Ambitious plans to transform the small Balkan state of Montenegro into a haven for superyacht owners could be sailing into trouble as the current crisis has forced one of the founder, Mr Deripaska, to give up stakes in several companies.
>> Read the complete article published on Wealth.com
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Showing posts with label Porto Montenegro. Show all posts
Showing posts with label Porto Montenegro. Show all posts
Saturday, March 28, 2009
Friday, March 20, 2009
Economic Crisis & Superyacht trends
In an interview late on Wednesday published on Reuters website, Peter Munk, 81, founder and chairman of Barrick Gold (ABX.TO), said the global economic crisis offered a chance to sell services at relative bargain rates for the world's growing numbers of yachts.
Munk added: "None of those yachts out there are going to be sunk," he said. "But they are going to be looking for good value...It's a tremendous opportunity.The Adriatic is currently on par with the Cote d'Azur," he said by telephone from the ski resort of Davos, Switzerland. "But you can save on two-thirds of the costs."
Munk, a Hungarian native, said the financial crisis will hit yacht owners. But he said if, for example, a Russian oligarch must sell a mega yacht at a fire sale price, a new owner of slightly more modest means might want a cheaper alternative to famed ports such as St. Tropez, Palma de Mallorca or Monaco.
Munk added: "None of those yachts out there are going to be sunk," he said. "But they are going to be looking for good value...It's a tremendous opportunity.The Adriatic is currently on par with the Cote d'Azur," he said by telephone from the ski resort of Davos, Switzerland. "But you can save on two-thirds of the costs."
Munk, a Hungarian native, said the financial crisis will hit yacht owners. But he said if, for example, a Russian oligarch must sell a mega yacht at a fire sale price, a new owner of slightly more modest means might want a cheaper alternative to famed ports such as St. Tropez, Palma de Mallorca or Monaco.
Oliver Corlette, Porto Montenegro's managing director, said a berth would cost 130,000 euros annually for a 75-metre yacht, compared to about a million euros a year in Antibes, France.
>> Reuters
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It seems to me that Mr Corlette does not really know the price for a berth in Antibes...
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
Saturday, August 16, 2008
Superyacht marina: Porto Montenegro, the new Monaco for superyacht
The number of large yachts under construction has more than tripled during the past ten years. However, the existing ports with the infrastructure to service them are horribly overcrowded, especialy during summer season. In the Med, most of the harbours were built when the average superyacht size was in the 30-40m range.
Porto Montenegro is located in center of the Mediterranean in Boka Kotorska Bey, one of the largest natural harbors in Europe. Canadian businessman Peter Munk will parnter with French billionaire Bernard Arnault, Russian businessman, Oleg Deripaska and Jacob and Nathaniel Rothshild to build a new superyacht marina.
According to Tivat on line website, Port Montenegro marina is "spreading on over 250.000 m sq, and will offer 800-bearth marina with full superyacht service facilities, five star hotels, residential, retail and office spaces, casino, golf course, tennis club...".
Canadian paper Globe and Mail says that "a year lease on a super yacht dock would start at €100,000 or more".
Key features:
- 150 berths for yachts over 30m
- 20m wide concrete pieres
- VAT and duty free fuel
- Euro 260 million investment
- 18-hole golf course
- Tivat airport at a few kilometers away
>> Porto Montenegro official website
>> Press conference by mr Munl, audio recording (MP3) Mr Munk
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