Monaco Yacht Show eyes economic turning point

Author:
Updated:
Original:

It is always questionable at the Monaco Yacht Show what the bigger spectacle is: the superyachts in the glittering waters of the Port Hercules, teak decks shimmering in the sun; or the customers who come to shop, hoping to drop their next 100 million euros on a floating palace.

Where boats are concerned, nothing is too outlandish, according to the Wall Street Journal. One of the biggest show-stoppers this year will be Oceanco's Nirvana, displayed in broker Edmiston & Co.'s new quay. The 88.5-meter boat comes complete with two reptile tanks, containing water dragons, bearded lizards and exotic frogs, and a retractable swimming-pool cover to turn one's sunset swim into an evening dance floor (yours for 230 million euros).

Or there's Feadship's 78.5-meter Hampshire 2, whose helicopter landing pad can be transformed into a tennis, netball or baseball court at the touch of a button (price upon request).

As for the clientele, the Sept. 19-22 show is where suntans come in one color — all-year round.

But gloss aside, those inside the yachting world are hoping the event will attract some much-needed cash to the industry, which has been hampered by the recession, even if it comes at a discount.

"Simply due to the nature of the market, people will be looking for a good deal," Rory Trahair of Edmiston told the paper. "You don't need to pay a premium. It is a buyers' market, no question. However, sellers are unwilling to accept that the market has changed, so our job is to negotiate."

"There are boats which will have 40 percent off their original build cost," Jonathan Beckett, chief executive of Burgess Yachts, told the paper. "Everyone is looking for a deal. However, there is a difference between a deal and a steal."

Despite that, the mood remains cautiously optimistic. "Everyone is hoping for this great upsurge," says Mike Reeves, of yacht interior designers Claydon Reeves, which is bringing its glass-sided concept yacht Exo to the show.. "It has been very flat for a while and the boom time is over, but maybe this is the big turning point."

Click here for the full report.

Related

Siren’s 3 Series Receives NMEA 2000 Certification

The Internet of Things technology allows OEMs and other stakeholders to receive such data as engine metrics, fault codes and service requirements.

Galeon Launches Outboard Series

The first model in the series, the 325 GTO, will be powered by twin 350-hp Mercury Verados.

We Have Liftoff

Foil-equipped powerboats are poised to enter the mainstream recreational marine market.

Scania to Power Demo Viking 46

The Swedish engine manufacturer will use the boat in tournaments and other events to showcase its power options to the U.S. market.

Quick Hits: January 20, 2021

ShoreMaster, HydroHoist and Neptune rebranded as Waterfront Brands; Boats Group acquires more European brokerage sites; and Gill Fishing partners with rgyr agency.

Should You Require Employee Vaccinations?

With the Covid vaccines becoming more readily available, it’s a topic that’s worth addressing now.

Parker Sponsors ‘Journey for a Cause’

An Indiana college student will embark on a 10-day passage from the Ohio River to the Gulf of Mexico to highlight inclusion and fishing.

With Great Power Comes Great Challenges

Today’s high-horsepower outboards are heavy, and produce prodigious power and torque — three factors that boatbuilders must balance.

Guy Harvey Foundation Awards Scholarships

The inaugural Legacy Scholarship went to four Florida high school seniors who are attending Nova Southeastern University.