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THE SUPERYACHT AGENCY

Consultancy that informs decisions. Strategy that builds vision. Campaigns that deliver results.

2026

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INTRODUCTION

The Superyacht Agency is not your average superyacht creative or branding agency, we’re not looking to create fancy expensive brochures or charge premiums for social media management or create videos with predictable music sound tracks. We’re first and foremost a consultancy business, more akin to a McKinsey but without the price tag, where our market knowledge, vast experience and huge network allow us to help a client truly understand what is going on the superyacht market and then build the most effective strategy for their business. We like interesting and unique projects, where we can challenge the status quo and help you stand out and make a real impact, by building real intelligence, customer insights, market analysis and then delivering something that maybe has never been seen before, so the market takes note. We’re a small specialist consultancy that will take you on a strategic journey from a blank piece of paper, if needed, all the way through to a campaign that will talk to your customers and potential customers, without trying to shout out to everyone, wasting energy and money. We have been in the market for over 35 years and our CEO, Martin H. Redmayne is one of the most well connected and experienced consultants in the industry, working with owners, governments, CEOs and investors across the market, advising on their investments, strategies and branding. We’re focused, intelligent, creative, strategic and experienced, and we’re fun to work with.

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WHAT WE DO

Since 1992, The Superyacht Group has developed an extensive network of relationships with the most important stakeholders in the market, supporting a robust and prosperous long-term market proposition. This global network of thought leaders and key decision-makers is leveraged by our team at The Superyacht Agency to produce the most reliable and insightful business consultancy in our market: Superyacht Intelligence. This network has been nurtured over three decades and reinforced by our industryleading in-house editorial team, whose experience and unrivalled market knowledge produce the industry’s primary sources of business-critical information, The Superyacht Report and SuperyachtNews. Alongside our trusted journalism, we have invested in events that bring together the world’s top superyacht stakeholders via business-to-business conferences, as part of our goal to connect the industry and drive its trajectory upward. With these connections and our renowned editorial approach to investigate and interrogate the dynamics determining our market, The Superyacht Group’s journalists are an integral element of The Superyacht Agency consultancy.

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OUR SYMBIOTIC PROPOSITION Our mission is to provide any individual or organisation with commercial interest in the superyacht industry with robust and intuitively presented strategic information to help them make informed business decisions. Having worked with many prestigious brands from both inside and outside the industry, we pride ourselves on working with this respected portfolio of clients because our level of insight and information goes far beyond the presentation of binary data. Our range of services includes Bespoke data and Market Insights, Market perception, Investment Strategies, and Economic Impact Assessment, but our approach is such that we can create fully bespoke projects, according to the client’s needs. As part of The Superyacht Agency, the findings and insights from our Intelligence often serve to inform marketing campaigns and strategies, which is where our Marketing and Creative departments can further assist our clients, delivering the right message at the right time, through impactful advertising, branding and communications.

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OUR FOUR PILLARS At The Superyacht Agency, our work is anchored by four core pillars — Intelligence, Strategy, Creative, and Connections. Together, they form a holistic framework that enables us to deliver impactful, insight-led solutions for the superyacht sector.

INTELLIGENCE

CREATIVE

U N R I VA L L E D INSIGHTS

INSPIRED SOLUTIONS

STRATEGY

CONNECTIONS

INFORMED DECISIONS

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INCREDIBLE EXPERIENCES

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01 INTELLIGENCE

U N R I VA L L E D INSIGHTS

Project Scope Definition: We begin every project by working closely with you to define your core objectives and scope. Whether you’re selecting the ideal location to develop a new marina, or seeking pursing investment opportunities, or seeking other strategic insights and perspectives on our unique industry, we tailor our approach to align with your goals and ensure maximum impact. Data Analysis: Leveraging both proprietary and third-party datasets, we conduct comprehensive analyses across a range of areas including fleet composition, migration patterns, refit activity, operational expenditure (OPEX), financial performance, and any other relevant metrics to provide the insights your project needs to succeed. Surveys & Interviews: With over 30 years of industry relationships, our network gives us unique access to key stakeholders and decision-makers. We conduct targeted surveys, interviews and focus groups to capture invaluable insights, ensuring your questions reach the people who matter most. Desk & Market Research: Our in-house research team utilises a broad array of resources to deliver actionable intelligence. Whether it’s gaining a deeper understanding of market dynamics or evaluating your competitive landscape, we equip you with the knowledge to make informed decisions.

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02 STRATEGY

INFORMED DECISIONS

Brand Strategy: We prioritize the message before the medium, establishing core values, key ethos, and distilling a brand’s essence. This foundation informs the development of brand values, purpose statements, key messaging frameworks, and strategic objectives, guiding all future strategic and campaign activities. Business Strategy: Our team of analysts, strategists, and creatives combines rigorous business acumen with extensive commercial experience to form robust business strategies. We establish guiding principles that generate consistent decision-making patterns, enabling businesses to achieve their goals effectively. Marketing Strategy: Recognizing the importance of intelligent and innovative communication strategies, we deliver comprehensive marketing strategies. This includes researching current approaches, evaluating necessary improvements, and compiling optimized, multi-platform communication solutions to drive business objectives.

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03 CREATIVE

INSPIRED SOLUTIONS

Brand Identity Development: Crafting distinctive visual identities that resonate in the superyacht market, ensuring brands stand out in a competitive landscape. Integrated Campaigns: Designing and executing cohesive campaigns across print, digital, and social media platforms to maximize brand visibility and engagement. Marketing Collateral Creation: Producing high-quality materials such as brochures, advertisements, and promotional supplements that effectively communicate brand messages. Digital Solutions: Developing user-friendly websites with modern features, ensuring both aesthetic appeal and functional design

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04 CONNECTIONS

INCREDIBLE EXPERIENCES

Strategic Event Planning: We collaborate closely with clients to define clear goals for each event, ensuring alignment with broader business and brand strategies. Our holistic approach integrates insights from our creative and strategy teams to deliver cohesive and impactful experiences.

Tailored Audience Engagement: Utilizing our extensive database of industry stakeholders and decision-makers, we curate guest lists that maximize networking opportunities and foster valuable relationships, enhancing the event’s return on investment. Comprehensive Event Management: From think tanks and workshops to bespoke customer focused experiences, our dedicated team manages every logistical detail, ensuring seamless execution and an exceptional attendee experience. Post-Event Analysis and Reporting: We provide detailed post-event reports, including attendee feedback, key findings, and ROI analysis, offering clients valuable insights to inform future initiatives and measure success effectively.

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01 U N R I VA L L E D INSIGHTS

CASE STUDIES INTELLIGENCE

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DATA IS JUST THE TIP OF THE ICEBERG

DATA

S TA N D A R D M A R K E T OFFERING

Below: by using data not as the end point but the start point, our team is able to deliver unrivalled market insight.

I N T E R R O G AT I O N

I N T E R P O L AT I O N

INSIGHT

INTELLIGENCE

T H E S U P E R YA C H T G R O U P INTELLIGENCE PROPOSITION

P R O P R I E TA RY A LG O R I T H M S

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M A R K E T D ATA C O L L AT I O N The Superyacht Agency’s intelligence division is the industry’s most reliable source of fleet and market data; our diverse clients, from shipyards and brokerage houses to private wealth/investment funds, marinas and governments, have utilised our intelligence team’s services to inform their strategic business decisions. Our trusted network of industry stakeholders has allowed us to gather extensive market data on migration, economic impact studies, order books, brokerage data and refit data. See example of The Superyacht Forecast from ‘The Superyacht New Build Report’.

The superyacht forecast No. of units 7,809

8,000 7,557 7,500

7,305 7,053

7,000 6,549 6,297

6,500 6,045 6,000

6,013

5718

6,252

6,160

5,833 5,500

2020

2021

2022

Predicted range of fleet growth

6,061

2023

6,801 6,666

6,459 6,307 6,175

2024

6,873

6,454 6,289

2025

Sub-optimal growth rate

6,601

7,701 7,494

7,287

7,080

6,748 6,517

8,061

7,189 6,895 6,631

7,042

6,859

6,745

6,403

2026

2027

2028

Optimal growth rate

2026

2029

2030

Current fleet size

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M E T H O D O LO GY

Objectives

- Define key business goals and objectives in conjunction with the client - Gather and define relevant background information ahead of the research

We gather the required data via a multifaceted research methodology and an unrivalled network of trusted industry collaborators, our analysts compute this data and turn it into information, anda our globally respected editors will put it all into context, producing clear and ready-to-use findings for the client.

Research

- Primary Research: Quantitative research: utilising empirical research methodologies to generate robust data samples to affirm or disprove objectives. Qualitative research: engaging key market stakeholders through 1-on-1 interviews, focus groups or think tanks - Secondary Research: The curation of publicly available and existing information, and its application to the project - In-house data: Utilisation of data owned by The Superyacht Group

Analysis

- Using proprietary modelling, our analysts work with the aforementioned data and transform it into clear and cogent findings

Findings and Recommendations

- O ur Consultants work with our unrivalled team of market commentators to deliver a clear explanation of the research’s findings, along with a series of strategic recommendations, providing the client with a comprehensive source of business-critical intelligence 2026

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PORT OF VENICE GOV’T The Brief Following the ban on large cruise ships entering the Port of Venice, the Venice Port Authority sought to evaluate the potential for alternative revenue streams. Their objectives included a deeper understanding of the global superyacht fleet, assessing how existing infrastructure could be adapted to accommodate and attract more yachts, estimating the revenue potential from increased superyacht traffic, and exploring the viability of converting nearby shipyards into refit centres. Additionally, they sought insights into the surrounding competitor landscape and different potential opportunities such as the luxury cruise market. The Solution Using proprietary datasets alongside information provided by the Venice Port Authority, we delivered a comprehensive market overview, highlighting key trends and fleet movements. We analysed the port’s physical layout to recommend an optimal berth mix and identify potential sites for refit centres. Our in-house OPEX and migration data enabled us to project revenue not only from berthing fees, but also from the broader economic impact of superyacht guest and crew spending. To support this, we conducted targeted surveys and interviews with captains and other key stakeholders to assess perceptions of Venice as a yachting destination and recommend enhancements to increase its appeal. Further desk research explored potential growth areas within the luxury cruise market. Impact This data-driven approach provided the Port of Venice with a robust foundation and commercial roadmap to reposition itself as a competitive superyacht hub and offset the loss of cruise-related income.

MIGRATION ANALYSIS Introduction

This migration analysis will include an evaluation of the historical patterns of superyacht migration within the Eastern Mediterranean, the seasonal trends of movement, and the seasonal trends segmented by LOA. A combination of heat maps and other graphs will be used to aid the analysis. The report will cover the period of 2015 to 2022, along with an analysis of the historical and forecasted unique migration trends towards 2030.

Historical patterns of migration

The movement of superyachts in the cruising catchment area of the Eastern Mediterranean can be seen in the migration heat map (Figure 35). The map covers movement for the period 2015 to 2022 and showcases the popularity of the Eastern Mediterranean for superyacht movements. During

REFIT CYCLE ANALYSIS Seasonality analysis of migration

the specified time frame, there were a total of 9,852 superyacht movements in the region, with 394 of these representing unique yachts.

The seasonality analysis covers the migration of superyachts from 2015 to 2022. The accompanying line graph (Figure 36) depicts the seasonal patterns of superyachts in the Eastern Mediterranean region and includes an analysis of the 9,852 yacht movements over the given period.

The heat map shows high concentrations of superyachts (the bright red points) in various destinations across the Eastern Mediterranean region. The highest level of activity (largest bright red points) can be observed around the area of Istanbul, Athens, Fethiye and Yalikavak and surrounding areas. Various destinations along the coast of Croatia, Montenegro, Corfu Island, Mykonos, Cyprus’ south-west coast, Beirut, areas between Yalikavak and Fethiye, as well as a few areas along Italy’s eastcoast (Venice and Ancona) also display notably high levels of migration activity (smaller bright red points).

Over the analysed period, the Eastern Mediterranean region saw over 1,200 superyacht movements annually, with the past five years (2018 to 2022) seeing upwards of 1,500 yacht visitations each year. Generally, the region experienced steady superyacht traffic over the years, with the highest level of migrations occurring in 2019. There were approximately 1,836 superyachts cruising the region in that year. Interestingly, upon examination of the data, it appeared that the pandemic-related restrictions in 2020 and 2021 had minimal effect on the number of superyachts cruising the Eastern Mediterranean region.

Figure 1: Superyacht migration for the cruising catchment area of the Eastern Mediterranean, Figure 35: Historical patterns of migration 2015-2022

The analysis highlights the period of June to September as the busiest season year-to-year for yacht movement around the region. For the period spanning 2015 to 2022, there was an average of 757 superyacht movements during these peak months. The maximum number of superyacht movements for this peak season was 830 which occurred in 2020, while 2017 saw the least number of movements with a recorded total of 602 yacht movements that year. The June to September peak period is considered the most favourable time for travellers to visit the Mediterranean, particularly those from Europe, North America and the Middle East. These months coincide with the Mediterranean’s summer season, and as a result, numerous travellers typically seek to capture the best of the Mediterranean’s longer days, sunny weather and warm, calm seas. Moreover, it is widely known that full-time yachties have a set sailing season in the Mediterranean starting and ending at the edge of the region’s summer months.

