MANGUSTA YACHT CHARTER

MANGUSTA YACHT CHARTER
Luxury Mangusta 92, up to 12 guests, from euro 7,500 until 1st May, 2013

Friday, January 30, 2009

The Superyacht Vs the Real Estate financing question

Knowing that the rising defaults by affluent homeowners are raising, one can reasonably wonder if the same could happen with yacht financing...

According to Ciris Capital BV "...what we have seen over the last six to eight months is that all banks continue to claim that they are open for new business and have received no internal instructions to do otherwise. The only change that they publicly admit to is that turnaround times are a little longer"

Banks and Investors Face 'Jumbo' Threat

The Wall Street Journal
"Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.

About 6.9% of prime "jumbo" loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.

Jumbo mortgages average about $750,000 and can run as high as $5 million or more..."

Wednesday, January 28, 2009

Saddam Hussein's yacht : too old, too kitsch...



The 269-foot Saddam Hussein's yacht was on the market for $34,450,000 with broker Burgess months ago.
According to the French newspaper Le Figaro, the Iraki interim government cannot find a purchaser despite an important price reduction: the new asking price is now euros 23,000,000.
Official Iraki government adviser reported recently that even the Russian mafia
find the yacht too kitsch...



"Al Mansur", the previous presidential yacht rested adrift in a Basra port after US Navy pilots dropped small bombs on the yacht three times during the Irak war.



Sunday, January 25, 2009

Superyacht Captain shot and killed in Antigua




A very sad news of the death of Captain Drew Gollan, captain of the 163-foot Perini Navi ketch Perseus who was shot Thursday night in Antigua.

Accordig to Dockwalk.com, "the local newspapers have not yet reported on the story and the police investigation is still pending".

Will security question become a real issue both for charterers and crew?

Last summer, the superyacht Tiara was attacked by pirates near Porto Vecchio in Corsica with 9 guests and 10 crew members aboard.

Saturday, January 24, 2009

Cosmetics tycoon puts yacht on block for €44.9m




The billionaire investor with stakes in Revlon (Research) and Marvel Comics (Research), owns Ultima III, which has reportedly entertained such guests as Miramax co-founder Harvey Weinstein and Jon Bon Jovi.
Ron Perelman put his 188-foot yacht on the block for over €50m ($67m), according to a report in The Guardian. At the moment, the yacht is for sale with brokers Merle Wood and Edmiston and benefit from a significant price reduction: ULTIMA III is now priced at EURO 44.9 million.

Ultima III was built in 1998 by Abeking and Rasmussen shipyard Donald Starkey design.

Friday, January 23, 2009

Fishing boat hit by superyacht "Alexandra"



The 47m superyacht "Alexandra" built by the Russian shipyard Timmerman in 2008 hit a small fishing boat in the bay de la Ciotat near Marseille.
The fisherman was found safe but his boat is in poor condition...

The
Gendarmerie Maritime will have to determine what cause the collision.

Superyacht Ownership programs vs Crisis?

Following the credit crunch and the subprime crisis, there is a boom with the new (old?) yacht ownership programs (Monocle, Curvelle...).
Synchrony is the a new kid in town...and veteran Bob Saxon is the Advisor & Director of Marine Operations!

OFFICIAL PRESS RELEASE
SYNCHRONY LUXURY YACHT PARTNERSHIP LAUNCHES AS A SMART SOLUTION TO MEGA YACHT OWNERSHIP

FORT LAUDERDALE (January 20, 2009) – Synchrony, The Luxury Yacht Partnership, announces its launch, offering a luxury yacht ownership program with year-round access to premium yachts positioned in North America, Europe and the Caribbean.

Similar to the shared ownership programs that have been embraced in the high-end real estate and aviation industries, Synchrony is now raising the bar in the world of luxury yachting. Each state-of-the-art yacht is designed specifically for syndicated ownership and fleet access. The goal is to bring a consistently high standard of hospitality culture to the luxury yacht experience and deliver an extraordinary level of service and attention to detail.

