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Kudanil Explorer offers adventure in Indonesia

Leaders / yachtstyle2020

Kudanil Explorer offers adventure in Indonesia

January 20, 2022
1:48 pm

Kudanil Explorer’s bespoke charters around remote areas of Indonesia have attracted royalty, sports stars, actors and musicians, justifying Remi Epstein’s bold decision to convert a 1978 ocean-going tug into a luxury expedition vessel that’s “built to go anywhere – safely and comfortably”.

Kudanil Explorer in West Papua

What’s nicer than waking up next to waterfall? How about waking up to a waterfall when you’re not expecting to. Remi Epstein recalls this while cruising on Kudanil Explorer, the 50m luxury expedition vessel he owns but usually only stays on for important engagements with customers or agents.

The Frenchman was hosting a major surf operator for a mix of recce and promotion in a remote area of Indonesia, the vast archipelago where the eight-cabin Kudanil Explorer has been chartering through Camper & Nicholsons following an extensive three-year conversion completed in 2018.

Surfing in West Papua

“The surf group were great professionals and shot some amazing footage, but on this occasion, we probably stayed a bit too late. It started to rain and the sea became rough,” recalls Epstein, who lives in Singapore.

“It was dark by the time we reached the unmarked narrow channel that led to the lagoon where we planned to spend the night. However, it was well described in the admiralty pilot book, so we decided it was safe to enter using radar bearings.

“In the morning, when we awoke, we discovered we were near a big waterfall. It almost seemed that the notion of time had disappeared.”

Surfing in Sumba, East Nusa Tenggara; Photo: Armand Perez

Epstein smiles at the memory, adding that they even found a primitive harpoon at the foot of the waterfall. “This is what this ship has been designed for,” he says proudly. “And I think the operator was also impressed. Today he’s one of our major clients.”

FOR THE LOVE OF INDONESIA

For 35 years, Epstein owned a 48ft Dutch-built steel trawler called Morroch 2 and sailed a total of 65,000nm, first in Europe and then in Southeast Asia, where he recalls first travelling through Indonesian waters as far back as 1976.

Kudanil Explorer in Wayag, Raja Ampat

Currently, he owns a 70ft steel motor yacht called Keinvor, which he had built to his specifications in Singapore and typically cruised for three or four months a year (before Covid), sailing extensively in Japan, the Philippines and Indonesia.

He has also used Keinvor to explore potential destinations in Indonesia for Kudanil Explorer, the hardy, 1,000GT ocean-going tug built by the Teraoka Shipyard in Japan and launched in 1978. A ship owner, Epstein provided marine services in offshore oil exploration and production, and bought the 164ft Japanese build from Swire Pacific in 2004.

Remi Epstein, owner of Kudanil Explorer

However, in 2015, he decided to semi-retire and sold all the ships he had except for Kudanil Explorer, as he looked to fulfil his dream of converting her into a luxury charter yacht operating in Indonesia.

“When I bought her, I always thought she could be the ideal platform for a true ‘go-anywhere’ expedition yacht. I always had that project in the back of my mind and finally decided it was time to undertake it,” says Epstein, who had regularly cruised between Singapore and Papua province in the far east of the Indonesian archipelago for two decades.

The 50m charter yacht was originally an ocean-going tug

Designed and built for hard work, not pleasure, Kudanil Explorer was not the most obvious vessel for converting into a luxury charter yacht, yet Epstein’s vision was clear.

Aware he was taking an unusual route into the high-end charter industry, he says his commitment was reinforced when he was able to hire his nephew Thibaud Epstein to lead the charter expeditions.

The 1,000GT 164-footer is equipped to explore remote areas

“Thibaud had been working with me for several years and I knew he could take over. Having a family member in this key position allowed me to take risks I might not have otherwise.”

Other key personnel staying on for the new journey including Captain Wayan, an experienced skipper whose early career included time in the Netherlands with Weissmuller Salvage, one of the world’s biggest salvage companies.

There are multiple outdoor and indoor guest areas, and toys

Having known Wayan since 1992, Epstein hired him in 1998 when he founded his company and has now worked with him for well over two decades. “I have complete trust in his judgment with respect to operating safely.”

CONVERSION EXTRAORDINAIRE

For the technical aspect of the conversion, which involved cutting the superstructure and rebuilding the accommodation, Epstein hired two Asia-based stalwarts he’d previously worked with – British naval architect Simon Jupe and French project manager Bertrand d’Alencon.

Alix Thomsen

For the interior and overall decor, Epstein’s search eventually led him to select young French designer Alix Thomsen, a former fashion designer who moved successfully into interiors, with a portfolio featuring well-known boutique hotels in Paris and the homes of A-List celebrities.

“I asked her to develop a style that fuses a Parisian boutique hotel and an Indonesian home, bearing in mind it was for a ship which had an industrial past,” he says. “She visited me in my home in Brittany to present a preliminary idea. It surprised me, but I thought it was spot on and we went from there.”

Library on the main deck

As is so often the case in yachting, the conversion project proved to be more complex, lengthy and costly than expected. Much of this was because of Epstein’s desire for the yacht to be approved by its original classification society, the American Bureau of Shipping (ABS).

Converting a 1978 tug to a commercial expedition yacht complying to 2017 safety regulations required submitting 185 drawings, which were subject to more than 80 comments and clarifications.

The spa is near the saloon on the main deck

Finally, after three years, Kudanil Explorer was finally ready for her new life – and the only ABS classified yacht in Indonesia.

FOUR DECKS, EIGHT CABINS

The conversion was remarkable. The ship’s hardy hull and functional superstructure bely a truly elegant boat onboard, where she offers a remarkable 11,000sqft (1,000sqm) of guest areas.

The large saloon and bar

On the main deck, the saloon includes multiple dining areas and a bar, with the use of wood, bamboo, rattan, plants and flowers providing a stylish tropical vibe. To starboard is the spa, while forward of the saloon is an elegant library lounge and a wine cellar by the stairs.

The upper deck features arguably the yacht’s defining feature – eight almost identical guest cabins, each spanning 330sqft with a sea-facing king-sized bed and a spacious balcony with daybed.

Each of the eight upper-deck guest cabins has a balcony

It’s a unique offering in the archipelago where the yacht is typically chartered by one booking party such as a family or families, an agent or a special expedition group like the surf operator.

“Having a lot of experience of yachting, I had seen that in many yachts, some guests had pretty nice cabins and others much less so,” Epstein says. “I felt it would be better for everyone to enjoy the best possible accommodation and I believe it has been a plus for our guests.”

Al fresco dining on the top deck

The top deck has the key outdoor areas for guests. The covered skylounge restaurant and bar is beautifully designed, with the use of natural materials linking it nicely to the open aft sun deck, which is dressed in sofas, sun loungers, parasols and plants – and will soon feature new furniture as part of an upgrade.

The aft sun deck

Forward, on top of the wheelhouse, is a beautiful, wooden-floored jacuzzi deck, a secluded area with lounging space.

“We generally pride ourselves on space, comfort and unrivalled safety,” Epstein says. “Guests love the mix of the ship’s reassuring sturdiness, the large social areas and the warmth of our crew.”

The jacuzzi deck is the highest guest area

ACTIVITIES AND EXPLORATION

Royal families, NBA basketball players, Indonesian tycoons, Silicon valley entrepreneurs, and famous actors and musicians have been among guests of Kudanil Explorer since she started chartering, typically with a 21-strong crew. Prior to charter activity winding down early last year due to Covid,

Kudanil Explorer had hosted about 40 expeditions, almost all featuring bespoke itineraries reflecting guests’ preferred activities and guidance by the yacht’s management team. Trips are planned in detail, with discussions starting long before the trip does.

Kudanil Explorer is built to explore

“Expeditions have involved surfing trips, diving, flyfishing, fishing, photography and cultural expeditions – or a combination of some or all of these! The real attraction is Indonesia, with its 17,508 islands, which is spectacular for all these activities. It’s the ultimate playground,” Epstein says.

“However, if an opportunity arises and is economically viable, we welcome long-range expeditions in faraway places. The yacht has been built to go anywhere, safely and comfortably, and this is where she really stands out. In the future, we’re considering venturing further, such as Papua New Guinea, to keep off the beaten track and do what she does best: explore new territories.”

Diving is a popular activity

With Thibaud in charge of most charter expeditions, Epstein is only aboard Kudanil Explorer for special occasions and he’s happy to share lasting memories of another recent trip.

Just ahead of the onset of Covid, he squeezed in a cruise with his extended family to relocate Kudanil Explorer from Raja Ampat to Ambon in the Spice Islands, prior to the ship’s annual dry dock in Makassar. The journey provided a fond reminder of just why he chose to risk converting a 40-year-old Safety Standby Vessel into a luxury charter yacht.

Guests enjoy exploring Indonesia

“Many of the family had come from France, others from Thailand and Singapore. It was really unique, cruising at leisure, with amazing diving, exploring and hiking,” he recalls. “We all remember that trip, the time we had together and agree there cannot be a better way to organise a family reunion. Everyone is waiting for the next opportunity.”

http://www.camperandnicholsons.com

Charter in Asia 2021: Camper & Nicholsons
Camper & Nicholsons highlights some of its top superyachts for charter in Asia, as published in Yacht Style’s annual feature in Issue 60.

Martin Lo on the evolution of CL Yachts’ innovative CLX96

Leaders / yachtstyle2020

Martin Lo on the evolution of CL Yachts’ innovative CLX96

January 13, 2022
4:31 pm

The Director of CL Yachts reveals the design inspiration behind the brand’s newly launched flagship, CLX96, designed by Jozeph Forakis. Interview: John Higginson.

Martin Lo, Director, CL Yachts

Martin, you showed Yacht Style the CLX96 model during a visit to the shipyard in 2019. Having started working on the project long before that, how did it feel to finally see the brand’s new flagship in the water at the end of 2021?

It was a special moment. It was like giving birth to a baby – after a long gestation period. I’ve been supervising the construction of this boat, from start to finish. When we moved the boat into the paint shop and they started applying the topcoats, I was thinking, ‘this is going to be nice’, especially as the interior built up and I started looking at all the details.

When I walk through the boat and into the various rooms, it feels exactly as I imagined after seeing all the designs, even the windows and the amount of light coming in. Although the boat may look simple, there are a lot of new things happening in there.

The Jozeph Forakis design includes reverse-angle glazing aft (CGI shown)

The interior details are amazing, so I needed to make sure our engineers and workers understood and interpreted all the drawings correctly. I’m quite proud of my team. They’ve executed what the designs intended, if not 100 per cent, then maybe 98 or 99 per cent.

How have you worked with Jozeph Forakis during Covid?

Jozeph used to come over with his team every three or four months, but he has been unable to come to the shipyard during Covid. As such, since Chinese New Year of 2020, we’ve been having weekly online meetings with him and his team in Milan, as well as with Earl Alfaro (naval architect) and Al Horsmon (structural engineer).

