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Superyacht Financing, HSBC Global Private Banking, superyacht, market, rollercoaster, Jyrki Rauhio, Regional Head of Credit Advisory, Asia Pacific, Fraser, client, sale, Mediterranean, Caribbean, Asia, megayacht, Hong Kong, Sai Kung, Jakarta, Singapore, Manila, Vietnam, Philippines, India, Covid, HSBC Global Private Banking, risk

“You only live once” by HSBC Global Private Banking

Leaders / yachtstyle2020

“You only live once” by HSBC Global Private Banking

November 14, 2022
11:40 pm

Even during a “rollercoaster” couple of years post Covid, the superyacht market in Asia has remained lively and HSBC Global Private Banking continues to help clients realise their dreams.

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

Asia may not be the world’s most developed superyacht region, but it does have a dynamic new generation of owners, many of whom have been inspired to purchase in the Covid era. In fact, a superyacht as a first boat is more common in this region than in the rest of the world, where owners typically upgrade through a series of increasingly large yachts before taking the plunge and buying above 80ft or 100ft.

HSBC Global Private Banking, which has a long history of helping finance and structure superyacht purchases around Asia, revealed that earlier this year it helped a client buy a 100ft-plus yacht valued in the region of US$10 million – impressive for a first boat.

“In Asia, someone’s first yacht may be a 100-footer and our client’s first was above that length. It’s a very nice vessel,” says Jyrki Rauhio, HSBC Global Private Banking’s Regional Head of Credit Advisory, Asia Pacific. “Usually, most buyers would have had several boats before buying a superyacht, but the fact he’s spending US$10 million on his first shows the difference in the market here.”

Stressing how Covid has inspired a strong feeling of carpe diem, he cites a Hong Kong-based tycoon who has been involved in a lengthier purchase of what could be termed a megayacht. Built in Italy, it should be delivered in 2023 and has a value close to US$100 million.

“He wanted to realise a dream,” Rauhio says. “His yacht is of a serious size, but it’s a great example of a project that has been built during Covid for somebody who wanted to realise their dream. Once he gets it, he can enjoy using it far more widely than just cruising around Hong Kong.”

ROLLERCOASTER MARKET

Rauhio, whose job scope covers Asia Pacific, says the mindset of people in the region has been influenced by a reaction to the Covid era’s restrictions, much as it has elsewhere in the world.

“Everybody’s world view has changed in the last couple of years. People have altered the way they approach life, family, work, holidays and so on. There has been a feeling of ‘you live only once’,” he says. “As such, many yacht dealers have done very good business and it has also been evident in the supercar market”.

For all the upsides in the ‘trophy assets’ sector, Rauhio admits that the overall superyacht financing market spanning the various countries and regions across Asia “has been a very interesting rollercoaster, with ups and downs”.

“We’ve closed deals and we’re working on more, but it has been an interesting two or three years and the gyrations have been huge, as have the regional discrepancies.”

In Hong Kong, the yachting market picked up quickly in 2020 after the initial fear of Covid waned, leading to record yacht sales for many dealers and brokers. However, Rauhio says the post-Covid boom in the yachting market has slowed a little, coinciding with more restrictions at the start of the year and a more unsettled business climate.

“Soon after Covid began, people started getting interested in boats and many were sold in the secondary market. This was when [interest] rates were still low. Our clients came to us for funding and there was a lot of activity; we issued plenty of term sheets and closed quite a few deals,” he says.

“People getting on their boats and cruising around Sai Kung or elsewhere was the closest they had to a mini-holiday for the first couple of years of Covid.

“However, that euphoria has cooled a little. Coming into 2022, we moved into higher rates and more uncertainty, with people wondering whether buying a yacht was a good idea. Quite a lot of the people looking at these large yachts had their businesses face headwinds and had better use for their cash, although we’re still working on multiple transactions in Hong Kong.”

Rauhio says his recent travels around Southeast Asia have given him cause for optimism and gives examples of how overall wealth in Asia and around the world continues to grow.

“I’ve recently been in Jakarta, Singapore and Manila, and business prospects look pretty good, people are enjoying themselves, so I think the superyacht sector will continue doing reasonably well, although it’s subject to the market,” he says.

“The number of people holding US$250,000 in Vietnam, the Philippines and India will more than double by 2030, according to HSBC research. It’s an example of how wealth in this region will continue to grow, despite how the markets perform and geopolitical happenings. It’s an unstoppable trend and with it comes a desire for assets like yachts and other items.”

CGI c/o Fraser

QUESTION TIME

In Hong Kong late last year, HSBC Global Private Banking invited clients to visit and tour three motor yachts up to about 120ft in Deep Water Bay in an event organised with a local dealer. Rauhio was happy to see the reaction of clients, but believes potential owners should think long and hard before committing to such a purchase.

“The clients loved it, having champagne and canapes, and spending a day on a very nice yacht. It can potentially stir an impulse purchase, but clients should ask whether it makes sense for them on more than just an emotional level.”

He also cautions potential owners who may have first enjoyed yachting in the Mediterranean or Caribbean, especially if they assume a similar infrastructure for superyachts exists in Asia.

“If their first experience was on a holiday or charter in the Med or the Caribbean, they may have thought owning a yacht is a great idea,” he says. “It is a great idea in the Med, where you can easily go from port to port, but in Asia, you need to think realistically about how you can and want to use your yacht and where you want to go.”

A yacht is also very different from most other trophy assets, especially passive ones such as art or luxury watches. A superyacht is in a different cost bracket to supercars and is only partly comparable to a private jet. The rule of thumb for annual running costs of a superyacht is up to 10 per cent of the purchase price, once you include crew, insurance, berthing, fuel, maintenance and more.

“A yacht is a very complex asset to own, even more complex than a plane. You must keep a plane airworthy, but it’s highly regimented and regulated, and can be overseen by a management company. In the boat industry, certainly in Asia, it’s not plug and play, and it can be a complex process to find the right people, suppliers and support,” he says.

“The running costs are quite a large cash outflow, which is fine if you have enormous cashflow coming in, as many of our clients do. For most of our clients, it’s not a question of whether you’re rich enough but whether you really want to spend this kind of money on this asset. Do you want to get involved in all the costs and hassles of ownership?”

PERSONAL CHOICE

However, once a buyer has committed to purchase, HSBC Global Private Banking works with clients on how best to structure any purchase and how to set up ownership, and even – if needed – to help discuss the type of yacht they wish to buy.

Choosing a yacht can involve discussions about pre-owned, new or custom build, special features and size, which can be a personal choice or based on the owner’s plans, such as whether it will be used for long journeys and ocean crossings. The choices are far more varied and complicated than when choosing a private jet, when it’s far clearer how the client is likely use it.

“For a plane, a client may typically fly within Asia or to Europe or New York, and estimate that they fly 20 or so times a year, for example. Based on usage, you determine the size and narrow it down to a few options,” he says.

“Planes are more limited than yachts, where we have more of an advisory relationship. A yacht purchase is more emotional and the options for design and customisation are endless.”

He also cites a client in Australia as an example of someone who knew what he was looking for and how he was going to use it. Rauhio visited the client’s house in Sydney and was amazed at the personal involvement in the design of his upcoming yacht.

“He had a beautiful house and one of the rooms was full of blueprints of the yacht, which measures a couple of hundred feet. He had all these blueprints taped around the walls, so that was like his design room. He got very deeply involved in the actual customisation of his yacht.

“When you get to that level of involvement, you know all the questions have been answered. He then used this yacht to travel between continents, cross oceans, going up the coast from the Panama Canal to Alaska.”

CGI c/o Fraser

STRUCTURING AN ACQUISITION

Once a yacht has been identified, discussions revolve around how to structure a purchase. For starters, HSBC’s yacht financing is not about enabling purchase. Clients typically can afford the outlay and the yacht sits within a large portfolio of hard and soft assets.

“The important question for the client is, ‘Do you really want to tie up your capital for the full value of the yacht? Then you get into what we do, and this is where the financing angle comes in,” says Rauhio, who admits such discussions are a little more complex now than even just a year ago, when rates were lower.

“If you’re a successful businessperson, tying up US$50 million in an asset that yields a negative cashflow is not necessarily a smart thing. You’d rather release some liquidity from that and invest it in something that brings you a positive cashflow to help offset the cost of ownership.

“As we stress, our yacht financing is not about enabling purchase but about making your money and equity sweat harder. If you earn a 10 per cent yield on your capital in your primary activity, then even with these rates, financing makes a lot of sense while using your hard-earned cash possibly doesn’t.”

The structures of yacht financing and ownership can vary widely. Rauhio says the tycoon who ordered a yacht valued at close to US$100 million was looking how to best finance it and structure the acquisition. HSBC Global Private Banking arranged pre-delivery financing, approving a facility against the project, and has separately arranged delivery financing.

“He’s a very good client of ours and has substantial assets. We enabled him to finance the entire construction period so when the project is realised, he will take delivery, but he has been mostly using our money to build it. He then effectively puts in the equity at the end,” Rauhio says.

“We take a fair amount of risk, but because of our deep and long-term relationship with this HSBC Group connected client, we were happy to take that risk.”

Otherwise, financing structures can be more straightforward, with options including placing the boat in a trust, depending on the client and family estate. Rauhio says the financing for the first-time buyer of a US$10 million yacht was about 50 per cent LTV (loan to value).

“Basically, we need a borrower and a guarantor. Typically, you establish an SPV (special purpose vehicle) to hold and own the boat. The SPV becomes the borrower and there’s a personal guarantee by the client,” he says.

“It can make sense for a family estate to hold it in an SPV, especially if you charter the yacht. All the running costs and assets are in one place, and it can be run as a mini company, which can be used to hire the crew and make and receive all other payments.”

HSBC has also, with prior approval, put clients in touch with other clients who have been through the process, for advice and learnings.

“We can connect you with others going through the same thing,” Rauhio says. “Maybe you want to have a discussion with a like-minded millionaire locally in Asia to discuss how they did this, as opposed to having a Zoom call with somebody offshore, for example. That’s an advantage.”

Ultimately, HSBC Global Private Banking has the on-ground expertise and experience across Asia to help clients make their money work for them, offsetting some of the large costs of what’s often seen as the ultimate trophy asset but also one that can be used as a working ‘home away from home’ when required.

“As a wealth partner, we’re here to help enable our clients to do it. We even had one client who had both a yacht and a plane, and if you want to go down the trophy asset lane, we can even finance the art you want to put in your yacht,” Rauhio smiles.

“It’s all part of your wealth and we want to accompany you on your wealth journey, whether it’s hard or soft assets, commercial or leisure. If you’re thinking about a yacht, I’d encourage you to engage with us. It’s worth a discussion.”

www.privatebanking.hsbc.com

Disclaimer: Investments in emerging markets may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. This article is not a personalised communication from HSBC to you and does not constitute and should not be construed as legal, tax or investment advice or a solicitation of the sale or recommendation of any product or service. You should not make any investment decisions based mainly or solely on this article. All investments involve risks and may experience upward or downward movements and may even become valueless.

Issued by The Hongkong and Shanghai Banking Corporation Limited

Grandtech’s Meme Poon: Heading Volvo Penta in Hong Kong

Leaders / yachtstyle2020

Grandtech’s Meme Poon: Heading Volvo Penta in Hong Kong

October 23, 2022
10:46 am

As founder and General Manager of Grandtech International Engineering, Meme Poon heads the Hong Kong dealer for Volvo Penta engines, a fixture for several leading luxury yacht builders.

What services does Grandtech International Engineering provide for Volvo Penta?

Grandtech is the authorised dealer of Volvo Penta industrial and marine engines in Hong Kong, although over 95 per cent of our business is for private yachts and five per cent is for industrial engines.

We handle the supply of spare parts, while our service team can handle pre-delivery commissioning (PDC) for new engines, annual general maintenance, ad hoc repairs, replacing of long block engines and overhaul of engine services. We typically handle an average of 20 PDCs for new boats every year, but in 2021 we recorded over 30.

What are the most popular Volvo Penta products in Hong Kong?

Volvo Penta IPS (inboard performance system) is the most popular drive in Hong Kong. It has lower emissions, lower fuel consumption, higher speeds and lower perceived noise level. The joystick for easy boating is perhaps the most well-known feature of Volvo Penta IPS.

Which yacht brands and dealers do you work with?

We work with many dealers including those representing Azimut, Absolute, Princess, Galeon, Sessa, Dufour, Jeanneau and Hanse. All Absolute and Sessa models use IPS, while Azimut and Princess, for example, use a mix of IPS and other Volvo Penta drives.