Figure 36: Seasonality of superyacht migration for the Eastern Mediterranean, 2015-2022

Introduction/Overview of the market

This section uses several proprietary models to analyse the current size and value of the global refit market, using fleet data stretching back over the previous 25 years to make sure the data is as accurate as possible. It then compares this data set to that of the Mediterranean, as the Mediterranean market can be seen as a ‘captive market’ which Port of Venice can try to attract to their own possible future refit yards and help to bring in yachts of all sizes into the area in the future on a yearly basis, given the recurring annual demand. Although some yachts can vary slightly from the usual refit cycle, most follow a 25-year refit pattern, making the refit market a much more predictable model than its new-build counterpart. This 25-year cycle consists of a three-phased circular model, which are: docking and essential defects/refits (DED) every five years, assisted maintenance period (AMP) every three years and self-maintenance periods (SMP) annually. This predictable pattern allows us to analyse the global and local refit markets with a considerable degree of accuracy. In a historical analysis made comparing the global refit market to that of the Mediterranean, we found that on average 42.3 per cent of all yacht refits take place in the Mediterranean. This figure has been applied to our current global and forecasted figures to find the size and value of the Mediterranean/

Number of superyachts 300 250 200

captive market. This substantial percentage underscores the enormous potential for establishing new refit yards in the area.

AMP refits in 2019 (Figure 47) and DED refits in 2020 (Figure 48). These declines can be attributed to reduced yacht builds in the preceding threeand five-year intervals over the past 15 years.

However, it is important to note that while we can calculate the entire refit market for vessels exceeding 24 metres using our current fleet data, our data partners lack sufficient data regarding the cost of refits in the 24-30m category. Consequently, the sections focused on refit market valuation will include analysis for vessels measuring 30 metres and above.

Nevertheless, the declines in these two categories have been compensated for by other types of refits, resulting in an overall increase in the total refit count.

Figure 46: Global SMP refit market compared to Mediterranean

The global refit market

Figure 45 illustrates the global refit market (24m+) segmented by the three different refit types and presents the growth of the market over the past 20 years (2002-2022). The variable ‘new build count’ has also been included for comparison, demonstrating the robust growth of the refit market despite a significant drop in the annual count of newly built yachts. Figure 45 shows an average annual increase of 9.06 per cent up to 2012 and then 3.15 per cent after 2012, which is still healthy growth considering the decrease in global yacht production.

Figure 47: Global AMP refit market compared to Mediterranean

The next three graphs display annual refit numbers categorised by refit type and compare them to the Mediterranean refit market’s data over the past 6 years (2017-2022). These graphs show consistent year on year growth, with the exceptions being

Figure 45: Total refit market segmented by refit type

150 100

Figure 48: Global DED refit market compared to Mediterranean

50 0 2015

2016

2017

2018

2019

2020

2021

2022

Seasonality analysis of migration The seasonality analysis covers the migration of superyachts from 2015 to 2022. The accompanying line graph (Figure 2) depicts the seasonal patterns of superyachts in the Eastern Mediterranean region and includes an analysis of the 9,852 yacht migrations over the given period.

ECONOMIC IMPACT ANALYSIS

VENEZIA CERTOSA MARINA

Over the analysed period, the Eastern Mediterranean region saw over 1,200 superyacht movements annually, with the past five years (2018 to 2022) seeing

MARINA SANTELENA

Deleted: l

upwards of 1,500 yacht visitations each year. Generally, Introduction Crew spend the region experienced

By drawing upon years of data collected by The Understanding the spending patterns of yacht crews steady superyacht traffic over the years, with the highest level of migrations Superyacht Group from yacht crews worldwide,

Figure 39: Monthly crew salaries and spend

becomes essential when assessing the economic

we can closely examine howwere yachts berthed in impact, they tend to cruising remain consistently at occurring in 2019. There approximately 1,836assuperyachts the region

various ports affect the economy. This analysis ports when a yacht is docked. Crew spending can in that year.surface Interestingly, upon examination of from the data, it appeared that the goes beyond level considerations like fees differ one yacht to another, mainly influenced and tariffs, delving deeper into understanding the by yacht size and crew responsibilities. However, financial impacts, including the spending habits of estimating this data is relatively straightforward both guests and crews. This data offers valuable compared to guest spending. Our crew spending insights to help the Port of Venice address revenue data is derived from a diverse pool of crew members losses resulting from the cruise ship ban. It should worldwide, covering all roles and positions, ensuring be noted that our data partners have insufficient a comprehensive representation. OPEX data to make a valuable analysis on the 2430m LOA category so this analysis is therefore for Figure 39 illustrates the total average monthly crew the 30m+ category. salaries and their corresponding monthly spend, segmented by LOA and additionally showing the Although we have gathered extensive data on average crew size for each category. This data the topic and will analyse it later in this section, shows that on average crew members on board determining the exact amount guests spend while 90m+ spend €3,256, those on 60-90m yachts on board a yacht can be challenging due to its wide spend €3,461 on 40-60m spend €4,040 and on 30range of variation. To address this, we primarily use 40m spend €4,267. This salary and spending pattern a more reliable metric called ‘yacht spend’, which per crew member likely decreases from 40m to encompasses all the necessary expenses associated 90m+ yachts due to the increase in crew members with operating a yacht, including fuel, recreational like deckhands with lower average salaries and items and even details like flower arrangements and potential limitations on crew members’ time ashore crew uniforms. Another important metric we consider on larger yachts. is crew spending, which is more consistent and easier to track than guest spending. In the following sections, we’ll delve deeper into these metrics and explore other relevant factors.

KEY INFORMATION

Total berths: Key information:

KEY INFORMATION

Total berths: 132 (99 floating)

Total berths: 300

Berths >24m: 23

Max length: 60m

Figure 40: Monthly crew spend winter v summer

Max length: 40m (can accommodate 70m if space)

Max draft: ~5.5m

Max draft: 5m

Water supply: €2.60/m3

Categories

Additional facilities advertised: Fuel distributor, engine

Electricity: €1/kWh

Eating/Drinking

workshop, indoor/outdoor storage, sports centre, wooden hull

Waste disposal: Included

Entertainment Shopping

Additional facilities advertised: CCTV, recycling, reception

Sports

and hospitality, disability access, nautical school, kayak

Accommodation

repairs, hauling/launching, slide, electromechanical repairs, equipment shop, catering, WiFi, yacht club, guarded parking

rental, laundry service, WiFi, bar/restaurant, hotel, fire

Training

APPROXIMATE RATES

prevention service, transport to Venice

Summer/winter daily rates (24m): €425/€270 Summer/winter fortnightly rates (24m): €5,950/€3,780

APPROXIMATE RATES

Summer/winter daily rates (30m): €726/€363

Summer/winter daily rates (24m): €231/€130

Summer/winter fortnightly rates (30m): €10,164/€5,082

Summer/winter monthly rates (24m): €2,700/€1,700

Summer/winter daily rates (40m): €1,210/€660

Summer/winter daily rates (30m): €430/€275

Summer/winter fortnightly rates (40m): €16,940/€9,240

Summer/winter monthly rates (30m): €3,900/€2,500

No discounts indicated for duration of time for which data

Shows very large discounts for long-term berths across the

was available

board

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H AV E L O C K O N E The Brief Havelock One engaged The Superyacht Agency to assess the opportunity for entering the superyacht interior subcontractor sector. Their objectives included understanding fleet and shipyard build trends in the 50-metre-plus segment, mapping how shipyards structure in-house versus subcontracted interior teams, and identifying the most strategic partnership or acquisition targets within the competitive landscape. The Solution Using proprietary fleet and shipyard datasets, we analysed two decades of build data to identify which shipyards dominate each size segment and how their reliance on subcontractors has shifted over time. We mapped the decision-making process behind interior subcontracting through stakeholder interviews and a quantitative survey, and benchmarked existing subcontractors’ ownership, specialisms and financials to surface acquisition and partnership opportunities. Impact Our research equipped Havelock One with an evidence base to establish the commercial viability of market entry, as well as where and how to enter the market, identifying the shipyards and acquisition targets offering the strongest strategic fit for their investment and market-entry strategy.

USAGE OF INTERIOR SUBCONTRACTORS

MODULE 2 – QUALITATIVE ANALYSIS

Perceived availability of skilled subcontractors

THEME 6: MARKET RISKS AND SYSTEMIC PRESSURES

Perceptions of supply suggest limited availability of skilled interior subcontractors, with views of undersupply outweighing those of oversupply (Figure 30). Sixty-eight per cent of respondents believe the market for skilled interior subcontractors capable of meeting their quality and schedule requirements is currently undersupplied to some degree, either slightly (54 per cent) or significantly (14 per cent), despite the presence of numerous firms in the market. By contrast, only 7 per cent perceive a small degree of oversupply. No respondents reported strong oversupply, while 25 per cent consider the market generally balanced. Taken together, the data points to a sector operating near capacity, with limited room for additional demand without strain.

This constraint appears to be shaping project outcomes in visible ways. As yacht projects grow in size, complexity and customisation, subcontractors are expected to deliver greater precision and flexibility, often under tighter timelines. The result is increased pressure across scheduling, flexibility and execution quality, where even modest shortfalls in labour or expertise can trigger wider delivery challenges. These dynamics align with later discussions on the recurring challenges teams face when working with current interior subcontractors.

The yacht interiors sector operates in a volatile environment where financial fragility, supply chain uncertainty and labour shortages intersect. Interviewees described a system that is structurally conservative yet exposed to recurring shocks. While shipyards and other stakeholders attempt to control risk through trusted networks and rigid selection practices, the market itself remains vulnerable to pressures that no single stakeholder can fully mitigate.

Amidst the constraints, the data reveals that those who perceive the market as undersupplied are significantly more open to working with new subcontractors compared to those who view supply as balanced or oversupplied. This supply pressure may potentially lower the barrier to entry, but only for those subcontractors able to meet the sector’s high standards for delivery and quality.

CYCLICAL INSTABILITY AND CONSOLIDATION

The yacht interiors sector is highly cyclical. Periods of strong demand are often followed by downturns that expose financial weaknesses. Subcontractors reliant on one or two major projects can collapse when the pipeline slows, and several participants recalled bankruptcies that disrupted projects and forced emergency replacements. These failures created direct costs and reputational damage, making shipyards and owners more cautious in subcontractor selection. Over time, downturns have consolidated the market around a small group of large, resilient firms that attract the majority of repeat work. This has reinforced a closed ecosystem where decision-makers prefer established players over new entrants, even if they appear technically capable.

Figure 30: Perceived availability of skilled interior subcontractors

54%

25%

14% Significantly undersupplied

54% 7%

Slightly undersupplied

Generally balanced

Slightly oversupplied

SUPPLY-CHAIN VOLATILITY

Interviewees highlighted supply-chain volatility as a recurring source of risk. Shortages and price spikes in specialist materials such as veneers, marbles

0% Significantly oversupplied

THEME 7: TRENDS IN INTERIOR DESIGN AND OUTFITTING

and metals were said to destabilise budgets and schedules. With many of these materials sourced internationally, the interiors sector is especially vulnerable to transport disruptions, customs delays and wider geopolitical uncertainties that affect global logistics. Even well-established subcontractors can be set back when supply chains tighten, with delays and cost increases rippling through project timelines.

Interviewees described several converging trends in how yacht interiors are conceived, designed and delivered. While styles and features remain highly personal to each owner, there was consensus that certain directions are becoming more prominent across the market.

LABOUR SCARCITY

The shortage of skilled joiners, finishers and technical installers was repeatedly described as a structural constraint. When demand peaks, competition for labour intensifies across projects and regions, driving up costs and putting pressure on schedules. Established subcontractors are better able to respond because they have deeper networks and the financial capacity to secure teams quickly. Smaller or newer firms, by contrast, often struggle to access the same skilled pools, leaving them vulnerable to underperformance. This imbalance reinforces the reliance on trusted subcontractors and limits opportunities for less established firms to compete on equal terms.

Now, clients want finishes and furnishings that combine beauty with durability, are easy to maintain and can withstand real use without constant repairs. MINIMALISM AND TIMELESSNESS

COMPLIANCE AND REGULATORY BURDEN

Rising international safety and environmental standards were highlighted as another growing pressure. Larger subcontractors with compliance teams are better able to manage these requirements, but for smaller firms the administrative and technical load can be prohibitive. Failing to demonstrate compliance can exclude a firm from tender lists entirely, regardless of its craft or design quality. This adds another barrier to entry and further narrows the pool of eligible subcontractors.

striking but fragile or impractical. Now, clients want finishes and furnishings that combine beauty with durability, are easy to maintain and can withstand real use without constant repairs. This shift is pushing designers and subcontractors to prioritise material selection that balances high-end aesthetics with practicality.

LIFESTYLE-DRIVEN FEATURES

Another clear trend is the rise of personalised, lifestyle-oriented features such as fireplaces, beach clubs and entertainment zones. These elements often become focal points of the project and can reshape layouts and timelines. They also add engineering complexity, since unique features must be reconciled with safety, classification and integration requirements.