Martin Lo and Jozeph Forakis during the build of CLX96; Photo: Lightseed Studio

What are the immediate plans for the yacht?

We’re planning to have the boat in Hong Kong in March, showing the boat to potential customers and to Camper & Nicholsons (appointed as sales agent), and doing some photo shoots and media work. After that, we plan to ship the boat to the US and hope Jozeph will be able to visit it with our Florida office.

When was CLX96 conceived and how did Jozeph become involved?

We started working on it in 2017, which is when we created CL Yachts. The management spent time at the Fort Lauderdale show in late 2016 and looked at our yachts compared to others and realised we had an image problem. We were just getting stale, so we looked at how to revitalise the company within the luxury yacht sector.

Forakis (left) visited regularly pre-Covid; Photo: Lightseed Studio

Before that, I had been in touch with Jozeph, so I asked him to consider working on our new project with a fresh mindset from outside the yachting industry but with reference to the heritage of our shipyard. I basically gave him a clean sheet of paper.

However, I asked him to visit as many boat shows as possible. He did a lot of thorough research and had to imagine several years ahead to ensure the yacht was relevant when it was launched. I gave him some pointers for how long it would take to design, do the mould, build the yacht and release to market. I also gave him a crash course on boatbuilding.

CLX96 prepares to launch in December 2021

How did the designs evolve?

I told him to use his imagination and come up with something unique based on his research. He came out with many concepts. Some of the ideas were way out there, really Starship Enterprise out there! We finally settled on the current design because the robust, functional design has a very strong reference to the history of the parent company.

Our shipyard was one of the pioneers of fibreglass construction and we helped Lloyd’s write the rule books in the 1960s. In the 1970s, we produced the world’s largest fibreglass motorsailer, the 130ft Shango II, to full Lloyd’s classification. In the 1980s I worked with Lloyd’s on the quality-assurance programme for fibreglass construction. We were the first to embrace vacuum-bagging technology. We embraced sandwich construction and so on. We wanted CLX96 to embrace that spirit – innovative, daring, adventurous.

CL Yachts’ new flagship touches water

Why did you bring in Earl Alfaro and Albert Horsmon for naval architecture and structural engineering, respectively?

I’ve known Earl from his days working for Tom Fexas. For CLX96, we had considered using an existing hull to speed things up, but as the design progressed, we realised we needed to design a new hull and Earl is responsible for that.

Reverse-angle windshields on the main and upper decks (CGI shown)

As Jozeph came up with the interior designs and details, it was quite dramatic and he threw away a lot of conventional thinking, so for the composite structure and engineering, we needed a new kind of thinking, which is why we turned to Al Horsmon, who I’ve also known for many years. He’s very open minded and innovative in terms of composite technology, so I asked him if he wanted a challenge and some fun.

All of us, including Jozeph, worked together closely on the best solutions for this boat. We’d bounce ideas off each other, such as Al would suggest using carbon, and each time I’d have to look at weight, construction time, labour and so on to gauge each solution.

The salon offers panoramic views (CGI shown)

Jozeph had all these crazy ideas like an open salon without any pillars. If you look, you can see all the way to the bow with no interruptions. There are no supporting pillars and that’s a challenge, so Earl and Al would have to work out how to make it. It was a very interactive process.

What was the thinking behind the reverse angles on the superstructure, both fore and aft?

Jozeph was challenging the convention. He asked why we always need the superstructure angled forward to support the aft end of the flybridge. Why can’t we do it this way? Then it became another challenge for the structural engineer, but we worked it out. We often asked ourselves, ‘Why not?’

The versatile Piazza del Sole (CGI shown)

What led to the distinctive Piazza del Sole on the foredeck?

Jozeph is a multi-disciplinary industrial designer. He used to be a Design Director at Motorola and created the V70 with the swivel cover, while one of his light designs is in the permanent collection at MoMA (Museum of Modern Art) in New York. He’s very open minded and had studied boats, so was predicting what the trend would be in the future, so this multi-functional layout fits with that thinking.

What about the extendable aft platform?

The platform can serve as a dive platform, as a swim platform and as a passarelle when you berth astern. The platform also has the capacity to move the water toys up and down, in and out of the water. On the port side of what we call the beach deck, there’s a hidden davit, so you can also use this.

The beach deck offers a variety of arrangements (CGI shown)

Can you tell us about the skylight in the VIP suite?

Jozeph said he was inspired by an art installation by James Turrell. In CLX96, we call it a virtual skylight and it may be the first time this has been used on a yacht. We have a camera mounted at the top of the mast, facing the sky, and this transfers a signal down to a monitor above the bed in the VP suite. As soon as you turn on the room lights, the virtual skylight turns on.

It changes colour according to the time of the day and the weather, so if it’s a blue sky, the virtual skylight will show blue. If it’s overcast, it will show grey. It’s bringing the sky view outside into the VIP stateroom.

VIP suite with the virtual skylight (CGI shown)

As you say, Jozeph was asked to think ahead with his design and the enclosed skylounge is increasingly popular, with many leading Italian and British luxury yacht builders now including it in yachts around this size. Do you see this growing in popularity?

I think so. With an enclosed pilothouse, you can have just one helm station and it has the best view. You don’t need to duplicate equipment and use up extra space below, so you create more living space on the main deck. If you’re cruising with a captain and you want privacy, he’s up on the flybridge with the protection of the skylounge while owners and guests have the main deck to themselves.

Skylounge on the upper deck (CGI shown)

You’ve always emphasised that CLX96 is a floating vessel taking you on a journey and shouldn’t look like a home on the water. Do you feel you’ve achieved that?

My team and my workers have delivered exactly what Jozeph has designed, so when I enter the master stateroom and the VIP suite, it’s exactly that – a living machine. It’s functional, it’s elegant, it’s clean and comfortable. You don’t have unnecessary details or extensive trims or décor. Everything is down to the core – less is more.

We’re not hiding the structures; we’re celebrating the structures. There are enough details to make it interesting, such as how the lines are joined together and accentuate the hull form. And it’s not cold – it’s a warm, inviting living machine. The interior is not trying to be the star. The owner is the star. The design is supposed to give the owner the feeling that he can spend a lot of time on board without worrying too much about high maintenance. The interior design is like a good supporting cast in a movie.

Recent sea trial for CLX96

What reaction are you expecting when CLX96 is in the US, including its world premiere at the Fort Lauderdale International Boat Show in October?

Honestly, I’m expecting, ‘Wow!’ CLX96 should be the talk of the show when we introduce her at FLIBS. We’ve been at Fort Lauderdale many years and we usually berth next to important competitors with much bigger marketing operations. Those who know us know we prefer to have the quality speak for itself.

But honestly, I think CLX96 merits a lot of attention. She is a more studied, purposeful-looking boat for a reason. I believe CLX96 is far more innovative and advanced, more refined and thought-out in terms of unique style with real substance: what you can see as well as what is not so obvious.

http://www.clyachts.com

Hans Lo on Why CL Yachts is Using a First-Time Yacht Designer
Hans Lo explains how CL Yachts hopes to “shake things up” with the crossover-style CLX96 by first-time yacht designer Jozeph Forakis.

Ione Astondoa: Looking to the future

Leaders / yachtstyle2020

Ione Astondoa: Looking to the future

December 17, 2021
7:31 pm

Ione Astondoa, a member of Astondoa’s Management Board, is the fourth generation to work at her family’s historic shipyard but is focused on implementing a modern vision.

Ione Astondoa is Marketing Manager and a Management Board Member at Astondoa

You’ve become the fourth generation of your family to work at Astondoa since it was founded in 1916. How did your role evolve to you joining the Management Board this year?

I started working in the shipyard 3½ years ago and wanted to learn about every department with a view to eventually joining the Management Board. I studied business and did a master’s in digital marketing, so used this knowledge to improve the shipyard’s communication.

Day to day, I head the marketing department, but I also work with the production department, which helps me connect the shipyard’s external and internal sides. I spend a lot of time with my father (Jesus Astondoa, CEO) and with clients, working on contracts, so I’m involved in a bit of everything.

How did you face the initial stages of Covid?

We had to go digital or we didn’t exist. When Covid stopped boat shows and clients from visiting the yard because they couldn’t leave their countries, we sat down and mapped out what we had to do. We changed and upgraded the website and all our social media, and invested a lot more in digital media and physical media.

Astondoa debuted the As5 at the 2021 Cannes Yachting Festival

We even premiered the new As8 by Zoom. It seemed crazy that dealers couldn’t visit the boat, but we had good feedback. Even now that boat shows are returning in Europe, we’re maintaining our digital focus. Both can co-exist and support each other.

Has it been challenging to be the first woman on Astondoa’s Management Board?

I want to say that as a woman, I don’t have any trouble. I have more challenges because of my age (28) as I’m very young for this position. It can be hard to make the rest of the team, especially the older staff, listen to me. I can push my dad to understand my vision.

If we mix his 40 years of experience with the new vision of young people, it’s a win-win and that’s what I’m trying to make everybody understand. It’s a challenge, but it’s okay when we see the results.

Ione is still in her 20s

As Astondoa has a strong history and reputation, is brand exposure a priority?

For sure, we’ve had to work on communication because we already had the product, the design, the build quality. They’re the result of over 100 years of experience. But the communication must support the product, so we needed to make Astondoa better known for potential clients.

I think we’re doing fine. We have very good dealers around the world, in Europe, the US and Asia, who trust our brand and product. We’re looking to combine it all now.

Spain is such a great place for boating, so why aren’t there more luxury yacht builders?

We used to have more, but many had to close after the financial crisis in 2008. Astondoa also had some bad years, but my father didn’t want to shut the shipyard. There were so few Spanish clients because everybody was broke so he chose to look abroad and focused on the US.

Astondoa’s superyachts include the 110 Century

Before the crisis, most of our clients were Spanish, then after the crisis, most were American. Now, the European market is recovering – the owners of the As5 and As8 at this year’s Cannes Yachting Festival are Spanish.

Today, we have about 160 staff in the main shipyard in Alicante and facilities in Andalusia and near Madrid, and can produce about 30 boats of different sizes each year. Once you see the facilities, you understand how we can build yachts of this quality.

Your boats range from the 377 Coupe to the 125 Century superyacht, but what are your key models for sales?

The best-selling segment is from 52-83ft, which is our 52 and 66 Flybridge models, and the new As5 (57ft) and As8 (83ft). Many customers will start from 52-66ft and after five or six years go for the As8 or on to the Century superyacht range (100, 110, 125).

Ione believes Astondoa competes with the world’s top luxury yacht builders

Can you tell us more about the As5, which debuted at Cannes?

The As5 has very modern lines like the As8 and the features of a much bigger boat, with the same finishes seen on the 100 Century. It’s very spacious as it has an almost 5m beam, over 16ft, so is much wider than its competitors. The saloon is very large, it has three cabins and three bathrooms, so it’s a very comfortable boat for 57ft.

