We expected a much lower number of people at the Monaco Yacht show. However, we can confidently say the quality of people was certainly more selected than last year or the previous one. Is crisis hitting the 30+ (100+ ft ) Yacht Market segment? Yes definitely! Infact new contracts for yachts over 30 meters are down more than 30% some of the largest brokers say 40%, but due to the construction cycle of such a large vessel which can extend even beyond 24 months, many shipyards are still working and suffer the economic downturn much less.
What about the used yacht market over 30 mt ? This is still a good time to make some serious deals for those who hold cash and want to buy low under construction vessels or very recent launches. The large yacht charter seems to be increasing by 20+ %, thus, those who see this period as an opportunity are very right, although, competence and expertise is needed more than ever.
Who are the buyers now ? A bit less Russians than before, a few more Indians and those Latin Americans who were skeptical with the American Banking system and safeguarded their wealth elsewhere.
But far east is finally approaching seriously, Korean Shipyards are moving forward toward an up and coming chinese market that has left lots of business on the waiting line until now, waiting for a more yacht-friendly legislation, and few more marinas.
Monaco Yacht show 09, ultimately, has featured improvement in the quality of visitors, and we believe it is going to be a trend as the yachting industry will get more “professionalized” and less of a Ultra-High-Net-Worth-Individuals (UHNWI) toy-business.
Rodriquez Consulting was very busy as a consequence as shipyards and private investors are not willing to take any market guess or gut-felt product development on new yacht lines and custom yachts to invest in.