SOURCE: SUPERYACHT IQ
Q1 2023 THE INTERNATIONAL YACHT COMPANY
Q1 2023 YACHT SALES OVERVIEW - WHAT YOU NEED TO KNOW
‣ $1 BILLION TOTAL VALUE OF YACHTS SOLD
With a total of 145 yachts sold in Q1 2023, the global yacht sales market generated a total value of $1 billion, equal to Q1 2022.
- Average deal value (new build and used) $11,7 million and average length 35.5 meters (116’5”).
- Total value of yachts sold jumped by +111% in March, versus February 2023 even tough total number of deals were down by -32% compare to the month before.
‣ YACHT SALES AT ITS LOWEST IN 5 YEARS
During the first quarter of 2023, yacht sales experienced a decrease in both new and used sales. This follows a trend of decreasing sales from the third quarter of 2022. The market recorded -56% compared to the record-high Q1 2022, and was the slowest quarter in sales in five years.
‣ MAJORITY OF SALES CLOSINGS IN EUROPE
The European market accounted for 74% of global transactions with Italian-built yachts recording most sales, representing 42% of total yachts sold in Q1 2023.
‣ 56% OF YACHTS SOLD WERE ABOVE 30 METERS
Sales in the 30m+ size range recorded an increase versus last year accounting for 56% of all deals. The equivalent number in Q1 2022 was 46%. Sales in the 40-50m size category (13%) were similar to last year, while the 50m+ size range (12%) recorded an increase
‣ INCREASE IN VALUE OF YACHTS SOLD
The yacht market saw a rise in terms of average asking prices.
- Used yachts: $9.1 million average asking price (+47% increase vs Q1 2022 at $6.2 million).
- New yachts: $21.2 million average asking price, (+52% increase vs Q1 2022 at $13.9 million).
Demand for larger yachts continued to be robust, leading to firm selling prices, while shipyards experienced capacity constraints for new build projects.
‣ MARKET BALANCE: MORE YACHTS ENTERING THE MARKET
The trend of more yachts entering the market versus sold, which started in July 2022, persisted during Q1 2023.
- Q1 2023 recorded 145 yachts sales and 245 new sales listings, with supply surpassing the demand.
‣ IYC AMONG TOP BROKERAGE FIRMS
IYC sold 6 yachts across size segments, at a total value of over $49 million during Q1 2023. Yachts sold consisted in 6 used yacht deals in the 30-50 meter size range. Two-thirds of IYC’s deals represented the seller. The company announced 14 new central agency sales listings.
IYC SALES PERFORMANCE
YACHTS SOLD & NEW LISTINGS
MAIN COMPETITION INSIGHTS
Q1 2023
SOURCE: SUPERYACHT IQ
TOTAL SALES VALUE $49,1 MILLION NUMBER OF YACHTS SOLD 6
YACHT SALES AMONG LYBRA MEMBERS #3
YACHT SALES GLOBALLY #4
SELLER’S DEALS 4 NEW CA LISTINGS 14
LARGEST YACHT SOLD ZEAL (47M CHRISTENSEN)
LARGEST YACHT LISTED CLASE AZUL (48M RADEZ)
IYC ANNUAL YACHT SALES
NUMBER OF YACHTS SOLD ANNUALLY
NUMBER OF YACHTS SOLD BY QUARTER
IYC Q1 2023 YACHT SALES - BREAKDOWN
YACHT SALES BY DEAL TYPE (%) 33% 67% SELLER BUYER IN-HOUSE 9% 91% USED NEW BUILD YACHTS SALES NEW BUILD VS USED YACHTS (%)
67% 33% < 20 20 - 30m 30 - 40m 40 - 50m 50 - 60m 60m+
YACHTS SOLD BY SIZE RANGE (METERS) 0 10 20 30 40 50 60 70 80 90 100 2017 2018 2019 2020 2021 2022 2023 YTD 6 53 91 43 36 45 23
%
0 25 50 75 100 2017 2018 2019 2020 2021 2022 2023 13 28 16 14 9 3 9 14 8 6 11 4 14 26 12 9 15 9 6 17 23 7 7 10 7 Q1 Q2 Q3 Q4
SALES BY MAIN BROKERAGE FIRMS (UNITS & VALUE)
IYC AMONG TOP BROKERAGE FIRMS IN Q1 2023 YACHT SALES AND RANKS #3 AMONG LYBRA MEMBERS
‣ IYC RANKS #4 IN TOTAL NUMBER OF YACHTS SOLD (6)
‣ IYC RANKS #7 IN VALUE SALES GLOBALLY ($49 MILLION+ IN YACHTS SOLD)
