor out at sea with ships due to their size and inability to berth. This situation is now a driving factor behind the recent construction developments at marinas in the Mediterranean.
The Biggest Trend Developing in the Yachting Industry
Recent research in the superyachting industry has shown a trend for owners to obtain professional advice and support regarding all aspects of their vessels. Owners now engage in the services of yacht managers, vessel registered agents and fiduciary companies more than before to ensure their vessels meet all legal requirements and procedures. Recent changes in laws, regulations and registration procedures have created this trend whereby owners no longer desire the complexities to do everything on their own regarding their vessels.
Additionally, the research into the trend has shown that yacht owners of all vessel sizes are now building a strong team of professionals who understand and support their needs. Owners do not wish to have their vessels impounded, or becoming subject to litigation. This trend is highlighting the importance of getting the paperwork, administration and the management of vessels correctly managed by professionals.
Working with Europa Marine Consultants Ltd.
Europa Marine Consultants Ltd is part of the Europa Group. We have been based in Gibraltar since 1987 and have built a reputation as a stable and reputable business.
We provide a comprehensive range of marine and crew services including registration of vessels worldwide, purchase and sale contracts, operating permits, crew licenses and payment set-ups, international structures for your vessel, registration of vessels under the British flag in Gibraltar or virtually any worldwide port of registry, procurement of marine insurance, radio licensing as accounting authority and other associated services.
Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus.
Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Marine Consultant Ltd professional. Our Group can assist with:
- Worldwide yacht and vessel registrations and renewals
- Radio licensing as an accounting authority
- Procurement of legal, tax and notarial services
- Establishment of corporate holding structures
- Vessel name and registry checks
- Safekeeping of documents while you are at sea
- Preparation and registration of charges
- Marine crew licenses and payment set-ups
- Contracts for sale and purchase of vessels
- Berthing reservations
- And more…
Contact us today to find out how we can help you.