Can you outline your boating background in Hong Kong and how you joined the yachting industry?

I had no idea about yachts before I joined Jebsen Industrial, although I had some experience of windsurfing and sailing boats during school summer holidays in Hong Kong. I later obtained an Advanced Diploma in China Business and a Bachelor of Management Studies.

I had been a Senior Secretary at Rieckermann Pharmatech and Executive Secretary at Chun Yip Industrial before joining Jebsen Industrial Technology in 2009 as Personal Assistant to the BU Director. Later our BU had a structural change and set up a new customer service team to handle the whole order processing including enquiries, quotations, preparations, contracts, logistics and billing.

As Head of Customer Service from 2012, I oversaw the operation team for China and Hong Kong. In 2016, I was promoted to Sales Manager of the Volvo Penta service team, which was my first time working in the boating industry. In this new post, I had to use both my experience of machinery service at Rieckermann Pharmatech and customer service at Jebsen.

What did you learn in this new role with Volvo Penta?

I learned a lot of new things, such as going to Kwai Chung Container Terminals to accompany yacht dealers receiving new power boats. Our team checked the engines and installed the propellers. I saw the surveyor inspecting the boat and shipyard workers installing the flybridge accessories. It was amazing teamwork between all the different parties.

After Jebsen Industrial closed, how did you continue representing Volvo Penta in Hong Kong?

Sadly, Jebsen decided to suspend its cooperation with Volvo Penta in 2017, closing most industrial business lines. In Hong Kong, Volvo Penta had a third of the market share of marine engines, from sail boats to 100ft motor yachts.

We had loyal technicians who had been working on Volvo Penta engines since 1993. I believed our team could continue to support our customers in Hong Kong, so I established Grandtech and started to discuss the business plan with Volvo Penta and Jebsen.

How has IPS evolved since its introduction in 2005?

The first generations were IPS 1, 2 and 3, but now it’s IPS 10, 15, 20 and 30. IPS is always developing and the range is expanding. New advantages are related to electronic vessel control (EVC) and accessory functions.

IPS10, for example, fully integrates the engines, electronics and EVC features with the glass cockpit, and has joystick docking, electronic shift and throttle, low-speed control, and support for triple engine application. Options include the joystick, autopilot with joystick driving, and dynamic positioning system (DPS). There’s also support for the Easy Connect app and maintenance assistance with service alert.

New features in the IPS transmission include a high-capacity oil filter with pressure sensors that detect a clogged filter, oil-level sensor and water-in-the-oil sensor, while the oil exchange is done from inside the vessel.

Why is IPS popular?

A few of the many benefits when comparing to inboard shafts are up to a 40 per cent longer cruising range, 20 per cent higher top speed, 30 per cent reduced fuel consumption, 30 per cent less CO2 emissions and 50 per cent lower perceived noise. It’s easy to install and allows for more onboard space.

Along with spare parts and repairs, what else does Grandtech offer?

We offer preventive maintenance, which Volvo Penta recommends every 12 months. We stock all regular items – engine oil, filter, belt, transmission oil, coolant, zinc anode and so on – that are required for general maintenance of inboard engines from D1-D13.

We also stock items like sensors, PCUs (powertrain control units), sealing ring for drives and steering cylinders for ad hoc repair services. I should emphasise that preventive maintenance is very important for the performance and shelf life of an engine.

www.grtech.com.hk

www.volvopenta.com

Aquila Power Catamarans: 10 Years, 10 Questions

Leaders / yachtstyle2020

Aquila Power Catamarans: 10 Years, 10 Questions

October 17, 2022
12:08 am

With Aquila celebrating its 10th anniversary this year, Brand Manager Alain Raas sits down with YACHT STYLE to answer 10 questions about the builder’s rapid path to the top of the powercat market.

Alain Raas, Brand Manager, Aquila

1. With Aquila marking a decade since it was founded by MarineMax and Sino Eagle in 2012, the brand exhibited all six of its current models together for the first time at this year’s Miami International Boat Show. What are the plans for upcoming shows?

Yes, we’re ready to again show all six of our models at the Fort Lauderdale International Boat Show (October 26-30), so will be displaying the 28 Molokai, 32 Sport, 36 Sport, 44 Yacht, 54 Yacht and 70 Luxury. We’re also teasing two upcoming models, the 42 Yacht and the 47 Molokai, which are going to continue the amazing growth and success of Aquila.

We also have some very exciting news and information in terms of the development of our E-Motion hybrid power package on the 70 Luxury. The plan is then to show all six of our current models and the new 42 Yacht at the next Miami International Boat Show (February 15-19, 2023), while the 47 Molokai will also debut in 2023.

CGI of Aquila 42 Yacht

2. How does the 42 Yacht design make it different to other Aquila models?

The Aquila 42 Yacht will be a completely new model, with naval architecture firm VPLP (Marc Van Peteghem and Vincent Lauriot Prevost) at the forefront of following in the Aquila DNA. The various cabin configurations and power-package options make her a unique offering for the private owner as well as yacht charter programmes throughout the world.

The 42 is also a new introductory model for our Yacht range, further enhancing our robust product offering and presenting our loyal client base with a more affordable opportunity to move up to our flybridge models. Aquila is excited to be leading the tremendous growth in the power catamaran market after 10 years, and we continue to push the limits of our design and development teams to remain at the forefront.

Aquila 36 Sport

3. Aquila’s best-selling models are the 36 Sport and 44 Yacht, which sit below and above the 42 Yacht in the size range. Can you indicate the sales to date of the 36 and 44, and how these models rank globally among cruiser and flybridge powercat models?
Combined, the 36 Sport and 44 Yacht have sold 380 units, which is a remarkable achievement in such a short period of time. Both models are consistently at the top of domestic and/or global rankings and have helped Aquila become the world’s No. 1 power catamaran brand among private owners. Orders for both stretch into the later part of 2023 and we don’t see foresee demand waning any time soon.

Aquila 44 Yacht

Both models offer the Aquila Hydro Glide Foil™ option, providing clients with exceptional range and efficiency. Our 36 Sport owners can achieve up to 30-40 per cent gains in efficiency and range, which is amazing, while the heavier 44 Yacht gains roughly 20 per cent, tremendous for such a large yacht. Aquila’s belief is to build efficient hulls and then improve the platform with new technologies.

4. Can you tell us more about the Hydro Glide Foil System™, which was first made available as an option on the Aquila 36 Sport?

Aquila’s DNA includes focusing on hull designs that provide optimal efficiency, unmatched in the industry, at both displacement as well as cruising speeds. Our Hydro Glide Foil System™ is at the forefront of that innovation on our Aquila 36 Sport, resulting in a third of the model’s current sales selecting the foil package.

Aquila Hydro Glide Foil system

Innovation and efficiency are symbiotic to enhance new technologies that continue to evolve at Aquila as we continue to expand the offering of this option on other models, including the 44 Yacht. In the recreational boating space, Aquila is the No. 1 manufacturer for the foil system on privately owned power catamarans.

5. Can you indicate how well the 54 Yacht and 70 Luxury have sold across the globe?

Both the Aquila 54 Yacht and 70 Luxury have had unprecedented success since coming to market in early 2021. Both models are highly sought after globally, with sold units on order for the next 24 months.

Aquila 54 Yacht with Aquila tender

6. Can you update us on Asia sales of these two large models.
Sales in Asia and the Middle East continue to grow for our two largest models, with robust deliveries already on the calendar through 2024.

7. What has been the market response to the 28 Molokai, both globally and in Asia?

Having launched in December 2021 and debuted at the Miami show this February, the momentum for our two new Molokai offshore models – the standard version with centre console as well as the Cuddy version – continues to grow, with orders already confirmed for Australia, Malaysia and Thailand.

Aquila 28 Molokai

Outside of Asia, we’re shipping to Italy, France, Spain, Canada and beyond. In the US, sales and deliveries are growing daily for both models.

8. Is Aquila looking to implement any ‘green tech’ such as solar panels and lithium batteries as a standard option on its models?
As the technology matures throughout the world, Aquila is uniquely positioned to incorporate green technologies such as electric power, lithium batteries, hybrid options and others. However, it’s important for Aquila that these technologies can be supported throughout the world and don’t detract from the speed and performance that our owners demand.

Aquila 70 Luxury

Aquila is a firm believer in partnering efficient hull designs, innovations such as our Hydro Glide Foil System™, and green technology to provide our owners with a unique ability to travel the world’s waters efficiently. As such, we’re very excited as we prepare to introduce the e-Motion Hybrid System into our Aquila 70 Luxury product line, with plans to expand the technology to other select Aquila models soon.

9. How do Aquila’s projected production and sales figures for 2022 and 2023 compare to the ‘Covid years’?

Pre and post-Covid production and sales remain strong and maintain Aquila’s position as the world’s number one power catamaran manufacturer. Global supply-chain challenges related or unrelated to Covid certainly have been exhaustive and challenging for every boat manufacturer.

Aquila 32 Sport

However, Aquila has done an exceptional job leveraging our experienced logistics and manufacturing teams as well as unequalled distribution teams and partners throughout the world to mitigate these challenges. We continue to stay ahead of these challenges to ensure consistent and reliable delivery of our boats worldwide.

10. How do you expect the catamaran sector to continue growing within the yacht industry compared to the likes of monohull motor and sail boats?
Depending on each owner’s need for their water adventures, there’s a boat for everyone today. However, you only need to browse through the pages of industry magazines or walk the docks at any boat show or local marina to witness the continued growth of catamarans around the world.

Aquila production facility

The growing popularity is understandable. The wide beam of catamarans offers both more stability and greater interior volume. I’d estimate that a 60ft cat is roughly equal in volume to a 90ft monohull. A catamaran also offers separation of guest cabins between the two hulls, which can be another plus.

Other benefits include a shallow draft, which means you can access areas monohulls can’t, while the catamaran’s length compared to its volume means good value in terms of by-the-foot berthing fees in marinas. In fact, the global growth of powercats is now being seen in the development and design of marinas around the world, as more work to accommodate catamaran designs.

www.aquilaboats.com

www.simpsonmarine.com

Carmen Lau: Leading Lady

Leaders / yachtstyle2020

Carmen Lau: Leading Lady

September 26, 2022
11:41 pm

Having had a job offer with a ‘big four’ accounting firm, Carmen Lau instead decided to take “the adventurous route” by joining a Chinese shipyard in 2004. It was the start of a multi-faceted yachting career that has seen the Hong Kong-born, Canada-educated Lau develop into one of Asia’s leading superyacht specialists.

Carmen Lau, Senior Advisor, Camper & Nicholsons

Now a Senior Advisor at Camper & Nicholsons after working in the superyacht industry for 18 years, Carmen Lau still gets excited about the Monaco Yacht Show. She thinks she has attended the superyacht spectacle “over a dozen times” starting in 2004, when she was a wide-eyed Marketing Manager for Kingship Marine and new to the industry.

Celebrating its 240th anniversary this year, Camper & Nicholsons has a strong line-up at Monaco including the 65m Feadship Callisto, 55m Baglietto C and two of the largest sailing yachts at Quai l’Hirondelle – the 51m Royal Huisman Borkumriff IV (2002) and 45m Perini Navi Blush (2007).

“I’m excited every time I go to the Monaco Yacht Show, with new yachts and new ideas in the yachting world all showcased in a wonderful setting,” Carmen says. “It’s great to see the harbour filled with all these renowned superyachts because I feel like I’m watching horse racing and trying to spot the winner for my clients!”

START OF A LONG JOURNEY

Her own listings within Camper & Nicholsons have expanded this year to include the new 36.6m Tecnomar Evo 120 Lucy and the remarkable CLX96, the 29.5m CL Yachts flagship that will have its world premiere at the Fort Lauderdale International Boat Show (October 26-30).

Carmen in Monaco in 2022

Carmen, whose CAs also include the 41m aluminium powercat Royal Falcon One and 29.6m Horizon Victorious (2010), has come a long way in the industry. Born and raised in Hong Kong, she moved to Canada when she was 15 to attend high school and then the University of Toronto for a Bachelor of Business Administration.

Returning to Hong Kong, she worked briefly as an accountant and helped set up an online book store before deciding to embark on a serious career path. Deloitte formally offered her a job as an auditor, presenting a secure career pathway with one of the world’s ‘big four’ accountancy firms.

Meanwhile, Roger Liang, who founded Kingship in 2004, was looking for a marketing manager who would spend much of the week at his shipyard in Zhongshan, a ferry ride from Hong Kong.

