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Broker News Issue 8
Broker News Issue 8

Broker News Issue 8

Wednesday, 24th May 2017

THE MARKET

It would appear that the large yacht market is back with a bang! Eight yachts have sold since August 2016 with an LOA of 70m+. The largest of these was the iconic 115.00m Lürssen PELORUS (2003) that was sold off market. The in-build 98.00m Lürssen ‘PROJECT GRANDE‘ (to launch in 2020) was sold at the end of September 2016, SOLANDGE was sold at the end of March 2017 on the open market asking EUR 155,000,000, and the 71.85m Golden Yachts O’PARI 3 (2015) sold in mid-December asking EUR 70,000,000. The 66.00m Lürssen ESTER III sold last November asking EUR 79,500,000 and one of Heesen’s speculative 55.00m builds sold at the end of March asking EUR 37,000,000.

Whilst a number of large yachts have been sold, a healthy selection has come onto the market in their place; the largest of which is the phenomenal 110.00m Oceanco JUBILEE. Asking EUR 275,000,000, she was launched in March and holds the title of the largest yacht ever launched from Holland, overshadowing both the 101.50m SYMPHONY (2015) and the 99.00m MADAME GU (2013). JUBILEE is a remarkable turnkey opportunity and a rare chance to acquire a yacht of this size and pedigree with zero waiting time. The formidable 75.50m Amels BOADICEA (1999/2016) asking EUR 59,500,000 came onto the market in September, and was joined in March by the 77.40m explorer LEGEND (1974/2016) asking EUR 46,500,000.

From August 2016 to March 2017 there have been 299 sales, of which 269 were motor yachts. In the same period last year we saw 312 sales, of which 283 were motor yachts. This would suggest a slight contraction in the motor yacht market and stability within the rather meagre sailing yacht market, a segment that has struggled to recover from 2008.

The number of motor yacht sales may have dropped slightly, but the average value of the sales has increased across the board, particularly in the brackets of 60.00m-70.00m (up 40%) and 70.00m-80.00m (up 20%). The flight to quality continues and the ‘branded’ Northern European yards are again proving to be the most popular ‘go to’ yards in the brokerage market.

NEW PEDIGREE YACHTS

The three to five year build process cannot quench the current thirst for instant gratification in this modern world. Thankfully, for those who don’t like the idea of being the second owner of a yacht, there are several pedigree yards with yachts in varying sizes that are on the cusp of being launched. As well as JUBILEE and the two 90.00m+ Feadships I mention later in this article, there is another substantial Dutch offering from Oceanco which is due to launch in 2018. There are two Amels yachts on offer with deliveries scheduled for 2018 – the 57.70m 188 Series and a 55.00m 180 Series which are both POA. If we consider downsizing a little, Heesen have a 50.00m all-aluminium yacht called AYLA (due for launch in 2018) asking EUR 32,900,000 and the 47.00m Project RUYA, paused at four weeks before delivery to allow any final substitutions for the owner’s supply. Protected within the yard in Oss, project RUYA is pictureperfect and asking EUR 27,900,000. Last, but by no means least, is the 45.00m Heesen AMORE MIO asking EUR 25,900,000. This yacht is capable of a 30-knot top speed thanks to her smart semi displacement hull form. There are many more yachts available in addition to those mentioned here, and the team would be delighted to take you through the opportunities both on and off market.

FEADSHIP MARKET

The last seven months have proved to be very successful for the Feadship market, continuing their list of astonishing achievements. Seven sales have completed, including the iconic 60.55m KINGDOM COME (1979/2016) asking EUR 14,950,000, which I am delighted to say was sold by CW&P. This sale followed the June sale of the 62.00m POSITIVE CARRY (2005/2014) asking USD 49,750,000, meaning that CW&P were responsible for two of the three largest Feadship sales of 2016. The other sales of the past six months were as follows:

• TROYANDA – 49.99m, 2004/2016, asking EUR 25,000,000

• BROADWATER – 49.80m, 1990/2014, asking USD 17,450,000

• CHARISMA – 46.63m, 1985/2013, asking USD 11,900,000

• MAHOGANY – 43.30m, 1987/2008, asking USD 7,800,000

• CENTINEAL IV – 41.80m, 1982, asking USD 6,900,000

• CASUAL WATER – 33.50m, 1987/2015, asking USD 4,950,000

Only two Feadships have entered the market, but these are in addition to two in-build projects that have been delivered and are available for this summer season. The 92.00m AQUARIUS (delivered December 2016, asking USD 215,000,000) and the 96.00m FAITH (delivered March 2017, asking POA) are evenly matched in volume – both a little under 3,000 Gross Tons – but are varied in style and general arrangement. The 50.28m BROADWATER has come on to the market – she launched in 2000 and is not to be confused with the similar looking 1990, 49.80m BROADWATER, another Feadship ofthe same name. The former was sold in May 2016 as D.J. VU (asking EUR 17,950,000) and following a massive interior and exterior refit is back on the market asking USD 28,900,000. The most recent addition is the 60.35m ROCK.IT (2014, POA). She is a very interesting option, filling the void in the Feadship market for a contemporary vessel of her size. Looking at the 25 Feadship yachts that are available on the open market, there are a few that particularly stand out as being of key interest (some of which have had substantial asking price reductions):

• MADSUMMER – 55.50m, 2005/2012, asking USD 32,500,000

• HUNTRESS – 55.00m, 1997/2013, asking USD 19,975,000

• KISSES – 53.30m, 2000/2014, asking USD 24,900,000

• LADY MAY – 46.40m, 2014, asking EUR 31,000,000

• KISS – 46.22m, 2015, asking EUR 29,500,000

• BELLA VITA – 44.60m, 2008/2014 asking USD 26,900,000

As ever, there are some off market opportunities in both the Feadship market and the wider market, details of which are available on request.

Contact Team

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