Which brands does Astondoa compete with?

The most famous ones – Azimut, Ferretti Group, Sanlorenzo. These are the biggest. I really think our product competes with them.

What are sales like in Asia, where the Astondoa 102 For Your Eyes Only charters in Thailand?

There are a few Astondoas in Asia, mostly in Hong Kong where we have a dealer and I know the market is moving again. Asia is complicated, with so many cultures and languages. I know it will take time for some clients in Asia to switch to a Spanish brand, but if we follow the right steps, we’re going to get there.
www.astondoa.com

Yacht Style Issue 62: The Superyacht Issue
Yacht Style Issue 62 features Top 100 Superyachts of Asia-Pacific 2022, seven yacht Reviews, Simpson Marine, Lantau Yacht Club, Ferretti Group’s Stefano de Vivo, Rolex Middle Sea Race, SailGP, Cannes and Monaco shows, Jeanneau Merry Fisher owner Kevin Quek, interviews with HSBC’s Jyrki Rauhio and Cirrus Aircraft’s Zean Nielsen, and lifestyle articles on IL PICCO residences and Art Works Group.

Gordon Hui on yachting’s new opportunities in Asia

Leaders / yachtstyle2020

Gordon Hui on yachting’s new opportunities in Asia

December 13, 2021
10:57 pm

As Camper & Nicholsons Senior Sales Broker Gordon Hui reveals in his Column for Issue 62, it’s an exciting time for the Asian market, with plenty of new yacht models coming out of Europe’s shipyards, many destined for local waters.

Yachting in Hong Kong is as popular as ever

I’ve had the opportunity to discover many exciting new products on the market since I started working as Senior Sales Broker at Camper & Nicholsons this year. One thing I’ve really enjoyed is meeting many Asian offices and distributors of European brands to learn about their latest design and technology.

From the Ferretti Group, models that come to mind include the Riva 90’ Argo and 100’ Corsaro, the new Ferretti Yachts 1000, Custom Line’s 106’, 120’, Navetta 30 and Navetta 33, plus the Pershing 140, the brand’s stunning flagship.

I’ve also been introduced to Sanlorenzo yachts including the SX76 and SX88, which provide a revolutionary beach club and explorer styling. These are just some of the fantastic yachts coming out of Italy, while British builder Princess is also particularly popular in Hong Kong. The present market is full of exciting products, the likes of which we’ve never seen before.

Most marinas in Hong Kong are full

In Hong Kong, the main marinas and berthing areas in Aberdeen, Gold Coast and Sai Kung are full. Fortunately, the new Lantau Yacht Club (Marina, issue 62 – click to read) has almost 150 berths for yachts from 10-60m, while Delta Marina (click to read more) is now arranging moorings in the Government Typhoon Shelter at Hei Ling Chau.

At Camper & Nicholsons, we’re helping to sell brokerage yachts in Hong Kong to help owners upgrade to some of these popular new models. For new build superyachts, I’ve focused on several shipyards building custom yachts including Italian and Dutch yards such as Benetti, CRN, Baglietto, Admiral, Dynamiq and Heesen.

Most of these custom yachts are built in aluminium or steel, and many have the latest X-bow, Fast Displacement Hull Form, allowing smooth, efficient travel with reduced pitching in rough seas.

Render of the B.Now 50M, among Benetti’s new models

The hull also allows the option of the latest hybrid diesel-electric generator propulsion system, which enables travel at 10 knots using only generator power, without switching on the main MTU or CAT diesel engines, so reducing the carbon footprint with a 3,000-4,000nm range.

INDONESIA’S POTENTIAL

Owning a superyacht in this region allows owners to plan extensive trips around Southeast Asia rather than just cruising locally. Asia has beautiful cruising areas from well-known hot spots such as Thailand and the Maldives to lesser-known destinations such as Sri Lanka.

Indonesia is one emerging destination I’m very excited about. In the past couple of years, I’ve had the opportunity to meet with the Indonesian Government to explain the advantages of reducing import tax. Currently it’s 75 per cent, but I would recommend it drops to 20 per cent GST, like the EU’s VAT.

The 65m Lamima charters in Indonesia through Camper & Nicholsons

Although that figure isn’t as low as in Thailand and Singapore (both 7 per cent), it’s a good start to encourage foreign investment in Indonesia and try to follow the example of Thailand, where Phuket quickly became an exciting hub with yachts, marinas, hotels, villas, golf courses and fantastic infrastructure, creating job opportunities and contributing to a booming economy.

I hope to see parts of Indonesia head in the same direction because it has thousands of beautiful islands surrounded by crystal-clear seas and would be another great yachting hub for Southeast Asia.

AROUND CHINA

There’s also plenty happening in Greater China. Last year, China’s government announced the zoning of Hainan as a tax-free port including for luxury yachts. This will encourage buyers from across the country to base their boats in Sanya, which has the warm climate and clear water ideal for a boating hub. I see Hainan becoming the ‘Monaco of China’.

Agile Clearwater Bay Marina in Sanya

Like Phuket, Hainan is established as a popular holiday island full of beautiful hotels and villas. Its tropical location means it holds a similar appeal in China as the Mediterranean does for Northern Europeans. In fact, Hainan is sunny all year round, so it’s an ideal place to have a tax exemption for yachts.

In Hong Kong, many new boat buyers have emerged due to the lockdowns, travel restrictions and limited entertainment in restaurants and bars since Covid began. Yachts became sanctuaries for many families by offering Covid-safe activities like swimming, wakesurfing, wakeboarding and water-skiing in a clean, outdoor environment.

Many leisure sports facilities and clubs were under lockdown, with restrictions limiting golf and tennis, so many of these members also turned to boating. By 2022, hopefully with travel restrictions easing, many more new boat owners will have adopted to their new lifestyle and the yachting market will continue to grow.

GORDON HUI

Based in Hong Kong, Hui joined Camper & Nicholsons as a Senior Sales Broker earlier this year, bringing his huge experience of selling yachts and superyachts in Hong Kong and across Asia. Hui has owned multiple yachts and previously headed Sunseeker Asia from 2003 to 2020, selling over 130 yachts in Hong Kong – including 15 over 100ft – while another 100-plus units were sold across the region through the dealer network.
ghui@camperandnicholsons.com / www.camperandnicholsons.com

Camper & Nicholsons marketing Tecnomar, Admiral in China, Hong Kong
Owned by Hong Kong-based Lai Sun Group, C&N has been appointed to market The Italian Sea Group’s two yacht-building brands in key Asian markets.

Owner: Kevin Quek on his Jeanneau Merry Fisher flagship

Leaders / yachtstyle2020

Owner: Kevin Quek on his Jeanneau Merry Fisher flagship

December 9, 2021
3:31 am

Having built confidence during trips from ONE°15 Marina Sentosa Cove to Lazarus Island, Singaporean Kevin Quek and his wife Alicia now look forward to cruising their Jeanneau Merry Fisher 1095 Fly to the likes of Malaysia and Thailand.

Kevin Quek looks at ease at the wheel of his first boat, a Jeanneau Merry Fisher 1095 Fly he keeps at ONE°15 Marina Sentosa Cove. He’s returning from another visit to Lazarus Island, just south of the marina, during which he’s shown the 34-footer hit its surprising top speed, powered by a pair of 300hp Suzukis.

Quek had previously toyed with the idea of owning a boat before a combination of retirement and lockdown led to him finally taking the plunge and ordering the Merry Fisher flagship.

Having arrived in Singapore this March, the new Jeanneau has already brought a lot of pleasure to Quek and his wife Alicia, parents and friends, although the proud new boat owner smiles as he explains why he really needed a boat.

“I always drive from the flybridge because of visibility, but also because it’s what the doctor prescribed,” confides the former fund manager, now in his mid-50s. “At my annual medical check-up, I was told I was deficient in Vitamin D. I’d spent so much time in an air-conditioned room looking at my computer screen every day, so now I’m finally getting enough sun!”

ON THE EDGE OF BOATING

Quek has spent much of his life dabbling in boating and recalls that he came very close to committing full-time to a life at sea when he was young.

“I was so close to signing up to the Navy and almost took a scholarship, but had a change of heart at the very last minute,” he says. “People who took that path at my age are now probably retired as colonels or maybe a one-star general, having worked on much bigger boats than I own now!”

Instead, Quek pursued a career in finance – and did very well. Working for American banks and hedge funds, his career took him to New York, Chicago and Hong Kong, where he worked for eight years before returning to Singapore in 2015.

He still showed occasional interest in boating. In his 20s, he did a little sailing and had a PPCDL (power pleasure craft driving licence), then later enjoyed crewed charters while on holiday in the likes of Florida and Phuket.

“I’ll always remember the skipper in Florida. He told us we were having barbecue for dinner, then just jumped into the water with his speargun to catch the fish. That really stuck with me.”

LOCKDOWN BUYER

Quek first seriously considered buying a boat about five years ago, having just returned to Singapore. He visited yacht dealers and talked about it with friends, but was still busy with his career and wasn’t convinced it was the right time.

Instead, the Covid-induced lockdown early last year and his retirement made the allure of the sea more appealing than ever. With plenty of time on his hands, he found himself researching cars and boats online.

“It struck me that a boat would be a lot of fun, as I had just retired and had time on my hands,” he recalls. “I was looking at sailing catamarans, but sailing just doesn’t look so much fun or romantic in Singapore waters with all these cargo ships around. That’s why I thought I’d start my boating life with a powerboat, a good starter boat, and look at a bigger one later.”

His search led him to the Boat Lagoon Yachting dealership, which is headquartered in Phuket and has a Singapore office at ONE°15 Marina.

He outlined his criteria. The boat had to be big enough to go to the likes of Tioman or Phuket, but small enough that he could comfortably skipper it as a first-time boat owner. He also wanted the reassurance of buying from a long-established builder.

After outlining his budget, he was steered towards the Merry Fisher 1095 Fly, a new model that premiered at the Cannes Yachting Festival in September 2019 and is the range’s first model with a flybridge. Similar otherwise to the standard 1095, the Fly also features a remarkable three cabins on the lower deck.

“It’s a lot of boat for the price. I don’t know how they fit three cabins into a 34-footer,” says Quek, who ordered the boat in the third quarter of 2020 after ticking almost every option and upgrade available.

GROWING IN CONFIDENCE

While looking ahead to the boat’s arrival, Quek did a refresher course to renew his licence. However, the first-time boat owner happily admits he needed a little help on his first few trips after the boat arrived in March, using a skipper for the first couple of occasions.

His situation wasn’t helped by initially taking the boat out from a generous temporary berth before being allocated his permanent slot, which has tighter channels. Quek was forced to ask the skipper for another lesson as he tried to get used to his new parking spot.