YACHTS SOLD (UNITS) YACHTS SOLD (VALUE $) 35.000.000 US$ 70.000.000 US$ 105.000.000 US$ 140.000.000 US$ 2 4 6 8 10 12 N&J DENISON FRASER IYC EDMISTON WORTHAVE. OCI BURGESS Y.CO MORAN MERLEWOOD C&N YACHTS VALUE $
&
VALUE)
Q1 2023 YACHT SALES BY BROKERAGE COMPANIES (UNITS
TOTAL
SALES BY MAIN BROKERAGE FIRMS (KEY CHARACTERISTICS)
‣ Y.CO SOLD HIGHEST VALUED YACHTS IN AVERAGE
‣ EDMISTON SOLD THE LARGEST YACHTS IN AVERAGE
‣ DENISON SOLD YACHTS WITH LOWEST AVERAGE VALUE
‣ MORAN SOLD THE YACHTS WITH FEWER AVERAGE DAYS ON MARKET
AVERAGE LENGTH (M) AVERAGE DAYS ON MARKET 350 700 1.050 1.400 10 20 30 40 50 60 Edmiston Burgess Y.CO Moran MerleWood IYC Fraser N&J WorthAvenue OCI Denison C&N AVG Length AVG DOM 620 759 431 776 489 972 1.260 1.350 311 437 356 605 Q1 2023 YACHT SALES BY MAIN BROKERAGE FIRMS (AVERAGE LENGTH, VALUE & DAYS ON MARKET) $20,4M $25,8M $32,5M $14,4M $13,4M $9,2M $10,6M $12,1M $7,2M $18,5M $4,5M $5,3M AVERAGE VALUE OF YACHTS SOLD IN $ MILLIONS
SALES BY MAIN COMPETITION - INSIGHTS
Burgess
• LARGEST & MOST EXPENSIVE YACHT SOLD: 63M 11.11 (2015 BENETTI) FOR €49,9 MILLION
• TOTAL YACHT SALES VALUE IN Q1 2023: $77,5 MILLION
• TOTAL YACHTS SOLD IN Q1 2023: 3
Fraser
• LARGEST YACHT YACHT SOLD: 65M YAAKUN (1987 NICOLINI)
• NEW YACHT SALES: 53M MENGI YAY VIRTUS EXP (2025)
• RANKS #1 IN TOTAL YACHT SALES VALUE: $122 MILLION
• IN-HOUSE DEAL: 49M CLARITY (2015 BILGIN)
Northrop & Johnson
Y.CO
• LARGEST & MOST EXPENSIVE YACHT SOLD: 63M 11.11 (2015 BENETTI) SOLD WITH BURGESS
• NEW YACHT SALES: 2 SUNREEF
Edmiston
• LARGEST YACHT SOLD: 74M LADY JORGIA (2017 CRN)
• MOST EXPENSIVE YACHT SOLD: 50M WHITE (2018 HEESEN)
• IN-HOUSE DEAL: 50M SILENCIO (2001 PERINI NAVI)
• RANKS #3 IN TOTAL YACHT SALES VALUE: $101 MILLION
• LARGEST YACHT SOLD: 48M GITANA (1997 FEADSHIP), SOLD WITH MORAN YACHT & SHIP
• MOST EXPENSIVE YACHT SOLD: AUDACE (47M CDM) FOR €26 MILLION
• RANKS #1 IN TOTAL YACHTS SOLD: 11
• LARGEST NEW YACHT SOLD: NUMARINE 32XP/05 (2024)
Ocean Independence
• LARGEST YACHT & MOST EXPENSIVE YACHT SOLD: 68M SOARING (2020 A&R) FOR €88 MILLION
• FEADSHIP YACHT SALES: 55M BROADWATER (1994)
• IN-HOUSE DEALs: 2
TRANSACTIONS BY BROKERAGE FIRM OFFICE LOCATION
NUMBER OF SALES DEAL CLOSED BY COMPANY OFFICE (Q1 2023 - 24M+)
IN-HOUSE SALES - NOTE:
- In -house transaction with brokers from 2 different countries, counts towards each office.
- Transaction with brokers from same country counts once for the particular office.
‣ 88% OF DENISON’S SALES TRANSACTIONS WERE CLOSED FROM THE US. THE COMPANY HAS MOST BROKERS BASED OUT OF THE US
‣ EDMISTON COMPLETED ALL ITS TRANSACTIONS OUT OF THE MONACO OFFICE
‣ NO TRANSACTION RECORDED OUT OF ASIAN OFFICES DURING Q1 2023
BROKERAGE FIRMS NUMBER OF DEAL BY OFFICE LOCATION N&J FRASER DENISON IYC WORTH AVE. EDMISTON OCEAN IND. BURGESS Y.CO C&N MERLE WOOD MORAN 2 4 6 8 10 12 USA Monaco/France UK Greece Spain Croatia Germany Switzerland Asia Turkey
TRANSACTION VALUE BY BROKERAGE FIRM OFFICE LOCATION
SALES DEALS VALUE CLOSED BY COMPANY OFFICE (Q1 2023 - 24M+)
‣ IYC: AT 33% OF YACHTS SOLD, US OFFICE TRANSACTIONS ACCOUNT FOR HALF OF SALES VALUE IN Q1 2023
‣ OCI: WITH THE SALE OF YACHT SOARING, THE SWISS OFFICE ACCOUNT FOR 88% OF TRANSACTIONS VALUE
NEW BUILD SALES - NOTE:
- New Build sales transactions with unannounced asking price are not included in graph.
IN-HOUSE SALES - NOTE: - In -house transaction with brokers from 2 different countries, counts towards each office - Transaction with brokers from same country counts once for the particular office.