At the 2004 Monaco Yacht Show

“One job offered a steady career path, and the other was a very adventurous route for me,” she said of the Kingship offer. “I had to be based in China and sometimes in the Hong Kong office, but it promised a lot of travel, with the opportunity to work across Asia, Europe and US. I thought was a fantastic opportunity.”

With Deloitte pressing for an answer, Liang offered Carmen the position of Marketing Manager and it was to prove a fantastic starting role for an industry newcomer, even if it tested her nerves on occasion.

Three weeks after she started, she received an 8pm call in the office from a serious prospect asking about the Expedition 110 yacht. Excited by the call, she was later among a team who later met Kingship’s first client, his captain and his engineer at the 2004 Monaco Yacht Show, where Kingship had a booth.

At the 2004 Monaco Yacht Show with Yacht Style’s Olivier Burlot (second left) and Kingship’s Roger Liang (far right)

“I had a very hands-on job. My first role was Marketing Manager, but I also helped the sales team and became Sales & Marketing Manager. Roger gave me a lot of flexibility and responsibility,” says Carmen, who visited the Monaco show and Cannes Yachting Festival regularly with Kingship, also travelling to Florida for work.

“I was also working in accounts and purchase, got involved in production and the build schedule, and every day I would go into the shipyard and meet with the workers. Roger taught me a lot, including regulations from MCA to Lloyd’s.”

WING TAI TO BENETTI

Her career steadily progressed, as she was headhunted for a series of roles that all expanded her expertise across different aspects of the industry.

From 2008 to 2011, she was Manager of Wing Tai corporation, where she represented the Hong Kong company on their multiple yacht projects. Her first role was to retrieve a 45m superyacht from a bankrupt yard in Denmark and bring it back to Hong Kong for completion.

STCW course at Warsash Maritime School in Southampton

“My first task was to speak to the lawyers and various experts, find a settlement with the court, and extract the boat from the shipyard. I flew to Aarhus in Denmark, settled the crew and went through the papers,” Carmen says.

“I was working for a very experienced and knowledgeable owner who knows every aspect of yachts. From this experience, I understood the importance of contracts and details, the mentality of an owner, as well as various ways to negotiate contracts and prepare budgets.”

Carmen also acted as an owner’s representative on a 27m Kingship launched in 2010 and a 46m Sanlorenzo. Her responsibilities included overseeing the build processes, working with the captain to ensure the projects were on schedule and built to specification and class, take delivery of the yachts on behalf of the owners, and continue to manage the yachts after acceptance.

At the 2012 Asia Pacific Superyacht Conference in Singapore as Benetti’s Asia Marketing Manager

In 2011, following an approach from Benetti CEO Vincenzo Poerio, Carmen joined the Italian shipyard’s new Asia office in Hong Kong as its Marketing Manager, working in a small team under General Manager Giordano Pellacani. The role included managing all marketing and sales promotion activities, participation at boat shows and events, and supporting local and after-sales activities.

Within three years, the new office had sold four Benetti yachts to Asia including two 56m superyachts, while the role also included marketing Azimut’s new Grande range of superyachts.

“I helped with looking after the clients and supporting sales activities,” says Carmen, whose experience grew with an STCW (Standards of Training, Certification and Watchkeeping) course at Warsash Maritime School at Solent University in Southampton.

Enjoying the 2012 Benetti Yachtmaster in Italy

“I also learnt a lot about crew requirements and the maintenance of superyachts. In Hong Kong, many crew came from smaller boats and yachts and didn’t have formal training in terms of safety, maintenance and services on board. There weren’t many experienced crew in Asia 10 years ago and I realised there was a lack of yacht management services in Asia.”

CONSULTANCY TO CAMPER

In 2014, after three years with Benetti and following the birth of her first child, Carmen founded Lighthouse Yacht Management, starting with four yachts across Europe and Hong Kong for Asian owners including Lai Sun Chairman Dr Peter Lam. Lighthouse’s services included yacht management, property management, contract consultation, brokerage and charter.

“I saw a strong demand for a tailor-made yacht service for Asian owners who looked at yachting from an Asian perspective,” says Carmen, who also had a second child during this period.

Inspecting the 37m Zeepaard in Palma in 2015

“I managed the crews with the captains, helped to organise each owner’s trip, prepared the overhead budget, and managed the annual maintenance work for the fleet of managed yachts. Then, after Lai Sun bought Camper & Nicholsons, Dr Lam asked me to join him.”

Lai Sun Development, part of the Lai Sun Group, became a major shareholder of Camper & Nicholsons in October 2016 and early the following year Carmen was appointed to head the company’s new Asia business from its Hong Kong office.

As Managing Director and a Board Member of Camper & Nicholsons Asia, she helped the company expand its staff and enter new markets across Asia-Pacific, growing its charter, management and brokerage services among Asia-based clients.

Speaking at ASMEX 2019 in Australia

It was Carmen’s most high-profile role and required overseeing an experienced team including many seasoned industry veterans, while also travelling regularly to see her family and children in the UK.

“I’ve enjoyed being on the front line, serving the most top-tier yacht owners in Asia. I travelled regularly across the region including Australia, Thailand and Japan, and during Covid I kept travelling extensively, across Europe, the Middle East and Hong Kong,” she says.

“It was a valuable experience working for a listed company in Hong Kong and finding the alignment with a now 240-year-old company in Europe. I prepared financial reports, business proposals and set budgets. It’s intriguing to work on the corporate side of business, but I find most enjoyment when I work directly with owners and talk about their yacht projects.”

As Managing Director of Camper & Nicholsons Asia at a company cocktail evening in 2020

After her four-year term finished in 2021, during a complicated time for business and travel due to Covid, her position at the company changed to Senior Advisor, so she could focus on attending to her clients’ needs.

MAJOR TRANSACTIONS

Carmen prefers the title ‘Senior Advisor’ to ‘Broker’, believing the latter has far more pressure to sell. She doesn’t see herself as a salesman but as someone who remains hands-on through all stages of a project, representing an owner’s interests before, during and even after ownership.

Carmen secured the 67m Global on behalf of an Asian owner in 2020

In fact, Carmen secured her first personal superyacht sale while still running Lighthouse Yacht Management, having travelled across Europe to conclude the deal for Zeepaard, the 37.2m JFA Yachts expedition yacht.

“This was a fun project. I travelled to Palma to inspect the yacht, then visited the yacht with the potential buyer in Italy, did her survey in Croatia and took delivery in Greece!”

Another of Carmen’s favourite transactions was the 67m US-built Global, which was launched in 1982, converted into a luxury expedition yacht by Shadow Marine in 2007, and features an enormous crane for a submarine.

The Azimut Grande 35 Metri in Hong Kong

Carmen secured the purchase on behalf of an Asian owner in Fort Lauderdale in January 2020 before the yacht eventually made its way to Asia during a difficult time for shipping due to the global spread of Covid.

In the past couple of years, she has been involved in a series of major transactions for Camper & Nicholsons including a 66m brokerage sale in collaboration with another brokerage house and consecutive sales of a new Azimut Grande 35 Metri.

Lau’s sales with C&N include the 43m Feadship Eclipse

Carmen also represented the buyer of the 43m Feadship Eclipse, which arrived in Hong Kong in early 2022 and was sold by C&N Senior Broker Alex Lees-Buckley, marking his fifth time selling the 141ft custom build from its launch in 1993.

Last year, Carmen handled the purchase of a newly designed 24m Gentleman’s Yacht being built by Codecasa and scheduled for delivery to Asia in 2023. Inspired by 1950s and 1960s designs, the yacht was conceived by designer Luca Dini, has an aluminium hull and features a mahogany finish.

The 24m Gentlemen’s Yacht by Codecasa is due in 2023

“The client is a very experienced owner who has owned a lot of yachts. Actually, he was the one who saw an image of the Gentleman’s Yacht, thought it was beautiful and asked me to follow up with Codecasa,” says Carmen, who is also currently handling multiple confidential new builds

TRUSTED REPRESENTATIVE

The number and scale of such transactions illustrate the respect and trust Carmen has earned in the elite world of Asia’s superyacht owners but also her wide-ranging experience that she has steadily built up across 18 years in the industry.

With C&N colleagues at Codecasa inspecting the 24m Gentlemen’s Yacht

“Some brokers can get excitable when they talk to clients, but I’ve been dealing directly with yacht owners since 2004,” she says.

“I’ve been lucky since I started with Kingship, because since then I’ve been headhunted for all my jobs so was trusted by my employer, who later became my client or vice-versa. I’m still around after 18 years and owners still call me about their yacht-related matters, which is my biggest achievement.”

Carmen says she doesn’t perceive any difficult being a woman in the industry but believes there can sometimes be a slightly patronising attitude towards superyacht owners from Asia.

With Dr Peter Lam, Chairman of Camper & Nicholsons

“Asia is a new market for superyachts compared to Europe and the US, so often people want to educate a billionaire owner in Asia how to use their boat. I think ‘educating an owner’ can sometimes be more discriminating than me being a woman or Asian,” she says.

“I’ve known Asian yacht owners for a long time and I’m here to work for the client. The owner tells me what they want and it’s my duty to get it done, either by working with the shipyard to find a solution or working with the owner’s team to find an alternative.”

Carmen says owners trust her not only because of word of mouth but also because she has worked on both the builder side, with Kingship and Benetti, and the owner’s side.

Carmen’s CA listings include CL Yachts’ flagship CLX96

As such, she’s able to offer balanced advice on any potential purchase, charter if required and yacht management, having also worked extensively on the financials of yacht ownership and crew requirements.

“I’ve even ‘unsold’ yachts when I didn’t think the yacht was right for the owner or if I didn’t have faith in the project,” says Carmen, who last year set up S&S Stratton to provide bespoke global investment services for select customers.

“Like everyone, I’m always learning. The business keeps evolving, a lot due to technology, but having a diverse background helps me to ask the right questions and manage situations. I’m a good mediator.”

With C&N colleagues and CL Yachts staff at the Hong Kong premiere of CLX96

Carmen, who continues to split her time between Asia and Europe, says her close connections to yacht owners may provide the most rewarding aspect of her job, but also jokes that they can provide some of her sternest challenges.

“As I’m Chinese and from Hong Kong, the yacht owners can speak to me in their first language,” she says. “They like having a direct connection, but this also means when they’re frustrated or need an answer, I’m the one they call in the middle of the night.”

http://www.camperandnicholsons.com

Viva Riva: Celebrating 180 years in style

Leaders / yachtstyle2020

Viva Riva: Celebrating 180 years in style

September 23, 2022
9:42 am

As Riva honours its 180th birthday in a year marking multiple anniversaries for the shipyard, Ferretti Group CEO Alberto Galassi talks about his special attachment to the brand, its yachts and Carlo Riva himself, as well as David Beckham’s involvement in the celebrations.
Words: John Higginson
Photos: Ferretti Group

Pierfrancesco Favino, Alberto Galassi and David Beckham at Riva’s 180th anniversary gala in Venice

When David Beckham attended Riva’s 180th anniversary gala in Venice, he wasn’t only there to add stardust and glamour to the black-tie event. Certainly, the England football icon – who literally wore a black tie – does attract publicity as one of the world’s most recognisable sporting figures.

While partly due to his looks and media savvy, Beckham’s global appeal is also due to a long and successful playing career, winning 115 caps for his country – over half as captain – and starring for iconic clubs in England (Manchester United), Spain (Real Madrid), USA (LA Galaxy), Italy (AC Milan) and France (Paris Saint-Germain).

Gran Teatro La Fenice hosted Riva’s spectacular gala evening

However, the 47-year-old was also invited to Riva’s glamorous gala at Gran Teatro La Fenice because he’s a Riva owner and because he starred with Italian actor Pierfrancesco Favino and Ferrari F1 driver Charles Leclerc in Riva The Persuaders!, the short film that debuted that evening.

Alberto Galassi, CEO of Ferretti Group and a long-time Riva owner, was a loyal viewer of The Persuaders! action-comedy TV series of the early 1970s starring Roger Moore and Tony Curtis.

Poster for Riva The Persuaders!

Even though he’s a Board Member at Manchester United’s rivals Manchester City, Galassi was delighted Beckham agreed to star in a film that features high-speed action in Ferrari and Maserati cars then Riva yachts against the backdrop of Monaco and the Côte d’Azur.

“I feel very lucky to have David Beckham as a friend and as the star of a Riva production. David is not only a British style icon and one of the world’s most admired celebrities but also a passionate Riva owner,” Galassi says.

