Megayacht time-sharing on the rise - Trade Only Today

Megayacht time-sharing on the rise

Author:
Publish date:

Partial ownership of megayachts is increasing, as a drop in millionaires' wealth makes outright purchases less attainable.

Ocean Emerald's Italian builder, Rodriquez Cantieri Navali SpA, plans to produce 10 vessels for a time-sharing program, the first three of which have been sold to 20 owners, according to an article on Bloomberg.com.

The value of the world's millionaires' assets slid 20 percent to $32.8 trillion last year, according to Capgemini SA and Merrill Lynch & Co. That's taken a toll on some of the biggest yacht builders.

Ferretti SpA was seized by creditors in April after missing loan payments, while Aicon SpA's auditor PricewaterhouseCoopers LLP cited "significant uncertainties" about the future of the Sicilian luxury boatbuilder after its first-half losses doubled.

Click here for the full article.

Related

VIDEO: IBEX Interviews

Trade Only Today talks with Ron Huibers of Volvo Penta of the Americas, Huw Bower of the Brunswick Boat Group, Don Hopkins and Bill Szekesy of QMI Group, and Brad Burton of Albin Pump Marine LLC.