Multiple participants observed a move toward interiors that are minimalist, beach-inspired and natural in tone. These designs emphasise lightness, calmness and timeless elegance rather than extravagance. Shipyard representatives pointed out that minimalism also makes refits easier, since fewer permanent built-ins and more modular elements allow interiors to be updated with less disruption. Designers described this trend as reflecting broader cultural aesthetics, including influences from highend residential design, but noted that in yachting it is paired with very high material quality and execution to ensure luxury is still evident.

VARIATION BETWEEN PRIVATE AND CHARTER YACHTS

FUNCTIONAL AND PRACTICAL INTERIORS

Many participants highlighted sustainability as an emerging influence in yacht interiors. Some described it as a “buzzword” that is not always decisive for clients, but several argued that designers have a responsibility to integrate sustainable principles into every project. Owners from younger generations

Owners, particularly from younger generations, are increasingly asking how materials and design choices will affect day-to-day use. Several interviewees said that interiors in the past often included “exaggerated” design features that were

While the general aesthetic trend is toward understatement and timeless elegance, charter yachts sometimes diverge. One interviewee contrasted a yacht with a creamy, striking, visually rich charter interior to the more restrained design of private yachts. This highlights how design intent is influenced by end use where private yachts tend to favour understated sophistication, while charterfocused vessels may opt for bold statements that appeal to a wider guest audience.

SUSTAINABILITY AS A GROWING CONCERN

OVERALL INSIGHT The risks described by participants point to a systemic fragility in the yacht interiors market. Cyclical demand fluctuations, supply chain disruptions, labour shortages and compliance requirements interact to create an environment where even small shocks can destabilise delivery. This fragility reinforces conservative selection practices, as shipyards and owners’ representatives gravitate toward subcontractors with the resilience to withstand these pressures. For subcontractors, technical excellence and aesthetics are not enough to secure repeat business. They must also show that they can absorb volatility, manage scarce resources and navigate regulatory complexity. This combination of craft and resilience is what convinces decision-makers that a firm can be trusted with high-value interior projects in a market where margins for error are exceptionally slim.

COMPETITOR PROFILES EUROPLAN ENGINEERING LTD

Owners from younger generations are more likely to request sustainable materials, and designers mentioned vetting suppliers for their sustainability practices.

SINNEX

YACHTLINE 1618

International Score: B Credit Risk Score: 100/100

International Score: B Credit Risk Score: 76/100

Established: 1990 Managing directors: Jari Savola (founder and managing director)

12/31/2023

Headquarters: Raisio, Finland

12/31/2022

12/31/2021

12/31/2020

12/31/2019

Profit & Loss

Other locations: Europlan Engineering UK Ltd, Newcastle (UK entity, incorporated in 2022) Headcount: 60 Key offerings: Yacht interiors/shipbuilding and marine engineering, industrial design, building construction planning/management/development, offshore design/deliveries. Facilities: 5,300m² production facility containing metal, glass, wood, stone and paint workshops.

Operating Profit

€2,995,238

38.40%

€4,863,819

149.70%

€1,948,068

5.70%

€2,064,754

213.40%

€658,866

Profit Before Tax

€3,489,591

28.90%

€4,906,549

137.60%

€2,065,280

5.90%

€2,193,642

172.10%

€806,077

Profit After Tax

€2,681,180

26.10%

€3,626,276

157.10%

€1,410,567

13.40%

€1,629,042

173.60%

€595,361

Balance Sheet Total Assets

Company structure

Total Current

Hermann’s Finland Oy was integrated as a wholly owned subsidiary with the Folmer Investment in 2018 (mentioned below).

Assets

Largest recent projects (new build) Ulysses (116 metres) – Kleven Maritime AS – 2018 - Cited as a reference project for its turn-key superyacht interior fit-out, highlighting capability for very high-volume explorer yachts and SOLAS-compliant interiors.

14%

€74,778,483

€68,877,319

€67,834,899

15%

€59,049,453

€14,439,599

14%

€12,702,414

€12,405,207

26%

€9,872,950

EBIT

€11,725,833

€11,011,058

€11,090,986

213%

€3,544,960

21%

€4,498,751

Profit

€5,240,839

34%

€7,955,315

11%

€7,164,678

1220%

€542,861

73%

€2,018,884

66.00%

€25,536,005

33.10%

€19,192,175

5.40%

€20,277,636

34.90%

€15,031,448

EBITDA Margin (%)

17.01

18.81

17.11

17.53

16.6

105.70%

€15,425,021

44.20%

€10,696,157

44.50%

€19,276,267

35.40%

€14,234,827

EBIT Margin (%)

13.74

14.35

14.94

5.01

7.56

41.80%

€13,070,187

172.70%

€4,792,915

50.60%

€9,701,607

19.60%

€8,114,773

Scale & Structure

93.30%

€16,272,172

32.80%

€12,254,618

25.10%

€16,360,864

28.40%

€12,743,717

Total assets

Total

2018: Folmer Equity Fund II (managed by Folmer Management Oy) acquired a majority stake in the company.

€85,059,499

€31,449,159

Receivables Inventories

31/12/2020

€14,515,937

Revenues

€18,537,789

Total

31/12/2021

€42,394,172

€10,945,013

18.10%

€9,263,833

33.50%

€6,937,557

77.10%

€3,916,772

71.20%

€2,287,730

Shareholders Equity

Total Payables

Liquidity & Leverage

Notes/Timeline

31/12/2022

€31,734,496

Equity

Here Comes The Sun (83 metres) – Amels – 2021

Operating

Total Liabilities Shareholders

31/12/2023

EBITDA

Cash

Total

Andromeda (107 metres) - Kleven Maritime AS – 2016 - Listed as a flagship reference for its new-build/refit interior work on large explorers.

31/12/2024 Performance

€157,029,130

23%

€127,212,811

15%

€110,403,449

12%

€98,343,828

€45,510,495

13%

€40,421,387

23%

€32,759,331

32%

€24,782,055

€98,786,614 €24,364,931

€103,078,079

31%

€78,599,726

13%

€69,813,778

€67,314,201

€68,894,723

Efficiency & Returns

€11,082,849

622.10%

€1,534,746

66.60%

€4,589,365

47.40%

€8,729,486

57.30%

€5,549,870

€1,947,469

195.70%

€658,657

42.90%

€1,153,744

52.60%

€755,833

44.70%

€522,240

R.O.S. (%)

(Return On Sales) R.O.I. (%) (Return On Investment)

– Founder and managing director Jari Savlova retained a 40% share.

R.O.E. (%)

– As part of the transaction, Hermann’s Finland Oy (specialist in high-end interior production engineering) was brought into the fold as a wholly owned subsidiary.

(Return on equity)

13.73

14.34

14.94

7.56

7.46

8.65

10.04

3.6

4.55

11.51

19.68

21.87

2.19

8.28

Folmer Equity Fund II Typical investment criteria: SMEs in Finland, revenue roughly between €2 and 50 million, enterprise value €3-15 million. Preference for majority stakes; co-investments possible. Industry: where distinctive technical or managerial competence can be scaled. Investors/LPs: European Investment Fund (EIF), Tesi (Finnish state innovation/venture capital entity), KRR II, Cubera, Finnish institutional investors (e.g. insurance/pension funds) plus Folmer management’s own investment. Value creation focus: Operational improvement (especially highly technical/engineering focus), expansion (global order book / export), leveraging backlog, integrating complementary business (e.g. acquisitions or bringing in subsidiaries like Hermann’s), improving project-level profitability (e.g. ensuring EBITDA not eroded in large project scope).

102

103

134

2026

135

PA G E 1 5

P U E RTO R I CO

The Brief IMM Yachting and Stonecrest Investors engaged The Superyacht Agency to assess the commercial viability of developing a dedicated superyacht refit and service centre in Puerto Rico. Their objectives included defining long-term demand for large yacht refit infrastructure across the Caribbean and North American markets and understanding the competitive landscape to inform their investment decision. The Solution Using proprietary market intelligence and fleet forecasting, we conducted migration analysis, financial forecasting, competitor benchmarking and stakeholder consultation to build a clear picture of regional refit demand. This combined approach allowed us to validate the investment case and identify potential strategic partnerships to support the development. Impact Our insights provided IMM Yachting and Stonecrest Investors with a robust, data-backed roadmap for the development of a world-class refit hub, aligned with the future needs of the global superyacht fleet and grounded in validated commercial feasibility.

2026

PA G E 1 6

SF MARINA INVESTMENTS FEASIBILITY The Brief SF Marina Investments sought to evaluate the feasibility of developing superyacht marinas across select global destinations. Their objectives included identifying the most strategic and desirable locations, determining optimal marina layouts - including berthing configurations and on-site amenities - and forecasting the revenue potential based on projected occupancy user demand. Solution To support this, The Superyacht Agency conducted a deep-dive analysis of the superyacht infrastructure landscape, alongside fleet forecasting and migration pattern analysis to identify high-traffic regions and determine the optimal berthing mix for each site. Leveraging our in-house OPEX data, we also estimated potential revenue streams from fees and typical spending. In parallel, to ensure the proposed developments aligned with real-world expectations, we gather insights from targeted surveys and interviews with captains, crew, and other relevant stakeholders, capturing their sentiments around marina services, amenities, and location appeal.

Impact Our insights delivered a clear, data-driven roadmap for development, aligning each proposed site with actual demand patterns and end-user expectations. This comprehensive strategy enabled confident investment and the launch of two new marinas.

SUPERYACHT FLEET ANALYSIS AND FORECAST Before undertaking the granular migration analysis, it is important to examine the short and long-term trends of the delivered fleet, as well as highlighting trends and outlining specific vessel attributes. By examining and assessing the present delivered superyacht fleet (August 2024) across various metrics and characteristics, the fleet analysis aims to provide an overview of the current state of the 30-metre-plus fleet. Upon analysis of historical fleet data from 2000 onwards, it was observed that the superyacht fleet saw the largest recorded deliveries in 2008, with 270 vessels being delivered globally (see Figure 1). The sharp spike in production between 2006 and 2008 can be attributed to the economic upturn of the early 2000’s. This was an era marked by global economic expansion and stability, leading to increased wealth among high-net-worth and

ultra-high-net-worth individuals. Subsequently, there was a heightened demand for luxury items and goods, of which included the purchase of superyachts. The increased demand acted as a catalyst for the overall market growth, which is evident by the sharp rise in annual yacht deliveries following 2005. The following year saw yacht deliveries increase of 27 per cent, resulting in 249 individual yachts to be delivered in 2006. Following this, the industry underwent a period of consolidation in the aftermath of the Global Financial Crash of 2008. While the immediate effects of the crisis were not apparent, the industry saw a gradual decline in deliveries between 2008 to 2015. During this timeframe, several shipyards encountered financial difficulties, bankruptcies and closures owing to the adverse impact of the global economic downturn.

SEASONALITY OF MIGRATION IN ANGUILLA BY LOA(M) Figure 2: Superyacht fleet segmentation by LOA(m) and date bracket YoD

30-40m

40-60m

60-90m

90m+

Total

1900-1989

763

363

1215

1990-1999

536

213

782

2000-2009

1287

472

1866

2010-2019

921

550

159

1675

2020

154

2021

164

2022

113

173

2023

130

210

Total

3937

1790

407

105

6239

As the markets stablised and rates of annual delivery became more predictable (with the exception of a slight decline in 2020 due to Covid 19 Pandemic), an average of 166 deliveries per annum was recorded between the period of 2016 to 2023. A more comprehensive breakdown of the superyacht fleet, broken down by both LOA(m) segmentation and delivery date period can be seen in Figure 2.

Figure 18 covers the same time period and the geographical region as the previous seasonality graphic (Figure 16); however, it segments the superyacht visitations into their respective LOA(m) categories (30-40 metres, 40-60 metres, 60-90 metres, 90 metres-plus). In doing so, it is possible to generate a more granular analysis of the migratory patterns in the catchment area of Anguilla.

While the global order book is an excellent indication of market health, it is also worth forecasting the superyacht fleet growth to understand better its projection and future outlook. By analysing the production history over the last two decades, it is possible to make predictions for the short and medium terms.

The 30- to 40-metre and 40- to 60-metre fleet segments had the highest level of migratory activity and changes in seasonality across the years analysed, as indicated by the salmon and grey-shaded areas. The 30- to 40-metre fleet sees consistently high levels of activity, averaging 32 visitations across the nine-year period analysed. This figure is relatively high in comparison to other

Between 2024 and the end of 2030, the fleet is anticipated to growth by 1,254 units, with an average growth of 179 vessels per year. From 2000 to the end of 2030, we anticipate the total 30 metre-plus fleet to be over 7,500 units worldwide.