Beckham and Favino during filming

“When we invited him to take part in Riva The Persuaders! he immediately jumped on board with great enthusiasm. This enthusiasm shines through in the short film and I believe is one of the reasons for the great response and millions of views it’s receiving on social media.”

BRAND BEYOND BOATING

In fact, 2022 marks several anniversaries for Riva, including 200 years since the birth of founder Pietro Riva and 100 years since the birth of Carlo Riva, his great grandson, who passed away in 2017. It’s also 60 years since the launch of the iconic Aquarama, which sold a staggering 765 units from 1962 to 1996, and was honoured at the gala evening on Venice’s Grand Canal.

The new limited-edition Anniversario and an Aquarama in Venice

In front of the Riva Lounge at the Gritti Palace, an Aquarama was showcased on a floating platform beside the new Anniversario, an 18-boat, limited-edition series honouring the 18 decades Riva has been afloat.

The boat has been further honoured in Riva Aquarama, a new book of photographs published by Assouline to celebrate ‘the 60^th anniversary of the launch of the most beautiful boat of all time’.

The Riva Lounge at Porto Cervo marks the Aquarama’s 60^th anniversary

The brand’s visibility in wider culture was documented two years ago in the Riva In The Movie short film starring Favino and a 300-page book paying tribute to the 69 films Riva yachts had appeared in.

Riva’s appeal beyond boating – much like Beckham’s beyond football – is also reflected in the growing series of Riva Lounge and Riva Privée ‘destinations’ offering cocktails and branded products in hotels, restaurants and clubs in the likes of Venice, Monte Carlo, Formentera, Mykonos and Palm Beach.

The Porto Cervo lounge honours Riva’s 180th anniversary

Each is decorated in classic 1950s Dolce Vita style and features hallmark details found on Riva yachts as well as the brand’s aquamarine and mahogany colours, with the latest Riva Lounge based in Porto Cervo over the summer.

And if you need to see a slice of the brand’s history, there’s a 3,200sqft permanent Riva exhibition at the Lake Como International Museum of Vintage Boats, where the seven historic boats include the vintage HaLu from the 1930s, two Series R models, a rare racer fitted with Guzzi engines and a Florida with special Scottish Madras upholstery.

The Riva display at the Lake Como International Museum of Vintage Boats

“Riva is really something else,” Galassi says. “It’s the only nautical brand everyone knows, even if they’re not interested in boats.”

THE LEGEND, THE ART

Galassi became CEO of Ferretti Group in 2014 but his connection to Riva spans almost five decades and he understands as well as anyone what makes the brand so special. He owns a Rudy and an Aquarama, and was close friends with Carlo Riva, but his attachment to the brand began back in 1974, when he was 10 years old.

That’s when Galassi’s father and his friend bought a Riva Rudy, a model launched in 1972 and later owned by the likes of actor Sean Connery and Jackie Stewart, the three-time F1 world champion.

Sean Connery owned a Riva Rudy, as did Galassi’s father

“My first connection to the Riva myth is linked to childhood, with the enchantment and amazement typical of that phase of life. I’ll always carry in my heart the magical moment when this marvellous motorboat was delivered to the dock of our family home on the Adriatic coast,” he recalls.

“As a child, I was used to spending time on the beach, so I remember the sense of freedom I felt the first time we left the shore behind us and ventured out into the open sea. That indescribable feeling is the same one I still have today, no matter which yacht I’m on. And the Riva Rudy is still ours – I could never part with it.”

Childhood memories aside, Galassi believes Riva is the yachting brand that comes closest to true art on the water, possessing DNA that puts qualities like elegance and style above trends and fashions.

Aquariva (33ft), Rivarama (44ft) and the Rivale (52ft) all sold in triple figures

The models’ clean lines, luxurious styling and detailed craftsmanship are renowned, drawing eyes wherever Rivas appear across the world. And the timeless appeal of Rivas means loyalty to the brand is often lifelong, as though each owner is buying more than a yacht.

“I’m a great lover of art, from which I constantly draw inspiration. One of my favourite artists is Lucio Fontana, a man of such genius that he managed to make his art appear simple at first glance, while containing a very rich, almost inexhaustible universe of meanings,” says Galassi, an experienced art collector.

“Riva is art. Each new model is a masterpiece, a unique work of art that enchants with its design, its beauty, the novelty of the solutions on board. Riva is also a way of life, a way of experiencing the sea, a badge of elegance you wear as an owner.

An Aquarama at Riva’s 180th anniversary gala dinner

“When I look at my Aquarama, I see a true work of art, the result of the genius of Carlo Riva and the all-Italian ability to model masterpieces. I see tradition, innovation and performance, all amalgamated by a timeless beauty I know will never tire me or any other owner.

“And behind all this is a history in which quality has always been an obsession, as proven by the 22 coats of varnish that the craftsmen of Sarnico apply before a boat is ready.”

Sergio Beretta and Mauro Micheli of Officina Italiana Design

Art is also the driving force behind Mauro Micheli, who has designed all of Riva’s yachts for almost three decades since co-founding Officina Italiana Design in 1994. He attended an art-focused high school in Bergamo and then the Accademia di Brera in Milan, only learning yacht design after joining Riva in 1984.

“I never imagined I’d stay with the same brand for almost 40 years. In fact, I didn’t even think I would be a yacht designer – I studied art,” Micheli smiles. “But for me, a boat like the Aquariva is like a sculpture.”

MAHOGANY LADIES

Part of Ferretti Group since 2000, Riva currently produces models across four ranges: Open (27-88ft), Sportfly (66-88ft), Flybridge (90-130ft) and Superyachts upwards of 50m (164ft).

Mauro Micheli designed the Aquariva to succeed the Aquarama

The yachts are built across three shipyards including the seven-hectare La Spezia facility, home since 2004 to all 76-130ft models including the new 102’ Corsaro Super and 130’ Bellissima, a world premiere at this year’s Monaco Yacht Show.

On Italy’s east coast, the eight-hectare Ferretti Group Superyacht Yard in Ancona is where Riva’s steel models have been built – including multiple units of the 50Metri – since 2014.

However, the most iconic Riva facility is the four-hectare facility in Sarnico on Lake Iseo in the inland province of Bergamo, northeast of Milan, and where all smaller models from the Iseo (27ft) to the 68’ Diable are produced.

Cantieri Riva in Sarnico on Lake Iseo was founded by Pietro Riva

It’s where Carlo Riva transformed the brand after the Second World War, but Sarnico is also where the business started in 1842 when his great-grandfather Pietro was commissioned to repair fishing boats devastated by a storm, later establishing a shipyard with his son Ernesto.

At the start of the 20th century, the business continued under the leadership of Serafino, Ernesto’s third-born son. In the 1920s, following the First World War, the shipyard started to focus on racing boats, with highlights including a Riva AZ 3 winning the 431km Pavia-Venice race in 1930.

Carlo Riva transformed the brand in the 1950s and 1960s

Carlo Riva joined the family business from a young age and took the lead following the Second World War, launching its first production boat, the Corsaro, in 1946, followed by the Ariston and twin-engine Tritone in 1950 then the Sebino and Florida two years later.

Gino Gervasoni, husband of Carlo Riva’s sister, joined the management team in 1950, while designer and naval architect Giorgio Barilani was another key addition in 1956. Yet the company’s real stars were the ‘mahogany ladies’, as Carlo Riva liked to call his beautifully varnished range of models.

Prince Rainier of Monaco on his Riva Tritone

Riva embodied La Dolce Vita on the water in the 1950s and ’60s as it became the boating brand of choice for royalty and celebrities, its appeal only heightened by the 1962 launch of the Aquarama, whose early owners included Sophia Loren.

Anita Ekberg had a Tritone, as did Prince Rainier and Princess Grace of Monaco. Peter Sellers and Britt Ekland owned an Ariston. Brigitte Bardot had a Junior, while Elizabeth Taylor and Richard Burton used one as a tender for their 46m Kalizma.

Anita Ekberg also had a Riva Tritone

“Carlo Riva boats will always and forever be the most beautiful and desirable in the world,” Galassi says.

However, by the late 1960s, Carlo Riva started to ease out of the business. In 1969, he sold the company to American firm Whittaker while remaining as Chairman and General Manager. Composite production started with the Bahia Mar 20 and Sport Fisherman 25 in 1970, but he resigned the following year, handing over the reins to Gervasoni, his brother-in-law.

“I had the good fortune to know Carlo well and I’ll always be grateful for sharing part of my journey with him. For me he was a mentor, an inspiration and an example of dedication and ingenuity,” Galassi says.

Brigitte Bardot had a Riva Junior

“He was obsessed with excellence and very strict with himself before he was with others, a quality that took his boats to the top of the world. He was not only a brilliant boat builder and a master of style but also a revolutionary industrialist and a pioneering entrepreneur to whom our country owes much. Riva is part of the heritage not only of the boating industry but of Italy.”

DESIGN & LEADERSHIP

Riva highlights from the 1970s included the Superamerica flybridge model, which launched in 1973 and had a 20-year production run in sizes from 42-50ft. In the 1980s, launches included the Corsaro 60 in 1982, while newcomers included a junior hire who would develop into Riva’s key designer for the following decades.

The Riva shipyard in Sarnico, where the brand builds its 27-68ft yachts

Micheli was in his mid-20s and had little interest in boats or design when he won a competition in 1984 to become an assistant designer in Riva’s technical office, with the art student going on to work alongside the esteemed Barilani and interior designer Mauro Pagani for many years.

Even Gervasoni was impressed by Micheli’s ability to draw freehand, although the-then CEO eventually left the yard in 1989, so ending the Riva family’s 147-year involvement in the company a year after it was bought by British group Vickers, which included Rolls- Royce.

Under Ferretti Group, Riva’s facilities expanded to La Spezia, where 76-130ft models are built

The 58’ Bahamas, presented in 1991, was the first yacht Micheli worked on. Three years later, he teamed up with Sergio Beretta, a multi-lingual businessman, to form Officina Italiana Design, which has since designed all Riva yachts.

“It’s natural,” says Micheli, when asked about the responsibility of designing for such an iconic brand. “It comes from my own instinct.”

Riva moved into its second golden era after returning to Italian ownership in 2000 when Ferretti Group bought the shipyard from Stellican, a London-based private equity firm. Early Riva models under the Ferretti Group included the Rivarama, a 44ft one-cabin cruiser that launched in 2002 and sold 140 units.

Riva’s 50m-plus steel superyachts are built at the Ferretti Group Superyacht Yard in Ancona

However, when asked for his three favourite designs for Riva, Micheli first names an earlier model, the Aquariva, the retro 33-footer that has sold 260 units when combined with the Aquariva Super, which is among Riva’s current Open models.

“Aquariva is like a car design,” he says. “I’m proud because it has been produced for over 20 years with hardly any changes to the original design.”

His other two favourites are the Rivamare – the 39-footer that launched in 2016 and sits above the Aquariva in the Open range – and the then-flagship 110’ Dolcevita, which debuted at the Monaco Grand Prix in 2018 before turning heads at that year’s Cannes Yachting Festival.

The 110’ Dolcevita is among Mauro Micheli’s favourite designs

“I love the Rivamare and also the 110’ Dolcevita, which is totally different, a big boat yet has also had great success in the market.”

Beretta, Micheli’s business partner, says Riva’s unique heritage is ingrained in the design studio, but that the brand and its boats keep evolving, reflected in the move into larger sizes, new technologies and design changes.

Last year, hard tops even began appearing on Open models, firstly as an option on the Dolceriva (48ft) and 56’ Rivale, then as standard on the new 68’ Diable.

A hard top was added to the Dolceriva last year

“Every year, new elements become part of the new Rivas,” Beretta says. “With each model, we try to include a contemporary touch, and this becomes part of the brand. Riva is still classic, but it’s a dynamic brand that’s always evolving, not stuck in the past.”

Beretta pinpoints the flagship 50Metri as an example of Riva’s timeless style, saying it doesn’t have the attention-grabbing features of many similar-sized superyachts but will stand the test of time.

“Riva boats don’t go out of fashion. For example, I think the 50Metri gets more appreciation the more time passes. It was designed with that intention, not to be flashy but long lasting in its appeal.”

The lavish private premiere for the first Riva 50Metri in Venice in 2019

Although the scale of the 50Metri distances it from Riva’s classic mahogany runabouts from its first golden era, the brand’s first steel megayacht provides a continuation of Carlo Riva’s vision and ambitions.