Synchrony differs from other fractional yacht offerings in the market with its unique “luxury yacht lifestyle concept”. The program offers all the benefits of full ownership at a fraction of the cost and with fewer responsibilities. As an owner with Synchrony, users acquire a dedicated interest in a specific luxury yacht and have access to the entire Synchrony fleet of premium yachts – fully crewed and maintained. The company efficiently manages, maintains, crews and operates the yachts, freeing Synchrony owners from the typical burdens associated with a fully owned private yacht. Concierge and service teams are always on hand to plan all elements of the yachting experience, including cruising schedules, trip logistics and culinary experiences.

“Our concept is completely unprecedented in the world of yacht ownership,” says Bob Saxon, Synchrony Advisor and noted industry pioneer. “By offering the industry’s lowest owner-to-yacht ratio, the highest caliber vessels, unparalleled service and a combination of advanced bookings and flexible short-term access, discerning yacht owners now have a smarter option to access the luxury yacht lifestyle.”

Owners have access to the yachts for up to six weeks per year. Synchrony provides the same access as fully owned private vessels, including the freedom to book advanced vacations or spontaneous trips or events. Owners may use the yacht individually or with friends, for business entertaining, or even to charter out to others. Plus, there’s the liberty of setting unique agendas and exploring new ports of call around the world at a fraction of the cost.

Synchrony has selected the Azimut-Benetti Group, one of the largest luxury yacht builders worldwide, to design and configure the Benetti Classic 120’ yacht specifically for the program. This impressive vessel offers generous accommodations for 10-12 guests in five staterooms, two salons, indoor and outdoor dining areas and a sundeck with built-in Jacuzzi and bar.

Just as enticing are the financial benefits Synchrony offers. Through shared expenses, partners save big on yacht ownership. Research shows that most yacht owners use their yachts between five and six weeks per year. And on average, a fully equipped 120-130-foot yacht costs $1.4 million per year to maintain (excluding trip expenses and provisions). By contrast, Synchrony owners enjoy similar usage and access at a significantly lower cost. In addition, Synchrony represents a great alternative to charter programs with year-round flexible access and a consistently high standard of service on every yacht in the fleet, eliminating the variable and often inconsistent service people experience in chartering different yachts.

Synchrony Luxury Yacht Partnership is currently accepting new owners. For more information and or to join, please call +1-954-462-3223 or visit www.synchronyyachts.com.

Thursday, January 22, 2009

A new Italian CEO fo Pershing...

Paolo Favilla has been appointed new CEO of Pershing S.p.A., a brand of Ferretti S.p.A.

Why do they all resign so quickly ?

It seems that the "superyacht crisis" hits hard the Italian yachting industry as many CEO had to resign. Here is a short list of the latest resignations...

Mr Ermetto

Gruppo Baglietto informs that Fabio Ermetto, Marketing and Commercial Director has resigned from his duties. Gruppo Baglietto would like to thank Fabio Ermetto for his commitment to date.

Mr Pisciotta
Gruppo Baglietto, world leader in luxury yachts over 27 metre, informs you that Francesco Pisciotta, General Manager of Cantieri Navali Baglietto, resigns from his duties as of Friday 31st October 2008.
Maurizio Cei, Cantieri Navali Baglietto Chief Executive Officer will take over his position.
Gruppo Baglietto would like to thank Francesco Pisciotta for his commitment to date.

Mr Cannatelli
Ferretti group, a world leader within the sphere of designing, building and marketing luxury motoryachts, which encompasses nine of the most exclusive and prestigious brands in the nautical world (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line), announces that Vincenzo Cannatelli has relinquished his powers as Chief Executive Officer of Ferretti S.p.A. and has resigned from the position of director of the subsidiaries effective immediately, while continuing to serve as member of the Board of Directors of Ferretti S.p.A. until the General Shareholders’ Meeting that will approve the financial statements for the year ending 31 August 2008. This decision, taken in full agreement with the Board of Directors of Ferretti S.p.A., takes account of the extension of the timetable for a potential IPO, given the financial market crisis and, consequently, the need to allow the Company to lay out an organizational structure that is more consistent with the current market conditions. Norberto Ferretti continues to serve as the Group’s Chairman and Chief Executive Officer, Ferruccio Rossi has been confirmed as the Group’s General Manager, and Mauro Moretti, the Group’s CFO, will receive broader operating powers.