‣ BURGESS: WITH 1 DEAL CLOSED OUT OF UK OFFICE, THE TRANSACTIONS VALUE REPRESENTED 70% OF TOTAL BURGESS OFFICES
CLOSED DEALS
BROKERAGE FIRMS VALUE IN $M OF DEAL BY OFFICE LOCATION FRASER OCEAN IND. EDMISTON N&J BURGESS Y.CO IYC DENISON WORTH AVE. MORAN MERLE WOOD C&N 20.000.000 US$ 40.000.000 US$ 60.000.000 US$ 80.000.000 US$ 100.000.000 US$ 120.000.000 US$ USA Monaco/France UK Greece Spain Croatia Germany Switzerland Asia Turkey
NEW SALES LISTINGS BY MAIN BROKERAGE FIRMS (24M+)
YACHTS
‣ MORAN LISTED MOST EXPENSIVE YACHT IN 2023 YTD (115M LÜRSSEN AHPO FOR €330 MILLION)
‣ FRASER LISTED THE MOST YACHTS (20) IN 2023 YTD, FOLLOWED BY DENISON AND BURGESS
‣ DENISON YACHTING LISTED THE LEAST EXPENSIVE YACHTS IN AVERAGE ASKING PRICE
‣ Y.CO ONLY LISTED 1 SUPERYACHT (50M RIVA FIFTY FOR NEARLY €30 MILLION) IN Q1 2023
YACHTS NEW TO MARKET (UNITS) YACHTS AVERAGE (VALUE IN $)
22.500.000 US$ 45.000.000 US$ 67.500.000 US$ 90.000.000 US$ 2 4 6 8 10 12 14 16 18 20
Q1 2023 NEW SALES LISTINGS BY MAIN BROKERAGE COMPANIES (UNITS & AVERAGE VALUE) BY COMPANY
FRASER BURGESS DENISON IYC N&J WORTHAVE. OCI EDMISTON MORAN C&N MERLEWOOD Y.CO
AVERAGE VALUE ($)
NEW SALES LISTINGS BY MAIN BROKERAGE FIRMS (24M+)
Q1 2023 CENTRAL AGENCY SALES LISTINGS OVERVIEW & HIGHLIGHTS
Fraser LISTED MOST YACHTS IN Q1 2023 WITH 20 CA LISTINGS
IYC
RANKS #4 WITH MOST NEW CA’s IN Q1 2023: 14
Burgess
LISTED THE LARGEST YACHTS IN AVERAGE LOA
Denison
LISTED THE LEAST EXPENSIVE YACHTS AND THE SMALLEST IN AVERAGE LENGTH
Denison & Burgess
EACH SOLD A YACHT THAT WAS LISTED DURING Q1 2023
Moran Yacht & Ship
LISTED THE LARGEST AND MOST EXPENSIVE YACH: 115m LÜRSSEN AHPO (€330 MILLION)
BROKERAGE HOUSE 2023 CA LISTINGS LISTED & SOLD IN 2023 AVERAGE LOA (M) AVERAGE ASKING PRICE ($) FRASER 20 0 41,2 20.331.950 BURGESS 16 1 54,50 40.512.983 DENISON 15 1 32,2 4.555.693 IYC 14 0 36,10 7.227.785 NORTHROP & JOHNSON 9 0 32,70 9.070.714 WORTH AVENUE 7 0 36,00 10.578.571 OCEAN INDEPENDENCE 6 0 32,70 5.032.500 EDMISTON 4 0 39,40 19.933.333 MORAN YACHT & SHIP 4 0 51,60 87.847.500 CAMPER & NICHOLSONS 4 0 36,60 9.087.500 MERLE WOOD 3 0 49,40 20.941.666 Y.CO 1 0 49,90 29.950.000
SALES MARKET EXPECTATION
2023 OUTLOOK
(FIRST SIX MONTHS)
SOURCE: SUPERYACHT IQ
FIRST SEMESTER YACHT SALES (2013 — 2023 EXPECTATION)
SALES DURING THE FIRST SEMESTER OF 2023 ARE EXPECTED TO CLOSE AT A MAXIMUM OF 400 YACHTS
‣ BASED ON THE CURRENT MARKET DYNAMIC AND MACRO ENVIRONMENT, SALES TRANSACTIONS FOR THE FIRST SEMESTER OF 2023 ARE EXPECTED TO REACH BETWEEN 350 AND 400, MORE IN LINE WITH 2018
SALES TREND - BULLISH (BASED ON PREVIOUS YEARS’ FIGURES)
SALES TREND - BEARISH (BASED Q1 MARKET TREND)
NUMBER OF YACHTS SOLD - MARKET EXPECTATION (S1 2013 - S1 2023)
0 100 200 300 400 500 600 700 800 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 145 651 691 361 379 430 342 328 314 296 237 Total Yachts Sold Sales Market Trend Line YEAR
YACHTS SOLD (UNITS)
2023 (1ST SEMESTER) UNIT SALES EXPECTATION RANGE
2023 MARKET OUTLOOK
Sales in Q1 2023 were, as expected, slower than in Q1 2022, driven by a market slow down in Q3 2022. In the coming months, we anticipate more yachts entering the market, more price reductions and the number of deals returning to more regular levels. According to the past years' sales records, we anticipate that the first half of 2023 will be similar to 2019 and 2020, with approximately 350 units sold.
‣ GLOBAL SALES NORMALISING AFTER A 3 YEAR HIGH
We anticipate that in the coming months the market will continue to run at a similar trend with Q1 2023, with more yachts being listed for sale and demand slowing down compared to 2021 and 2022. Sales figures for the first semester are expected to be in line with 2017 and 2020, at a range of 350 to 400 unit sales.
‣ Q2 2023 BUYERS MARKET
As the influx of yachts in the market continues to create a healthier equilibrium between demand and supply, prices are expected to decrease, normalising compared to 2021 and 2022. There are currently over 904 pre-owned yachts over 30m available for purchase. Price drops are primarily expected in the smaller size range, with the percentage value of price reductions expected to increase. We anticipate some owners announcing more price reductions in Q2 2023, to ensure a sale in time for the summer season. With only 336 brokerage units currently available for sale in the 40m+ size category, this part of the market is expected to remain more rigid.
‣ SALES IN THE 50M+ RANGE WILL REMAIN STABLE
In Q1 2023, there was an increase in yacht sales over 50m compared to Q1 2022, representing approximately 10% of total sales. This indicates a continued demand for larger vessels from buyers. In Q2 2023 we expect new build and used yacht sales to be similar to Q1. Eight new builds were sold in Q1 2023 compared to 10 a year before. The small drop in new builds can be explained by limited construction slots availability.
‣ FULL SHIPYARDS’ ORDER BOOKS UNTIL 2026
There are 632 superyachts over 30m currently in build worldwide, with deliveries scheduled for 2023 onwards. Many notable shipyards are already at high capacity, with limited slots until 2027, making new build projects for sale and newly delivered brokerage yachts a great opportunity. Over the coming months, new build yacht prices will remain high due to global inflation and demand for larger vessels. As a result of full construction slots, shipyards have seen a decrease in new build offers or have pushed them back to 2027. Currently, there are 118 new build vessels over 30m being offered by 58 different builders, with delivery dates stretching until 2026 and an average asking price of $26.7 million.
‣ DEMAND REMAIN HIGH FOR LARGE VESSELS
The market share of both new and pre-owned yachts over 40 meters saw growth in Q1 2023 compared to Q1 2022. Last year, the market share of vessels in the 40 meter plus size range was 18%, while it is now at 24% in Q1 2023. This increase in the larger segment of the market indicates a continuing demand for larger yachts among ultra-high net worth individuals (UHNWIs). Historically, the main buyers have originated from the US, Europe and Turkey, and the lack of Russian customers in the past year has not seemed to have had a negative effect on the market.