In the 1960s, his designs included the Caravelle (74ft) and Atlantic (88ft) series built in the Netherlands, while other designs included the 100ft Vespucci built by CRN in 1978. However, he passed away two years before first 50Metri was unveiled in 2019.

“One of my greatest satisfactions in work coincides with an equally great sorrow, because unfortunately Carlo was never able to see the Riva 50Metri, the crowning achievement of his dream of the steel and aluminium superyacht,” Galassi says.

The 102’ Corsaro Super was among Riva’s debuts at the 2022 Cannes Yacht Festival

“When I talked to him about it, he told me, ‘Make her beautiful and make her different, so you recognise she is a Riva’. I think he’d be extremely proud of this unique work of naval art.”

Carlo Riva gave the brand an unrivalled legacy in yachting. And with the company now well into its third decade under Ferretti Group, the signs are strong that Riva is in good hands as it navigates its way towards its 200th anniversary.

The Riva lounge at the Sarnico shipyard, still the brand’s beating heart

“Without a doubt, Riva will maintain its global appeal in the coming decades. Riva is a timeless icon of beauty, which has passed through various eras, gaining more and more fans and acclaim,” Galassi says. “‘I’ve got a Riva’, ‘I’ve seen a Riva’. These are words that will always make the heart beat faster.”

www.riva-yacht.com

www.ferrettigroup.com

Yann Masselot: Beneteau Admiral

Leaders / yachtstyle2020

Yann Masselot: Beneteau Admiral

September 1, 2022
2:50 pm

Now in his 30th year with Groupe Beneteau, Yann Masselot is happy to be back at the brand where he started, with the Brand Director of Beneteau overseeing exciting new motor and sailing flagships along with the builder’s long-time partnership with Simpson Marine in Asia.
Interview: John Higginson

Yann Masselot, Brand Director, Beneteau

How have you enjoyed your role as Beneteau Brand Director, following two decades with Lagoon and CNB in Bordeaux?

It’s going well. It has been 20 months already. I’m very pleased to be back at Beneteau because I was initially working for the brand when I joined Groupe Beneteau 30 years ago, so it’s like a return to my original brand, which is nice.

In Hong Kong, Simpson Marine hosted the Asia premiere of the Beneteau Grand Trawler 62 this year. What has been the response to the brand’s flagship motorboat, which takes the Swift Trawler concept to a new scale?

People have been surprised because they didn’t expect Beneteau trawlers to be at that level and size. We’re entering a market of larger trawlers that’s essentially a luxury market, where competitors include Azimut with its Magellano line, Horizon and Grand Banks. Nobody expected Beneteau to be in this sector.

Beneteau Grand Trawler 62 (far right)

The second thing that’s noticeable is our choice to go with a displacement hull. We chose that because we saw the market and customers wanting a longer range, to be able to cruise at nine knots and be able to visit more remote places. That’s very clear now.

We worked with MICAD on naval architecture and still managed to put in engines big enough to reach 20 knots with a displacement hull, which is nice for when owners do want to travel faster.

Beneteau Grand Trawler 62 in Hong Kong

We’ve typically been attracting new customers and only a few Swift Trawler owners because there’s a big price gap from the 48 to the 62. We’ve attracted customers looking at other brands and conventional flybridge motor yachts but who want more range and volume, rather than speed.

What has been the reaction to the Swift Trawler 48, which had its world premiere in Miami in February?

It’s the new flagship of the Swift Trawler range, which have semi-planing hulls so can go up to about 25 knots.

Beneteau Swift Trawler 48

It completes the Swift Trawler family, which now has the 35, 41 (Fly and Sedan) and 48. The 48 obviously offers more volume and range than the 41, but it also has a different layout and an aft galley, which is different to the former 47 and 50 models.

Asia has welcomed its first Gran Turismo 45, the new flagship of Beneteau’s range of express cruisers. What do you think makes this range so appealing?

It’s an excellent model. It’s been doing well in Europe and particularly in America. The GT range is for people who want a platform to have fun on the water. Typically, owners will cruise 30 knots for 30 minutes or one hour, anchor somewhere and then use the boat to do many activities on the water. This could be snorkelling, scuba diving, wakeboarding, jetskis and so on, so you need to be able to carry many toys on board.

Beneteau Gran Turismo 45

The GT45 is the only express cruiser of its size to offer both a garage and a hydraulic platform, so can carry a tender and a jetski. There’s also the flip-up outdoor barbecue as well as the aft window that can be raised into the ceiling, so the interior can be fully open or fully enclosed when needed.

The Antares range has also been updated in recent years and includes the Antares 11 with flybridge. What type of customer is attracted to this range?

Antares is one of our oldest Beneteau ranges, launching in the 1970s, and has changed a lot. They were initially fishing boats adapted to pleasure boats. It was mainly marketed in Europe, then Asia, especially Japan and Korea, where there’s a real passion for fishing and it worked well.

Beneteau Antares 11 Fly

A few years ago, we introduced Antares in America and it was a ‘home run’ because there’s nothing like it on the market. Today, the US – which makes up about 35 per cent of our total sales worldwide – could absorb the entire Antares production.

The customers buying these kinds of boats went from being passionate fishermen to what I call weekenders. They buy them to go cruising, exploring, do some activities, and can spend a weekend or more on board. The clients are typically couples and older than for the GT and Flyer ranges. We stopped calling Antares pleasure fishing boats and now call them weekenders.

Like new Antares models, the new Flyer models feature dropdown sides.

I’d say the opening side platform is a must-have today, especially from about the 9m range. The Sundeck models are doing well in Asia-Pacific, the Spacedeck centre-console models less so.

Beneteau Flyer 9 Sundeck

There’s a limit to the overall appeal of Flyer models in Asia because of sun protection. In many countries, they want more shelter from the sun, which people like about the Antares range. Right now, Antares is Beneteau’s most successful motorboat range in Asia.

Moving on to the sailing side, Beneteau will debut the Oceanis Yacht 60 at Cannes and a hull has already been sold to Asia, to Taiwan. What’s special about this new sailing flagship designed by Italians Roberto Biscontini and Lorenzo Argento, who also worked on the Oceanis Yacht 54 and First Yacht 53?

The 60 is the new admiral of the Oceanis fleet. We previously had the 62, which was getting old and was a very different design from the rest of the range, so we wanted a new yacht in line with the 54.

It has a master cabin in the bow with a forward-facing bed, which you usually find on much larger yachts, like over 70ft. People like the cabin because it’s better to face forward, the volume feels impressive and there’s good sound insulation because the en-suite is between the bed and the galley outside.

Beneteau Oceanis Yacht 60

Putting the galley aft of the master allows for a large, full-beam galley and allowed us to include a full-size fridge. The saloon is midships and is also full beam, and offers a spacious feeling as you come downstairs from the deck.

Can you tell us about Beneteau’s collaboration with Roberto Biscontini and Lorenzo Argento?

We’re very pleased with this collaboration. When we’re looking to change the design of a range, we do a tender and they won. Both really understood the Beneteau DNA and where we wanted to go.

Beneteau Oceanis Yacht 60

There has been a great reaction from the market and the Oceanis Yacht 54, for one, is a huge success. Their designs are a good combination of elegance, performance and design, so there was no doubt we’d work with them again on a larger Oceanis Yacht like the 60.

What should we look out for on the First 44, which also debuts at Cannes?

The First 44 is a bridge between the First Yacht 53 – their first design for us – and the new First 36. The First 44 is a luxury high-performance cruiser-racer, although not as luxurious as the 53. There are many features designed for a couple or family to go cruising. For example, if you cruise as a couple, we have a 300-litre water ballast, which is like having four or five crew on the rail. That helps.

Beneteau First 44

At this size, we have more owners cruising than racing, but we offer a performance version of the 44 with a different mast and rig. However, the performance is not as extreme as the First 36.

Lorenzo Argento was also part of a very international design team for the First 36, which Beneteau says is “the first time a mainstream production boat with full cruising facilities, a mid-market price and the full support of a worldwide dealer network has been pushed this far towards true high-performance sailing”?

The First 36 comes from the smaller First models, which are sports boats, designed to go fast and for fun, and eventually go racing. We wanted the 36 to go fast, same as the smaller models, but also to be able to go cruising, so it has real cabins, bathrooms, a proper galley and so on.

Beneteau First 36

The big challenge was to keep the weight down. It was built by our sister company Seascape in Slovenia and they managed to keep the boat even slightly under the targeted weight. It’s under 4.8 tonnes and the result is that the performance is exactly what we hoped for.

It’s a planing hull that planes from 12 knots of wind. It’s just amazing because of the design by Sam Manuard, the naval architect. I sailed it on for two days when we had around 25 knots of wind and the stability is just amazing. It’s easy to handle and that’s where you see Sam’s experience of designing offshore racing boats. I was even more impressed with the speed upwind.

Beneteau First 36

In Barcelona in April, we had 22-26 knots of wind and had good cruising sails but not high-performance sails. We had a furling jib, one reef in the main, and went upwind in choppy seas constantly at 7.4 knots, which for me is amazing on a 36-footer. Otherwise, we had a record of 17.2 knots, but it’s more the stability that impresses me.

Can you tell us about the cooperation with Seascape for the First 14, 18, 24, 27 models?

Our network of dealers was asking us to come back to the small First models. The costs of developing such a range the way we do it at Beneteau are quite high, so we reached an agreement to purchase Seascape, keeping the hulls but slightly changing the models to make them more First-like.

Simpson Marine Sailing Academy

In Thailand, Simpson Marine recently launched its Sailing Academy, which has a fleet of five First 14s, two First 18s and a First 27. It’s a nice project.

What else can we look forward to on the sailing side?

We’re pleased with our current ranges. The new 44 makes a complete range for First, with the models going from the 14 to the First Yacht 53. Oceanis also has many models from 30 to 60, so we’re just looking to renew the older models, rather than extending the ranges in terms of size.

Simpson Marine Sailing Academy

What has been the client reaction to Groupe Beneteau’s Seanapps technology?

It was first installed on the larger boats and by the end of this year, it will be installed as standard on all the models.

Initially you could see people were unsure about it, that it’s yet another app. However, we’ve kept developing the connection between Seanapps and more parts of the boat and different equipment, and there will be more, so now people have a real interest in it.

Beneteau Antares 11 Fly

It’s a way to secure your boat, to know the battery levels, the bilge pump, all the gauges and so on. We’re entering a generation of customers that are using apps, just like you have for most new cars on the market, so it’s starting to feel normal to have an app like this for a boat.

The second Beneteau Cup Hong Kong will be held from October 29-30. How important is it to have this type of regatta for Beneteau owners in Asia?

Beneteau has run these events throughout the world for many years. However, I think Simpson Marine and Beneteau Asia Pacific were very brave to run this event last year because it was the first sailing event in Hong Kong after the lockdown. The Beneteau owners were just ecstatic, and people were so happy to be back on the water and together again.

Beneteau Cup Hong Kong

For us, it’s an important event because it’s part of the Beneteau spirit and the Beneteau family, so our owners are happy there’s a second one coming up.

www.beneteau.com

www.simpsonmarine.com

YANN MASSELOT

Masselot has been Beneteau Brand Director since October 2020, based in Saint-Gilles- Croix-de-Vie in Vendee on France’s west coast. He graduated from the European Institute of Business in Paris and holds an MBA from Audencia Business School in Nantes. Masselot joined the Beneteau brand in 1992, working in sales for the recreational business and then professional boats in the UK and France. In 2000, he took over commercial activity at Lagoon and within three years the launch of innovative products and rapid development of its distribution network made the brand a world leader in cruising catamarans. Having been Deputy CEO of the Lagoon and CNB brands in Bordeaux from October 2016 to August 2018, he was then CEO of Construction Navale Bordeaux from September 2018 to October 2020, overseeing the Lagoon, CNB and Excess brands.

Howard Prime on why Thailand is thriving again

Leaders / yachtstyle2020

Howard Prime on why Thailand is thriving again

August 24, 2022
10:45 pm

Simpson Marine’s Howard Prime reveals how the yachting scene in Thailand is rebounding, with the company’s Pattaya office hosting the Asia premiere of the Fairline Squadron 68 and launching its Sailing Academy with a fleet of Beneteau First sports models.

Note: The original version of this article appeared as a Column by Howard Prime in YACHT STYLE Issue 66

Howard Prime, Simpson Marine’s Country Manager for Thailand

It was great to be back on the docks this summer as Simpson Marine exhibited at TYS Pattaya, meeting clients in a real marina environment and presenting many new models to our guests.

