INTRODUCTION
INTRO
The Central Intelligence Department
BROKERAGE MARKET REPORT
SOME KEY FACT AND FIGURES (Subtitle 1) MARKET OVERVIEW – COMPARISON OF Q2 2014 VS Q2 2015 AND OF Q1+Q2 OF 2014 VS 2015 (Subtitle 2) *Taking into consideration only second hand brokerage sales over 24m Q2 - 2014
Q2 - 2015
Q1+Q2 2014
Q1+Q2 2015
% Change 2014 vs 2015
Number of yachts sold
142
113
220
199
-10%
Total of last asking price
999,050,000 EUR
809,000,000 EUR
1,816,070,000 EUR
1,289,840,000 EUR
-30%
Average last asking price
7,085,000 EUR
7,225,000 Eur
8,255,000 EUR
6,490,000 EUR
-22%
Average size
36 Meters
34 Meters
36 Meters
34 Meters
Average age
13 Years
11 Years
12 Years
12 Years
M/Y VS S/Y
129 VS 12 or 9.3%
107 VS 6 or 5.6%
201 VS 19 or 9.5%
186 VS 13 or 7%
Largest Yacht Sold
Nero – 90 Meters
Bistango – 62 Meters
Luna – 115 Meters
Bistango – 62 Meters
Most Expensive Yacht Sold
Ecstasea – 77M EUR
Bistango – 50M EUR
Luna – 200M EUR
Bistango – 50M EUR Table 1
♦ ♦ ♦
Overall number of sales in 2015 are 10% down compared to 2014 No sales reported in excess of 50M EUR in 2015 Overall value (based on the last asking price) are down 39% in 2015 compared to 2014
N of yachts sold (cumulative)
CUMULATIVE NUMBER OF YACHTS SOLD IN Q1+Q2 2013 TO 2015 (Subtitle 2) 250 220 199
200
168
150
2013 2014
100
2015
50 0 January
February
March
April
May
June
Graph 1
CUMULATIVE VALUE OF YACHTS SOLD IN Q1+Q2 2013 TO 2015(*BASED ON LAST ASKING PRICE) (Subtitle 2) 2,000 1,816
1,800 1,600 Millions
1,400
1,289 1,236
1,200
2013
1,000
2014
800
2015
600 400 200 0 January
February
March
April
May
June
♌ Both reported number of sales and cumulative value of yachts sold in the first two quarters of 2015 are down from the same period of 2014
Graph 2
TOTAL YACHTS SOLD PER QUARTER 2013 TO 2015 (Subtitle 2) 160
141
N. of Yachts sold
140
113
120 100
79
70
80
86
98 2013 2014
60
2015
40 20 0 Quarter 1
Graph 3
Quarter 2
Graph 3 shows the total number of yachts sold in the first 2 quarters ♦ Q2 is significantly stronger than Q1 in 2015, as in previous years. ♦ Q1 saw a 9% increase between 2014 and 2015 ♦ Q2 went down by 21% between 2014 and 2015
NEW LISTINGS VS SOLD YACHTS (Q1+Q2, 2014 VS 2015) (Subtitle 2) New Listings vs Sold Yachts (Q1 & Q2, 2015) 120 100 80 60 40 20 0
113 100
86 82
New Listings Sold
Q1
Q2
2015
2015
Graph 4
New Listings vs Sold Yachts (Q1 & Q2, 2014) 160 140 120 100 80 60 40 20 0
141 79
84
78
♦
New Listings Sold
Q1
Q2
2014
2014
The trend of 2014 continues also in the first half of 2015 with more yachts sold than coming on the market, however this gap is smaller and there is almost the same amount of yachts coming to the market as being sold.
Graph 5
NUMBER OF YACHTS SOLD BY SEGMENT IN Q1+Q2 (3 YEAR PERIOD) (Subtitle 2) TOTAL YACHTS SOLD Q1+Q2
YEAR
24-30m
30-40m
40-50m
50-60m
60-70m
70m+
>40m
>50m
168
2013
65 (39%)
57 (34%)
31 (18%)
7 (4%)
5 (3%)
3 (2%)
46 (27%)
15 (9%)
220
2014
82 (37%)
74 (34%)
38 (17%)
13 (6%)
8 (4%)
5 (2%)
64 (29%)
26 (12%)
199
2015
77 (39%)
71 (36%)
31 (16%)
16 (8%)
4 (2%)
0 (0%)
51 (26%)
20 (10%)
587
TOTAL YACHTS
224
202
100
36
17
8
161
61
38%
34%
17%
6%
3%
1%
27%
10%
Table 2
NUMBER OF YACHTS SOLD BY SEGMENT Q1+Q2 - 3 YEAR PERIOD (Subtitle 2) 250
200
(+67%) (+60%)
5 8
(+86%)
13
(+23%)
38
(+23%) (-18%)
3 5
150
(-50%)
7
4
16 31
60-70m
31
50-60m 74
100
(-4%)
40-50m 71
(+30%)
50 (+26%)
82
(-6%)
77
0 2013
30-40m 24-30m
57
65
70m+
2014
2015
Graph 6
BROKERAGE COMPARISON (Subtitle 1) BROKERAGE DEALS PER TOP 10 BROKERAGE COMPANIES YTD (Subtitle 2) 30
N. of Deals
25 20 15 10 5
10 8 18 8
9
13 5
8
9 11
9 2
0
Deals representing seller
5 9 4
6
4
7 3
7
4 6 2
1
Deals representing buyer
3
4 6 1
7 2
Graph 7
INTERNAL DEALS
Graph 7 shows the top 10 companies based on the number of deals closed by each company ♦
