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Wednesday, 21st September 2016

THE MARKET


Since my last report of the 1st of March, the market has been somewhat of a rollercoaster, but has remained buoyant with some very exciting sales completing. Bizarrely, in the period 1st March – 1st August, we have had exactly the same number of sales as last year – 236. April was a record month with 57 yacht sales over 24 metres, but sales in May fell, failing to match 2015’s incredible tally of 64. It was clear that financial market instability and the build-up to Brexit caused apprehension within the yacht market and multiple clients voiced the referendum as being of particular concern.


Post-Brexit we have seen further strengthening of the US Dollar and it is yet again the US Dollar backed buyers who are leading the charge in yacht acquisitions, with notable sales being the 64.70m, 2011, Amels, IMAGINE asking EUR 59,900,000, the 62.50m, 2013, Icon Yachts, MERIDIAN asking EUR 55,500,000 and the 60m, 2009, Abeking & Rasmussen, ELANDESS, asking EUR 52,500,000.
There have been other substantial additions to the market, three of which are over 100m in length: the 107m, 2015 Kleven explorer yacht, ULYSSES, POA, the colossal 110m Lürssen ONA (ex-DILBAR) asking EUR 250,000,000 and the iconic 119m, Blohm + Voss ‘A’ asking an astonishing USD 300,000,000.

THE 100 MILLION CLUB

For the first time we have a substantially populated market segment of yachts asking over 100 million Euros. There are currently ten yachts on the open market which have recently asked or are asking this astounding figure, ranging in length from the 75.40m Lürssen NORTHERN STAR to the 119m Blohm & Voss ‘A’. All ten of these yachts are super custom in their construction and the build costs are extremely closely guarded secrets. As such, determining the true value is somewhat of an art. Fortunately we are equipped with a plethora of market data and software to assist with making well thought-out, reasoned valuations and, subsequently, offers.
In addition to the three aforementioned 100m+ yachts, other yachts of note on the market are the two Devonport yachts, the 78.88m, 2006, SAMAR asking EUR 115,000,000 and the 82m, 2008, SARAFSA asking EUR 135,000,000. After a substantial price reduction of EUR 38 million, the 78.40m, 2008/2015, Lürssen, TV (whilst no longer in the EUR 100 million club) is seriously for sale, and her new asking price of EUR 92,000,000 reflects this.

THE FEADSHIP MARKET

2016 has been a phenomenal year for Feadship sales! The largest of which, I am delighted to say, was the 62m POSITIVE CARRY (2005/2014) asking USD 49,750,000, sold by the team at Cecil Wright & Partners.

The others were:

• MEDUSE – 60.70m, 1996 / 2011 asking EUR 22,450,000
• DÉJÀ VU – 50.28m, 2000 / 2012 asking EUR 17,950,000
• GRAVITAS – 51.10m, 1995 / 2014 asking EUR 17,825,000
• TROYANDA – 49.99m, 2004 / 2015 asking EUR 25,000,000
• PRINCESS TOO – 47.55m, 1999 / 2015 asking EUR 15,000,000
• LIONWIND – 47.24m, 1983 / 2015 asking USD 3,950,000
• SEAFLOWER – 40.00m, 2002 / 2013 asking EUR 11,900,000
• PATRIOT – 26.62m, 1984 / 2007 asking EUR 3,500,000


Fortunately for those looking to buy a Feadship, there have been some additions to the market in the same time period, two of which are extremely rare opportunities to buy very large in-build yachts: the 92m, AQUARIUS asking USD 215,000,000 is due for delivery in December 2016, and the 96.60m Project VERTIGO asking EUR 195,000,000 is due for delivery in February 2017. Both yachts present a tremendous chance for someone to sidestep the 4 year design/build process. Just shy of 3,000 Gross Tons they have very similar volumes to the 2015 launched SYMPHONY (at 101.50m, the largest Dutch yacht to date) and also to the 99m MADAME GU (the second largest Dutch yacht) which was a project delivered by Chris Cecil-Wright and the New-Build Team in 2013.


Others of note that have come to market are the 44.65m, F45 series yacht, BELLA VITA (ex-MADSUMMER), the 53.40m KISSES and the iconic 60.55m KINGDOM COME (ex-NARA). KINGDOM COME was the largest Feadship in the world at the time of her launch in 1979. Commissioned by a scion of the Mercedes-Benz dynasty, she was later sold to the Lebanese prime minister who owned the yacht for over 30 years. He was assassinated in 2005 and the yacht stayed within the family until mid-2014, at which time she went to her current owner. She is the only Feadship for sale in the 60m-70m bracket and, having undergone a painstaking refit over the winter of 2014/15 of both the mechanical side of the yacht and also the interior, she is a fantastic Heritage Feadship ready to find a new owner.


In addition to the above – and looking further into the Feadship market and the other 27 that are available on the open market – there are a few yachts that particularly stand out as being of key interest:


• Project VERTIGO (in build) – 96.60m, 2017 asking EUR 195,000,000
• AQUARIUS (in build) – 92m, 2016 asking USD 215,000,000
• KINGDOM COME – 60.55m, 1979 / 2015 asking EUR 14,950,000 VAT Paid
• MADSUMMER – 55.00m, 2005 / 2012 asking USD 37,500,000
• HUNTRESS – 55m, 1997 / 2013 asking USD 29,950,000
• KISSES – 53.40m, 2000 / 2014 asking USD 24,900,000
• BG – 46.90m, 1990 / 2015 asking USD 11,990,000
• LADY MAY – 46.40m, 2014 asking EUR 35,000,000
• KISS – 46.22m, 2015 asking EUR 34,950,000
• BELLA VITA – 44.65m, 2008 / 2014 asking USD 26,900,000


There is exciting news from Feadship: they are constructing a new yard near Amsterdam. “We are delighted to have found such an excellent spot to open this new facility,” commented Feadship director Jan-Bart Verkuyl, “The ever-increasing demands for pure custom Feadships and the desire among clients to own very large yachts of Feadship quality make this a logical next step in the future-proofing of our organisation. Along with the Makkum yard, Feadship now has two facilities capable of building superyachts of well over 100 metres.


This is especially pertinent with SYMPHONY – the largest Feadship launched to date – winning the prestigious World Superyacht Award. The luxury yacht market is evolving and, as we have done for decades, Feadship continues to lead the way.”
As ever, we have several off-market yachts available (including in-build) so please don’t hesitate to get in touch with the Cecil Wright team if you would like further details.

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