Alicia chips in: “We were all very nervous. A lot of people in the marina came over to have a look at what was happening!” However, the new owner quickly grew in confidence after using the boat half-a-dozen times within the first month and regularly after that.

Like many boat owners in Singapore, he regularly heads to Lazarus and St John’s islands, but also enjoys fishing at the likes of nearby Sister’s Island and in the west around Raffles Marina. And he has really enjoyed taking his parents out.

“My parents never had a boat and they’re now retired, in their 70s. They quite like it when we take trips to Lazarus,” says Quek, whose two adult children are overseas. “It’s exciting for my dad and he helps me pack when we come back, putting away the sunpads and so on.”

Although he bought the boat in the Covid era, Quek looks ahead to being able to cruise internationally and already has eyes on two destinations: Tioman in southeast Malaysia, about 130nm from Singapore, and Phuket in southern Thailand, a journey of about 650nm.

“We’d like to go to Tioman with some friends for a week or so. I love the clear water there and I think it would be a good first trip out of Singapore,” he says. “Then we’d look at Phuket, which would be a much longer trip. It has a lot to offer boaters. We’re even considering having a second home there and maybe even a sailing catamaran.”
www.jeanneau.com

Jeanneau launching new range with DB/43O
The French builder will stage the world premiere of its DB/43 at Boot Dusseldorf as it enters the high-end day boat market.

Talia Maggi: Gulf Craft growing global

Leaders / yachtstyle2020

Talia Maggi: Gulf Craft growing global

December 7, 2021
3:10 am

Talia Maggi, Gulf Craft’s Vice President of Commercial Division, discusses the UAE builder’s latest models, upturn in sales and global ambitions including hopes for Asia.

Talia Maggi, Vice President of Commercial Division, Gulf Craft

What led to you joining Gulf Craft and your recent promotion?

I moved to the UAE over a decade ago and spent seven years working with marine industry equipment and suppliers. I joined Gulf Craft in 2018 and was Brand Manager for Oryx. I worked closely with Hussein Alshaali, Head of the Concept Design Department, to give the brand more international appeal.

Gulf Craft’s Oryx 379

It was a classic sport cruiser and we saw the opportunity to make it more stylish, focusing on the qualities we see in our superyachts. In April 2021, I became Vice President of the Commercial Division, where I manage the sales and marketing for all the brands.

How do you rate Gulf Craft’s presence in Asia?

Gulf Craft has been selling into Asia for many, many years. We have had good success. We’ve sold models throughout Southeast Asia including quite a few Silvercraft models in Thailand and several Nomads into Singapore that go on to travel to different destinations.

Maggi with CEO Talal Nasralla and Gulf Craft staff at Cannes Yachting Festival

Over the last couple of years, we’ve really been focusing strongly on our international expansion and Asia is a very important part. There’s a lot of potential growth there, as we almost see it as an emerging market.

What are your thoughts on the partnership with Farfalla Marine, which represents Gulf Craft in Hong Kong, Thailand, Vietnam, Cambodia and Laos?

We’re really happy that Farfalla Marine (Profile, Issue 60 – click to read online) is among our partners in the region. I knew they were the right partners and they were so excited to get started. They’ve done a lot, developed quite a few collaborations and opened in Hong Kong, which is a very important market for us. I’m hoping by next year we’re really going to start to see a big push.

Gulf Craft launched the Majesty 49 in 2021

We have several models that are getting quite a few enquiries including the Majesty 49 (which premiered at the Abu Dhabi International Boat Show in October), Oryx 379, Nomads and Majesty 100, which is our bestseller.

Can you tell us more about the new Majesty 49 and 62 Maldives?

We had the Majesty 48 for many years. As we’ve tried to push further afield, outside of our home markets, we’re trying to develop our products to have more international appeal. The Majesty 48 was due for an uplift, and we wanted something sleeker, more stylish, so the 49 was born. It’s important to have an entry level into our brand, a moderate-sized boat that owners can run themselves and then start to grow with us.

Gulf Craft also launched the Majesty 62 Maldives in 2021

The Majesty 62 Maldives was obviously created for the Maldives, where we’re celebrating 20 years of production. The new model has two cabins instead of four and a much bigger saloon because it only has one helm station, on the flybridge. To our surprise and delight, we’ve found that the Maldives is not the only market interested in such a vessel and there’s interest in Southeast Asia as it’s very aggressively priced. I think the price point is really a big angle.

Hull 17 of the Majesty 100 was sold at Cannes

Is the Majesty 100 still the brand’s most popular superyacht?

It debuted in 2017, we delivered hull 10 earlier this year and we sold hull 17 on the first day of the Cannes Yachting Festival. This has been the year of the Majesty 100. We see a big attraction for this model all around the world.

Do you see Nomad models growing in popularity in areas like Southeast Asia where there are great cruising options?

Definitely. Nomad are good, functional, long-range motor yachts. As well as the standard models (55, 65, 75), in 2019 we launched the SUV series (65, 75, 95) which seems to be getting a lot of interest in Southeast Asia, for the same reason that it’s very popular in the Gulf.

SUV version of the Gulf Craft Nomad 65

Each model has vertical windscreens and an enclosed flybridge, which you can turn into a skylounge or even a bedroom. It’s a really nice place to get away from the sun, which is appealing in Asia.

How is the future looking for Gulf Craft, having announced that orders in the first half of 2021 were over 40 per cent higher than all last year?

It’s no secret last year was a tricky time for everybody, but Gulf Craft was very dedicated to moving forward. It was a good time for us to sit back and reflect on our business and our long-term strategies. Operationally, we continued to build – we were one of the very few shipyards who didn’t shut down at all – so we came out of 2020 with boats to sell.

Gulf Craft’s flagship Majesty 175 was handed over to its owner in November

The timing was perfect because the market was ready. People quickly realised that yachting is a great way to spend your time when you can’t be at the movies, the mall or other crowded places. They saw it was a safe place to enjoy time with your family and your friends. The Gulf Craft leadership saw it coming, so they continued to push fforward.
www.gulfcraftinc.com
www.farfallamarinegroup.com

Gulf Craft orders soar in 2021
The Middle East builder announced that orders in the first half of 2021 are already well above its total for all of 2020, as it looks ahead to the world premiere of its flagship Majesty 175 at the Monaco Yacht Show.

Exclusive interview with Ferretti Group’s Stefano de Vivo

Leaders / yachtstyle2020

Exclusive interview with Ferretti Group’s Stefano de Vivo

December 2, 2021
4:58 pm

Even though Ferretti Group racked up over US$1 billion in sales in the first nine months of 2021, CCO Stefano de Vivo says the Italian conglomerate is continuing to focus on advancing and widening its range of models to keep its iconic brands as front-runners in their sectors. Interview: John Higginson.

Stefano De Vivo

Alberto Galassi said “I have never seen anything like this in my seven years as CEO” when talking about Ferretti Group’s recent sales figures, which include orders in the first nine months of 2021 exceeding €900 million (US$1 billion). What’s behind the current demand?

It looks like Covid has helped us convince everybody that they need a boat! Mr Galassi and I started as CEO and CCO in 2014 when the turnover of Ferretti Group was about €100 million and now you can see what our turnover will look like for 2021. For sure, the market is really good, and we’ve never seen sales going so well. It has been an incredible run for Ferretti Group, which has many new products, renewed many products and even created new segments in the market.

A current theme among builders is the struggle for production to keep up with demand. How is Ferretti Group managing?

I’ve worked in the industry for the best part of 20 years, so I don’t forget the Global Financial Crisis of 2008 and 2009. I also don’t forget the years before that, when it was a fantastic market growing like no tomorrow, although there was a lot of financing then and we’re not seeing that as much today, which is important.

Ferretti Yachts 500 in Hong Kong

However, we’re not in a rush to increase our capacity. There’s no need to double the moulds because who knows what’s going to happen tomorrow. It may be better to sell a few less because we still sell a super-exclusive product. If we were to double the mould, for example, of a Pershing 8X and we were to build 10 or 12 a year instead of four or five, would there be that many people ready to buy it? Maybe right now, but you’re diluting the brand.

Also, if you increase your production capacity, at some point you must make CapEx investments. We’ve already made those in recent years and we’re happy with our brands, models and the units we’re producing. If we increase more and you have a downturn, like 2008 and 2009, you’re going to be in a very difficult situation.

Pershing 6X was among the Group’s premieres at the Cannes Yachting Festival

However, we are expanding our range of models. Ferretti Yachts has gone up to 100ft with the 1000. When we bought Wally, we moved into the outboard sector, then this year we created the WHY200, which is a completely new segment. Pershing has great brand recognition, so we’re leveraging on that to create the TØ, which again is going to be a new segment when it’s introduced in 2022.

Remember, Covid has made many people buy boats for the first time and made people who had a boat decide to upgrade, but that doesn’t mean they’re going to change their boat every year. Our recent sales include 40 per cent to repeat clients, 20 per cent from the competition and 40 per cent first-time boat buyers. We’re not always going to have that increase each year.

After the Pershing 140 and Riva 50 Metri represented new flagships for both brands in 2019, Ferretti Yachts has enjoyed a lot of attention in 2021 with the 1000, its biggest model to date. How has it been received?

We’ve already sold at least 16 units (as of September 2021). However, for the reasons we’ve discussed, we’re aware sales are not always going to be like this.

Ferretti Yachts’ new flagship 1000 debuted in mid-2021

Ferretti Yachts had its 50th anniversary in 2018 and this year it deserved to be back in the spotlight because the 1000 is just something else. We even sold one over the Internet when there was complete lockdown at the beginning of Covid. It’s just a fantastic design, a fantastic layout and leveraged on the Group’s experience with the Riva 100’ Corsaro and the bigger Custom Lines.

Ferretti Yachts now has a real flagship for its clients. It has a tremendous number of clients who are affectionate to the brand and not all want to upgrade to a Custom Line. When we use the tagline, ‘Just like Home’ for Ferretti Yachts, it’s true. We try to think about that boat in a completely different way. You should feel like you’re at home.

It has recently been a new era for Ferretti Yachts with four models with exteriors by Filippo Salvetti and two, the 500 and 1000, with interiors by IdeaeItalia. How have the new designs been received?

We started this new path with the 850, with external design by Zuccon [International Project]. It was the first Ferretti Yachts model after I joined Ferretti Group at the same time as Mr Galassi. We completely changed the interior and went for a minimalistic interior. Some clients love it, but we probably overshot and were losing a little bit of our base.

IdeaeItalia handled the interior of the Ferretti Yachts 1000 interiors

With the new design team, we have a great balance. Filippo Salvetti is doing a fantastic job, bringing new modern lines but not forgetting the heritage traits Ferrettis have always had. I think the 1000 is a beautiful boat to look at and it’s a very clever boat.