USED YACHT SALES
Q1 2023 INSIGHTS
SOURCE: SUPERYACHT IQ
USED YACHTS SALES (Q1 2019 - Q1 2023) YACHT UNITS YEAR 0 63 125 188 250 2019 2020 2021 2022 2023 YTD 83 189 207 119 119 Used Yachts AVERAGE LENGTH 35.2 M AVERAGE VOLUME 296 GT AVERAGE DAYS ON MARKET 624 AVERAGE VALUE $9.1 MILLION AVERAGE PRICE/GT $32K AVERAGE AGE 16 YEARS
10% 30% 60% Europe United States Rest of the World USED YACHT SALES BY REGION 57% 2% 2% 2% 4% 4% 4% 5% 6% 7% 7% Azimut Benetti Sanlorenzo Feadship Sunseeker Cantiere delle Marche CRN Offshore Yachts Falcon Yachts Princess Others USED YACHTS SALES BY BUILDER
USED YACHT SALES ABOVE 24M
USED YACHTS SOLD BY SIZE RANGE
USED YACHT SALES INCREASED IN THE 30-50M SIZE RANGE COMPARED TO Q1 2022
‣ 68% OF TOTAL USED SALES WERE BETWEEN 30-50 METERS - INCREASE VERSUS Q1 2022 (43%)
‣ USED YACHT SALES ABOVE 50 METERS DOUBLED, JUMPING AT 12% (6% IN Q1 2022)
60m+ 10% 50-60m 2% 40-50m 24% 30-40m 44% 24-30m 20%
% USED YACHTS SOLD Q1 2023 BY SIZE RANGE (METERS)
USED YACHT SALES ABOVE 24M
USED YACHTS SOLD IN Q1 2023 HAVE BEEN MORE EXPENSIVE COMPARED TO PREVIOUS YEARS
‣ COMPARED TO Q1 2022, Q1 2023 RECORDED A HIGHER AVERAGE YACHT VOLUME (GT), REMAINED LONGER ON MARKET BUT WITH A HIGHER AVERAGE VALUE OF LAST ASKING PRICE
175 350 525 700 3 € 5 € 8 € 10 € 2019 2020 2021 2022 2023 AVG Value AVG Days on Market AVG GT 296 255 298 268 316 624 593 588 618 517 9,1 US$ 6,2 US$ 6,5 US$ 8,6 US$ 8,7 US$ YACHT VALUE IN MILLION $ AVERAGE VALUE OF USED YACHTS SOLD, DAYS ON MARKET & AVERAGE VOLUME (Q1 2019 - Q1 2023) AVERAGE DAYS ON MARKET
YEAR
USED YACHTS SOLD BY BUILDERS
AZIMUT, BENETTI AND SANLORENZO RECORDED THE HIGHEST NUMBER OF USED YACHTS SOLD IN Q1 2023
AVERAGE VALUE OF USED YACHTS SOLD & AVERAGE DAYS ON MARKET (Q1 2023)
KEY TAKEAWAYS:
AZIMUT, BENETTI, SANLORENZO
Used yachts with most units sold.
HEESEN, CRN & CDM
Had the highest average value in brokerage yachts sold.
$0.5 MILLION
Pre-owned Falcon-built yachts sold had the lowest last asking price.
PALMER JOHNSON
&
SOLD
Had the shortest average days on the market (37) with the sale of 46m Stealth, while Hatteras had the longest time on market (1.019).
ITALIAN-BUILT
Yachts were the most popular used vessels to sell.
275 550 825 1.100 10 US$ 20 US$ 30 US$ 40 US$ Azimut (6) Benetti (6) Sanlorenzo (5) Feadship (4) Sunseeker (3) Cantiere delle Marche (3) CRN (3) O ff shore Yachts (2) Falcon Yachts (2) Princess (2) Cantieri di Pisa (2) Moonen (2) Custom Line (2) Hatteras (2) Riva (1) Christensen (1) Heesen (1) Perini Navi (1) Trinity (1) Palmer Johnson (1) AVG Last Asking Price AVG Days on Market 37 433 845 823 158 750 1.019 364 593 834 56,5 399 110 105 654 678 287 382 233 13,4 US$ 11,0 US$ 14,7 US$ 34,7 US$ 9,9 US$ 1,3 US$ 2,6 US$ 5,6 US$ 1,5 US$ 4,7 US$ 0,5 US$ 2,9 US$ 22,7 US$ 18,9 US$ 9,3 US$ 10,5 US$ 5,4 US$ 13,3 US$ 5,8 US$ YACHT VALUE IN MILLION $
AVERAGE DAYS ON MARKET
BUILDERS
YACHTS
# OF
NEW YACHT SALES
Q1 2023 INSIGHTS
SOURCE: SUPERYACHT IQ
NEW YACHTS SALES (Q1 2019 - Q1 2023) YACHT UNITS YEAR 0 38 75 113 150 2019 2020 2021 2022 2023 YTD 62 142 123 82 56 New Yachts 100+ PASSIONATE PROFESSIONALS AVERAGE LENGTH 35.2 M AVERAGE VOLUME 362 GT AVERAGE DAYS ON MARKET 441 AVERAGE VALUE $21.2 MILLION AVERAGE PRICE/GT $49.7K LARGEST NEW PROJECT SOLD VAN LENT 828 (90M - 2027) NEW YACHT SALES ABOVE 24M 2% 5% 94% Europe United States Rest of the World NEW YACHT SALES BY REGION 24% 3% 3% 5% 5% 5% 5% 6% 8% 16% 19% Ferretti Azimut Riva Custom Line Pershing Numarine Sunreef Wally Horizon Admiral Others NEW YACHT SALES BY BUILDER
NEW YACHTS SOLD BY SIZE RANGE
NEW YACHT SALES IN THE 40-50M SIZE RANGE DECREASED COMPARED TO Q1 2022