LOA(m) size segmentations. The height of their activity falls during the high season, particularly in January. However, it is interesting to note that the fleet often sees a second spike in March, after seeing a drop in activity during February. Interestingly, no other LOA fleet segment follows this pattern of activity. The Caribbean sees a range of yacht movements during March, largely due to two main events taking place within the region; these are St Maarten Heineken Regatta and The Antigua Sailing Week. These renowned events encourage activity in Anguilla’s catchment area, and as a result create a spike in activity during this month. Another factor that could contribute to this shift in activity is that a percentage of the smaller yachts may start to travel north towards Florida for the summer season.

Similarly to the 30- to 40-metre size category, the 40- to 60-metre size segment has consistently high migratory patterns across the period analysed. On average, this size segment sees 54 visitations each month; however, during the high season this figure increases exponentially. This presents how the high season will encourage a range of vessel activity across the region. This is also the same for all other size segments, including the 90-metreplus category. Smaller-sized vessels do particularly well within the Caribbean regions as they are able to move with ease across the region following an ‘island hopping’ cruising itinerary. This is reflected within the graph as the smallest size segments (30 to 40 metres and 40 to 60 metres) have consistently high rates of

Figure 18: Seasonality of migration activity in Anguilla, segmented by LOA(m), per year, 2015-2023

Figure 1: Superyacht fleet history and forecasted growth, segmented by LOA(m)

KEY INSIGHT It should be noted that the number of deliveries is expected to stabilise in the coming years as the new-build sector is operating at maximum capacity due to the industry’s popularity in recent years. Notably, build slots have been booked up until 2027, with slots for 2028 gradually filling up as well.

migratory activity. Yachts in these size segmentations can travel between different Caribbean islands with ease and often in quick succession, as they can access many of the islands, ports and beaches with ease, unlike larger vessels that require a tender to get ashore. Furthermore, smaller vessels have greater access to yacht facilities. This is because many of the smaller Caribbean islands do not have a luxury superyacht marina, offering only small ports with limited services. As a result, many superyachts will choose not to travel to smaller islands and instead stay closer to destinations that contain a luxury marina. On the other hand, the graph highlights the 90-metre-plus size segment as the category with the least amount of migratory activity and changes in seasonality, as seen by the red shaded area on the graph. Between 2015 and 2023, the 90-metre-plus fleet consistently recorded low levels of activity, averaging three visitations across the whole period analysed. This figure is consistently low as superyacht marinas in the country are limited. With the lack of facilities on the island, larger vessels are unlikely to cruise this region. Furthermore, the marinas available to this size segment in the Caribbean are in the surrounding islands such as Saint Martin, Costa Rica and Bermuda. The 90-metre-plus sector did see a small spike in activity in January 2020, when 19 visitations occurred; it is likely that this peak occurred following the rebuilding and reopening of Anguilla after Hurricane Irma. Interestingly, the region experiences a moderate level of activity within the 60- to 90-metre fleet. Represented by the blue shaded area on the graph, it is possible to see that while migratory activity and changes in seasonality are smaller in comparison to the 30- to 40-metre and 40-to 60-metre fleet size segments, it has remained relatively consistent over the last nine years.

N.B. This graphic represents superyacht migration activity and is not unique superyacht visitations.

KEY INSIGHT Please note, the migration levels prior to 2017 were higher as in 2018 Hurricane Irma hit the region, which often results in a hesitancy to return due to insurance and other issues. Following closely was the COVID-19 pandemic which also saw a restriction on travel, which numbers are now slowly recovering from.

MARINA REVENUE STREAMS & BERTH FINANCIAL MODELLING It is key to consider the seasonality of the Caribbean when you build a revenue model as there have been very few successful attempts to sell berths or deliver long lease contracts for what is essentially a primary winter destination. That is not to say that with the right model and with the right yacht that is cruising the Caribbean consistently, you should not consider it and at least have it as part of the business model. We do know that in the next ten years based on the current client behaviour, that the majority of new buyers are from the USA and therefore their preferred winter hub is the Caribbean, including St Maarten and St Barths, with activity from Thanksgiving all the way through to the New Year celebrations. Income - In addition to traditional berth rental models, it is key to model Altamer based on yields from tenants, ancillary services in the marina and perhaps the concept of developing a dedicated superyacht service provider directly linked to Altamer, where yachts are able to buy everything they need through your dedicated concierge service. Rental – looking at the migration data and the cruising patterns, it is easy to see that many

yachts are moving consistently along the string of Caribbean islands, looking for key anchorages, favourite hotspots, weather windows and popular resorts or marinas. Therefore, there is a high level of transient traffic and yachts are more focused on where they drop their anchor than booking long term berths. However, when you consider the success of St Maarten as a benchmark, this is driven by the sheer scale of the Island and its infrastructure, becoming the primary hub for Superyacht Operations in the region. The interesting thing is, that when guests are in bound, the yachts tend to leave St Maarten pretty quickly to find the places that the owner wants to anchor or cruise. We can see from the migration data that a large percentage of the yacht fleet cruising around St Barth’s. St Maarten and Anguilla, prefer anchoring off Anguilla with more visits in their programme. This in our opinion bodes well for a marina being developed, removing the need to return to St Maarten and guests being able to transfer to the airport by helicopter, small connecting flight or by tender. If the marina is developed to the right scale, the demand for berths will be significant and therefore occupancy levels should maintain a high percentage.

CHRISTOPHE HARBOUR MARINA Located on the island of Saint Kitts, Christophe Harbour acts as a homeport for yachts and superyachts up to 122m in length and provides state-of-the-art facilities and services. As an inland marina, the harbour is naturally enclosed from the open ocean, meaning it is a protected and safe marina to dock in the Caribbean, with minimal exposure to adverse weather.

Revenue type and typical daily spend of different vessel lengths Annual average revenue categories per size category

24-30m

Slip revenue*

Fuel revenue

Utility revenue

Concierge revenue

Other revenue

Daily spend per vessel†

$14,808.00

$11,887.00

$5,863.00

$739.00

$638.00

$1,876.32

30-40m

$18,690.00

$21,071.00

$12,486.00

$1,961.00

$457.00

$2,684.17

40-50m

$30,560.00

$35,509.00

$22,807.00

$3,122.00

$1,097.00

$2,966.69

50-60m

$35,579.00

$38,089.00

$24,886.00

$5,167.00

$1,240.00

$3,202.46

60-70m

$62,248.00

$100,742.00

$36,108.00

$5,925.00

$835.00

$3,205.03

70-80m

$42,350.00

$129,702.00

$14,068.00

$4,498.00

$2,517.00

$3,261.06

80-90m

$51,651.00

$148,938.00

$9,449.00

$11,370.00

$4,068.00

$5,825.00

90m+

$171,509.00

$193,270.00

$101,377.00

$13,273.00

$1,732.00

$10,888.53

*The slip revenue is generated using an in-house model combined with data provided by a trusted partner. This model takes into account the average revenue per slip over the year, including all the necessary parameters involved in the successful running of a marina and slip rentals. This table presents the potential revenue that could be achieved. † Our data indicates that this may be the spend of the vessel itself per day. In terms of the overall annual average revenue, it should be understood that the revenue obtained for a slip in a year considers the yearly occupancy and mix between transients and yearly/seasonal rentals.

KEY INSIGHT These rates are shared in confidence with us from a trusted data partner who operates in the marina sector, particularly the Caribbean region. These rates are from a sample of 2000 yachts over the period of 2015 to 2020 and are for varying lengths of stay from two to three days and much longer. These should be considered as base revenue rates as we expect that Anguilla Altamer could command much higher levels of revenue due to longer marina stays.

rise significantly to 375, which is more than a 100 per cent increase in activity since 2018. As there are currently no superyacht marinas in Anguilla, the proposed development of a marina could significantly boost migration activity within the region. This could be increased by the fact that the proposed SF Marina development would be an inland marina. Inland marinas are conventionally highly desirable as they offer natural protection from a region’s adverse weather. Therefore, with the anticipated year-on-year increase in activity, alongside being an inland marina, the proposed Anguilla Altamer marina could adopt a freehold system for its berthing facilities.

AVAILABLE BERTH LISTINGS AND PRICING 150FT/45M BERTHS (for vessels from 100’ to 150’) Berth

Width

Draft

Price

A01

45ft/14m

18.5ft/5.6m

$2,000,000

A03

45ft/14m

18.5ft/5.6m

$2,000,000

Instead of the traditional leasehold system utilised by most marinas in the Caribbean, berths at Christophe Harbour Marina are being offered in perpetuity under a freehold system. Owners will have the freedom to lease their berths whenever they choose, giving more value to ownership. Management of berths can be facilitated through the experienced staff at Christophe Harbour.

A07

40ft/12m

18.5ft/5.6m

$1,875,000

A09

40ft/12m

18.5ft/5.6m

$1,875,000

A11

45ft/14m

18.5ft/5.6m

$1,875,000

Owning a berth at Christophe Harbour Marina comes with many unique benefits. These include: • Eligibility for Citizenship by Investment Program • Eligibility for Christophe Harbour Club Membership • Duty-free and tax concessions on a variety of goods, materials and consumables • Tax and duty-free importation or sale of fuel • Work permit requirement and fee exemptions for yacht and airplane crews • 24-hour ISPS security with a fully monitored access point If the marina development proposed in Anguilla, ‘Anguilla Altamer’, were to adopt a similar business model including berth mix and freehold system, it has the potential to attract similar activity and popularity as seen in Christophe Harbour, as well as adopting their pricing strategy. As highlighted in the Forecasted Migration in Anguilla, the region is in the middle of a predicted growth period, with year-on-year superyacht visitations observed to increase steadily over the coming years. We anticipate that by 2035 the number of unique superyacht visitations in the region will

KEY INSIGHT There are very few marinas in the Caribbean that can offer a berth purchase. This is a very attractive investment opportunity for superyacht owners, charters and HNWIs that is hidden in the operational costs of the yacht and therefore under privileged tax treatment. In addition, inland marinas have a much lower weather exposure than onshore marinas, so these two factors can make long-term investment very attractive. Combined with the real estate opportunities of the development and subletting revenues for the berth, Altamer Marina can represent a unique offer in the market that will surpass any other marina development in the Caribbean.

NEW 150FT + 20’ BERTHS (for vessels 100’ to 170’; max LOA is 170’/50m) Berth

Width

Draft

Price

A02

45ft/14m

15.5ft/4.7m

$2,250,000

A04

45ft/14m

15.5ft/4.7m

$2,250,000

A08

40ft/12m

15.5ft/4.7m

$2,000,000

A12

40ft/12m

15.5ft/4.7m

$2,000,000

KEY INSIGHT As a result, it is suggested that Anguilla Altamer could ask Christophe Harbour prices as a minimum for their freehold berthing options. Figure 29 highlights the potential price per berth Anguilla Altamer could offer for each of their berths based on length.

200FT/60M BERTHS (for vessels 170’ to 200’) Berth

Width

Draft

A19

50ft/15m

18.5ft/5.6m

$2,950,000

A20

50ft/15m

18.5ft/5.6m

$3,500,000

Price

Berth

Width

Draft

Price

B01

65ft/19.8m

25ft/7.6m

$6,250,000

B03

63ft/19m

20ft/6m

$6,250,000

B04

63ft/19m

20ft/6m

$6,250,000

B05

63ft/19m

20ft/6m

$6,250,000

Figure 29: Proposed berth mix and their potential price (US$)

350FT/106M BERTHS

370FT/112M BERTHS Berth

Width

Draft

Price

B06

65ft/19.8m

20ft/6m

$6,500,000

400FT/122M BERTHS Berth

Width

Draft

Price

B02

67ft/20m

20ft/6m

$7,000,000

Length (ft)

Length (m)

Number of berths

Potential price per berth (US$)

9.1

$487,500

Total price for all proposed berth (US$) $2,925,000

12.2

$650,000

$11,050,000 $13,000,000

15.2

$812,500

19.8

$1,056,250

$35,912,500

100

$1,625,000

$37,375,000

120

36.6

$1,950,000

$ 11,700,000

150

45.7

$2,250,000

$13,500,000

200

$3,500,000

$31,500,000

>260

79.2

$4,225,000

118

$16,556,250

$161,187,500

Total

Please note the potential price per berth is based on The Marina at Christophe Harbour prices. 66

2026

PA G E 1 7

S E A I R M A R K E T E N T RY / CO M P E T I T I O N L A N DSC A P E The Brief Seair sought to introduce a new class of cuttingedge hydrofoil tender to the market, combining high-performance with a modern aesthetic. To validate this and guide its market entry, they engaged The Superyacht Agency to assess market receptiveness to the concept, benchmark the current competitive landscape, and identify key positioning opportunities.

The Solution Leveraging our extensive network of captains and senior industry professionals, we conducted targeted surveys, interviews, and focus groups to gauge perceptions of the new technology highlighting both its advantages and concerns. Additionally, we undertook in-depth desk research and analysed third-party data to assess the current market environment, evaluate competitors, and identify the most effective go-to-market strategies. Impact Our insights equipped Seair with a data-driven understanding of the market, helping them refine their value proposition and positioning in a dynamic and evolving product category.