For the interiors, I think IdeaeItalia managed to find the balance we needed – modern, contemporary, with the option of a warm one and a lighter one, but not too extreme, not too minimalistic. As I said, ‘Just like Home’ must feel homely.

You said you expect Wally to be a cornerstone of the Ferretti Group business within three-five years. Since acquiring the brand, you’ve launched the 48 and 43wallytenders and WHY200, will debut the 58wallypower in January and are building some sailing yachts. It’s an iconic brand, but can it really reach production levels to financially compete with the likes of Riva, Ferretti Yachts and Custom Line?

Absolutely. Because if you think about it, having the niche brands – and Wally is one of them – you cannot build too many of the same thing. That’s why, for example, we could have doubled the line of a mould of a 48wallytender.

The 43wallytender X debuted in early 2021

Between the inboard and outboard version (X), we’ve now delivered 35 units (as of September 2021) and sold more. We could have sold many more, but we don’t want to do it. We’ve limited our production to a mix of inboard and outboards of about 12-15 units a year. If you have 15 units of the 48wallytender in the same place, you’re not going to feel very special after you bought something top of the range. That’s why we don’t over produce.

However, Wally can become as large as we’re predicting because we can build the various Wallytenders, more Wallypower models, WHY range models, the big 165 Wallypower we designed with Espen Øino, plus full custom boats in steel and aluminium. We can build any range we want.

The first Wally 101 sloop was sold in early 2021

We also have sailing, which is the cherry on the cake. The brand was born with sailing and it can bring nice revenues, plus we have a Wally class that can show how our performance cruisers are more comfortable to cruise than our competitors’. They’re also the fastest to race because you’re going to be faster if you use carbon in the best manner, like if you design with the knowledge of Wally’s design team and the naval architects we use.

Having launched Riva’s Flybridge range with the 90’ Argo, 100’ Corsaro and 110’ Dolcevita and then added the 50 Metri, there has been a focus on smaller Rivas this year. In the Sportfly range, there’s the upgraded 76’ Perseo Super, while the Open range now includes the 68’ Diable with a hardtop, while hardtops were added to the [48ft] Dolceriva and 56’ Rivale. Why did you start adding cover to Open models?

More and more people don’t want to be in the sun all the time and a hardtop just makes it so much easier. You always have some shade and if you need more shade, it’s easy to fit an extra bimini, which looks better with a hardtop than on an Open boat. Rivas are super sleek, super beautiful, but we finally convinced ourselves that we’d have to accept a little compromise in beauty, as a boat with a hardtop is never going to be as beautiful as a boat without.

Riva’s new 68’ Diable incorporates a hardtop

The American market was a push, while it’s so hot in Asia Pacific, although in Hong Kong people have started using small open boats for water-skiing and wakesurfing, and for fun and swimming. In the Med, people sneered at hardtops, but clients are starting to ask us to fit the hardtops. I think it’s a compromise you need to accept.

What else is coming from Riva?

We’ve got the 130’, a 300GT planing yacht that fills the gap between the 110’ Dolcevita and 50 Metri, and some large custom projects in discussion. We’ve also got a couple of models to restyle. For example, the 100’ Corsaro is going to become the 102’. Again, we sold so many units that we decided it’s time to make it a little bit different. The Corsaro is beautiful, but the 102’ will have some different features.

Riva debuted the 76’ Perseo Super at Cannes

The 76’ Bahamas (Open range flagship) will have a restyle, just as the Perseo 76’ had – they’re built on the same platform.

For Pershing, the new 6X completes the X line and the TØ is the next range, starting with a 35m (115ft) model. What can you tell us about it?

Hull one of the 115 will be at the 2022 Monaco Yacht Show. It’s going to be a nice range. TØ is like an SUV concept. Pershing is the sports car of the seas, so the TØ is going to be like the Lamborghini Urus or Porsche Cayenne.

The first Pershing TØ under construction

People still want amazing design and speed, and although this will be slightly reduced because of the size and volume, it will still be the fastest sport boat on the market apart from the Pershing X range. It’s going to have incredible volume inside and outdoor space, a garage for the tender, and just be a great way to enjoy the sea.

Custom Line is very strong in Asia-Pacific, with hull one of the new Navetta 30 delivered to Hong Kong this year and one recently sold to Singapore. It’s also Ferretti Group’s next brand to introduce a new flagship, with the 140’ set for 2022. What should we look out for on the 140’?

The 140’ is a planing craft and will leverage on the shape of the 120’, which has a fantastic hull, as the wave-piercing bow and hydrodynamics give you great performance at speed. The hull can cut through waves nicely but also works well at slower speeds. The 140’ is also going to use the 2,600hp MTU engines, so it’s ready for when SCR (selective catalytic reduction) systems are compulsory from 2023.

The Custom Line 140’ will be the brand’s flagship

We’ve managed this because we’ve used carbon-fibre for the superstructure for the upper deck and sun deck. Also, thanks to the knowledge gained through Pershing, we’re investing in making light-construction furniture. This lowers the weight so much that we can use the smaller engines and still go 23 knots, so less fuel, less costs. It also reduces the draft, which is great for the US, parts of Asia, and many other markets.

What can you tell us about the new green-focused models Ferretti Group is developing?

It will be on a semi-displacement or fast displacement model. We’re looking at combining solar power, hybrid engines, batteries and other ideas.

Ferretti Group is working to find alternative ways and means of propulsion. We’re working with some of the largest companies on the planet to find things that really make an impact. We’re using more carbon-fibre to reduce weight and improving insulation to reduce air-conditioning.

Wally’s WHY200 premiered at Cannes in September

Ferretti Group, our clients and many other people are realising we’re all part of this ecosystem and we need to do whatever we can. Our clients enjoy the sea, so if you realise that you’re affecting it, you want to make a difference. And as yachts are a luxury product, owners can afford to spend a bit more to do the right thing.

More people are asking about sustainability now than they used to, for sure. Clients ask about insulation and how we’re achieving less emissions. We’re very happy to show them, along with what we’ve done in our production facilities to reduce the energy we use. We’ve invested over €30 million to increase capacity but also to put geothermic energy so we can reduce our energy consumption by over 20 per cent. That really makes a difference.

Finally, how are Ferretti Group orders in Asia-Pacific?

The market made up 11 per cent of sales in 2020. It was a larger percentage before, but it mainly reduced because the other markets grew a lot, grew even more. Hong Kong is a big part of the APAC market and had the protests in 2019 and 2020, then the initial part of Covid before rising last year. I think we’ll see great sales for 2021.

The first Custom Line Navetta 30 arrived in Hong Kong in early 2021

The total sales for APAC have been increasing, but it’s a case of what the area’s sales are a percentage of, whether it’s €600 million, €800 million, €1 billion and so on.

STEFANO DE VIVO

De Vivo has been Chief Commercial Officer of Ferretti Group since May 2014. His other positions within Ferretti Group include Managing Director of Ferretti Group Asia Pacific, Executive Director and Board Member of CRN, and Managing Director of Wally. Joining Ferretti Group in January 2002, De Vivo spent five years with Riva including two as the brand’s Far East and South Pacific Area Manager. He was Benetti’s Sales & Marketing Director from 2007-2011 and then a consultant, also completing an MBA at the Hong Kong University of Science and Technology (2012-13) before re-joining Ferretti Group in 2014. He speaks Italian, English, French and Spanish, and his passions include sailing.
www.ferrettigroupasiapacific.com

Ferretti Yachts’ epic new flagship
Cover star of Issue 61, Ferretti Yachts’ new five-cabin flagship 1000 features a remarkable flow between its outdoor areas from beach club to flybridge to foredeck, while IdeaeItalia’s interiors focus on natural light, colour and great views. And keep an eye out, as the first hull in Asia will arrive early next year. By Clare Mahon.

Cirrus Aircraft: Leading from the top

Leaders, Lifestyle / yachtstyle2020

Cirrus Aircraft: Leading from the top

November 24, 2021
3:48 am

Cirrus Aircraft CEO Zean Nielsen reveals why the personal aviation industry is thriving in such turbulent times and how the US-based company is leading that charge with its SR and Vision Jet series, safety initiatives and flight-training programmes. By Terence Ruis.

Zean Nielsen, CEO, Cirrus Aircraft

Zean Nielsen joined Cirrus Aircraft as Chief Executive Officer in 2019 and is responsible for oversight of the company, working with senior leaders from across the business to transform innovation, operations and the customer experience.

With a career rooted in globally recognised lifestyle brands including Tesla Motors and Bang & Olufsen, Nielsen has brought a diverse background of strategic planning, channel diversification and ground-breaking marketing initiatives to Cirrus Aircraft.

He began his career in 1997 at Bang & Olufsen, spending almost 17 years with the luxury electronics maker including over six years as President of Bang & Olufsen North and South America. Nielsen’s work gained the notice of Tesla and Elon Musk, and he joined Tesla Motors in 2014 as Global VP of Sales Operations, responsible for all aspects of worldwide sales operations.

A Vision Jet (left) in Cobalt blue and an SR22T (right) in Bimini Blue

Immediately prior to joining Cirrus, he served as the Executive Vice President of North American Sales at James Hardie, a leading industrial building materials company.

To find out more about his intriguing career, we caught up with Nielsen to pick his brain about the current – and surprisingly positive – climate of the personal aviation industry, as well as what we can expect of Cirrus Aircraft in the near future.

Zean, tell us more about yourself and your role at Cirrus Aircraft.

I have been overseeing Cirrus Aircraft as CEO since mid-2019. I have over 20 years of professional and leadership experience in luxury manufacturing and automotive brands such as Tesla, James Hardie and Bang & Olufsen.

Cirrus Aircraft offers world-class service to global customers

At Cirrus Aircraft I spearhead the strategic and financial planning for the company, determine which new markets we need to penetrate and where we can gain the most visibility. We aim to introduce more people to aviation and are rapidly expanding across the United States and Asia.

Having come from high-end consumer companies such as Tesla and Bang & Olufsen, how are you finding the aviation industry?

I’m thrilled to be here! I find the industry fascinating and love discovering new ways to improve the aircraft ownership experience. There are several similarities between my prior ventures with Tesla, James Hardie and Bang & Olufsen that directly correlate with what Cirrus Aircraft is accomplishing today.

Strategically speaking, we are continuously innovating, which is reflected by the aircraft we create, the avionics we integrate, and the industry-leading training programmes we develop. Additionally, we want to remove any barriers of exclusivity in aviation, so we bring various backgrounds and experiences to the table to better understand how to do that.

Considering the effects of Covid-19, the personal aviation industry seems to have done well over the past two years. Can you tell us more about the status of the industry and how Cirrus Aircraft has faced these turbulent times?

Personal aviation is on the rise and while the coronavirus impacted every industry, business owners were forced to think outside the box, adapt to changing times and equip themselves with solutions that allowed their business to prevail.