‣ 42% OF NEW BUILD YACHTS SOLD WERE BETWEEN 30-50 METERS - UP COMPARED TO Q1 2022 (34%)
‣ NEW BUILD SALES BETWEEN 40-50 METERS AT 8% - IN DECLINE VERSUS Q1 2022 (11%)
‣ NEW SALES ABOVE 50 METERS INCREASED AT 13% (ONLY 7% IN Q1 2022)
60m+ 8% 50-60m 5% 40-50m 8% 30-40m 34% 24-30m 45%
% NEW YACHTS SOLD Q1 2023 BY SIZE RANGE (METERS)
NEW YACHT SALES ABOVE 24M
NEW YACHTS SOLD IN Q1 2023 WERE MUCH MORE EXPENSIVE COMPARED TO PREVIOUS YEARS
AVERAGE VALUE OF NEW BUILD YACHTS SOLD, DAYS ON MARKET & AVERAGE VOLUME (Q1
‣ COMPARED TO Q1 2022, Q1 2023 RECORDED A LOWER AVERAGE YACHT VOLUME (GT), SIMILAR NUMBER OF AVERAGE DAYS ON MARKET
‣ COMPARED TO PREVIOUS YEARS, THE AVERAGE LAST ASKING PRICE FOR NEW BUILDS WAS AT ITS HIGHEST AT ONE $21,2 MILLION
175 350 525 700 6 € 11 € 17 € 22 € 2019 2020 2021 2022 2023 AVG Value AVG Days on Market AVG GT 361 285 364 345 666 441 432 348 452 401 21,2 US$ 13,9 US$ 15,7 US$ 16,7 US$ 14,8 US$ YACHT VALUE IN MILLION $
Q1 2023) AVERAGE DAYS ON MARKET
2019 -
YEAR
NEW YACHTS SOLD BY BUILDERS
FERRETTI, AZIMUT AND RIVA RECORDED THE HIGHEST NUMBER OF NEW YACHTS SOLD IN Q1 2023
Had the highest number of units sold.
FEADSHIP, ADMIRAL & ISA
Had the largest average length in new yachts sales.
HORIZON
Is the only Asian shipyard to sell new build yacht in Q1 2023.
ITALIAN YARDS
Are the most represented in new yacht sales by unit.
CATAMARAN YACHTS
Performed well in new yacht sales with Sunreef and VisionF yards.
750 1.500 2.250 3.000 18 35 53 70 Ferretti (12) Azimut (10) Riva (5) Custom Line (4) Pershing (3) Numarine (3) Sunreef (3) Wally (3) Horizon (2) Admiral (2) Overmarine Group (2) Codecasa (1) Sanlorenzo (1) Feadship (1) Sunseeker (1) ADA Yacht Works (1) VisionF (1) Princess (1) Arcadia (1) ISA Yachts (1) AVG Length AVG Volume (GT) 1.200 203 104 150 497 101 2.999 480 499 199 2.185 170 169 200 366 87 249 184 187 102 66,0 31,6 29,1 30,5 50,0 28,1 90,0 44,5 43,0 32,5 80,5 27,7 29,1 30,5 37,5 27,1 32,9 31,2 29,5 26,5 YACHT LENGTH (M) NEW YACHTS SALES BY AVERAGE LENGTH & VOLUME (Q1 2023) YACHT VOLUME (GT) KEY TAKEAWAYS:
FERRETTI, AZIMUT & RIVA
BUILDERS & # OF YACHTS SOLD
TOTAL YACHT SALES
Q1 2023 OVERVIEW
SOURCE: SUPERYACHT IQ
(NEW BUILD & USED)
Q1 2023 GLOBAL YACHT SALES - SNAPSHOT
TOTAL VALUE SOLD $1 BILLION
VALUE $11.7 MILLION
MOST EXPENSIVE €175 MILLION (AMELS 8003)
(90M FEADSHIP)
LARGEST SAILING YACHT SILENCIO (50M PERINI NAVI)
YACHTS SALES NEW BUILD VS USED YACHTS (%)
YACHT SALES BY CLOSING LOCATION (%)
6% 19% 74%
Used New Build
Europe United States Rest of the World
YACHT SALES YACHT TYPE (%) 9% 91%
43% 57%
Motor Yacht Sailing Yacht
8% 3% 13% 32% 44% 24 - 30m 30 - 40m 40 - 50m 50 - 60m 60m+
AVERAGE
YACHTS SALES BY SIZE RANGE (%) AVERAGE LENGTH 35.5 M TOTAL YACHTS SOLD 145 AVERAGE VOLUME 348 GT NEW YACHTS SOLD 62
LARGEST MOTOR YACHT VAN LENT 828
AVERAGE AGE 9 YEARS
YACHT SALES BY VESSEL TYPE
SAILING YACHT TRANSACTIONS RESISTED BETTER THAN MOTOR ONES VERSUS Q1 2022
‣ SAILING YACHT SALES HAVE REMAINED STABLE, WITH APPROXIMATELY 17 SAILING YACHTS SOLD QUARTERLY
‣ BOTH MOTOR AND SAILING YACHT SALES DOWN COMPARED TO Q1 2022, -57% FOR MOTOR YACHTS AND -46% FOR SAILING YACHTS
SALES EVOLUTION BY YACHT TYPE (Q1 2019 - Q1 2023)0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023 Motor Yachts Sailing Yachts YACHTS SOLD (UNITS) YEAR
OF YACHTS SOLD BY DEAL TYPE
SLOWER Q1 2023 IN BOTH NEW BUILD AND USED, COMPARED TO PREVIOUS YEARS
‣ 2023 STARTED WITH 145 SALES DEALS TO DATE, -56% VERSUS Q1 2022
NUMBER OF YACHTS SOLD BY DEAL TYPE (Q1 2019 - Q1 2023) NUMBER
0 100 200 300 400 2019 2020 2021 2022 Q1 2023 62 142 123 82 56 83 189 207 119 119 SOLD USED SOLD NEW 175 201 330 331 YEAR