SURVEY DEMOGRAPHICS, VESSELS AND EXPERIENCE It should be noted that any data, percentages and results presented in this module should be interpreted within the context of the sample of individuals who participated in the survey and are therefore not representative of the whole industry. Figures 1 to 5 present a spectrum of survey respondent demographics, showcasing their industry roles, industry experience, project focus (new build or refit), geographical focus and their experience with different vessel size segmentations. Industry roles As shown in Figure 1, slightly more than 70 per cent of the survey sample comprised captains, making them the largest occupational demographic to participate in the survey. Following the captain demographic were brokers, who accounted for 7.4 per cent of the overall sample; closely following them were senior crew at almost 6 per cent.

Industry experience As depicted in Figure 2, a significant majority of respondents (86.6 per cent) who took part in the survey reported having more than 10 years’ experience within the yachting industry. This suggests that the data gathered from analysing the survey has the potential to provide valuable insights into the tender market, and how the respondents envision the sector evolving for the future.

TENDER CHARACTERISTICS Hard hull or rib tenders Figure 14 shows how among our survey respondents, over 40 per cent prefer to use both hard hull and rib tenders; this suggests that the majority of participants prefer to utilise a mix of tender styles when on board. However, 36 per cent of the sample stated that their preference lies with rib tenders, while only 22 per cent prefer hard hulls.

Figure 2: Survey respondents’ years of industry experience

To gain a deeper understanding of preferences towards hard hull and/or rib tenders, we conducted a breakdown of responses by each LOA size segmentations. This is presented in Figure 15. We can observe from this graphic that the LOA segment with the strongest preference for solely using hard hull tenders is the ‘less than 30m’ category, with 36 per cent of respondents in this LOA size segment stating this. However, we can also see that each LOA size segment holds a preference for the sole operation of hard hull tenders at varying degrees, ranging from 14 to 36 per cent.

Figure 3 demonstrates that nearly all of our respondents (99 per cent) possessed some level of experience in new build and/or refit sector. Specifically, half of the survey sample (50 per cent) indicated that they have experience in both the new-build and refit sectors, while 25 per cent were solely focused on new build projects and 24 per cent focusing only on the refit sector. These findings suggest that three quarters (75 per cent) of our survey sample have a background in new-build projects. Only 1 per cent of respondents indicated that they have no experience either the new-build or refit sector.

Figure 1: The industry roles of survey respondents

Interestingly, Figure 15 also showcases how the preference for only using rib tenders decreases among the survey sample as the LOA banding increases. The preference towards rib tenders begins at 36 per cent within the ‘less than 30m’ category; however, by 60-90m only 5 per cent of respondents solely utilise rib tenders. Within the 90m+ category, there were no respondents who stated that they prefer to solely use rib tenders. While smaller LOA size bandings often reported this as their main preference, this slowly decreases as LOA increases and is instead replaced by a combination of both rib and hard hull tenders. This showcases how as LOA increases, our survey respondents are more likely to adopt a dual approach to their tenders, utilising both styles on board their vessels. This collective approach is present throughout each LOA size segmentation, with a significant number of survey respondents from each demographic highlighting the use of both hard hull and rib tenders.

Figure 15: LOA size segments and their preference for hard hull and/or rib tenders

Figure 14: Survey respondents’ preference for rib or hard hull tenders

Figure 3: Survey respondents’ experience with the new-build and refit sector

KEY INSIGHT From our analysis, we have found that the majority of respondents adopt both hard hull and rib tenders on board; this is particularly important when we look towards the larger fleet segments such as 60-90m and 90m+.

SUSTAINABILITY AND HYDROFOILS Figure 27 presents the interest in retractable hydrofoil tenders segmented by LOA size categories; this graphic is interesting as it showcases how interest in retractable hydrofoils decreases as LOA increases. Respondents whose primary experience is with the ‘less than 30m’ presented a greater interest in tenders of this design, with just over 70 per cent of participants, stating they would consider a tender with retractable hydrofoils. However, only a quarter (25 per cent) of participants who have experience with the ‘90m+’ fleet hold an active interest in retractable hydrofoils. This presents a decrease in active interest by an estimated 45 per cent. This

shift in perception could been explained as larger vessels might have to undergo a change in build specification if the main tender on board is electric or a hydrofoil. This was a concern raised during the qualitative interview process.

To finalise our understanding of how the survey participants engage with hydrofoils, respondents were asked why they selected either ‘yes’ or ‘no’ for their consideration towards retractable hydrofoils; below is a selection of their responses.

Green = positive interest in hydrofoil tenders Red = concerns regards hydrofoil tenders

THEME THREE: PURCHASING TENDERS KEY DECISION MAKER

Captain of a 43m sailing yacht I would probably say [it’s] the captain. Normally, we make the recommendations and then the management company or owner reviews those and give their feedback. The majority of owners tend to leave the technical aspects of it to the captain and the management company. And then they are more about the cosmetic side of the tender.

Analysis was also conducted to explore the level of interest based on respondents’ occupations; we found that interest was evenly split amongst captains, with 50 per cent showcasing a consideration for retractable hydrofoils and 50 per cent not. For each of the remaining occupations, positive interest averaged at 1 quarter.

Captain of a 62m motoryacht It starts with the captain, and then it’s his task to ensure the build and involve his team and going forward to the owner. If it was a chase boat it may be more owner driven. You know, they want their fibre-glass high-speed easy access out the back but the captain is going to have the most active role. Captain with experience working on vessels ranging between 38 and 138m The owner for sure. In my experience, the owners are heavily invested. Captain with more than 45 years of experience At first, the captain has to talk with the owner and owners say, OK, then we buy a new one or we buy this one. On motoryachts, maybe the owner more than the captain, but normally the captain is the person the owner has to trust. Chief Engineer and Project Manager of a 66m yacht Definitely the owner. They’re spending the money, but they also want it to be a tender they like. Chief Mate currently working on board a 61m yacht I think it comes all the way down to the owner. In the end, it’s their decision. Possibly for charter vessels, maybe a captain or a charter broker might have a little bit more say. But in the end, it is definitely an owner decision I would say.

KEY INSIGHT The lower levels of interest in hydrofoils for the larger fleet segments may be caused by the change in build specifications required to adopt tenders of this style on board (this was a concern raised during the qualitative interview process).

QUALITATIVE ANALYSIS (CONTD)

Figure 27: Interest in hydrofoils broken down by LOA size segments

Project Manager for a global brokerage house The client. They are also the person who needs to open their wallet for it. If they want something that is cheap and cheerful, it will get delegated down to the captain, or to us, and we will work very closely with them. If a client needs to ask someone it would probably be me or up within the new construction team, but we can liaise very happily with captains. It’s the captain who is going to use it so his input can be very useful.

as the owner’s specifications. In situations where the owner’s desired tender does not meet the functional requirements for on-board operations, they might offer subsequent suggestions. This is because the owner’s wider team, often consisting of captains, owners’ representatives and project managers, is required to analyse the technical aspects of a potential tender. It was shared by the Captain of a 43m sailing yacht that they review owner requirements and suggestions to ensure it is functional for the main yacht.

Senior Project Manager and Owner’s Representative at an independent international consultancy The current person I’m working for leaves it entirely up to me as the owner representative and project manager, but then I’m talking to the current captain, to the engineers and to the technical team that we’ve got about the whole process. So my personal feeling is that it should be a team effort to make sure that it’s right, and even within the wider team of the owner’s team and the potential manufacturer or tender builder team as well, because it needs to be an open discussion to get where you want to be, to have the best boat.

It is important to recognise that this collaborative process is seen more so for custom tenders rather than production line products. Although a collaborative process may also be required for production vessels, owners can delegate this decision to their captains. This might occur where the owner is likely to be less involved in the selection process, such as when their yacht is for charter. The Chief Mate currently working on board a 61m yacht indicated that captains are often the key decision makers in this regard because they are more heavily involved in the day-to-day running of the mothership and know what is needed to function and operate it correctly.

Shipyard Sales Director and Head of Brokerage It’s the owner.

While owners and captains play a crucial role in selecting a tender, other notable decision makers include project managers, and owners’ representatives. The Senior Project Manager and Owner’s Representative at an independent international consultancy shared how the owner they work for allows them to be the primary decision maker for the vessel, and therefore has full control over tender purchasing. As a result, it could be argued that those responsible for making the final decision for purchasing tenders can vary depending on the level of involvement of the owner.

Yacht Manager at an international yacht management company, with a background as a senior crew Even when an owner says he wants this, we present other options anyway.

ANALYSIS Among our participants, the owner was frequently perceived to be the key decision maker when it comes to tender purchasing. This is because owners are likely to have specific requirements for their tenders in terms of design, style and aesthetics, as well as being the sole financier of the project. However, it was noted that their decision is often supported and upheld by their wider team, who provides the owner with extensive research into the desired tender, ensuring it meets the requirements and operational needs of the mothership, as well

As a result, SEAir should target not only owners with their marketing strategy but also captains and owners’ representatives, as well as yacht and project managers to ensure they are reaching each key decision maker and potential buyer.

THEME FOUR: DECISION-MAKING PROCESS Captain of a 43m sailing yacht We put it out to tender to several different companies and find who can actually supply a tender that is technically compatible with the boat, as in something that fits in the available space. And then presuming that we do get more than one option at that point, then it’s normally between myself and the management company to review those options to see which tender we like in terms of price, brand and functionality and kit on board. And then that normally goes to the owner as a shortlist of hopefully more than one and with a preference highlighted by us. Captain of a 62m motoryacht We start from the engineering idea of our constraints, our limitations, and then we move forward with the ability of a tender to accommodate. First and foremost, our primary interest and then those that follow. Captain with experience working on vessels ranging between 38 and 138m The decision-making process is that often the owner might send me a link and ask my opinion on the tender. And then I do research on it. First of all, the dimensions, can it fit and if it can fit then, I would personally do a lot of research on the tender itself. I’d go to the website, I try and contact other captains who have the tender and get insight from them, how it’s performing, especially its warranty, is the shipyard cooperative during the warranty period or was there any troubles there. And based on all my research, I go back to the owner and say, yes, this is a good tender and we need to bear in mind X, Y and Z. Chief Engineer and Project Manager of a 66m yacht I would personally look at the technical side of it – the electronics and engines. Owners would definitely look at the upholstery and sound systems, watersport capabilities, etc.

2026

PA G E 1 8

BOERO BRAND PERCEPTION The Brief Boero approached The Superyacht Agency to gain a clearer understanding of how their brand and products were perceived within the superyacht market. They also sought insights into competitor market share and the key influencers and motivations behind product selection within their segment of the industry.

Solution Drawing on our extensive network of senior industry professionals, we engaged in a series of interviews and focus groups across key industry events to gather qualitative insights on brand perception, product and usage preferences, and the decisionmaking patterns at various stages of a yacht paint project. These findings were further strengthened by a targeted survey, and extensive desk research and market analysis. Impact Our research gave Boero valuable foresight into industry trends and clear guidance on how to best position their brand for future growth and increased market relevance.

SURVEY DEMOGRAPHICS, VESSELS AND EXPERIENCE (CONTD) RESPONDENT GEOGRAPHICAL FOCUS

Figure 4 illustrates the the percentage breakdown of the respondents’ geographical focus across key regions. It can be observed that the Mediterranean region emerged as the primary region of focus among respondents, with 54 per cent of them stating that they work within this region. In contrast,

the Americas and Caribbean region was the area where the fewest respondents were represented, as only 11 per cent of respondents indicated that their geographical focus was in this region.. It is worth noting that 38 per cent of respondents indicated having global experience..

REPAINTING OF THE VESSEL EXPERIENCE WITH VESSEL SIZE RANGES

Figure 5 highlights the percentage of respondents with experience working on vessel sizes above

and below 50 metres. The results revealed that experience was almost evenly distributed among respondents.

Figure 5: Size of vessels respondents had experience working with

Figure 4: Geographical focus of survey respondents

PAINT ATTRIBUTES AND REPAINTING OF VESSEL

Figure 6 highlights the primary attributes that respondents take into consideration when selecting a paint and coating company to work with. The data indicates that respondents prioritise product quality and range, product durability and technical support. Conversely, among the given options

GREATER THAN 50M

11%

Appendix A provides a full ranking of all attributes presented to respondents, including an ‘other’ category.

PRODUCT QUALITY & RANGE

NORTHERN EUROPE

BOTH SIZE RANGES

34%

54%

Figure 7 provides a detailed breakdown of the frequency in which key vessel areas are typically repainted, as reported by survey respondents. The area most frequently repainted is the hull area below the waterline, with 53 per cent of respondents stating that they repaint this area every two years. For most of the other areas on the vessel that respondents were asked about in the survey, including the hull area above the waterline, the superstructure and the deck, over half the respondents stated that

Figure 6. Top three most important attributes considered by respondents when selecting a paint and coatings company

34%

21%

REPAINTING OF THE VESSEL

presented to respondents within the survey, peer recommendations, flexibility and environmental friendliness were of least significance when deciding which paint and coating company to work with.

DURABILITY

15%

TECHNICAL SUPPORT

14%

they repainted every five to six years. However, the pigmented interior of the vessel was typically mostly repainted every six years, according to 67 per cent of respondents. Notably, the frequency in which the technical areas of the vessel were repainted varied, with 33 per cent repainting every six years or more, 28 per cent repainting every three years and 18 per cent repainting every two years.