Many superyacht owners have private jets

We have been working closely with individuals and several business owners who have been keen on finding a safe, efficient way to continue personal or business travel during these times. Owning an aircraft opens new doors and provides people with the freedom to safely travel the world.

On both a financial and order book basis, how successful have these past two years been for Cirrus Aircraft?

We are currently breaking all sales records in the United States and expanding our sales and support team in Asia Pacific. Cirrus Aircraft’s SR Series has been the best-selling high-performance piston aircraft for 19 consecutive years and our Vision Jet has been the best-selling jet in general aviation for two years.

The comfortable interior of the G2+ Vision Jet

In 2020, we delivered 346 SR Series aircraft and 73 Vision Jets. The General Aviation Manufacturers Association recently released its report on general aviation aircraft shipments, stating Cirrus is a market leader with a total of 195 SR Series and Vision Jets delivered in the first six months of 2021.

What are your objectives for Cirrus Aircraft?

You can expect us to appear in new markets around the world to better serve the deep-rooted and growing aviation community. Just this year, we’ve announced several Flight Training and Innovation Centers that offer aircraft maintenance, management and sales, further supporting our aircraft owners and growing economies. We are also actively recruiting as we expand.

We are an inventive company and constantly explore how we can create the next best thing for our customers. And if you have ever experienced the SR Series aircraft and SF50 Vision Jet, you’ll know our innovation speaks for itself.

The new G2+ Vision Jet

For instance, we recently announced the G2+ Vision Jet, which features 20 per cent more take-off performance and Wi-Fi connectivity. The newly optimised thrust profile provides an extra boost during departure and provides access to more destinations around the globe.

We are excited to soon be announcing new features and tailored services that will make flying safer, smarter and more convenient.

The SR Series has an incredible history of innovation, evolution and invention. What can you tell us about the Limited Edition models you launched this past year?

This year, we released eight 8000 Limited Edition SR Series aircraft to celebrate the delivery of our 8,000th SR Series aircraft. We were inspired to create a Limited Edition that steps out of the mould and reflects the energy and excitement of where we are going next.

The interior of an SR22T Carbon

The 8000 features a bold, new design and unapologetic accents on the exterior and interior. The design is accentuated by an industry-first Volt wing paint scheme, which clearly can be seen from the ground or sky. The unmistakable graphics and colours carry through into the interior with Volt stitching on the seats, embroidery on the door and luxury perforated leather on the seats, control yoke and throttle.

Additionally, each 8000 Limited Edition aircraft were delivered along with a curated series of gifts and bespoke events for the new owners.

How is Cirrus Aircraft advancing the personal aviation market?

We are developing an aviation experience that is unmatched. Whether you are a student pilot or have hundreds of hours clocked, we treat you as family and tailor every experience so that they are memorable – from continuous training options to personalising your aircraft interior and exterior.

The Cirrus Airframe Parachute System (CAPS) is a standard feature on all Cirrus aircraft

Additionally, owning and operating a Cirrus aircraft enhances your lifestyle and provides the opportunity to fulfil a personal or business need.

We truly set ourselves apart in the personal aviation industry because we have incorporated exceptional, award-winning safety features including the Cirrus Airframe Parachute System (CAPS), a standard feature on all Cirrus aircraft, and Safe Return Emergency Autoland enabled by Garmin.

Cirrus Aircraft has also developed the Safe Return emergency autoland

To date, worldwide flight time on Cirrus aircraft has passed 13 million hours and at least 212 people have returned home safely to their families as a direct result of our CAPS technology. With CAPS and Safe Return, people are safer when they fly in a Cirrus and that message resonates with prospective and existing aviation enthusiasts.

You provide world-class training to Cirrus owners through both the company-owned facilities as well as the partner network around the world. How do you organise that key aspect of the business and ensure such a unique service?

At Cirrus, we welcome anyone that has ever dreamed of becoming a pilot or owning an aircraft to fulfil their dream, whether it’s for leisure or business. Our team is involved with customers for their flying lifetime. We’ve created Cirrus Approach, an in-depth, online flight-training programme that walks people through flight instruction.

Cirrus Aircraft offers flight training using the TRAC Series

Additionally, we have Cirrus-trained flight instructors that dedicate time to reviewing course work and flying with you. We put you in the pilot seat and allow you to experience what it’s like to fly an aircraft.

When we work with our customers, we create milestone memories together. That is what differentiates our company from the next and makes our aircraft highly-sought after. With our expansion, we are deploying more resources to create convenient ways to reach aviation communities that are interested in flying with Cirrus.

Cirrus Aircraft offers the freedom to travel with award-winning safety features

What other trends do you see in the personal aviation industry?

Personal aviation has been positively impacted by the pandemic, resulting in various new market trends. There are three main trends we have observed – people are seeking to completely control their travel experience, grow their business or learn to fly.

Where do you see Cirrus Aircraft in five years?

This is a very exciting time because we are growing in every way. Cirrus Aircraft will have more visibility – geographically, digitally and in everyday interactions. We will have faster production times and our aircraft will be seen at every airport.

“I can be in three different places in one day and back home before dinner.”

Finally, what is your favourite aspect of flying?

I love that aviation has changed my life. I can be in three different places in one day and back home before dinner. Personal aviation also offers my family and I a safe and convenient way to travel in the comfort of our own aircraft.

ABOUT CIRRUS AIRCRAFT

Cirrus Aircraft is the recognised global leader in personal aviation and the creator of the best-selling SR Series piston aircraft and the Vision Jet, the world’s first single-engine Personal Jet, as well as the recipient of the Robert J. Collier Trophy, which recognises the greatest achievement in aeronautics or astronautics in America each year. Founded in 1984, the company has redefined performance, comfort and safety in aviation with innovations like the Cirrus Airframe Parachute System (CAPS) – the first FAA-certified whole-airframe parachute safety system included as standard equipment on an aircraft.

To find out more about Cirrus Aircraft, visit: cirrusaircraft.com

To find out more about learning to fly, visit: cirrusaircraft.com/learn-to-fly

Yacht Style Issue 62: The Superyacht IssueO
Yacht Style Issue 62 features Top 100 Superyachts of Asia-Pacific 2022, seven yacht Reviews, Simpson Marine, Lantau Yacht Club, Ferretti Group’s Stefano de Vivo, Rolex Middle Sea Race, SailGP, Cannes and Monaco shows, Jeanneau Merry Fisher owner Kevin Quek, interviews with HSBC’s Jyrki Rauhio and Cirrus Aircraft’s Zean Nielsen, and lifestyle articles on IL PICCO residences and Art Works Group.

Gordon Fernandes: Superyachts eyeing Asia

Leaders / yachtstyle2020

Gordon Fernandes: Superyachts eyeing Asia

November 16, 2021
3:12 am

Gordon Fernandes, co-founder of Asia Pacific Superyachts, shares his take on discussions about Asia at this year’s Monaco Yacht Show, where superyacht industry leaders reconvened after a two-year gap.

APS GM Gordon Fernandes (second right) and APSA Chairman Nigel Beatty (far left) with industry friends at the Monaco Yacht Show

My trip to this year’s Monaco Yacht Show offered me fresh insights into how superyacht owners, captains and industry members view the Asia-Pacific. I had many discussions about the concerns held by those in Europe and elsewhere, and their perception of visiting this region. It proved fairly timely, as travel restrictions in Southeast Asia have been starting to ease and we’re expecting more people to be taking holidays here in the coming months.

Traditionally yachts have been cautious about visiting Asia because of the problems of Somalia pirates on the passage; that is, the pirates who used to operate in the Gulf of Aden near Somalia. However, this threat has been significantly reduced in recent years as there’s now a significant multinational naval presence in the area. In addition, a ‘safe’ route has been designated for commercial and private vessels when transitioning through this area.

Another route perceived by a few to be ‘full of pirates’ is the Malacca Straits between Singapore and Malaysia, but in the 24 years I’ve been in this region, I’ve never heard of one white boat that has been attacked. The pirate problem in that area is focused on cargo ships, where generally the entire boat and cargo are taken in a targeted attack. It’s very hard for pirates to make money out of a private yacht they would have for sale – and they could not afford the fuel bill.

ASIA ON THE RADAR

Recurring themes from the Monaco show were that yachts are getting bigger, and owners are getting more adventurous in where they want to cruise. Talking to owners, I found many are bored with the normal ‘milk run’ and want to use their floating home to cruise into more exotic destinations, with some looking to do a world cruise.

The 2021 Monaco Yacht Show; Photo: ImagIN / Monaco Yacht Show

I came away with the impression that Asia is on people’s radar and that there are more Asian owners. This is going to mean more charter yachts in the area and a lot more superyacht activity in Asia-Pacific. Consequently, more marinas and shipyards will be built to cater to the yachts that will be permanently based in Asia. Of course, many yachts will continue to Australia where there is already a great superyacht infrastructure in place.

Asia is of high interest within the industry yet still an area that holds tremendous mystique to many. It appears to me all the big brokers are established in Asia and sales are doing well, especially with the pandemic. People are realising buying a yacht awards them privacy and you can self-isolate very easily on board.

DESTINATIONS OPENING

Cruising in Southeast Asia this ‘winter’ is going to be relatively quiet as there are still some restrictions in place. However, these are gradually being lifted and destinations are reopening including Thailand, Indonesia, Malaysia and the Andaman Islands. As soon as travel returns to ‘normal’, we expect it to be very busy.

The Maldives had its busiest period ever last season as the crew and guests only needed one negative PCR test on entry and were then free to cruise around this stunning destination. The policy is the same for this season, so the Maldives should again be busy.

Among many reasons people enjoy cruising in Southeast Asia are the diving, ambient water temperature, natural attractions, adventure, island hospitality and the fact that guests can have an entire beach or even island to themselves. The scenery is amazing with lush tropical jungles and now there are places such as high-end beach clubs for guests to hang out and relax while listening to world-class DJs and sipping cocktails from a coconut!

Gordon Fernandes

Fernandes co-founded Asia Pacific Superyachts (APS) in 2008 with Captain Charlie Dwyer and Captain Scott Walker. He also co-founded APS Phuket with Tanyuta ‘Jojo’ Singhmanee and later, APS Myanmar. He remains General Manager of APS, overseeing its operations across an expansive regional network of offices covering 13 countries. Fernandes is also a Committee Member of the Asia Pacific Superyacht Association (APSA).
gordon@asia-pacific-superyachts.com
www.asia-pacific-superyachts

Yacht Style Issue 62: The Superyacht Issue
Yacht Style Issue 62 features Top 100 Superyachts of Asia-Pacific 2022, seven yacht Reviews, Simpson Marine, Lantau Yacht Club, Ferretti Group’s Stefano de Vivo, Rolex Middle Sea Race, SailGP, Cannes and Monaco shows, Jeanneau Merry Fisher owner Kevin Quek, interviews with HSBC’s Jyrki Rauhio and Cirrus Aircraft’s Zean Nielsen, and lifestyle articles on IL PICCO residences and Art Works Group.

