After a two-year hiatus due to the pandemic, there was a tangible buzz in the air at the annual general assembly of the Superyacht Builders Association (SYBAss), held in Monaco on 21 September. In addition to the pleasure of meeting in person again, the assembly welcomed four new members and enjoyed a range of presentations profiling the current and future state of the industry. The prospects look very promising indeed.
Bringing the total membership total to 24, the four new members of the association are Gulf Craft (United Arab Emirates), The Italian Sea Group (Italy), Cantiere Delle Marche (Italy) and Nautor’s Swan (Finland). This intake confirms the status of SYBAss as the authoritative body of the world’s leading superyacht builders and further enhances its ability to represent the unique requirements of the industry.The assembly was addressed by representatives of upcoming major events who shared their plans for the future and listened to the input from senior managers at the yards. The Superyacht Life Foundation and Water Revolution Foundation also shared their latest news and upcoming projects with the members representatives at a very well-attended assembly.
Chasing the sun Moving to the heart of the matter, SYBAss provided members with a clear and objective overview of current economic developments, with a particular focus on the impact of the world economy on superyacht ownership. The thirteenth SYBAss Economic Report was presented, which this year has an upbeat title that reflects the bullish sentiments of the superyacht market: ‘The fog has dispersed, back to chasing the sun.’
The presentation explained how the global economy is now on a V-shaped recovery path that will see it stabilise by 2023. With many yards continuing to work through the pandemic within the COVID guidelines, the superyacht market was already well placed to bounce back strongly and orders have already returned to the pre-2008 benchmark, with almost a hundred new commissions in 2021.
Appetite for superyachts The Coronavirus crisis has focused minds among clients too and further whetted the appetite for the comfort and safety of owing a superyacht. With the number of UHNWIs growing by a third in 2021 alone, the SYBAss Economic Report notes an exceptionally positive momentum in the market and estimates that the number of superyachts less than 15 years of age could pass the 1450 mark by 2025.
“These figures and trends illustrate that the superyacht industry can look forward to a robust future,” says SYBAss Secretary General Theo Hooning. “Enjoying these levels of growth also brings with it the responsibility to constantly improve our levels of professionalism and cooperation. SYBAss will ffacilitate these processes for our members while also ensuring that the interests of superyacht builders are given the priority they deserve in other key areas such as regulations and promotion.”