Although the first Asian boat show in over two years was set up in a last-minute fashion due to unpredictable pandemic-related restrictions, we enjoyed a positive and energetic atmosphere, with a fair number of visitors coming from far and wide across Thailand.

We were delighted to have such an impressive line-up, the biggest at the show by far, featuring no less than 12 vessels of all sizes including the Asia premiere of the ‘reinvented’ Fairline Squadron 68 and the Thailand premiere of the Aquila 28 Molokai.

Simpson Marine staff on Asia’s first Fairline Squadron 68

Hosting an Asian premiere in Pattaya gives a clear indication of the market activity. What’s more, six yachts on display were available for purchase, both new and brokerage. This helped to further engage customers, with our staff actively following up on enquiries. We also wrote contracts at the show for two units of the brand-new Lagoon 51 sailing catamaran. It’s going to be a busy year!

PATTAYA LEADS RECOVERY

The pandemic has had a huge impact on our business, like many others, starting from when the borders were closed and the country couldn’t welcome anyone in. This brought the charter business to a standstill for a long time and impacted the usually vibrant international market in Phuket.

Fairline Squadron 68 and Aquila 28 Molokai were among new models

However, the Pattaya market bloomed, as it has become a safe getaway for Bangkok residents. During this period, they’ve been able to discover the joys and freedom of a yachting lifestyle and the great benefits in exploring their home shores which are, as many know, world-class and internationally renowned among yachting enthusiasts.

With Pattaya establishing itself as a busy sales and charter centre, and Thailand opening to international travellers and businesses earlier this year, we’ve observed a healthy and steady interest in both yacht purchases and charters, which are continuing to grow as a post-pandemic trend.

Marine tourism is coming back and our Central Agency charter fleet – comprising 15 exclusively managed yachts including luxury catamarans, motor yachts and superyachts – and many other selections are now operating at full capacity. We’ve never had a such a full order book for forthcoming seasons as we do now.

All smiles at the Simpson Marine welcome desk

Tourists have been longing to come back to the ‘Land of Smiles’ and enjoy its famous hospitality, amazing culture and beautiful nature.

However, even though Thailand residents can now travel freely, there’s still a certain discomfort and anxiety about long-haul travel. Many still prefer short regional trips over longer international flights, so they keep enjoying the Gulf of Thailand on their yachts or go to the Phuket region to embark on longer trips around Phang Nga Bay and beyond.

PROMOTING SAILING

In Pattaya, Simpson Marine has now expanded its team and has a brand-new sales office as well as a separate office for our new Simpson Marine Sailing Academy and Yacht Charter operation. Our Pattaya branch now offers a comprehensive range of services to our clients from Bangkok and the north of Thailand.

We created the Simpson Marine Sailing Academy to help establish and consolidate the local yachting market from a grassroots level. The Academy offers sailing courses of all levels, from beginner to advanced and even has a professional racing curriculum.

Simpson Marine’s Sailing Academy is up and running

We have a team of instructors and a fleet of eight Beneteau First boats, comprising five 14s, two 18s and a 27. Everything is set up to welcome students for enrolment. TYS Pattaya was the perfect time to officially launch the Academy and we’re happy to see many people apply for the short trials.

We’re also presenting the programmes to local schools and welcoming all potential students to attend our ‘try-out’ days. We want to show both Thais and expats what a fantastic lifestyle sailing offers and Pattaya has great cruising and racing areas on its doorstep.

EXCITING TIMES AHEAD

Adding to the varied range of yachts stationed here, the city will soon welcome another Asia premiere, for the Aquila 54 Yacht powercat. We’ve also just had a Sanlorenzo SL118 exploring the Gulf of Thailand and using Ocean Marina Yacht Club as its base.

Beneteau sailing yachts among the Simpson Marine display

Back in pre-Covid times, I would spend 80 per cent of my time in our Phuket office. This has now changed significantly, as I currently spend about 60 per cent of my time in Pattaya. In fact, we’re looking for more brokers to answer the growing demand.

With the expanding charter and Sailing Academy operations, we anticipate that our Pattaya business could match our Phuket business within the next 36 months. It’s a real market shift and proof of the growth of Thais as yacht owners and enthusiasts.

With our expanded teams, new offices, new services, yachts and toys available for delivery now, we’re confident that a busy start to 2022 – carrying over from a positive 2021 – will continue throughout the year and beyond. We look forward to seeing more new yachts and superyachts arriving in Thailand soon, bringing joy and ‘yachting freedom’ to their owners and their friends.

HOWARD PRIME

Simpson Marine’s Country Manager for Thailand since 2019, Prime is a captain (Master 200GT) and experienced sailor, racing professionally in IRC 5 on an X-99 and winning silverware at many regattas including at Cowes Week. Former roles included working for Jeanneau in the UK and Sunsail in Turkey. His career has alternated between yachting and the automotive industry, where he has worked across a range of brands including Hyundai, Mitsubishi, Ford, Renault, Fiat, Alfa Romeo and Mercedes-Benz.

thailand@simpsonmarine.com

www.simpsonmarine.com

Voyager’s Kevin Kwan on Hong Kong’s changing yachting trends

Leaders / yachtstyle2020

Voyager’s Kevin Kwan on Hong Kong’s changing yachting trends

August 18, 2022
3:46 am

Kevin Kwan of Voyager Risk Solutions, one of Asia’s leading yacht-insurance brokers, says that along with rising sales and arrivals in Hong Kong, local owners are now using their yachts far more regularly and believes this frequent usage will continue even once travelling overseas becomes easier.

Note: The original version of this article appeared as a ‘Column’ by Kevin Kwan in YACHT STYLE Issue 66

Kevin Kwan, Voyager Risk Solutions

With the pandemic seemingly ‘winding down’, most countries in the region are following the lead of much of Europe, North America and elsewhere by opening their borders and easing the complications and restrictions of travel. In fact, the yacht industry has been blooming during the pandemic including in Asia, as people have spent much more time in their home cities instead of travelling.

In Hong Kong, the local epidemic-prevention measures limited activities in public areas, so a private yacht became a great place to spend time with friends and loved ones. Now that the travel bans and limitations are being lifted in most countries, how will this affect the yacht industry in Hong Kong? Will it see the end of the ‘winning streak’ for the yacht industry or will demand continue?

Yachting activity here did have a break earlier this year when Omicron hit Hong Kong so hard that the whole city paused for almost three months. Yachting had been one of the getaways for high net-worth individuals when the previous epidemic prevention measures didn’t reach private facilities and areas. This was until the hardened measures that limited the numbers of family households in one private place, almost stopping all yachting activity entirely.

A Riva 110’ Dolcevita in Hong Kong

However, did this new limitation really affect the yachting activities in the long run? In fact, it didn’t affect it at all. Even though the sea was quiet for those three months because of the ‘fifth wave’ in Hong Kong, the orders of new yachts and the brokerage businesses didn’t stop. New yachts continue to queue up for cargo shipment to Hong Kong; in fact, the queue is so long that a delay in delivery has become a norm.

As a preferred insurance yacht insurance broker in the market, we see new boats coming in almost every week. While one might think these orders were made in 2021 or earlier and the deliveries don’t reflect the current market situation, the arrival timeline of new production yachts does reflect the demand.

If you are to order a production boat now, the earliest delivery would be by the second half of 2023 and the queue is getting longer day by day. The demand for new yachts is still strong and doesn’t seem to be slowing down, even with the promise of a fading pandemic and increased travel opportunities.

An Azimut 68 in Sai Kung

That’s because boating has now become a new habit, a regular thing to do at the weekend for local yacht owners instead of occasionally.

The pandemic has changed how yacht owners in Hong Kong use their boat, especially the owners of bigger, 100ft-plus yachts. In the old days, before the pandemic, such owners didn’t use their yachts much – probably once a month or even less. The engines’ running hours were much less compared to average usage in Europe, for example. Now, luxury yachts and superyachts are everywhere in Hong Kong and the waters have never been busier.

YACHTING ECOSYSTEM

The pandemic not only boosted yacht sales and transactions; it also helped create an enhanced ecosystem in the yachting industry. Other than general yacht-related business such as dealers and brokers, shipyards, services and insurance, yacht owners are now more aware of crew and steward recruitment and yacht management.

Stewardship is becoming more essential as good stewardship provides a completely different yachting experience. To set a standard of stewardship service and attract the younger generation to enter this industry, several parties in Hong Kong are combining their resources to provide stewardship training programmes for potential candidates to expand the industry.

Voyager’s Tommy Ho and Mandy Wong (second and far right)

Last November, our CEO Tommy Ho and Mandy Wong were guest speakers in the ‘Job Opportunities of Local Vessels in Hong Kong’ webinar, sharing their experiences within yachting in a bid to attract more potential talent to the industry.

Yacht-service businesses are also evolving. General yacht-maintenance services no longer satisfy yacht owners. Lots of yacht-management companies now work closely with selected service shipyards to improve their businesses to offer a more tailor-made, one-stop-shop service that enhances the overall luxury experience of the yachting lifestyle.

In addition, new yacht clubs and marinas such as Lantau Yacht Club and Delta Marina opened at the right time to increase the city’s berthing and mooring capacity, with LYC purpose-built to cater to mid-sized luxury yachts and superyachts.

The yachting industry continues to grow in Hong Kong and shows no signs of slowing down. Although it seems that our lives are now going back to ‘normal’, the sails of the yacht communities are already hoisted and we’re still going full speed.

KEVIN KWAN

Kwan is Director & Head of Yacht Specialty Risks at Voyager Risk Solutions, which was founded in Hong Kong in 2018. He has spent over a decade in the yacht-insurance sector, having previously worked in marina development and planning.
kevinkwan@voyfg.com
www.voyfg.com

Boat Lagoon Yachting leading the way in Southeast Asia

Leaders / yachtstyle2020

Boat Lagoon Yachting leading the way in Southeast Asia

August 11, 2022
12:53 pm

Boat Lagoon Yachting has established Princess as a leading brand in Southeast Asia for 28 years, while its representation of Jeanneau, Sacs and Burgess along with its brokerage, charter and service divisions round out one of the region’s most complete dealerships.

Vrit Yongsakul (second left) with colleagues on a Princess Y78 in Pattaya

Vrit Yongsakul and his Boat Lagoon Yachting team looked delighted to be working at a boat show again as Thailand’s biggest dealer displayed Princess and Jeanneau models at TYS Pattaya, 2½ years since the country’s previous outdoor boat show in January 2020.

Despite the fact the event was held in the Gulf of Thailand, a long way by water from Boat Lagoon Yachting’s home in Phuket, the company was able to stage the country debut of the Princess Y78 – the biggest yacht on show at Ocean Marina Yacht Club – plus an NC 33 and Cap Camarat 9.0 WA from Jeanneau.

“The Princess Y78 premiere was keenly anticipated, so many appointments were made well ahead of the show. In fact, we’ve been seeing significant interest in the Gulf of Siam from existing and new customers interested in purchase and charter,” says Vrit, Group Managing Director of Boat Lagoon Yachting, who believes yachting interest on Thailand’s east coast has surged during the pandemic.

BLY exhibited a Jeanneau NC 33, Jeanneau Cap Camarat 9.0 WA and Princess Y78

“As the biggest and most luxurious yacht on display, visitors were impressed. Owners can enjoy the Y78 as a spacious, versatile day boat, great for the Gulf of Thailand, or as a luxurious, comfortable mini-superyacht with the range to explore the coastline and places like Koh Chang and Koh Samet, or Koh Samui for longer cruises and even across to the Andaman Sea side of Thailand with ease.”

The Y78 in Pattaya is the second unit Boat Lagoon Yachting has sold in Thailand, following an earlier Y78 in Phuket. They’re among the most recent of an enormous list, with Vrit stating the company has secured about 350 sales of new and used Princess yachts in 28 years.

PLYMOUTH MEETS PHUKET

Emerging from the family-owned Boat Lagoon Marina in Phuket, Boat Lagoon Yachting was founded in 1994 when it secured representation of the British shipyard as Princess Yachts South East Asia. Vrit, who has been with the company from the start, said business started slowly as the yachting market wasn’t as developed as in the likes of Hong Kong.

Vrit has worked for Boat Lagoon Yachting since it was founded in 1994

“The Princess family has been an important part of our lives for 28 years, but the Southeast Asia market was relatively challenging and slow in the initial days as far as luxury yachting was concerned,” Vrit says.

“There has never been shortage of wealth, but many have also not been exposed to the lifestyle and benefits that yachting can bring, or how it may enhance their quality of living to the next level. That’s why we’re particularly proud to see the continued growth and success over the years.”