Figure 7: Frequency that respondents repaint key vessel areas

20%

THE MEDITERRANEAN

AMERICA & THE CARIBBEAN

LESS THAN 50M

32%

38% GLOBAL

KEY INSIGHT The demographic breakdown of respondents highlights the keen interests of both captains and consultants when discussing the topic of paint. However, it was interesting to note the lack of overall engagement from refit shipyard employees, designers and naval architects. This lack of engagement should be further investigated as you would typically expect some kind of participation due to their industry roles. It could be inferred that individuals from this demographic either did not hold an opinion or did not think that their opinion would be valued. Therefore we would potentially recommend a targeted campaign to try to bring these individuals back into the conversation surrounding this topic.

Note: Respondents were allowed to select multiple options.

INFLUENCE OF KEY STAKEHOLDERS INFLUENCE OF KEY STAKEHOLDERS

Figures 8 and 9 explore the degree of influence that key stakeholders have on survey respondents when making decisions regarding their choice of paint brand for new-build and refit projects. These stakeholders, encompassing captains, designers, owners, paint applicators, paint consultants, project managers and shipyards, were rated on a scale ranging from 1 (least influential) to 5 (most influential). As it pertains to new-build projects, Figure 8 seems to indicate that shipyards and paint applicators hold the most influence over survey respondents when selecting a paint brand, as each stakeholder received an average rating of 3.89. Following closely were paint consultants, with an average rating of 3.83 in terms of influence. Despite shipyards

and paint applicators receiving similar average influence ratings, and paint consultants following closely behind, the data appears to suggest that paint applicators and paint consultants may have slightly more influence on survey respondents than shipyards. This is suggested by the fact that a greater percentage of respondents (39 and 38 per cent, respectively) rated these stakeholders with the highest influence rating (5 - most influential) compared to the 31 per cent of respondents rating shipyards with the same ‘5 - most influential’ rating. Among the key industry stakeholders, designers appear to have the least impact when it comes to choosing a paint brand for a new-build project, with an average rating of 2.63. Only 8 per cent of respondents regarded designers as having the highest level of influence (5 - most influential).

Regarding new-build projects (Figure 9), captains emerged as the most influential stakeholder, with an average rating of 4.11 and 83 per cent of respondents considering them either influential (4 - rating) or most influential (5 - rating). Paint consultants followed closely with an average rating of 4.02 and 71 per cent of respondents rating them as influential (4 - rating) or highly influential (5 -

rating). Similar to new build projects, cesigners, with an average rating of 2.25, exhibited the least influence over survey respondents when deciding on a paint brand to work with. Only 5 per cent of respondents rated designers with the highest level of influence (5 - rating), while 9 per cent gave them an influence rating of 4.

Figure 9: Average ratings for the influence of key stakeholders when deciding on a paint brand for refit projects

PRODUCT QUALITY

While product quality emerged as the most important attribute when selecting a paint manufacturing brand (as indicated in Figure 6), some participants seem to believe that product quality itself might not be the deciding factor. Instead, they suggested that factors like brand perception could have a greater influence on the selection of a brand.

PRODUCT DURABILITY

Participants suggested that stakeholders’ opinions on the durability of products from paint manufacturing companies might be based solely on the perception and experiences with the specific paint company and their products, rather than from a direct comparison of products from various paint manufacturers. This is often the case as many stakeholders may only have experience with one or two paint manufacturing companies. These sentiments were reiterated by a paint consultant who stated,

“You only have that one product on board. You can only compare things like durability if you have them all on board. So I think these are things we don’t know really, we think we know but ...”

PRODUCT DURABILITY AND APPLICATOR SKILLS

Another perspective regarding the durability of products was that durability depends not only on the product’s inherent qualities but also on the skill of the applicator applying the product. As such, it is important for paint applicators to receive the appropriate training to ensure the effective use of the product, thereby enhancing its potential for durability. As a paint consultant highlighted,

KEY INSIGHT The interesting take away from this analysis is the difference in the number one influencer spot depending on the type of project being completed. For new-build projects, it was indicated that shipyards are the number one influencer for deciding on paint brands; however, for refit projects that position shifts to Captains. This should be noted as it means that when targeting different types of project clients it is clear that the audience needs to be adapted depending on the whether the nature of the work is new build or refit focused.

KEY INSIGHTS ON PRODUCT ATTRIBUTES AND SERVICES IN THE PAINT MARKET

Figure 8: Average ratings for the influence of key stakeholders when deciding on a paint brand for new-build projects

“… when you talk about things like durability … there’s a correlation between film thickness and the longevity of paint. So the durability of that paint is determined by the fact that you put enough paint on the surface … So durability is very important but that’s not only what’s in the can, but that’s what the applicator is putting on the surface …”

VALUE FOR MONEY

This emphasis on applicator skills aligns with the sentiments expressed by survey respondents regarding what would make the perfect paint company. Some of the statements included were:

When asked about whether stakeholders prioritise product quality and product range over the value for money that they receive, two captains indicated that the price difference among paint brands is often negligible when doing a project. As the two captains expressed,

“One who trains applicators on their products” “Spend money on on-site training of applicators to help them fully understand products” “[one] with trained applicators” “A company who … can bring quality applicators”

“I’ve never looked at how much the difference would be in price for using different paints. It’s negligible compared to the whole process.”

PRODUCT LONGEVITY BELOW THE WATERLINE

“We had the choice between Alexseal and Awlgrip and we were told there was no price difference.”

Participants acknowledged that there are several factors that determine the longevity of the paint, including the application technique by the applicator, vessel operation and usage, climate and temperature exposure, maintenance practices, and the exposure to elements during sea voyages.

TECHNICAL SUPPORT

In terms of technical support, it was highlighted that support varies from one company to another. However, there was a prevailing sentiment that overall technical support has diminished in comparison to previous times. As expressed by a paint consultant,

Given the mandatory dry-docking of vessels every two to three years, stakeholders often use this opportunity to apply a fresh coat of antifouling below the waterline. When participants were asked about the market’s interest in a product capable of providing a longer-lasting paint job, requiring repainting every five to six years instead of the standard two to three years, responses were mixed.

“In the old days, you bought a can of paint from the paint manufacturer, then you got technical support. Nowadays you buy a can of paint and that’s it …” It was suggested that technical support from paint manufacturing companies may be lacking because they might be hesitant to be overly critical due to their commercial interest in the products being applied.

A paint consultant seemed to suggest that while it is a habit to reapply antifouling during the two-tothree-year survey, having a product that can last until the five-year survey would be advantageous. In contrast, a captain expressed scepticism about the feasibility of a long-lasting product, asserting that fighting marine organism growth on the hull for such extended periods would require toxic substances, which would probably be illegal. The captain further emphasised that aggressive scrubbing below the waterline makes it impossible for any paint to last for five years. Moreover, the captain deemed the cost of applying a fresh coat of antifouling every three years in relation to the overall operation as relatively low, making a long-lasting product less appealing.

When participants were asked about the importance of technical support when selecting a paint manufacturing company, a captain suggested that applicators usually possessed the necessary expertise to provide such services, making it a less crucial or decisive factor in the selection of a paint manufacturing company.

ENVIRONMENTAL FRIENDLINESS

On the topic of environmental consciousness, participants indicated that despite regulations and traditions driving the yacht industry in the past, the industry needs to increase its current environmentally friendly practices. Discussions were raised regarding the European safety regulations and standards of topcoat paint. A paint consultant pointed out that topcoats, in theory, could be classified as environmentally unsafe due to their high solvent content. However, topcoats are typically sold as part of a comprehensive package that includes primers and fairing. With fairing having the highest dry film thickness (DFT) and being solvent-free, it contributes to the overall safety of the entire paint system when combined with the topcoat. Nevertheless, there was a suggestion that each individual product should independently meet environmentally safe standards. A paint consultant highlighted that water-based epoxies can help to reduce the emissions of environmentally harmful toxins in the air, but many shipyards were not using these alternatives. There was, however, a concern about the effectiveness and performance of products if they become more environmentally friendly, with one captain stating that

“... when they took out the solvents, the finish went down, the orange peel went up.” Based on discussions in the focus group, it is important to recognise that while environmentally friendly products are crucial, their adoption may not necessarily translate into increased consumption of products from the paint manufacturer. Therefore, as Boero strives for a more sustainable future, it is crucial to acknowledge that this initiative may not automatically result in increased sales and an expanded client base.

2026

PA G E 1 9

B I J E L A / P O R T O M O N T E N E G R O R E F I T A N A LY S I S

The Brief Adriatic 42 set out to acquire the Bijela Shipyard and transform it into a state-of-the-art superyacht refit centre near Porto Montenegro. To support this initiative, they engaged The Superyacht Agency to deliver a comprehensive data-led overview of the superyacht refit market, assess the regional competitive landscape, and analyse superyacht fleet migration patterns. The goal was to evaluate the commercial potential of Bijela Shipyard within the global refit market. Solution We combined our proprietary data and forecasting models to analyse the current and future climate of the superyacht refit market. By integrating this with fleet migration data, we identified where yachts were undergoing refits, how frequently, and why. To further strengthen our insights, we engaged directly in one-toone interviews with respected captains and key industry decision-makers to gather qualitative insights and assess the demand for refit services in the region, as well as to understand the travel thresholds for such services. This was complemented by a competitive pricing analysis to estimate revenue potential. Impact Altogether, this provided Adriatic 42 with a robust, data-backed foundation for strategic decision-making. With clear insights, they were well-positioned to confidently move forward with developing the Bijela Shipyard into a leading refit facility.

REFIT CYCLE OVERVIEW

REFIT CYCLE ANALYSIS

When it comes to the superyacht refit market, one must always be aware that there’s a disparity between what should occur and what actually does occur. For example, when an owner decides to sell their vessel, either because they wish to purchase a new yacht or leave the market, they often choose not to refit the vessel to the standard that would make it more desirable on the brokerage market – leaving the additional works to any potential buyer.

Indeed, it’s fair to say that almost all superyachts in the active fleet require some level of service year on year – whether for minor interior works, warranty works, paint servicing, AV/IT upgrades, major refit works and everything in-between. Therefore, the term ‘refit’ can be misleading because it alludes to such a vast scope of works, and it pays to be diligent about the difference between maintenance and rebuilding.

While this may seem counterproductive, the nuances of a saturated brokerage market mean that spending €5 million on a refit does not necessarily add €5 million in value to a project. Indeed, the older a vessel is, the harder it is for refits to add value. Therefore, it may be more financially viable to sell the yacht as it is without spending a considerable amount on refit. Nevertheless, it pays to be aware of the ideal refit cycle and the captive market therein.

In some cases, minor maintenance works can be carried out in water in a matter of days, or even hours. Rebuilds, on the other hand, can take anything between six months to a number of years. Consequently, when considering the development of refit infrastructure, one must first understand the relevant sector of the market to engage with.

The great advantage of the refit market is that it’s much more predictable than its new-build counterpart. When a new-build project is delivered, you can be sure that the vessel will require one, threeand five-year surveys, without even considering the desire for various works that occur along the way. Therefore, one could argue that refit is the gift that keeps on giving. While new-build yards must work tirelessly to generate new custom, refit yards slip far more naturally into the cycle of providing services throughout a superyacht’s life, and generate long-term client relationships. It should be noted, however, that this phenomenon has led to many new-build yards developing the refit elements of their business. This is highlighted within the series of graphs that showcase the typical costs of projects depending on the age of the vessel. For major refits and structural works, much more tends to be invested in vessels that are five years old or younger because they are in great demand on the brokerage market due to their relative rarity. Conversely, it also shows that owners who wish to keep their vessels are more willing to invest in them. However, as yachts get older, this willingness to invest in them diminishes because they become one of many available to purchase.

On the face of it, therefore, the simplest model would be to target 30-40m vessels for small maintenance and interior works given that these are the market’s most numerable options. However, there are issues with this model. To be profitable, relying on smaller projects and smaller vessels would require an extremely high level of turnover in terms of units entering a given facility. Furthermore, the profit margins will be slim and almost all superyachts are unwilling to travel any distance of significance to obtain such services given the amount it would cost them in travel expenses alone.

This section outlines the number of 30m+ refits taking place worldwide, and the number taking place within the world’s leading market, the Mediterranean. We have also segmented this cumulative market figure P66 into P66 type of refit, and further segmented into size Refit Analysis sector and Cycle gross tonnage. Refit Cycle Analysis

As such, more often than not, these works are carried out in marinas or refit yards that are close to the vessel’s home port. In fact, due to the small profit margins associated with this model, most bona fide refit yards use these projects as a means of client retention and/or gap-fillers, rather than seeking them out explicitly. For most, it’s preferable to have larger, more profitable projects that take longer periods of time. This also mitigates issues with regards to logistics and scheduling, as well as somewhat easing the burden when it comes to delivery dates and flexibility.

Refit Cycle Analysis

Refits Refits Refits

figure for each ‘phase’ of the refit REFIT CYCLE ANALYSIS – METHODOLOGY existing cycle, in order to ensure, where necessary, – The refit market has been quantified via a three-phased circular model, comprising Docking and essential defects/refit (5-year cycles); Assisted maintenance period (3year cycles); and a self-maintenance period (annual cycles). Each yacht’s refit cycle has been capped at 25 years.