YACHTS SOLD (UNITS)
145
QUARTERLY YACHT SALES 2019 - 2023 YTD
Q1 2023 AT ITS
5 YEARS
NUMBER OF YACHTS SOLD BY QUARTER (2019 - Q1 2023)
‣ Q1 2023 YACHT SALES DOWN BY -56% COMPARED TO Q1 2022 0 350 700 1050 1400 2019 2020 2021 2022 2023 233 400 290 204 184 308 230 212 320 361 160 204 145 331 330 201 175 Q1 Q2 Q3 Q4 795 881 1399 1068 YEAR
YACHTS SOLD (UNITS) 145
LOWEST SALES FIGURE IN
VALUE OF YACHTS SOLD BY DEAL TYPE
BOTH NEW BUILD AND BROKERAGE VESSELS WERE SOLD AT A HIGHER ASKING PRICE COMPARE TO PREVIOUS YEARS
AVERAGE LENGTH & VALUE OF YACHTS SOLD BY DEAL TYPE (Q1 2019 - Q1 2023)
‣ BROKERAGE YACHTS SOLD IN Q1 2023 SAW THEIR AVERAGE ASKING PRICE INCREASING VERSUS LAST YEAR (+65%)
‣ NEW BUILD YACHTS SOLD DURING Q1 2023 WERE MORE EXPENSIVE COMPARED TO Q1 2022 (+72%)
‣ THE AVERAGE LENGTH OF YACHTS SOLD IN Q1 2023 CONTINUED TO INCREASING REACHING 35,5 METERS
Value in Million $ 6 US$ 11 US$ 17 US$ 22 US$ Ave Length in Meter 33,0 34,0 35,0 36,0 37,0 2019 2020 2021 2022 2023 Average Length (m) Brokerage New Build 21,2 US$ 12,3 US$ 13,0 US$ 15,1 US$ 13,0 US$ 9,1 US$ 5,5 US$ 5,4 US$ 7,8 US$ 7,7 US$ 35,5 33,5 34,4 34,1 36,9
YEAR
MONTHLY YACHT SALES 2019 - Q1 2023
FROM JUNE 2022 ONWARDS, INCLUDING Q1 2023, SALES HAVE BEEN LOWER VERSUS PREVIOUS YEARS
‣ MONTHLY DECLINE IN SALES OBSERVED DURING Q1 2023
EVOLUTION OF YACHT SALES BY MONTH (2019 - Q1 2023)
0 20 40 60 80 100 120 140 160 180 January February March April May June July August September October November December Sales 2019 Sales 2020 Sales 2021 Sales 2022 Sales 2023
MONTHS
YACHTS SOLD (UNITS)
MONTHLY YACHT SALES VALUE Q1 2023
MARCH IS THE MOST PROFITABLE MONTH IN Q1 2023 EVEN THOUGH THE NUMBER OF DEALS DROPPED
EVOLUTION OF YACHT SALES VALUE BY MONTH
‣ USED AND NEW COMBINED TOTAL SALES VALUE UP BY +111% BETWEEN FEBRUARY AND MARCH 2023
‣ MONTHLY SALES VALUE OF USED YACHTS JUMPED BY +58% IN MARCH VERSUS THE PREVIOUS MONTH
‣ IN MARCH 2023, NEW AND USED SALES VALUES OF YACHTS SOLD ARE NEARLY EQUAL
(Q1
2023)
50 US$ 100 US$ 150 US$ 200 US$ 250 US$ 300 US$ January February March Used Sales 2023 New Sales 2023
MONTHS
TOTAL YACHT VALUE SOLD ($ MILLION)
YACHTS SOLD BY SIZE RANGE
STRONG YACHT SALES INCREASE IN THE 30-40 METERS AND ABOVE 50 METERS SIZE RANGES VERSUS Q1 2022
‣ 45% OF TOTAL SALES WERE BETWEEN 30-50 METERS - INCREASED COMPARED TO Q1 2022 (39%)
‣ SALES BETWEEN 40-50 METERS AT 13% - SIMILAR VERSUS Q1 2022 (12%)
‣ SALES ABOVE 50 METERS GREW TO REACH A SHARE OF 11% (6% IN Q1 2022)
% YACHTS SOLD Q1 2023 BY SIZE RANGE (METERS) 60m+ 8% 50-60m 3% 40-50m 13% 30-40m 32% 24-30m 44%
YACHT SALES BY CLOSING LOCATION
EUROPE RECORDED AN INCREASE IN SALES, ACCOUNTING FOR 74% OF TRANSACTIONS IN Q1 2023
% SALES BY CLOSING LOCATION (REGION) Q1 2023
% SALES BY CLOSING LOCATION (COUNTRY) Q1 2023
‣ 74% OF TOTAL SALES CLOSED IN EUROPE (57% IN ITALY FOR ALL EU SALES ). EUROPEAN SALES REPRESENTED 60% IN Q1 2022
‣ ITALY ACCOUNTED FOR 42% OF TOTAL NUMBER OF SALES IN Q1 2023, THAT NUMBER WAS 34% IN Q1 2022
‣ 19% OF TOTAL SALES CLOSED IN THE US (65% FLORIDA). US SALES REPRESENTED 26% OF TOTAL TRANSACTIONS IN Q1 2022
6% 19% 74% Europe United States Rest of World
7% 1% 2% 2% 2% 5% 6% 7% 7% 19% 42% Italy United States France/Monaco Turkey Greece Spain Poland Croatia Netherlands United Kingdom Rest of The World
Q1 2023 YACHT SALES BY KEY MARKETS - EUROPE & USA
Europe: US:
