TURNING THE TIDE: A GLANCE AT THE SUPERYACHT INDUSTRY



In a bid to manifest my most esteemed event of the year taking place, I thought best to revel in all that is yachting glory. The Monaco Yacht Show, the epitome of a demure and suave gathering of riches. The illustrious community of yachting is something I follow closely, due to the yearly charters I am tasked with for resourcing hospitality superyachts for corporate affairs.

With approximately twenty-five days prior to boarding a five-day cruise sailing around the European seas, I feel somewhat apathetic, perhaps because the Port Hercule in Monaco where we usually embark from, is currently a vision ghostly reconnaissance. In light of my emotive demeanour, if feel more knowledgeable and closer to the yachting community than I ever have, armed with an abundance of insurance expertise, shipbuilding and engineering know how and an inventory of for sale and purchased new builds, I feel enlightened to have faith in such an illustrious sector.



The daunting realisation for many whom have paid substantial deposits to secure there adventurous summer onslaughts however may not, but can be at ease with this in mind:

The MYBA (Mediterranean Yacht Broker Association) have developed a special addendum to their Charter Agreement, outlining either a change to the charter area, a rescheduling of the charter or, failing agreement on these two points, a no-penalty cancellation of the charter. All parties would need to agree to this new addendum, which also includes return of broker commissions.

In addition to the special addendum, charter travel/cancellation insurance is important to note, as two providers have confirmed exclusion of COVID-19 (communicable disease) affected charters from their polices. However, one provider still maintains a cancellation benefit for any reason, with a refund of up to 75% of prepaid and non-refundable costs incurred, subject to terms and conditions. 


Source: https://www.oceanindependence.com

Realising we are all in the same boat, pun-intended, the tides of previous secrecy around the superyacht community are now available to view from the comfort of your own home, tremendous effort and curation has gone into educational webinars, strategic campaigns and virtual boat shows. Here are some of my highly recommended insights:

Superyacht Times Webinar: This is a fantastic weekly series of 45-minute online seminars hosted by industry expert Hein Velema, alongside some the most respected names in the business. In topic of everything from new build assessments to the future of the brokerage market, to date, I haven’t missed one yet!

Watch here

Denison Yachting virtual boat show: In light of missing crucial shows that bring in up to 70% of the yachting purchase market, Denison are showcasing hundreds of yacht walk-throughs, guiding you around every inch of selected superyachts, motor yachts and catamarans attributes.

Boat Internationals virtual boat show: A showcase of everything from boat tech to superyacht toys, and a little nudge of impressionable influence with a tour around some of the worlds most venerated spectacles.

Covid19Superyachts: For those eagerly waiting in limbo to hear any movement on the uplift of border control, here is a go-to website bringing valuable real-time information about global port and bureaucratic restrictions.


The tides of change in the world of superyachts it seems, are well and truly turning.