While a number of regions globally are able to perform high-quality refit works on superyachts, the Mediterranean remains widely regarded as the world’s superyacht hub and, as the superyacht fleet continues to grow year on year, so does the number of vessels requiring refit. Indeed, it’s estimated that in 2019 around 1,601 minor maintenance and refit works took place in the Mediterranean – a 4.6 per cent annual growth rate since 2015.

– Using our in-house proprietary forecasting methodology, we have applied a number of annual worldwide superyacht deliveries ranging from 151 to 160 to the aforementioned three-phase cycle between 2022 and 2032. This methodology accounts for the anomalous figures created by 2020, including the well reported bloated order book which was seen in 2021 and has also been overestimated for 2022, early reports are indicating. This therefore has led to a period of fluctuation. Alongside the predicted fluctuations in UHNWIs, our model, in agreement with Drydocks World Dubai, provides a more robust analysis than utilising YoY growth, for the various reasons cited above.

Similar growth rates can be seen for medium-level works (4.9 per cent) and major refit works (5.1 per cent). As proof of this growth, it’s worth considering the significant investment in recent years by European shipyards, both new and established. It could be argued, in fact, that the Mediterranean is struggling to invest in infrastructure at the same pace as the growth in size of the fleet. It’s perhaps unsurprising that the most frequent refit projects are minor maintenance works on 3040m superyachts given that the 30-40m market comprises the majority of the global superyacht fleet and that minor works are by far the most common. The regularity of works naturally declines as the complexity of the jobs increases and the size of the vessels increases. With each step up in size and complexity there is typically a smaller captive market.

N.B. Our further segmentation of the market into length and gross-tonnage-based subsectors was produce using the same model for the corresponding segments. – To forecast the size of the refit market, our projected delivery figures were added to the

2020 v 2022

307

319

250 250

923 923 923

250

'18 '18 '18

'19 '19 '19

'20 '20 '20

'21 '21 '21

3-year refit cycles 3-year 3-year refit refit cycles cycles

1027 1027 1027

962 962 962

933 933 933

1085 1085 1085

1073 1073 1073

1026 1026 1026

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

No. of yachts globally

424

436

422

449

503

511

528

512

498

551

545

560

525

506

552

536

No. of yachts Mediterranean

179

184

179

190

213

216

223

217

211

233

231

237

222

214

233

227

Year of refit

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

No. of yachts globally

194

187

207

189

213

244

233

250

215

248

266

254

265

239

262

276

No. of yachts Mediterranean

103

106

102

113

107

112

104

105

106

Year of refit

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

No. of yachts globally

No. of yachts Mediterranean

Year of refit

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

No. of yachts globally

No. of yachts Mediterranean

KEY INSIGHT - 78 per cent of the comparable figures (seen highlighted in various colours) from the 2020 report have either increased or remained stable, showing an overall growth in the number of yachts requiring docking and essential maintenance/refit.

60-90m

(2017-2021) 5yr Average 4.1%

434 434 434

407 407 407

434 434 434

30-40m

2020 report

264

279

282

298

2016 2016 2016

'17 '17 '17

330 330 330

'20 '20

'21 '21

'20

'21

Self-maintenance period (SMP) (SMP) Self-maintenance period Self-maintenance period (SMP) 12-month refitrefit maintenance cycles cycles 12-month maintenance 12-month refit maintenance cycles Self-maintenance period (SMP) (undertaken at Mediterranean shipyards) (using Mediterranean based refit andbased technical support infrastructure) (undertaken at Mediterranean based shipyards) 12-month refit maintenance cycles (undertaken at Mediterranean based shipyards)

'18 '18 '18

'19 '19 '19

Includes all 30m+ superyachts delivered since 1995 Includes Includes all all 30m+ 30m+ superyachts superyachts delivered delivered since since 1995 1995

'20 '20 '20

12 12 49 12 49

14 14 41 41 14

49 221 221

41 209 209

221

209

17 17 59 17 59

14 14 53 14 53

59 239 239

53 239 239

239

13 13 58 13 58

18 18 59 18 59

58 262 262

59 266 266

262

266

90m+ 90m+ 90m+ 60-90m 60-90m 60-90m 40-60m 40-60m

500

459 459 459

454 454 454

573 573

590 590

580 580

40-60m

573

590

580

30-40m 30-40m

'18 '18

'19 '19

'20 '20

'21 '21

'18

'19

'20

'21

250 250

487 487

508 508

519 519

250

487

508

519

2016 2016

'17 '17

2016

'17

0 0

'21 '21 '21

30-40m

(2022-2032) Average 0.7%

Self-Maintenance Period (SMP) [54%]

2021

2022

(2017-2021) 5yr Average 5.7%

(2022-2032) Average 2.8%

(2017-2021) 5yr Average 6.3%

(2022-2032) Average 2.6%

2023

2024

2025

2026

2027

2028

2029

2030

(2017-2021) 5yr Average 71.5%

Increase on 2020 projections

2027

2028

2029

2030

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ϭʤʬʡʧʨˀ

ϭ19.45ˀ

ϭʤʬʡʧʨˀ

ʤʩʣʣʠʦʣʣʣ

ϭʩʡʥʣˀ

ϭʪʡʪʨˀ

ϭʬʡʦʣˀ

ϭʤʣʡʫʨˀ

ϭʤʥʡʧʣˀ

ϭʤʦʡʬʨˀ

ϭʤ3.95ˀ

ϭʤʦʡʬʨˀ

ϭʤʪʡʣʩˀ

ʦʣʣʣʞ

ϭʩʡʦʨˀ

ϭʬʡʨʦˀ

ϭʤʥʡʪʤˀ

ϭʤ5.89ˀ

ϭʤʨʡʫʬˀ

ˇˢ˧˔˟

ϭʦʬʡʣʬˀ

ϭʨʤʡʨʫˀ

ϭʨʫʡʬʤˀ

ϭʩʬʡʧʤˀ

ϭʪʧʡʥʤˀ

ϭʪʬʡʣʤˀ

ϭʫʥʡʥʩˀ

ϭ85.80ˀ

ϭʫʩʡʤʩˀ

ϭʬʬʡʤʬˀ

ʪʥ

ʫʥ

ʫʫ

ʬʧ

ʤʣʣ

101

ʤʣʥ

ʤʤʬ

ʦʧ

ʦʩ

ʧʦ

ʤʩʣʣʠʦʣʣʣ

ʤʤ

ʦʣʣʣʞ

Assisted Maintenance Period (AMP) [27%]

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

ˇˢ˧˔˟

ʪʤ

ʬʥ

ʤʣʪ

ʤʥʦ

ʤʦʥ

ʤʧʤ

ʤʧʬ

151

ʤʨʥ

ʤʪʫ

ʯʨʣʣ

ϭʤʧʡʨʫˀ

ϭʤʫʡʫʧˀ

ϭʥʤʡʫʫˀ

ϭʥʧʡʬʥˀ

ϭʥʩʡʪʧˀ

ϭʥʬʡʤʪˀ

ϭʦʣʡʦʫˀ

ϭ30.99ˀ

ϭʦʣʡʬʬˀ

ϭʦʩʡʧʩˀ ϭʤʥʡʬʫˀ

2024

2025

2026

2027

2028

2029

2030

ʨʣʣʠʤʩʣʣ

ϭʨʡʨʩˀ

ϭʩʡʫʣˀ

ϭʪʡʧʥˀ

ϭʫʡʩʨˀ

ϭʬʡʫʬˀ

ϭʤʣʡʨʤˀ

ϭʤʤʡʤʦˀ

ϭ11.13ˀ

ϭʤʤʡʤʦˀ

ʤʩʣʣʠʦʣʣʣ

ϭʦʡʧʨˀ

ϭʨʡʤʪˀ

ϭʩʡʬʣˀ

ϭ8.62ˀ

ϭʫʡʩʥˀ

ʦʣʣʣʞ

ϭʨʡʥʤˀ

ϭʤʣʡʧʥˀ

ϭʤ0.42ˀ

ϭʤʣʡʧʥˀ

ϭʤʨʡʩʦˀ

ˇˢ˧˔˟

ϭʥʫʡʫʤˀ

ϭʦʩʡʣʥˀ

ϭʧʧʡʫʬˀ

ϭʨʣʡʫʬˀ

ϭʨʦʡʬʧˀ

ϭʨʩʡʬʬˀ

ϭʨʫʡʫʦˀ

ϭ61.16ˀ

ϭʩʤʡʤʩˀ

ϭʪʦʡʩʬˀ

ʯʨʣʣ

ʥʧ

ʦʤ

ʦʩ

ʧʤ

ʧʧ

ʧʫ

ʨʣ

ʨʤ

ʩʣ

ʨʣʣʠʤʩʣʣ

ʤʤ

ʤʥ

ʤʧ

ʤʩ

ʤʪ

ʤʫ

ʥʤ

ʤʩʣʣʠʦʣʣʣ

ʦʣʣʣʞ

Docking and Essential ʷ˘˙˘˖˧˦ ʛʷʸʷʜʢ ˅˘Ѓ˧ ˎʤʬʘː

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

ˇˢ˧˔˟

ʦʩ

ʧʩ

ʨʦ

ʩʤ

ʩʩ

ʪʤ

ʪʧ

ʪʩ

ʫʬ

ʯʨʣʣ

ϭʦʥʡʫʫˀ

ϭʧʣʡʩʥˀ

ϭʧʫʡʦʩˀ

ϭʨʩʡʤʣˀ

ϭʨʬʡʬʪˀ

ϭʩʨʡʪʪˀ

ϭʩʪʡʪʣˀ

ϭ69.64ˀ

ϭʩʬʡʩʧˀ

ϭʫʤʡʥʨˀ

ʨʣʣʠʤʩʣʣ

ϭʤʨʡʧʪˀ

ϭʥʧʡʪʩˀ

ϭʥʪʡʫʨˀ

ϭʦʣʡʬʨˀ

ϭʦʧʡʣʧˀ

ϭʦʪʡʤʧˀ

ϭʦ7.14ˀ

ϭʦʪʡʤʧˀ

ϭʧʩʡʧʥˀ

ʤʩʣʣʠʦʣʣʣ

ϭʤʬʡʥʥˀ

ϭʥʫʡʫʦˀ

ϭʤʬʡʥʥˀ

ϭʥʫʡʫʦˀ

ϭʥ8.83ˀ

ϭʥʫʡʫʦˀ

ϭʦʫʡʧʧˀ

2022

2023

2024

2025

2026

2027

2028

2029

2030

ʤʪ

ʥʤ

ʥʨ

ʥʬ

ʦʤ

ʦʧ

ʦʨ

ʦʩ

ʧʥ

2026

ϭʦʤʡʫʤˀ

ʥʩ

2021

2025

ϭʥʬʡʩʧˀ

ʯʨʣʣ

102

2024

ϭʥʩʡʣʥˀ

ʩʥ

Docking and Essential ʷ˘˙˘˖˧˦ ʛʷʸʷʜʢ ˅˘Ѓ˧ ˎʤʬʘː

2022 report

2023

ϭʥʥʡʧʤˀ

ʤʪ

2023

2020 projection has remained the same

2022

ϭʤʪʡʦʨˀ

ʧʫ

2022

Decrease on 2020 projections

2021

ʯʨʣʣ

2021

(2022-2032) Average 16.2%

Self-Maintenance Period (SMP) [54%]

ʨʣʣʠʤʩʣʣ

Assisted Maintenance Period (AMP) [27%]

- The majority of the noted decreases in numbers when compared to the 2020 report can be tracked back to dips in the number of deliveries within the 40-60m fleet in the early 2000s, as previously highlighted on pages 6-7. This dip would previously not have been noted as not enough time had passed when the original report was delivered; however, now these dips are being reflected in the refit cycle.

40-60m

298 298

287

'19

750 750

30-40m Year of refit

2,948

90m+

287 287

CAPTIVE MARKET PROJECTION BY GT (UNITARY & VALUE (€))

90m+

2,926

282 282

'19 '19

750

395 395 395

780

704

279 279

'17 '17

780 780

'18 '18

Refits

60-90m 1,356

1,364

679

2016 2016

500 500

0 0 0

666

1000 1000

250 250 250

660

704 704

264 264

1000

500 500 500

679 679

Includes2016 all 30m+ superyachts'17delivered since 1995'18 Includes all 30m+ superyachts delivered since 1995

Refits Refits

The annual number of refits due has The of refits due has The annual annualatnumber number of3.1% refits duethe has increased a rate of over increased at increased at a a rate rate of of 3.1% 3.1% over over the the last six years last last six six years years

750 750 750

– Based on a model developed in tandem with one of the refit market’s leading paint applicators, our paint job pricing analysis is based on an average cost of paint work persquare-metre – weighted according to vessel size and location of work.

