This stability raises an intriguing question: have yacht sales settled into a new, elevated norm. The buoyant stock markets in regions like the US and the Netherlands have undoubtedly played a role in maintaining strong demand, fostering an environment where luxury purchases, including superyachts, continue to flourish. However, the landscape has not been without its challenges. Geopolitical tensions, particularly the ongoing conflicts in the Middle East, have tempered the enthusiasm of some prospective yacht owners, adding a layer of uncertainty to the market.
RINA has achieved a significant milestone in the yacht classification sector with over 1300 yachts classified, of which 75 had a Gross Tonnage of more than 500 GT. New projects currently number 408 worldwide, of which 20 are over 500 GT. This accomplishment underscores RINA’s expertise and proficiency in providing high-quality classification services for luxury vessels, and demonstrates the trust yacht owners place in the organization to ensure the safety, efficiency, and compliance of their ships.
New and Pre-Owned Yacht Sales: Adjusting to New Realities. The new yacht segment experienced a notable shift in 2023, with 203 yachts over 30 meters sold, representing a 17% decrease from the 245 units sold in 2022. Despite this reduction, an annual sales figure exceeding 200 units remains impressive by historical standards.
The most significant decline occurred in the 30-40 meter range, which saw a drop of 23 yachts compared to the previous year. The largest percentage decrease was in the over-80 meter category, where sales fell from 10 in 2022 to just six in 2023. On a brighter note, the 40-50 meter segment saw only a 10% decline, and the 50-60 meter category experienced a modest drop of three yachts, totaling 18 units for the year.
The pre-owned yacht market also followed a downward trend, with sales declining by 27% from 403 in 2022 to 296 in 2023. This reduction suggests a return to more typical levels following the extraordinary sales surge observed in previous years.
Superyacht Completions: A Year of Progress and Potential. Between 2014 and 2021, the number of new yacht completions remained relatively steady, fluctuating between 150 and 160 units annually. This trend changed in 2022, with completions rising to 170, spurred by a surge in orders placed in the latter part of the previous year.
In 2023, this momentum continued, with an impressive 202 yachts completed, exceeding projections and highlighting the industry’s capacity to ramp up production. The increase in completions is a testament to the significant investments made by shipbuilders in expanding their production capabilities and enhancing supply chains.
Despite this progress, a substantial backlog persists. In 2023, 352 yachts were initially projected for completion, yet only 202 were delivered, reflecting a 43% delay rate, similar to that of 2022. Looking ahead to 2024, the industry anticipates the potential completion of 340 yachts, many of which are semi-custom models. With the challenges of fulfilling such a large volume of orders, we estimate around 205 completions over 30 meters, based on the demonstrated production capabilities of 2023.
The Luxurious Allure of Superyachts. Owning a superyacht continues to symbolize ultimate luxury, representing a pinnacle of wealth and sophistication. Despite the economic pressures brought about by global challenges such as inflation and geopolitical conflicts, the demand for these magnificent vessels has reached new heights.
This surge is driven by the ultra-wealthy’s evolving tastes and the innovative ways superyachts are being utilized. The desire for seclusion and exclusive experiences has fueled interest in large, customizable vessels that offer unparalleled privacy and luxury.
Expanding Horizons and New Markets. The superyacht market continues to grow, buoyed by the increasing number of ultra-high-net-worth individuals around the world. American buyers are currently leading the charge, but significant growth is also anticipated in regions like China and Southeast Asia. The rising wealth in these areas, coupled with extensive coastlines and islands, creates ideal conditions for a thriving superyacht market.
This expanding customer base has bolstered the industry’s resilience, especially in light of sanctions that have impacted Russian oligarchs, who have traditionally been major buyers of superyachts. The sanctions, imposed in response to geopolitical conflicts, have led to the seizure of numerous superyachts, highlighting the intersection of luxury and geopolitics in today’s world.
A New Era for the Superyacht Industry. Western Europe remains a hub for superyacht production, but the industry faces potential revenue losses due to sanctions and asset seizures targeting Russian oligarchs.
Despite these challenges, the rise of a new class of wealthy individuals in the US and the Pacific Rim is driving demand and ensuring continued growth. Leading companies are at the forefront of meeting this demand, investing in cutting-edge facilities and technologies to maintain their competitive edge.
As the superyacht industry navigates the complexities of the global economic and geopolitical landscape, it continues to capitalize on new opportunities and embrace an expanding clientele. The allure of superyachts remains as strong as ever, a testament to the enduring appeal of luxury and exclusivity on the high seas.
RINA Maxima and the Future of Maxi Yachts. RINA Maxima was launched at the 2022 Monaco Yacht Show to address the needs of the growing maxi yacht industry. It offers services for large recreational vessels with metal hulls, focusing on decarbonization, digitalization, and comfort. For decarbonization, RINA Maxima has introduced standards for alternative fuels like methanol and hydrogen, and advanced propulsion systems including hybrids, batteries, and fuel cells. In digitalization, the Sertica Yacht software optimizes the management of these complex vessels, developed by RINA Digital Solutions. Comfort is ensured through guidelines for quiet, vibration-free operation, and stability. Advanced simulations and real-world trials predict and adjust the boat’s reactions to sea stresses, resulting in a stability certification now used as a contractual standard.
RINA Maxima’s services have been well-received, which is reflected in our collaboration with major shipyards. The brand tailors its services to shipyards’ specific needs, whether focusing on decarbonization, comfort, or digitalization. It also provides cybersecurity assessments to protect mega and giga yachts from hacking. At the 2023 Monaco Yacht Show, RINA showcased projects including a zero-emission PEM fuel cell system with CRN and a mixed diesel-methanol propulsion system with Meccano Engineering.
RINA also partnered with Sea Index to measure yachts’ environmental impact and signed an agreement with Eni to promote biofuels like Hydrogenated Vegetable Oil (HVO), which offers environmental benefits and flexibility for use with existing propulsion systems.
RINA Maxima’s comprehensive approach integrates advanced technology and sustainable practices, leading the maxi yacht industry towards a greener and more efficient future. RINA Maxima uses advanced vibro-acoustics simulation software to assess noise and vibration levels in custom superyachts early in the design process. It also employs acoustic cameras and motion amplification to locate and address noise and vibration sources without extensive dismantling. RINA ensures onboard comfort while maintaining performance and efficiency.
Paolo Moretti
Chief Executive Officer,
RINA Services