TOTAL VALUE SOLD €729 MILLION AVERAGE VALUE €11,4 MILLION AVERAGE VOLUME 317 GT AVERAGE DAYS ON MARKET 276 AVERAGE LENGTH 34.9 M 54% 46% Used New Build 7% 3% 8% 37% 44% 24 - 30m 30 - 40m 40 - 50m 50 - 60m 60m+ 56% 4% 5% 6% 6% 11% 13% Azimut Ferretti Riva Custom line Sanlorenzo Benetti Others 11% 89% Used New Build 4% 25% 11% 61% 24 - 30m 30 - 40m 40 - 50m 50 - 60m 60m+ 54% 7% 7% 7% 7% 7% 11% Feadship Azimut Hatteras Benetti Offshore Yachts Horizon Others TOTAL VALUE SOLD $184 MILLION AVERAGE VALUE $7 MILLION AVERAGE VOLUME 225 AVERAGE DAYS ON MARKET 425 AVERAGE LENGTH 32.7 M
MARKET BALANCE
Q1 2023 YACHTS LISTED - YACHTS SOLD
SOURCE: SUPERYACHT IQ
Q1 2023 NEW TO MARKET - SNAPSHOT
YACHT LISTINGS BY YACHT TYPE (%) 10% 90% Motor Yacht Sailing Yacht 9% 91% Used New Build YACHT LISTINGS NEW BUILD VS USED YACHTS (%)
4% 4% 14% 35% 43% 24 - 30m 30 - 40m 40 - 50m 50 - 60m 60m+ YACHT LISTINGS BY SIZE RANGE (METERS) TOTAL VALUE LISTED $2 BILLION AVERAGE VALUE $11.3 MILLION AVERAGE LENGTH 34.8 M TOTAL YACHTS LISTED 245 AVERAGE VOLUME 290 GT AVERAGE PRICE/GT $35K LARGEST MOTOR YACHT AHPO (115M LÜRSSEN) LARGEST SAILING YACHT BURRASCA (56M PERINI NAVI) MOST EXPENSIVE €330 MILLION (AHPO) NEW YACHT PROJECTS 22 15% 3% 6% 9% 9% 13% 45% Italy United States United Kingdom Netherlands Taiwan Turkey Others YACHT LISTINGS BY MAIN COUNTRIES OF BUILD
MARKET BALANCE Q1 2019 - Q1 2023
IN Q1 2023 MORE YACHTS ENTERED THE MARKET VERSUS VESSELS SOLD
‣ YACHTS ENTERING THE MARKET SURPASSED NUMBER OF YACHTS SOLD DRIVEN BY A MARKET BALANCE SHIFT IN H2 2022 ‣ IN 2023 YTD, THE RATIO BETWEEN YACHTS ENTERING THE MARKET AND THOSE FINDING A BUYER IS 10:6
0 100 200 300 400 2019 2020 2021 2022 2023 145 331 330 201 175 245 280 352 337 355 Yachts New to market Yachts Sold MARKET BALANCE (Q1 2019 - Q1 2023) YEAR
NUMBER OF YACHTS
MARKET BALANCE BY MONTH
BOTH NEW YACHT ENTRIES AND SALES ARE DOWN IN Q1 2023 AFTER MARKET BALANCE SHIFTED IN AUGUST 2022
‣ MARKET BALANCE SHIFTED IN AUGUST 2022, WITH MORE NEW ENTRIES AND FEWER UNITS SOLD
‣ MORE MARKET ENTRIES IN FEBRUARY 2023 VERSUS FEBRUARY 2022 BUT DROP IN YACHT SALES DURING Q1 2023
EVOLUTION OF MARKET BALANCE BY MONTH (2022 - 2023 YTD) 0 20 40 60 80 100 120 140 160 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Yachts New To Market Yacht Sales
MONTHS YACHT UNITS
MARKET BALANCE BY QUARTER
MARKET PRICE UPDATES HAD NO IMPACT ON YACHT SALES BUT TENDED TO REDUCE YACHT SUPPLY IN Q1 2023
‣ IN PREVIOUS YEARS THERE SEEMED TO BE A CORRELATION BETWEEN THE NUMBER OF YACHTS ENTERING THE MARKET AND PRICE UPDATES. IN Q1 2023 THE CORRELATION IS NOT AS APPARENT.
‣ FROM Q4 2021 ONWARDS PRICE UPDATES DON’T SEEM TO HAVE BEEN AFFECTING THE NUMBER OF CLOSED DEALS
EVOLUTION OF MARKET BALANCE BY QUARTER (2019 - Q1 2023) 0 100 200 300 400 500 600 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23
Yachts New To Market Yacht Sales Number of Price Changes
QUARTERS YACHT UNITS
CUMULATIVE MARKET BALANCE 2019 - Q1 2023
‣ TOTAL MARKET BALANCE SHOWING AN EXCESS IN FAVOUR OF YACHTS NEW TO THE MARKET VERSUS UNIT SOLD BASED ON 5 YEAR RECORDS
0 800 1600 2400 3200 4000 4800 4.289 4.708 Yachts New to Market Yachts Sold CUMULATIVE MARKET BALANCE (2019 - Q1 2023) YACHT UNITS
VALUE OF YACHTS NEW TO MARKET BY LISTING TYPE
NEW YACHTS ENTERING THE MARKET ARE LISTED AT A HIGHER PRICE BOTH IN NEW BUILD AND BROKERAGE
AVERAGE LENGTH & VALUE OF YACHTS NEW TO MARKET BY LISTING TYPE (Q1 2019 - Q1 2023)
‣ BROKERAGE YACHTS ENTERING THE MARKET IN Q1 2023 SAW THEIR AVERAGE ASKING PRICE INCREASING VERSUS LAST YEAR (+21%)
‣ NEW BUILD YACHTS LISTED FOR SALE DURING Q1 2023 WERE LESS EXPENSIVE COMPARED TO Q1 2022 (-22%)
‣ THE AVERAGE LENGTH OF YACHTS ENTERING THE MARKET CONTINUED TO INCREASE REACHING 34,8 METERS