666 666

Includes all 30m+ superyachts delivered since 1995

Assisted maintenance period (AMP) Assisted maintenance period (AMP) 3-year refitperiod cycles Assisted (AMP) Assisted maintenance maintenance period (AMP)

All refits All All refits refits Mediterranean Mediterranean Mediterranean

1000 1000 1000

40-60m 4,711

'17 '17 '17

1250 1250 1250

Refit cycle comparison Docking and essential maintenance/refit (DED)

4,675

923 923 923

0 0 2016 2016 2016

Refits Refits Refits

DOCKING AND ESSENTIAL MAINTENANCE/REFIT (DED): MARKET COMPOSITION AND GROWTH

P10

751 751 751

888 888 888

825 825 825

790 790 790

Includes all 30m+ superyachts delivered since 1997 Includes Includes all all 30m+ 30m+ superyachts superyachts delivered delivered since since 1997 1997

– To calculate the value of different types of refit works to the eligible superyacht fleet, a regression model was applied to our historical database of completed refits where both the scope and the price of works was confirmed.

624

660 660

500

0 0 0

The following shows the number of docking and essential maintenance/refits (DED’s) that have taken place over the last five years. From 2022 – 2032, we have utilised the number of yachts undergoing five-year surveys.

750

500 500 500

– Our historical analysis of the superyacht refit market indicates that 42.3 per cent of refits take place in the Mediterranean, and this figure has been applied to our global forecasted figures to identify the ‘eligible’ fleet. This figure was then segmented into four predefined LOA segments and the four predefined gross tonnage segments.

624 624

500 500

1000 1000 1000

The annual number of The annual number of refits due has increased refits due has increased at a annual rate of 4.6% overofthe The number at a rate of 4.6% over the last years refitssix due has increased last six years at a rate of 4.6% over the last six years

750 750

1500 1500 1500

that there are no duplicates. For example, a yacht forecast to be delivered in 2021 would undergo its first 12-month maintenance in 2022, another 12-month maintenance in 2023, a 3-year assisted maintenance in 2024, a 12-month maintenance in 2025 and a docking and essential defects/refit in 2026. This was repeated for every forecasted delivery up to and including 2030.

1950 1950 1950

1868 1868 1868

1776 1776 1776

5-year refit cycles

Mediterranean

1000

2183 2183 2183

2181 2181 2181

All refits All refits Mediterranean All refits Mediterranean

Refits 1000 1000

The annual number of refits The number of The annual annual numberat ofarefits refits due has increased rate of due has has increased increased at a a rate rate of of due 4.2% over the last sixatyears 4.2% over over the the last last six six years years 4.2%

2100 2100 2100

Docking and essential defects/refit (DED)

Docking and essential defects/refit (DED) 5-year defects/refit refit cycles(DED) Docking and essential 5-year refit cycles 5-year refitdefects/refit cycles Docking and essential (DED)

Refits Refits

Self-maintenance period (SMP) Self-maintenance period (SMP) Self-maintenance period Self-maintenance period (SMP)(SMP) 12-month refit maintenance cycles 12-month refit refit maintenance cycles 12-month refit maintenance cycles 12-month maintenance cycles All refits All All refits refits Mediterranean Mediterranean Mediterranean

2500 2500 2500 2000 2000 2000

P67 P67 P67

ʨʣʣʠʤʩʣʣ

ʤʣ

ʤʤ

ʤʥ

ʤʨ

ʤʩʣʣʠʦʣʣʣ

ʦʣʣʣʞ

ˇˢ˧˔˟

ʥʨ

ʦʫ

ʧʦ

ʧʩ

ʨʣ

ʨʥ

ʨʦ

ʩʦ

ʦʣʣʣʞ

ϭʤʧʡʪʨˀ

ϭʥʬʡʨʣˀ

ϭ29.50ˀ

ϭʥʬʡʨʣˀ

ˇˢ˧˔˟

ϭʫʥʡʦʦˀ

ϭʬʬʡʦʨˀ

ϭʤʤʬʡʪʬˀ

ϭʤʦʣʡʩʥˀ

ϭʤʦʪʡʨʬˀ

ϭʤʨʤʡʩʥˀ

ϭʤʩʦʡʤʪˀ

ϭʤ65.10ˀ

ϭʤʩʨʡʤʣˀ

ϭʤʬʨʡʩʣˀ

ˇˢ˧˔˟ ˥˘Ѓ˧ ˩˔˟˨˘ ʛ˕ˬ LYʜ

ϭʤʨʣʡʥʥˀ

ϭʤʫʩʡʬʨˀ

ϭʥʥʦʡʨʫˀ

ϭʥʨʣʡʬʥˀ

ϭʥʩʨʡʪʧˀ

ϭʥʫʪʡʩʦˀ

ϭʦʣʧʡʥʨˀ

ϭ312.42ˀ

ϭʦʤʥʡʧʥˀ

ϭʦʩʫʡʧʫˀ

ʴ˩˘˥˔˚˘ ˥˘Ѓ˧ ˩˔˟˨˘ ʛ˕ˬ LY

ϭʤʡʤʧˀ

ϭʤʡʤʣˀ

ϭʤʡʤʦˀ

ϭʤʡʤʤˀ

ϭʤʡʣʬˀ

ϭʤʡʤʣˀ

ϭʤʡʤʤˀ

ϭʤʡ11ˀ

ϭʤʡʤʤˀ

ϭʤʡʤʥˀ

2026

103

PA G E 2 0

NEOM The Brief Perhaps the largest Giga Project on the planet, NEOM has several assets that are best described as future proofed first-class marina infrastructure and cruising eco-system. Various teams at NEOM and PIF Saudi, combined with major consultancies like CBRE, McKinsey, Deloitte and Roland Berger have contracted The Superyacht Agency and our Chairman, Martin Redmayne to research, analyse and benchmark, and give expert commentary and advice on the future of the Red Sea and how to build a marine landscape that will set new standards in quality, regulations and seamless operations. For the past three years we have been involved in seven major aspects of NEOM, retained as subject matter experts and consultants on a variety of elements of the developments.

Solution By using our 30 plus years of experience, our network of experts and out migration and operational intelligence, we have been able to help the various teams at NEOM to build a strategic picture for future proofed marinas, operational excellence, world leading lifestyle and luxury eco-system and best in class, benchmarked yacht clubs and support infrastructure. We have been retained for a variety of existing projects and consistently provide expert and candid advice on what makes sense and how to create the optimum cruising grounds from a guest, owner, captain and crew perspective. Impact Having hired and contracted several experts, consultants and advisors, we have been able to guide the management teams at NEOM through the variety of insights and advice, by giving them clarity, candour and challenging the output from the different advisory stakeholders. Our brief is to tell them what they need to know and not what they want to hear, so they make better and more informed decisions for such a vast investment over the coming years and decades.

GULF OF AQABA

Assessing the market opportunity for the Gulf of Aqaba

NEOM Gulf of Aqaba

March 2023

January 2023

Targeting and Attracting the GoA Customer – Insights and Opinions

The Optimum Berth Mix Forecast

A BLUE SKY FUTURE THINKING PROJECT BY THE SUPERYACHT AGENCY FOR NEOM I N I T I A L A S S E T B R I E F : A N C I L L A R Y YA C H T C L U B S

OCTOBER 2023

PAGE 1

YA C H T C L U B S – T H E C U R R E N T L A N D S C A P E

S U P E R YA C H T M A R K E T R E P O R T

M AY 2 0 2 3

NOVEMBE R 2022

2026

PA G E 2 1

C O N S U LTA N C Y P R O J E C T S O V E R V I E W

Company Name

Consultancy Project

Company Name

Consultancy Project

Akzonobel

Brand Intelligence

Damen Yachting

Brokerage Sales Market Analysis

Amels

Brand Intelligence and Strategy

Damen Yachting

Asia Market Strategy

Amico & Co

Migration Intelligence

Derecktor

Market Perception Intelligence

Amico & Co.

Refit Market Intelligence

DNV GL

Market Intelligence

Ancient LP

Market Intelligence

Dubai Tourism

Brand & Market Intelligence Strategy

BAE Systems

Refit Market Intelligence

DVT

Market Perception Intelligence

BAE Systems

Market Intelligence

DYT

Market Intelligence

Baglietto

Brand and Market Perception Intelligence

Feadship

Brand Intelligence

Balearic Marine Cluster

Refit, Migration and Infrastructure Intelligence

Feadship

Refit Market Intelligence

Balearic Marine Cluster & Balearic Governement

Market Intelligence

Feadship

Refit / Rebuild Business Strategy

Bardex

Market Demand and Perception Analysis

Fraser

Internal Brand Perception Audit

Bermuda Tourism

Economic Impact Assessment & America's Cup Legacy Programme

Gulf Craft

Competitive Analysis and Market Research

Bijela Shipyard Porto Montenegro

Refit Analysis

Gulf Craft

Market Intelligence

Blohm & Voss

Market Perception Intelligence

GYG

Brand Perception and New Build Market Intelligence

Boero

Brand Perception Intelligence

Havelock One

Market Analysis and Investment Opportunity

Camper & Nicholsons

Market Intelligence

Heesen

Resale Value Analysis

Cantalupi

Market Intelligence

Heesen

Brand Intelligence

Cebu Marina

Marina Market Intelligence

Hill Robinson

Brand Perception Analysis

Clyde & Co

Value of the Lawyer Pop-up Event

IGY Marinas

Marina Infrastructure Analysis

Costa Palmas

Market Intelligence

IGY Marinas

Marina Market Intelligence

Costa Palmas

Marketing Material Booklet

IMM Yachting and Stonecrest Investors

Refit Centre Feasibility Intelligence and Investor Strategy

Creston

Market Perception Intelligence

Inmarsat

Superyacht Connectivity Report Part I & Part II

Damen Yachting

Market Validation Intelligence

La Ciotat - Shipyards

Refit Market Intelligence

Damen Yachting

Market Analysis

List GC

Interior Sub-Contractor Competitor Analysis 2026

PA G E 2 2

C O N S U LTA N C Y P R O J E C T S O V E R V I E W

Company Name

Consultancy Project

Company Name

Consultancy Project

Lloyd's Register

Market Perception Intelligence

Port of Gibraltar

Gibraltar Ship Registry Market Analysis and Business Strategy

Lura Investments

Acquisition Intelligence

Port of Venice

Superyacht Berthing Feasibility

Lürssen

Market Perception Intelligence

Porto Mirabello

Marina Market Intelligence

Lusben

Brand Strategy and Customer Perception

Porto Montenegro

Economic Impact Assessment

Madison International Realty

North America Superyacht Market Intelligence

Porto Montenegro

Marina Market Intelligence

Marina Genova

Brand Intelligence

Project Sanat

Vessel Conversion Feasibility Study and Charter Market Analysis

Marine Port Vell

Marina Market Potential

Puerto Rico Refit Centre

Market Research and Refit Centre Feasibility Study

MB92

Rebrand Strategy

Red Ensign Group

Market Perception Intelligence

MB92

Market Perception Intelligence

RINA

Brand Perception Analysis and Market Potential

Monaco Marine

Brand Perception Analysis

Royal Huisman

New Build & Refit Market Potential

Moonen

Market Perception Intelligence

Rybovich

Market Perception Intelligence

MS Amlin

Brand and Market Intelligence

Savannah Yachting Center

Market Perception Intelligence

MTU Rolls Royce

Blue Vision Intelligence

SEAir Flying Boat

Competitor Analysis and Market Entry Validation Study

Nautical Structures

Market Perception Intelligence

SF Marina

Marina Feasibility Intelligence - Anguilla

Nautilus

Marina Feasibility Intelligence and Investor Analysis

SF Marina

Marina Feasibility Intelligence - Maldives

NEOM

Market Intelliigence and Research

Stonepeak

Mediterranean Marinas Analysis

NEOM and Tonomous

Marina Eco-System Future Thinking Blue Sky Strategy

Tahiti Tourism

Economic Impact Assessment

Northrop

Internal Brand Perception Audit

The George Group

Socio-Economic Impact Of A Hong Kong Superyacht Marina

Oceanco

Brand Perception Analysis

Tourism New Zealand

Economic Impact Assessment

Olesinski

Design Market Intelligence

Wavefront

Market Potential of Forward-Looking Sonar

Palumbo

Refit Market Intelligence

West Istanbul Marina

Market Analysis

Pendennis

Market Perception Intelligence

Winch

Market Intelligence

Pendennis

Ongoing Strategic Campaign

Peninsula Petroleum

Market Intelligence

Port de Marseille

80m Berth, In-Water Refit Strategy 2026

PA G E 2 3

OUR CLIENTS

2026

PA G E 7 0

CONTACT M A R T I N R E D M AY N E CHAIRMAN M A R T I N @ T H E S U P E R YA C H T G R O U P. C O M W W W.T H E S U P E R YA C H T G R O U P. C O M

This presentation and all concepts and designs therein copyright © The Superyacht Group 2025. The Superyacht Group (TSG) has copyright of all intellectual property created by TSG. Conditional upon the payment of fees, the Client has the right, known as the licence, to use TSG work for the purpose agreed in the estimate and contract. The licence is perpetual and exclusive to the Client for the final artwork chosen by the Client for implementation.

2026

PA G E 7 1