Wednesday, January 21, 2009

Italian yacht builder Aicon to launch AIcon Next

Italy. Aicon launches guaranteed used boats project
Monday, 19 January 2009

Aicon Yachts, shipyard in Messina, Italy active in the design, construction and marketing of boats and luxury motor yachts launches AICON NEXT on the market, a new and unique project for the nautical sector whose objective is to guarantee used Aicon brand yachts.

AICON NEXT is a system of valorization of the preowned Aicon brand boats purchased directly at the shipyard or through an authorized dealer. It is a packet of services which accompanies the boat owner from the moment of purchase of a used Aicon brand yacht, rendering the experience unique and maintaining its value over time.

A dedicated structure with highly qualified personnel within the company will support the clients in the choice and the management of the boat, in the after-sale phase and in the choice of suitable financial instruments.

AICON NEXT guarantees used Aicon brand yachts through a series of activities which prove the elevated standards of quality of the vessels. Continuous assistance and a packet of exclusive services allow the boat owner to benefit fully from the Complete Aicon Yachting Experience.

The exclusive services of AICON NEXT:

Check – a complete check of the boat and of its systems by Aicon technicians, at the end of the first season in order to verify the functionality of the boat, ensuring eventual repairs under guarantee and advising on those not included in the offer;

Maintenance – a 1-year programmed maintenance schedule offered through the use of a coupon which guarantees assistance and necessary repairs to the boat at a clear and defined price. The client who chooses to take advantage of the offer of Programmed Maintenance will be entitled to one additional year’s free assistance on the electrical and hydraulic systems, on the helm and on the automatisms;

Personalization of the boat – the AICON NEXT boat owners will have the possibility to personalize the details of their yacht according to their needs and personal taste;

Training – a day’s training on the workings of the boat for the boat owners and crew, carried out by specialized Aicon technicians;

Transportation – the transportation of the boat, at contained costs, to the marina of choice, on request;

Personal Tutor – to every yacht will be assigned a personal tutor who have to monitoring the boat life cycle until his launch, to support the owner and operate with promptness and effectiveness if necessary. The personal tutor represents the entry to the world of Aicon services. A telephone concierge service will be at the disposal of boat owners the world over in order to respond promptly to each request.

Purchasing an AICON NEXT yacht from an authorized dealer means having access to a range of guaranteed and fixed prices, and owning a boat whose value will remain constant over time. If the boat owner should decide to resell his yacht for an upgrade, he will have access to the AICON NEXT services for the sale on the market which will allow the optimization of his investment.

“AICON NEXT is a project created to offer our clients a more privileged service. In a changing market, we consider preserving the value of our boats over time to be fundamental as well as supporting the investment made by our clients in the purchase of new boats” – states Ilaria Di Bernardo, Global Marketing Manager of Aicon – “ The

AICON NEXT project will allow us to offer both the new owners as well as those of the preowned boats an ever more personalized service and to accompany them throughout their yachting experience”.

“Such an innovative service in the nautical sector and an organization totally dedicated to preowned boats will allow to attack with greater force and speed the market potential which this business can still offer” – states Fabrizio Pisciotta, Aicon Sales Director – “To create a range of used but guaranteed boats from our shipyard, will help the clients in the final choice and will support our dealers in the stock used selling off. Our programs are always targeted to achieve clients satisfaction and to support the activities of our final clients and our authorized dealers”.

Aicon Yachts is active in the design, construction and marketing of luxury motor boats and yachts. The Aicon range is composed by Flybridge and Open boats from 54 to 85 feet. Aicon won twice the “World Yacht Trophy” at the Festival International de la Plaisance in Cannes. Aicon Yachts is a part of Aicon Group, the company is listed on the Standard segment of the Italian Stock Exchange.

Aicon is not the only yacht builder to offer such a program: the British yacht builder Fairline also offer a Fairline approved program where a pre-delivery inspection (PDI) is completed for every Fairline APPROVED boat listed by the Fairline Appointed Dealer.


Source: http://www.bymnews.com/news/newsDetails.php?id=49391

Tuesday, January 20, 2009

Superyacht owner: new tips to save money...

It is tough time for some yacht owners and lot of them are trying to cut cost.