Asia’s longest-serving Princess distributor, Boat Lagoon Yachting gradually expanded and now has offices in Thailand, Singapore, Malaysia, Indonesia and Maldives. It also benefits from its own comprehensive service facilities and teams at the Boat Lagoon marinas in Phuket and now Krabi.

The Princess Y78 in Pattaya is the model’s second unit in Thailand

The company’s leading markets are Thailand and Singapore, where Country Head Alister Brunskill manages its office in ONE°15 Marina Sentosa Cove. In the last decade alone, the company has sold more than 100 new boats within the 55ft-100ft range, reflecting the confidence clients have in both Princess and Boat Lagoon Yachting.

“Clients here are particularly focused on aftersales service and trust in the brand and their representatives in the region. In Thailand, the company has its own marinas and service centres that are at the disposal of our clients,” Brunskill says.

“Southeast Asia is a market where I believe clients feel reassured buying from a long-standing distributor and one with commitments to both the products and aftersales service. Singapore and Thailand have been markets where word of mouth and referrals have been important for us.”

Southeast Asia’s first Princess X95 arrived this year and two more will follow

The dealer’s dedication to its clients is also reflected in its huge commitment to securing stock models early and bringing new models out to Asia for regional, continental and sometimes even global premieres. Its Asia firsts included the Princess 60 and led to a world-record 14 sales of the model, while others included the S60 sportbridge.

The company even held the world premiere of the Princess 75MY in Singapore, which along with its sistership series, led to more than 50 transactions of new and pre-owned units across all markets within Southeast Asia.

PREMIERES & ORDERS

Boat Lagoon Yachting staged the Asia premiere of the Y85 in 2019 and has now sold six units of the 26m Y Class model, as well as five units of the 78 series.

Boat Lagoon Yachting is awaiting Southeast Asia’s first Princess Y72

The first Y72 in Southeast Asia is expected later this year and follows the model’s world premiere at Cannes last September. To complete the Y Class range in the region, the first, ‘world premiere’ unit of the flagship Y95 is also expected by the end of this year.

Furthermore, the first Princess X95 in Southeast Asia arrived in Phuket earlier this year and two more units are expected to arrive in 2023, one in Singapore and one in Thailand, while the region’s first X80 is expected early next year.

That would ensure Southeast Asia is home to the full collection of the modern Y Class range of larger flybridge motor yachts as well as the high-volume, super-flybridge X Class models, both complementing all models from the former M Class superyacht range.

The ‘world premiere’ version of the upcoming Y95 will head to Southeast Asia

“We now have the entire range of Princess flybridge models and M Class superyacht range in Southeast Asia,” Vrit says. “Over the last two years, sales of new and pre-owned Princess models have accelerated, with owners upgrading and new customers wishing to join the expanding family in the region. We’re proud to maintain our number one position in this segment.”

FRENCH CONNECTION

Yet Boat Lagoon Yachting is much more than Princess Yachts South East Asia. It is also a dealer for French builder Jeanneau and Italian Rib manufacturer Sacs, represents superyacht brokerage house Burgess in Thailand, and has strong brokerage, charter, after-sales, service and yacht-management divisions.

The company has been a distributor for Jeanneau – part of the giant Groupe Beneteau stable – for the past decade. The French yard is one of the world leaders in sailing yachts and will debut its flagship Jeanneau Yachts 65 at this year’s Cannes Yachting Festival from September 6-11.

Popular Jeanneau motorboats in S.E.A. include the Merry Fisher 1095 Fly

Meanwhile, its range of powerboats range in length from about 18ft-43ft, so complement Princess’s larger models within the Boat Lagoon Yachting portfolio. Jeanneau’s powerboat ranges comprise Cap Camarat, Merry Fisher, Merry Fisher Sport, NC, Leader and now DB, a new series kickstarted by the brand-new DB/43 that will also premiere in Cannes this year.

Boat Lagoon Yachting has already secured a unit of the DB/43, which will be the first in Asia when it arrives. However, the most popular ranges among clients are the world-famous Merry Fisher series and the Cap Camarat range, now celebrating its 40th anniversary.

“In recent years, as people have grown to appreciate mobility and the convenience of boating especially in new locations away from crowds, the Cap Camarat and Merry Fisher ranges have definitely proved the most popular here in Southeast Asia,” Vrit says.

Boat Lagoon Yachting has ordered Asia’s first Jeanneau DB/43

“Jeanneau builds good-quality, affordable boats and offers day cruising, fishing abilities and fun for the family and friends, which is what many of our clients are after. The Merry Fisher 1095 Fly, with its unique flybridge and outboard motors, is an example of a popular choice for a larger family or owners who like to entertain.”

RIBS TO SUPERYACHTS

In early 2019, Boat Lagoon Yachting announced its representation of Sacs across Asia and Burgess in Thailand, as it widened its offerings for its clients. The company’s sales of Sacs Ribs include the-then flagship Rebel 47 and multiple Strider performance models including the 900, 11, 13 and the world-premiere edition of the Strider 15.

Some of these have included the custom ‘limousine’ version, which can accommodate up to 18 people at speeds of over 45 knots, while others such as the Rebel 47 can carry a range of water toys such as Seabobs, diving equipment and even a jet-ski. Sacs has since launched a new flagship, the Rebel 55, while the company has merged with TecnoRib, licensee of the Pirelli brand of RIBs.

The Thailand premiere of Sacs’ Strider 15 featured the world premiere hull

“Sacs is trusted by many of the world’s top superyachts as their tender and chase boat. The shipyard is considered an international leader in its field and its products are positioned at the highest level in terms of design, size, performance and quality,” Vrit says. “This quality is particularly appreciated by owners of larger yachts, often above 80ft, where it’s appealing to have a high-quality chase boat or even a fun boat for family and children.”

Boat Lagoon Yachting’s partnership with Burgess has also proven a win-win, even if most of this period has coincided with the Covid era. Last year, the dealer – working on behalf of Burgess – represented the seller of the 34m Feadship Moon Sand Too, having previously sold a 42m superyacht for the owner, a long-standing client.

“Through Boat Lagoon Yachting, we then found the buyer and with the professional assistance and experience of the Burgess team and its international network, vital during Covid time, the sale was completed very quicky, within weeks,” Vrit says.

On behalf of Burgess, the company also organised the charter of a 60m superyacht in the Maldives for one of its clients, so hopes are high that the superyacht side of the business will become increasingly active as international travel becomes easier.

Boat Lagoon Yachting helped sell the 34m Feadship Moon Sand Too

“A lot of business at this level is about trust, and long-term relationships, which is why we’re particularly proud to be working with Burgess. The relationships we’ve grown and fostered with many of our clients are valuable for us. With the Burgess team, we can now give professional advice and information that’s relevant to our clients’ needs and with their interest at heart,” Vrit says.

“During Covid, it has been difficult for most people to travel to see many of these superyachts, which are often not based here in Asia, so we expect to see these discussions come to fruition soon.”

COMPLETING THE CYCLE

For the same reason, there are high hopes that the charter business driven by international visitors to Thailand and other parts of Southeast Asia will increase after a difficult couple of years. Another key market segment is foreigners with residences in Thailand who haven’t visited during the pandemic.

On the flip side, the domestic appetite for charters in Thailand has increased as locals sought to explore their country’s attractions. Furthermore, the general downturn in activity in Thailand’s most popular yachting areas has made the seas cleaner and encouraged the return of a lot of wildlife and marine life in coastal areas.

“We’re looking forward to seeing the return of international visitors,” Vrit says. “We’re also anticipating superyacht charters becoming more active, especially with some of our recent bigger yachts now available for charter, as people begin to appreciate spending time on board with family and friends. And since Covid, the natural environment has become even more beautiful.”

Vrit at Phuket Boat Lagoon marina

Brokerage is one of the core parts of Boat Lagoon Yachting’s business and has remained active throughout the pandemic. The brokerage team spans Thailand, Malaysia, Singapore and Indonesia, and covers multiple brands and sizes. Although the company has completed transactions for sailing boats, catamarans and even commercial ships, it specialises in the brokerage of luxury motor yachts, generally in the 40-130ft range but with a focus on models between 55-100ft.

Sales have ranged from a 42m American superyacht to various Princess M Class superyachts over 100ft, a 28m Dominator Ilumen and motor yachts from Sunseeker, Fairline, Azimut, Ferretti Yachts and Prestige. However, it’s fair to say Princess yachts play a large part in Boat Lagoon Yachting’s business, due simply to the huge number of new units it sells into the region.

“Boat Lagoon Yachting is at the centre of yacht brokerage for the Asian market and it’s an important part of our business,” Vrit says. “We have unrivalled experience and knowledge of the Princess range, so we’re able to offer truly in-depth advice for any used model in Asia and beyond.”

The brokerage aspect also includes helping owners with ongoing after-sales and support, as well as any modification or retrofitting of yachts, especially on used boats, to suit their preferences.

“We employ many former Princess Yachts staff who work with our experienced local team to offer the added flexibility and assurance that your used-boat purchase can be as enjoyable as possible. We’ve helped almost all our owners of new Princess yachts upgrade once if not twice – and sometimes 15 times!”
www.boatlagoonyachting.com

Colin Dawson: Are you covered for yard time?

Leaders / yachtstyle2020

Colin Dawson: Are you covered for yard time?

June 30, 2022
1:22 pm

In a Column for Yacht Style, yacht insurance specialist Colin Dawson outlines what to consider ahead of yard work, emphasising that preparation is key to keeping insurers onside.

Royal Hong Kong Yacht Club

All yachts will visit a yard, often each year. However, how many realise it’s important to have clearance from insurers before doing so? Most policies will allow for normal maintenance to be performed without the need to advise insurers, but not all. And how far can one go while still calling work ‘normal maintenance’?

Nearly all policies will require permission to be sought prior to agreeing to continue cover for anything that goes beyond normal maintenance and certainly in the event of any hot work. Different insurers will require varying levels of information, but where yard bookings can be difficult and need to be secured quite far in advance, it’s best to do your homework prior to singing a contract.

In my years as a specialist insurance broker for yachts, I have seen incredibly well prepared programmes. Recently in New Zealand, the captain discussed the work to be done with the yard well in advance, sought a yard with a fine reputation and a good level of Ship Repairers Liability (SRL) cover in place, and had a plan ready before the yacht entered the yard. Of course, there are also less well prepared programmes. In any case, try to remember the following:

1. Make sure the yard in question carries sufficient SRL cover. I would recommend at least the value of the yacht, but depending on the value, insurers may be flexible. I have known yards try to tell their clients they cannot get the cover over a certain amount. If the yard has a good reputation and a good loss record, this isn’t true and is generally because they don’t wish to spend the premium.

2. Make sure the yard’s SRL cover spans the whole period the yacht is there.

3. Discuss with the yard any subcontractors it may use and make sure the yard’s insurance includes them.

4.If intending to appoint your own subcontractors, check with the yard that this is allowed. If so, ensure these subcontractors have their own cover. Often a yard will require this.

5. Ask around, not just fellow captains but also your insurer, to ascertain the reputation of the yard.

6. Discuss with the yard its emergency procedures, especially fire and windstorm.

7.Discuss with the yard its security measures.

8. Discuss the project with your crew. For example, how will loose items on board be protected?

9. Try to get a slot away from a yacht that is having hot work and, if you can, away from one being repainted.

10. Obtain a full works list.

11. Most people should be aware that they can’t sign a waiver allowing a yard to back out of a claim against them. This is often specified in the yacht’s insurance policy. However, most waivers are hidden in the very small print and are couched in a language hiding the fact that they’re either partial or complete waivers. A better-quality yard will not look to hide such things or even have them. I once had a contract sent to me by a captain firmly telling me that he had not signed a waiver. On the contract, it was stated that terms and conditions were overleaf, but it had been scanned and sent without any of the ‘overleaf’ information appearing. The captain had blindly signed what he had been sent, missing the fact that many conditions including the waiver were on the part he hadn’t seen.

12. Make sure plans are made well in advance. Often an insurance broker is advised at 5pm on a Friday that a yacht is to be lifted the following day and needs to have an insurer’s permission. Usually this is accompanied by incomplete documentation with gaps in what insurers will require to note their agreement. (Of course, when insurers revert with queries, it’s always their fault!) If this is done in advance, there’s time to ensure all paperwork is correct to make it easy for insurers to agree, making them more disposed to being flexible if the need arises.

It’s worth remembering that last-minute advice, poorly presented requests and yachts looking to enter yards that are cutting corners or not looking after the best interests of the yacht owner raise other concerns with insurers. We are in a difficult yacht-insurance market and insurers have less capacity to offer, so are pickier with the risks they’re prepared to underwrite, and on what terms.

