60-Plus Meter Superyacht Market Doing Better Than Ever: Some people say that the new build superyacht market has never fully recovered from its heyday in 2000s before the Great Recession. In some respects that’s true as only 146 new superyachts were delivered in 2018 as opposed to 266 vessels over 30 meters in 2008.
The decline is representative of new build figures across the board, but it doesn’t tell the entire story as the market for superyachts 60 meters and larger is performing better now than at anytime in history.
Even though the vast majority of superyachts built today are still in the 30-meter to 40-meter range, accounting for about 63.3% of annual launches, this size range has suffered the most in the market following the global financial crisis. Whereas in 2008 175 boats in the 30meter to 40-meter range were delivered, only 75 were launched in 2019. Just why this size range has suffered is open to interpretation, but it could be that owners who buy in this size range are more susceptible to global financial forces and may be averse to conspicuous consumptions in the current economic climate.
Conversely, the larger the boat, the less the post-recession delivery collapse is apparent. For the 40-meter to 60-meter range, 71 superyachts were delivered in 2008, as opposed to 46 in 2018. That’s still a significant decline but less dramatic than the smaller range. Once yachts exceed 60 meters, the decline is no longer evident. The 60-meter to 90-meter range has matched and even exceeded the 14 deliveries of 2008. This sector has delivered an average of 16.2 superyachts each year in 2008. If the order books bear out, an additional 26 deliveries are due in 2019, making it the most prolific year to date in this sector.
The 90-meter-plus sector is still relatively new. In the past, a number of large projects were launched, but it wasn’t until recently that this sector has shown signs of stability. From 2000 to 209, there were an average of two 90-meter-plus deliveries each year. After 2010, however, the average has been 4.2 deliveries per year. Over the last five year, that number has increased to 5.6 deliveries each year. Thus, the 90-plus meter market is in its most productive period.
The theory that the new build superyacht market is performing poorly is far from true. One must understand the nuances of the industry to know that it has entered into a healthy period.
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