This yacht manager offers accomodation for winter in exchange of for day work:
"
Are you newly qualified yachtmaster seeking accomodation for the winter ?
We can offer you a 23 metre yacht in Cannes to live on board in exchange for for 1/2 day wash down per week. The current situation is that the yacht may be up for sale and may require some day work - the right candidate could be put forward for the full Captains position for the new owner or current owner during the season 2009.
Please email your CV to..."

Monday, January 19, 2009

Superyacht Market Trend: a broker perspective...

"It was a really quiet autumn and the credit crunch had a severe effect," said Simon Goldsworthy, a super yacht broker at Camper & Nicholsons in London. "The smaller the size of yacht, the more it has been affected."

"The most common call I am getting at the moment is 'have you got any repossessions?'" said Mr Goldsworthy. "But there have been more cancelled orders than repossessions, because it is easier to walk away than to default."

>> FT article

Business as usual...

USA
A Pompano Beach marina owner (and Cigarette dealer) faces 10 felony charges after he tricked people trying to buy or sell pricey speedboats and refused to return large deposits on some transactions that fell through, authorities say.

>> More information

UK/Italy
Ferretti seeks refinancing assistance
Candover, the UK-based private equity firm that bought Italy's Ferretti Group for €1.7bn in October 2007, is in discussions with leading investment bank Rothschild to advise on a planned restructuring of Ferretti's €950m debts, according to a story in Saturday's Financial Times newspaper.

>> More information

France
Rumour, rumour, rumour: a superyacht would have been seized in the Antibes harbor...
Trends: big brokerage companies tend to downsize their sales force in Antibes and Monaco.

Thursday, January 15, 2009

Porto Montenegro News



Mr. Deripaska's, the 72m Queen K superyacht owner and CEO of UC Rusal is also an investor, along with Barrick Gold Corp. chairman Peter Munk, Nathaniel Rothschild and several other wealthy businessmen, in Porto Montenegro, a luxury superyacht marina under construction on Montenegro's Bay of Kotor.

In an interview last month, Mr. Munk said the recession would not jeopardize the €260-million ($420-million Canadian) project and that the equity funding from the investors, including Mr. Deripaska, was in place.

The oceans are still brimming with yachts and Mr. Munk expects Porto Montenegro will attract a lot of them.

"They won't disappear," he said. "They have to live somewhere."

Latest news published on the official Porto Montenegro website: "
Current progress:

  • Work on infrastructure, landscaping, site clean up and environmental remediation is now underway and the first of the major docks has been fully completed.
  • The marina is scheduled to open by the summer of 2009, with a capacity of 150 berths.
  • Construction of onshore facilities is commencing this year, with the first buildings expected to be complete by the spring of 2009.

Published on http://www.portomontenegro.com and /http://www.globeinvestor.com

Friday, January 9, 2009

How superyacht brokers become real estate agent...

Here is an email I received yesterday:

"1. This client would like to even trade a hotel with a restaurant and bar overlooking a small picturesque village in the South of France for a classic yacht in the 80’-110’ range. They are not looking for projects. The current value of the property is somewhere around $1.6 million.

2. This client would like to trade his equity in a 220 acre golf and fishing resort in Colorado for a late model 80’-120’ pedigree motor yacht. January 2008 the Club was voted as one of the “Best Places to Play in Northern America” and was given a 4 star rating. If the Club was on the market the asking price would be around $12 million.

3. This client would like to trade several tracts of undeveloped residential waterfront property in the panhandle of Florida for a 60’-100’ displacement yacht of equal or greater value. Current market valuations on the property are between 5-6 million dollars. If the value of the boat exceeds the value of the property they would be looking for owner financing."

It seems that the credit crunch and the current economic situation force the yacht brokerage company to be definitely more creative and find new solutions to do business and it is just the same with the charter: free delivery fee, fuel for free, bonus for the charter broker...

Friday, January 2, 2009

Dubai boat show grows amid global credit crunch



According to the event organiser "More marine companies will appear at Dubai’s 2009 international boat show than this year despite a recent sales slump across the global industry".

4Yacht Arabia, a local industry leader in global superyachts, will showcase the superyacht ‘Lauren 88.5m’ at the upcoming 2009 Abu Dhabi Yacht Show (ADYS), due to take place from March 12-14 at the Abu Dhabi National Exhibition Center.