They’re being less flexible and are far more wary of risk than they were in the ‘soft’ market for so many years. One concern insurers have is if a yacht cuts corners with a visit to a yard, it’s likely to be cutting corners in other areas, leading to increased risk and therefore the likelihood of a claim. Signs this is happening are plain to see.

It should be remembered that it is an owner’s responsibility to do all he can to prevent a loss to insurers, or minimise one should an accident arise. If this is not done, insurers can query the amount they’re liable for in a claim. If you’re in any doubt at all, seek advice from your insurance broker – and remember the 5 P’s!

COLIN DAWSON

Managing Director of The George Group, Dawson has extensive experience in Asia-Pacific and has arranged covers for yachts around the world. Working in the marine insurance industry from 1990, starting with Lloyd’s, he has been based in Hong Kong since 1994 and specialised in yacht insurance since 1997. In 2009, he set up The George Group and began working alongside Expat Services, with Expat Marine established in 2011 and acquired by Howden in 2021. Founder of the Asia Pacific Superyacht Association, he was its first Chairman and is now an Honorary Life Member.
colindawson@tgg.com.hk / www.howdenhk.com

GMBA’s YP Loke highlights key yachting topics

Leaders / yachtstyle2020

GMBA’s YP Loke highlights key yachting topics

June 22, 2022
12:18 am

In a Column for Yacht Style Issue 65, Singaporean YP Loke recaps his visit to Spain for Global Marine Business Advisors’ first in-person meeting, as the worldwide network of industry veterans tackled key issues facing yachting.

Real Club Nàutico de Palma hosted the GMBA meetings

I have the honour and privilege of being counted among the founding members of Global Marine Business Advisors (GMBA). It’s an international network of recreational marine leaders – a reverent who’s who in the industry – who have stepped back from the leading edge of their area of speciality but are not quite ready to call it a day.

Founded in February 2020, just as the Covid pandemic hit, the Group could only have virtual meetings until earlier this year, when we convened for a few days in Palma de Mallorca. While most of us know each other or have crossed paths before, this was the first time we had gathered formally under the GMBA umbrella.

Hosted by our Spanish representative Oscar Siches at the prestigious Real Club Nàutico de Palma, the two-day agenda was designed to pack in the most likely items that would influence the long-term outlook of our industry, and to scan the horizon to try to forecast how the business environment will change as the industry moves forward.

Although many manufacturers are posting record sales arising from the pent-up demand generated as people emerge from post-Covid lockdown to embrace the great outdoors, there’s much uncertainty how long this will last and what the industry can do to sustain this period of exceptional growth.

GMBA members flew in from around the world including Singapore

Following is a snapshot of what the group felt were factors that will shape the boating industry in the years ahead.

UKRAINE AND RUSSIA

The situation in Ukraine and Russia and the fallout from this situation for the marine industry, particularly the builders and the refit yards, were high on the agenda. The meeting was joined by virtual participants in Russia and Ukraine who provided updates of the situation on the ground.

Exports of marine products to Russia have been all but halted and with the summer season coming, this will severely affect the operation of many Russian businesses. The full impact of sanctions is still to be seen. Mass unemployment and a collapse of the Russia economy is predicted. Worldwide sanctions have led to soaring oil prices, inflation and supply-chain disruption, which was already impacted by Covid but has been made worse.

Russian-owned superyachts have been seized or issued ‘stop work’ orders in several countries. This has caused a conundrum for builders, refit yards and marinas, as these yachts continue to occupy docks and berths that can’t easily be vacated for work on other paying customers’ yachts. In many cases, the legality of the seizures is being challenged (ownership is often obscured and tracing the ultimate beneficial owner requires exhaustive investigation) and responsibility for the yachts’ maintenance remains unresolved.

Shipyard visits included a tour of Pink Gin, the Baltic 175 sloop undergoing a refit

CHARTER

While charter-season bookings look very positive this year, there appears to be growing uncertainty in the European market given the negative publicity surrounding yacht seizures and the situation in Ukraine.

ECONOMIC INDICATORS

Many economies already weakened by the Covid pandemic are having to deal with a double whammy as the economic environment becomes further weakened by the Russian invasion of Ukraine. Economic indicators point to inflation rising globally, caused mainly (but not entirely) by the rapid rise of global energy prices. Many countries are expected to raise interest rates to control inflation, which could in turn bring about deflationary pressures. All this, with declining consumer sentiment and supply-chain issues, will invariably have a negative impact on recreational marine.

SUSTAINABILITY

With ESG (environment, social and governance) investing coming into the forefront globally, the group discussed the implications for the boating industry as sustainability becomes an increasingly important consideration for consumers. The move toward sustainability cascades down the equipment-supply chain, involving investment in production methods and product innovation.

Sustainability comes under discussion

In consonant with the automobile industry, there has been much research and development in alternative fuels to replace or augment internal combustion engines. Guided by Albert Willemsen, GMBA’s environmental lead, the group discussed creating an approach to sustainability that demystifies it and focuses on an approach that businesses can use to practically address issues. The need to address sustainability has grown in urgency for all businesses, big and small.

BOAT SHOWS

As many boat shows were cancelled or postponed in the two years following Covid, the group discussed the changing role of boat shows and how this affects the marketing mix for manufacturers. It was generally reported that most shows that resumed were well received and that the networking component of physical shows remained a key draw that can’t be easily replicated in a virtual setting.

However, with order books full and limited inventory available, many boatbuilders have little to exhibit and what they have is being focused on the major international shows. Deciding which shows to participate in is far from straightforward and those who were venturing to shows felt it critical to get tangible outcomes.

Harbour view of Palma de Mallorca

Some are taking a more quantitative approach to evaluating their show participation. Others who have channelled their boat show dollars to other areas of their marketing mix are still evaluating the effectiveness of their new marketing strategies. It is a marketing maxim that half of all marketing is wasted, but knowing which half is the tricky part!

GMBA

Since GMBA’s formation in early 2020, our advisors have been effective in helping recreational marine companies with their international growth strategies. The group’s local knowledge and embedded networks on the ground in many international markets have made it more affordable for many marine businesses to gain entry in new markets to expand their global footprint. It has assisted several companies in identifying new distributors, agents, boat builders and outlets for products, so if you’re looking for advice or even a sounding board, feel free to reach out.

YP LOKE

Loke is a founding member of Global Marine Business Advisors (GMBA), the long-time Chairman of the Singapore Boating Industry Association, an honorary member of the Asia Pacific Superyacht Association (APSA) and a member of the ICOMIA Marinas Group. A Certified Marina Manager and naval architecture graduate, he owns Spinnaker International, which consults on boating and marina matters.

yp.loke@gmba.blue / www.gmba.blue

Vrit Yongsakul on Princess’s pioneering X Class in Southeast Asia

Leaders / yachtstyle2020

Vrit Yongsakul on Princess’s pioneering X Class in Southeast Asia

June 7, 2022
11:41 pm

Vrit Yongsakul, Group Managing Director of regional dealer Boat Lagoon Yachting, talks about the arrival of the first Princess X95 in Southeast Asia, while revealing that more X Class units are on their way. Interview: Claire Lim.

Vrit Yongsakul, Boat Lagoon Yachting

Vrit, how does it feel to welcome the first Princess X95 in Thailand, where it’s now berthed in Phuket?

It’s a real privilege to be able to bring this award-winning flagship to the region because the Princess X95 is like nothing we’ve seen before. It’s a new trend setter, especially for the Asian market, because of the widebody concept and the flybridge covering almost the full length of the yacht.

It’s amazing to see in person the incredible volume and space. This truly defines this new ‘Superfly’ range of superyachts that offer expansive spaces with great flexibility never seen before on this size of yacht. You can also see the stylish input from Pininfarina, the famous Italian design house, in the beautifully sculpted surfaces and long flowing lines.

Princess X95 being unloaded from the ship

As the longest-serving Princess distributor in Asia, representing the brand since 1994, why do you think the X Class suits clients in the region?

One of the greatest aspects of the X95 is that it’s highly customisable, which allows for a truly personal and curated yachting experience unlike any other. It’s so versatile and can be perfectly suited to many occasions and boating styles.

It’s 29m long, yet the usable space and area are equivalent to that on the Princess 35M. This allows large groups such as Asian families or friends and business guests to enjoy an incomparable experience together, whether in the main-deck saloon with its huge galley fitted for Michelin-starred chef entertainment or on the spacious, class-leading flybridge.

The Princess X95 berthed in Phuket

In addition, there’s the enclosed skylounge, which can be reached from the saloon by an internal stairway. The skylounge can be configured into many functional areas such as an entertainment or media room, upper lounge, mini office, private meeting area or even superyacht-style dining area with panoramic views. It’s fully protected from the weather and heat that can sometimes be a little unfriendly in the tropics.

And although the X95 has an extensive range suitable for covering the region, it’s also capable of efficient, fast planing speeds to make day boating a joy. This suits a lot of our Asian families who often may not have a lot of time and wish to host business guests, have a family day out or venture to places where not many can go to enjoy the freedom of privacy, luxury and the next level of yachting.

The open aft area of the flybridge

What special features does this X95 include?

This unit has been highly customised for Asia in many ways. The saloon includes a large, round dining table, which can be extended for extra capacity, making the yacht ideal for business entertainment or a large family gathering across all generations. It also has a huge galley with generous storage and first-class equipment suitable for preparing a special culinary experience.

The master suite forward on the main deck has panoramic views as well as a private study area and mini office. The lower deck has four luxuriously appointed guest cabins with additional pullman beds, so the yacht can sleep up to 10 or 12 people comfortably.

The vast main-deck interior

The aft beach club features a customised table that lowers to form a comfortable lounging area with the sofa, with the area featuring upgraded air-conditioning, a TV and media system, and a stylish cocktail bar and pantry area.

The superyacht-style transformer platform is a delight for any divers and watersports lovers. Again, this is a true highlight that allows all generations of the family – from more senior adults to young kids – to enjoy quality family time together not only in comfort but with the highest degree of safety and convenience.

Pininfarina supervised the exterior design

The enclosed skylounge features a large TV and advanced media system to convert this luxurious and private upper lounge into a versatile, fun entertainment and media room comparable to one on a much bigger tri-deck superyacht. Forward of the skylounge is an oversized custom spa bath offering panoramic views, again often only seen on 35m-50m superyachts.

What makes the Princess X95 suitable for regional cruising?

The X95 is a long-range superyacht that can easily navigate anywhere in Southeast Asia in comfort and style. Her incredible volume offers unparalleled luxury while cruising, while her advanced hull design ensures maximum efficiency and Princess’s renowned seakeeping.

The X95 is ideal for regional cruising

For example, she can cruise between Singapore and Thailand with one tank, allowing guests to enjoy all the wonderful islands and ports in between, or from Singapore and Thailand to the many amazing places in Malaysia and Indonesia. There’s plenty of storage on board and one of the most spacious galleys ever seen on a yacht of this size.

The crew area is also very comfortable, with three crew cabins and nice living quarters, and when crew are well looked after, guests will be well looked after! Furthermore, the access and movement between guests and crew are well thought out, with maximum privacy and convenience for both parties, so she’s ideal for long voyages.

The X95 is notable for its enormous volume

What has made Princess such a consistently popular brand in the region?

Princess has long been one of the world’s leading luxury motor yacht brands and is renowned for uncompromising build quality, advanced engineering and seakeeping that continues to lead the way. As part of LVMH, the world’s largest luxury conglomerate, Princess also offers timeless, elegant design, while the recent collaboration with Pininfarina, such as on the X95, has raised the styling to the next level.

Another of the most important aspects is the dedication and ongoing support of the shipyard’s aftersales service and technical team. Together with our own commitment, experience and the most investment among all Princess partners in Asia, this ensures the yachting experience of our valued Princess owners is unique.

The X95 foredeck can include a jacuzzi

Will there be any more X Class models coming to the region?

We’re proud to say that we’ll soon welcome not another one or two but three more units of this flagship model into Southeast Asia! Each will have a bespoke layout and customisation, with one geared towards a family who enjoy diving and watersports.

We’re also anticipating the arrival of the new Princess X80 into Southeast Asia this year, which at 83ft, offers the ‘Superfly’ experience to entry-level superyacht buyers. Furthermore, we’re thrilled to be bringing the world premiere edition of the Princess Y95, which is going to be absolutely stunning.

www.boatlagoonyachting.com

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