Vivian Chan steps out of the shadows with VP Yachts

Leaders / yachtstyle2020

Vivian Chan steps out of the shadows with VP Yachts

November 3, 2021
4:32 pm

As founder and Director of VP Yachts, Vivian Chan is fast making a name for herself as the Hong Kong dealer for Italian builder Sessa, even if it appears a world away from her other role as General Manager of her family’s Sun Hing Shipyard.

Words John Higginson Art Direction & Styling Tasha Ling

Photographer Ruby Law Hair & Make-Up Wendy’s Workshop

Vivian Chan under a ‘wing’ of a Sessa F68 Gullwing

Vivian Chan looks to be in her element in what she calls the “glamorous side” of the yachting industry, looking every inch the model during a photo shoot aboard a Sessa F68 Gullwing as founder and Director of VP Yachts, which represents the Italian builder in Hong Kong.

For a couple of weekends before that, she was mingling with representatives of the likes of Ferretti Group, Sunseeker, Benetti, Monte Carlo Yachts and Camper & Nicholsons aboard a Riva 110’ Dolcevita at two events hosted by Voyager Risk Solutions this summer.

VP Yachts has already sold multiple Sessa motor yachts since the company’s appointment in November 2020, but for Vivian, the circles she now finds herself mixing in seem a world away from her ongoing role as General Manager of Sun Hing Shipyard, founded by her father Chan Ki in 1981.

Vivian is new to what she calls the “glamorous side of yachting”

“I never got to go out on these beautiful boats until recently. I typically go on a boat to see what needs to be fixed and the only times I really go out to sea was for sea trials. I’ve seen the hull bottoms more than I’ve seen the interiors,” laughs Vivian, who manages her dual roles from the shipyard’s main site, in Shum Wan on the east side of the Aberdeen Typhoon Shelter.

“After I started working for my dad, people kept wondering, ‘who’s this blonde Chinese woman standing on the pontoon’? When I saw my brother working for Simpson Marine, I saw the glamorous side. I always thought it was a world I wouldn’t reach because I was always on the other side, behind the scenes.”

PRODIGAL DAUGHTER RETURNS

Vivian says it was her father’s hope that his children would work in yacht sales, rather than the repair and maintenance field he has specialised in since working at the Supercraft yard in Tsing Yi before founding Sun Hing Shipyard. Despite the family business, Vivian says she rarely spent any time on boats when she was young.

Vivian and her brothers at the family shipyard in 1989

“We didn’t go out boating and I only visited the shipyard a few times when I was young. I didn’t know much about what he did. I knew he liked fixing boats, but he never talked about going on them. I only started going on boats when I started working for him.”

In the early 1990s, the family moved to Canada, initially to Vancouver before settling in Toronto, where Vivian and elder brothers William and Eric went to school. However, unable to find similar work in Canada, her father was back and forth between Toronto and Hong Kong, while both her brothers returned to the city in the early 2000s after graduating from universities in Ontario.

Like Eric, Vivian studied at Ryerson University and gained a BA in Architectural Science. But unlike her brothers, she stayed in Toronto, even after her mother had also moved back to Hong Kong. It was a family crisis that drew her back to the city to start working at Sun Hing Shipyard in 2011.

With Sun Hing staff including long-serving Chan Bong-wah (third right)

During a trying time for the family, her uncle decided to start his own business, so the site and staff were split into two, with the shipyards remaining side by side today.

“We literally split the shipyard in half,” says Vivian, whose first job was to put her architectural skills to use by designing the new office and floor plan. “I didn’t know much about boats, but I was just here to support my Dad along with the workers, as many have been with him for a long time.”

GROWING ROLE

After the split, Vivian worked alongside her dad in the office as Project Coordinator, alongside a team of five service staff including Chan Bong-wah, who still works at Sun Hing and has now been working with Chan Ki for four decades.

Vivian is Director of VP Yachts and GM of Sun Hing Shipyard

It was a surprising new role for Vivian, not only because of her lack of experience in the industry but because her father had always advised his children to work in other fields.

“My dad felt the shipyard business doesn’t make a lot of money, so he never really encouraged my brothers or I to work here. He’d say, you’re better off going to a dealer like Simpson Marine. My dad would prefer his kids to be meeting the owners of boats rather than just fixing the boats.”

To her father’s delight, Eric had joined Simpson Marine in 2010, working as a broker for Asia’s largest yacht dealer for nine years before setting up Deepsea Marine HK.

Vivian with her father and brothers William (left) and Eric (right)

William, after over a decade working in other fields, also joined the yacht sales industry in 2013, working for Jebsen Marine and Starship Yachts before founding his own brokerage company, Sunshine Yachting, in 2017, with an office at Sun Hing’s original shipyard.

Meanwhile, Vivian had been trying to ensure her father’s business could stay afloat with the added pressure of direct competition next door, as her language skills and overseas education helped her connect with many international dealers and companies.

“A lot of dealers came to us because I can speak English with them. I pretty much turned into a translator for my Dad at the beginning,” she laughs.

Vivian and Eric at the Cannes Yachting Festival

Vivian remembers attending her first international boat show at the 2014 Hainan Rendez-Vous, having joined the delivery trip of an 80ftplus motor yacht from Hong Kong. Over the years her experience and exposure increased, including attending the Cannes Yachting Festival in 2017 and 2018.

Furthermore, her responsibility and importance quickly grew, as she became General Manager of Sun Hing Shipyard while her father slowly started to hand over the reins.

Seeking other revenues for the company, she was involved in successful bids to lease shipyard lots in Ap Lei Chau, where Sun Hing has a second site. New services include boat collecting, assembling and commissioning for yacht dealers, all now proving important to VP Yachts.

OPPORTUNITY KNOCKS

Last year, in a further boost for the company, Vivian helped Sun Hing Shipyard become Dufour’s North Asia service centre, an appointment that began a sequence of events leading to her new role representing Sessa.

Vivian was appointed Sessa dealer in November 2020

Kevin Corfa of Dufour Asia remotely introduced Vivian to China-based Brian Zhuang, whose company Omnia Marine represents multiple brands including Dufour and Sessa, the inland Italian yacht builder he bought in 2015. Zhuang mentioned that a new Sessa F68 Gullwing was still in Hong Kong, unable to be imported to China due to Covid restrictions, so asked Vivian for help in selling it.

Last November, she exhibited the 21m flybridge motor yacht at the third HKCYIA-organised Hong Kong Yacht Show, an invitation-only event held for a second year beside the Kai Tak Runway Park. The blue-hulled Sessa flagship proved one of the star attractions among the 17 boats at the show.

While fronting the boat, she received multiple visitor enquiries as to whether she was an official Sessa representative, so called Zhuang to ask how she should respond. He quickly confirmed her status as the dealer for Hong Kong.

The 2020 Hong Kong Yacht Show at Kai Tak Runway Park

“I felt this was a good chance to expose the Sessa 68 and it was the show-stopper. Our boat really stole the show,” she says. “I learned so much during those three days. I had been to dealer displays in Hong Kong, so I followed what I’d seen about how to dress and present the boat, uniforms for staff and crew, invitations, catering and so on.”

More importantly, she was also making her first sale, even if she didn’t realise it at the time. Among the visitors on board the Sessa was a family friend, who mentioned he wanted the boat. “I thought he was joking,” she laughs.

However, he followed up after the show to check if the yacht was for sale. “The boat had been in Kwun Tong for nine months, so I thought he wanted to order a new unit, but he didn’t want to wait.”

Sessa models include the new Key Largo 40

Now joining her brothers in the world of yacht sales, Vivian created a new company, VP Yachts – representing the initials of her and her daughter – and had to quickly get up to speed with Sessa.

Based at an inland facility outside Bergamo, east of Milan, Sessa builds cruiser and flybridge motor yachts ranging from the new C35 – among its five models at this year’s Cannes Yachting Festival – to the F68 Gullwing, a stunning design distinguished by lifting doors on each side of the saloon.

It also builds the Key Largo brand range of inboard and outboard cruisers ranging from the 24 to the 40 that premiered at last year’s Genoa International Boat Show and was also on display at Cannes and Genoa this year.

Vivian sold a Sessa F47 earlier this year

VP Yachts’ first sale of this year was an F47, one of Sessa’s newer models, with delivery scheduled for the first quarter of 2022, while over the summer Vivian sold a C38 to a first-time boat owner.

IN-HOUSE SERVICE

In her brief time as a yacht dealer, Vivian has quickly realised the importance of her family’s shipyard, not only in providing service and fast repairs but as a reassurance for potential buyers.

“The buyer of the F47 was recommended to talk to me because we have a shipyard so we can always look after the boat,” she says. “I’m so glad I have a shipyard in this role. It saves a lot of time compared to claiming warranties and waiting for parts or a repair.

Vivian heads a strong team at Sun Hing Shipyard

“A lot of the time we just fix it straight away and deal with the follow-up later. You want a happy customer, not someone annoyed and having to wait for someone to fix the boat. The longer I’m in this job, the more important I realise my shipyard is.”

Now managing both Sun Hing Shipyard and VP Yachts, Vivian has three other staff in the office and six technicians in the service department, cheekily adding: “My Dad comes in once a month to pick up his paycheque.”

Since Vivian became a dealer, Sun Hing has already been servicing other Sessa boats in Hong Kong, while VP Yachts also offers yacht management and is already providing the service for the owner of the F68 Gullwing. Looking ahead, Vivian is keen to keep growing both companies’ offerings.

Vivian on the F68 Gullwing, the first Sessa she sold

“I’m really enjoying VP Yachts because it’s something I started myself. Now, I want to do everything including after-service, yacht management and much more. I think it’s important to know the whole experience of boating and I’m learning something new every day.”
vivian@vpyachtsltd.com
www.sunhingshipyard.com/sunhing

Italian builders show new models at Genoa
Azimut, Riva, Pershing, Sanlorenzo, Bluegame, Absolute and Sessa are among builders displaying 2021 models at the 61st Genoa International Boat Show.

HSBC Global Private Banking: Asian wealth at heart

Leaders / yachtstyle2020

HSBC Global Private Banking: Asian wealth at heart

November 1, 2021
4:28 pm

Jyrki Rauhio, Regional Head of Credit Advisory, Global Private Banking, Asia Pacific at HSBC, explains how the region’s ultra-wealthy benefit from the bank’s unique range of services including financing structures for superyachts and other ‘trophy assets’.

Jyrki Rauhio, Regional Head of Credit Advisory, Global Private Banking, Asia Pacific, HSBC

What’s the typical profile of HSBC Global Private Banking clients in Asia?

One of the core strengths of HSBC is our internal connectivity. We work closely with our Commercial Banking and Global Banking colleagues to support our clients across their corporate and personal banking needs.