Value in Million $ 8 US$ 15 US$ 23 US$ 30 US$ Ave Length in Meter 32,0 32,8 33,5 34,3 35,0 2019 2020 2021 2022 2023 Average Length (m) Brokerage New Build 15,7 US$ 19,2 US$ 13,7 US$ 14,8 US$ 28,1 US$ 10,9 US$ 9,0 US$ 6,4 US$ 6,4 US$ 6,0 US$ 34,8 34,4 32,9 33,1 33,8
YEAR
AVERAGE PRICE REDUCTIONS Q1 2019 - Q1 2023
HIGHER AVERAGE PRICE REDUCTION IN Q1 2023 VERSUS Q1 2021 & Q1 2022
‣ HIGHER AVERAGE PRICE REDUCTION IN Q1 2023 VERSUS Q1 2021 & Q1 2022, BUT STILL LOWER VERSUS PREVIOUS YEARS
‣ AVERAGE PRICE REDUCTION VALUED AT $474,000
‣ AVERAGE PERCENTAGE PRICE DECREASE OF -6,7%
AVERAGE PRICE REDUCTIONS
(Q1 2019 - Q1 2023)
0 US$ 300 US$ 600 US$ 900 US$ 1.200 US$ 2019 2020 2021 2022 2023 474 US$ 281 US$ 312 US$ 723 US$ 1.041 US$ AVG Price Reduction -11,5% -10,7% -4,3% -5,1% AVERAGE PRICE REDUCTION ($K) % PRICE REDUCTION APPLIED ON LAST ASKING PRICE YEAR
-6,7%
GLOBAL YACHT FLEET
2023 YTD OVERVIEW
SOURCE: SUPERYACHT IQ
GLOBAL FLEET ABOVE 24M
‣ 86% OF GLOBAL ACTIVE FLEET CONSISTS OF MOTOR YACHTS
‣ EQUAL FLEET SHARE BETWEEN THE 24-30M & 30-40M SIZE
‣ MOST YACHTS IN OPERATION ARE MADE OF COMPOSITE HULL
WHICH REPRESENTS EACH 39% OF YACHTS IN OPERATION
14% 86% Motor Yachts Sailing Yachts ACTIVE FLEET SHARE BY YACHT TYPE
5% 4% 13% 39% 39% 24-30m 30-40m 40-50m 50-60m 60m+ ACTIVE FLEET SHARE BY LENGTH CATEGORY
RANGES,
MATERIALS AVERAGE LENGTH 35.7 M YACHTS IN OPERATION 9.105 AVERAGE VOLUME 345 GT LARGEST ACTIVE YACHT AZZAM (180M LÜRSSEN) AVERAGE AGE 20 YEARS YACHTS FOR SALE 1.860 SAILING YACHTS 1.257 2023 YTD LARGEST DELIVERY OPERA (146M LÜRSSEN) YACHTS FOR CHARTER 1.588 YACHTS IN BUILD 908 7% 14% 23% 56% Composite Steel Aluminum Wood ACTIVE FLEET SHARE BY HULL MATERIAL
(WITH MOST ACTIVE S/Y)
(WITH MOST ACTIVE YACHTS)
LARGEST SAILING YACHT
LARGEST EXPLORER YACHT
(143M NOBISKRUG)
(140M LLOYD WERFT)
ACTIVE FLEET BY YACHT BUILDER
COUNTRIES OF BUILD 60 SHIPYARDS 1.245 (1+ YACHT DELIVERY IN ACTIVE FLEET) ACTIVE YACHT BUILDERS 197 TOP COUNTRY ITALY
MOST ACTIVE YACHTS)
FLEET ABOVE
COUNTRY
BUILD
13% 1% 1% 1% 3% 5% 6% 9% 9% 14% 37% Italy United States Netherlands United Kingdom
Zealand Rest of the World
FLEET BY COUNTRY OF BUILD 72% 1% 2% 2% 2% 2% 2% 4% 4% 4% 4% Sunseeker Sanlorenzo Azimut Benetti Custom Line Feadship Overmarine Ferretti
Riva
(WITH
ACTIVE
24M BY
OF
AND SHIPYARD
Turkey Taiwan Germany Australia Canada New
ACTIVE
Westport
Others
TOP COUNTRY TURKEY
TOP BUILDER SUNSEEKER
S/Y A
SOLARIS
YACHT DELIVERIES EVOLUTION ABOVE 24M
‣ THE 1990-2010 PERIOD RECORDED A BOOM IN YACHT DELIVERIES (4,410 VESSELS DELIVERED) DRIVEN BY AN OVERALL POSITIVE ECONOMY
‣ FROM 2010 ONWARDS, THE YACHT DELIVERY TREND HAS SLOWED DOWN, WHICH IS CORRELATED WITH THE 2008 FINANCIAL CRISIS
OF
EVOLUTION
YACHT DELIVERIES (1920 - 2022)
0 500 1000 1500 2000 2500 3000 3500 4000 1920-30 1930-40 1940-50 1950-60 1960-70 1970-80 1980-90 1990-2000 2000-10 2010-22 Motor Yachts Sailing Yachts Total
YACHT UNITS YEAR 2022 YACHTS DELIVERED 288 2023 YTD YACHTS DELIVERED 35
YACHTS IN BUILD ABOVE 24M BY
TOP COUNTRY ITALY TOP BUILDER SANLORENZO AVERAGE LENGTH 41.7 M AVERAGE VOLUME 583 GT
COUNTRY
5% 1% 1% 1% 2% 2% 3% 5% 8% 13% 58% Italy Turkey Netherlands Taiwan Unitd Kingdom Germany China United Arab Emirates United States Poland Rest of the World
OF BUILD AND SHIPYARD
55% 2% 2% 2% 3% 3% 4% 6% 7% 8% 9% Sanlorenzo Azimut Benetti Ferretti Custom Line Riva Overmarine Baglietto Amels/Damen Feadship Others
YACHTS IN BUILD BY COUNTRY
BUILDERS 162 COUNTRIES OF BUILD 25 LARGEST YACHT REV OCEAN (183M VARD) SPECULATIVE YACHTS 167 (NEW BUILD FOR SALE) AVERAGE ASKING PRICE $23.5 MILLION (NEW BUILD FOR SALE) AVERAGE PRICE PER GT $62K (NEW BUILD FOR SALE)
YACHTS IN BUILD BY BUILDER
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