Composite decking manufacturer Esthec said key virgin teak supplier Myanmar is banning virgin teak exports, beginning early next year.
Myanmar currently produces at least 75 percent of virgin teak, of which the yachting industry is a major user, Esthec said.
Although other sources, typically in India and Thailand, will try to fill this shortfall, the company said quality teak for decking could become a scarce commodity.
Esthec said that in recent years teak prices have risen by 15 to 20 percent and could now start to climb further. Some observers predict an additional 20 percent rise now that the Myanmar ban has been announced, even though supplies to date have not yet been affected, the company said.
“Esthec composite decking has established itself as the leading brand and supplier in this growing marketplace,” Esthec’s Marcel van der Spek said in a statement. “Excuse the pun, but we have been steadily increasing traction in the luxury decking industry by offering designers and builders more freedom in design and novel applications. More recently we have made significant product development to produce decking that not only feels perfect underfoot, but now with lower surface temperatures in hot sun, very comparable with teak decking. The Myanmar teak ban could well be the catalyst for more designers and customers to come on board and specify the Esthec products. We are ready to step up to the market challenge that the Myanmar ban will no doubt produce, confident we have a world-leading product range that is truly fit for purpose in the luxury yacht market."