For example, we’ll connect with an entrepreneur to discuss their wealth needs, from liquidity to financing, during the early stages of growth. We’ll work closely with our Commercial Banking partners to support the expansion of their business, including international growth. As they grow, they’ll either reinvest in their business or look to manage and protect their wealth, which is where Private Banking comes in with our investment and wealth solutions as well as our wealth planning and advisory team. It’s a very tried-and-tested model and sets us apart.

Of course, we also serve professionals and employees of companies. In Asia, sectors like finance, technology and healthcare are rising quite rapidly. And the wealth of these employees, which may be tied into shares as well, can blossom very quickly and unexpectedly. They need a trusted partner to help guide their long-term financial well-being.

We deal with clients from all backgrounds and industries. But the heart of our strategy is to support clients across their personal and corporate wealth needs, bringing human and financial capital to the table, to help them grow, manage and preserve their wealth.

What makes HSBC different to other banks in Asia dealing with such clients?

HSBC has been actively supporting Asia’s growth story for over 156 years. As part of the group, HSBC Global Private Banking is a leading global private bank, with a wide range of associations and established networks. We are unique in the industry by leveraging HSBC’s scale to provide end-to-end solutions and utilise the depth of HSBC’s global proposition and network.

As a global player with local expertise and our heart in Asia, we are committed to helping our clients grow, manage and preserve their wealth across generations and geographies. This year marks the 75th anniversary of HSBC Trustee in Asia. As one of the longest-serving Trustees in Asia, we are trusted by generations and have been a partner in helping many affluent families preserve their wealth and legacy for future generations to come.

Where does yacht financing fit in within HSBC’s services?

Yacht financing fits into what we call the trophy asset category. A couple of other key ones are private jets and art. They can all be categorised as ‘passion asset’ classes. I use that term because a yacht or plane can be hard to justify from a traditional investment return point of view, but they hold a different type of value, such as utility value, time-saving value or otherwise.

It’s a very important class of assets for our clients, especially the ultra-high-net-worth individuals (UHWIs), who have investable assets over US$30 million. It’s not about enabling purchase, like others would buy something on a payment plan. It’s about really making those assets work harder and releasing equity to get a return. We might suggest that instead of putting US$50 million into this boat or plane, why not put down a percentage of that and then put the rest to work to defray that cost.

Our clients, especially the UHNWIs, have collateral and a lot of debt capacity. They’re comfortable in having debt, even in assets like this, especially with low interest rates. A key is to make sure that the collateral is top end, whether it’s an aircraft or a yacht, and have a tight structure, so it’s being maintained and kept in top order.

The new 70m Alfa built by Benetti is available for sale through Fraser

We’ve been very busy on the yacht financing side, talking to clients who are either buying their first vessel or upgrading. Since Covid, there has been a boom in demand for buying yachts, especially in Hong Kong, where getting out on a boat has been as close to having a holiday as you can get.

When clients seek to buy such assets, do you challenge them or pose questions to better understand the investment and costs?

We need to be realistic. We do often have a frank discussion with our clients when they’re looking to buy yachts or planes. For example, flying first-class is very affordable compared to owning a plane. For superyachts, we highlight the cost of ownership such as the classic rule of thumb, which is that annual running costs are about 10 per cent of the purchase price.

With Covid, people are feeling that ‘you only live once’ and are keen to own a yacht. It’s a fantastic way to spend your time and the types of clients that are looking at owning a yacht are in the wealth band where it works.

However, in my career, I’ve seen situations where people have had a windfall through an IPO or a liquidity event, and they rush to buy some of these assets. The reality is that buying a yacht or a plane is not like buying a sports car. It’s a very complex purchase, so we highlight that. When we structure the transaction and write up the analysis, we look into that and provide our take on the individual’s ability to service this.

At the end of the day, I’m not in the business of pure asset-based finance. We’re in the relationship banking business. We’re doing this because of who the client is. Our offering is quite unique in the market.

How are ESG (environmental, social and corporate governance) considerations changing among your clients?

ESG has been increasing in importance for quite some time and one of the reasons is the emergence of younger wealth, the tech and financial entrepreneurs, and the next generation. If you look at the traditional billionaire tycoons in places like Hong Kong, their children or grandchildren are now taking over. They may have a very different world view and background to their parents and grandparents. This is very important.

When we look at yachts and builders, are they taking ESG into consideration when sourcing the teak for the decks? What are the carbon emissions on a yacht or a plane? The awareness around this topic is rising rapidly and I can see it evolving more widely. ESG is now a factor in almost all the investments our clients are making.

Do younger clients have a different mentality when investing?

An increasing number of our clients in the regions, especially the Next Generation clients, express strong interest in the durability of sustainability-related themes, because climate change is a scientific fact which will take decades to address. And our clients also like the fact that all stakeholders now seem to be aligned: governments, regulators, voters and consumers are now all committed to the net zero transition.

What are the current business priorities for HSBC Global Private Banking in Asia?

I want to highlight three areas. Firstly, we’re investing a lot in ultra-high-net-worth individuals, as you have to offer a lot more beyond a Private Banking platform. You need to be able to connect Commercial Banking and Investment Banking, bringing top-grade products, services and solutions to these clients.

Secondly, we’re earmarking a third of our Private Banking investment for mainland China. We already have teams in Beijing, Guangzhou and Shanghai, but we’re aggressively growing on the ground to become embedded into the financial system within mainland China itself, as opposed to just relying on the offshore banking model. Investment opportunities for individuals on the mainland are starting to diversify, so we want to be there to capture that opportunity.

Thirdly, we’re scaling up in Southeast Asia which has over half-a-billion people and some of the fastest-growing economies in the world, especially pre-Covid. When we think about Asian wealth, we look at the entire Asian opportunity, not only China, but other parts of the region, such as Singapore as an international wealth hub.

What else should people know about Global Private Banking at HSBC?

The Asian consumer and their growing wealth are the heart of HSBC. We’re investing US$3.5 billion into the Asia wealth franchise over the next five years to accelerate the growth of the wealth and personal banking business. We want to be the leading wealth manager in Asia.

We have all the ingredients, unique in the industry, by leveraging HSBC’s global proposition and network, including access to capital financing, capital markets participation, pre-IPO/direct investments, real estate and a tremendous balance sheet, which is hugely important for the ultra-high-net-worth segment. All this enables our clients to put their money into motion, whether it’s to buy assets or dispose of assets.

So, if you’re looking for one of the world’s largest international banks with an extensive global network and its root and knowledge in Asia, which understands you as an entrepreneur, HSBC is the bank for you. Combined with our commercial heritage, global and regional reach, capabilities and expertise, that makes HSBC Global Private Banking unique.

www.privatebanking.hsbc.com

Disclaimer: The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice. Issued by the HongKong and Shanghai Corporation Limited.

Yacht Style Issue 61 Out Now: The Premieres Issue
Yacht Style’s Issue 61 features New Models and World Premieres 2021, Cannes and Monaco show specials, Camper & Nicholsons CEO Paolo Casani, VP Yachts founder Vivian Chan, Galeon and Tony Castro, PMG Shipyard in Thailand, ONE°15 Marina Sentosa Cove, Reviews of Ferretti Yachts, Sanlorenzo, Aquila and Bali boats, and Yacht Style Awards 2021.

YP Loke: Maritime Heritage – A Singaporean context

Leaders / yachtstyle2020

YP Loke: Maritime Heritage – A Singaporean context

October 31, 2021
4:29 pm

Singapore should do more to embrace its maritime heritage, writes YP Loke of Global Marine Business Advisors.

YP Loke, GMBA Singapore

In Asia’s relentless march towards economic prosperity and its bid to catch up with the developing world, many fundamental values important for evolution of the human condition and wellbeing are often cast by the wayside. This includes (among others) the arts, preservation of natural capital (the world’s stock of natural assets, which makes life possible), culture and heritage.

Asian parents – pushier than their western counterparts – besiege their children to eschew the liberal arts and social sciences in favour of the hard sciences. Assigning monetary value to the former is difficult but not impossible. Their exclusion from the gross domestic product in measuring economic development is a serious shortcoming.

In this article, my focus is on just one small part of this broad spectrum of fundamental values – maritime heritage. It is a subject I am familiar with, given my background in the maritime space, and the fact that I live in Singapore – a modern bustling port city that grew from a sleepy fishing village when the British came here and claimed it as a colony some 200 years ago.

While our journey of economic progress is often envied by others, our record on retaining our culture and heritage has been wanting.

Photo: c/o WRDE

The ideology and relevance of heritage in the search and articulation of identity is not new. The noted eighteenth century Danish philosopher Søren Kierkegaard was quoted to have said, “life can only be understood backwards; but it must be lived forwards”.

In the case of Singapore, it explains the genesis of our multicultural past and forms the cornerstone of a multiracial identity which engenders social responsibility, inclusiveness and a common sense of place. Weaving our maritime heritage into other cultural and economic aspects of our society enables us to resonate with our past and gives us a compass for moving forward as a community.

One would have expected that with maritime trade so firmly entrenched in Singapore’s economic lifeblood from ancient times until today – Singapore remains the world’s busiest port when measured by shipping tonnage – that some sense of maritime or seafaring ethos would become embedded into our cultural DNA.

Sadly, this is not the case. While the body of knowledge and public policy involving heritage and conservation on terra firma is generally healthy thanks to agencies such as the National Heritage Board, the state of its maritime cultural landscape is in desperate need of a makeover. Our maritime heritage warrants effective management at a national level.

Industry laments young people aren’t interested to come into the maritime workforce, which is in dire need of manpower. To be sure this isn’t the kind of cushy industry typical Singaporeans yearn to be in, but the lack of strategic overview and public policy surrounding the maritime cultural landscape certainly does not help. This lack of a maritime identity in the Singaporean cultural psyche is a stumbling block to its stated goal of becoming an international maritime centre.

Witness the other end of the spectrum, where Scandinavians (Norwegians and Danes in particular) have a clearly engendered maritime cultural identity rooted in their Viking past, which they proudly articulate. That these great seafaring nations can maintain a dominant position in global shipping up to today is due in no small measure to the link with their maritime cultural heritage.

Singapore’s predicament of getting young people into the maritime workforce can be neatly summarised in the following quote by Antoine de Saint-Exupéry: “If you want to build a ship, don’t drum up the men to gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and endless sea”.

http://www.gmba.blue

yp.loke@gmba.blue

Disclaimer: Global Marine Business Advisors and its associated website http://www.gmba.blue are not registered legal entities. GMBA is a network of independent marine industry advisors. In all articles the opinions expressed are those of the author and does not necessarily reflect those of GMBA.

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Talia Maggi: Gulf Craft growing global

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Exclusive interview with Ferretti Group’s Stefano de Vivo

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Cirrus Aircraft: Leading from the top

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Gordon Fernandes: Superyachts eyeing Asia

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Vivian Chan steps out of the shadows with VP Yachts

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