Fraser Yachts 28 deals, followed by Ocean Independence with 21 deals and Burgess with 20 Deals Burgess has closed more in-house deals than any other company (9), compared to Fraser Yachts (8)
♦
BROKERAGE SALES PER TOP 10 BROKERAGE COMPANIES YTD (Subtitle 2) N. of Yachts sold
25 20 15 10
20 16
15 11
10
10
10
8
9
8
5 0
Graph 8
Graph 8 shows the top 10 companies based on the number of yachts sold ♦ Fraser Yachts sold 20 yachts over the first half of 2015, followed by Ocean Independence (16) and Burgess (11)
VALUE OF DEALS PER TOP 10 BROKERAGE COMPANIES YTD (Subtitle 2) 250 217
106
103
65
76
47
61
41
40
64
92
29
42
21
101
113
138
117
120
116
63
122
100
50
141
53
150
40
63
Millions (€)
97
178
58
180
200
0
TOTAL VALUE OF YACHTS SOLD
TOTAL VALUE OF YACHTS BOUGHT
Graph 9
Graph 9 shows the total value of yachts sold and bought by the top 10 brokerage companies in the first half of 2015 (values are in million Euros). ♦ ♦
Burgess is the top performing brokerage firm in terms of value of total yachts sold (based on the last asking price): 220M EUR compared to the 180M EUR of Fraser Yachts Moran represented the most sellers in terms of value (138M EUR), while C&N the most buyers (101M EUR).
# DEALS PER SEGMENT PER TOP 10 BROKERAGE COMPANIES YTD (Subtitle 2) 30 1 25
7 2
20
4 15
3
13 8
10 5
2
7
7
8
2 5
3 1
8
7
3
2
3
24-30
30-40
4
0
40-50
1 2 1
3
4
6
4
1
2
3
4
4
50-60
60-70
70+
1 2 1
1 3
5
6
1
Graph 10
Graph 10 shows the of deals per length segment by the top 10 brokerage companies in the first half of 2015. ♦ ♦ ♦ ♦
Fraser Yachts is strongest in the 30 to 40m segment and 40 to 50m segment (overall). Merle Wood, Burgess & IYC are the strongest performers in the 50 to 60m segment. Burgess is strongest in 60 to70m segment followed by Worth Avenue and N&J. No deals in 70+ segment have been recorded in the first half of 2015.
NEW BUILD MARKET REPORT
2
2
2
2
1 9 50
19 1
3 1
107 2 3 41
3 1
YACHTS ORDERED & UNDER CONSTRUCTION (Subtitle 1) ORDER INTAKES OVERVIEW - COMPARISON Q1+Q2 2014 vs Q1+Q2 2015 (subtitle 2) *Yachts over 40m were taken into consideration
Q2 2014 Q1+Q2 2014
Q2 2015
Q1+Q2 2015
Number of contracts signed
9
38 (*)
8
27 (*)
Average size
81.00M
59.00 M
51.00M
51.00 M
Largest Yacht Sold
BENETTI 107M (FB277)
BENETTI 107M (FB277)
DAMEN 69.20M (6911)
ECHO YACHTS 84M (TRIMARAN) Table 3
(*) Please note that figures include deals closed in the years mentioned but with undefined contract dates. ♦ 16 Deals were closed in N/A quarters of 2014. ♦ 2 Deals were closed in N/A quarter of 2015.
MY & SY 40M+ CURRENTLY UNDER CONSTRUCTION (Subtitle 2)
SAIL, 36 12%
MOTOR SAIL
MOTOR, 255 88%
Chart 1
A total of 285 yachts are currently under construction (comprised of orders prior to and including 2015, both “on spec” and commissioned by third party clients). The figures in Chart 1 include: 1) A total of 285 yachts under construction 2) 88% motor yachts 3) 12% sailing yachts 4) 5% “on hold” 5) 125 shipyards around the world
MY & SY CURRENTLY UNDER CONSTRUCTION – BREAKDOWN by SEGMENT (Subtitle 2)
21 7% 81 28%
47 16%
11 4%
19 7%
42 15%
16 6% 40-45
45-50
48 17% 50-55 55-60
60-65
65-70
70-100
100+
Chart 2
40-50
50-60
60-70
70-100
100+
Total
Existing Fleet
979
333
167
147
38
1,664
Percentage of existing fleet
60%
20%
10%
8%
2%
100%
Fleet Under Construction
123
64
30
47
21
285
Percentage of fleet under construction
43%
22%
11%
17%
7%
100%
Percentage increases in current fleet
12%
19%
18%
33%
5%
17%
Length (m)
Table 4
♦ ♦ ♦
With 27 deliveries in 2015 (13 in Q2), the total existing fleet grew to 1,664 Out of the 285 yachts under construction, 10% (29) are currently on hold The 40-50m and the 70-100m+ markets are more active compared to under 70m segments, with a 33% fleet increase in the 70-100m
SHIPYARD COMPARISON (Subtitle 1) BREAKDOWN BY TOP 10 SHIPYARDS & SEGMENT – AS OF Q2 2015 (Subtitle 2)
40-50
50-60
60-70
70-100
100+
27 1 2 3 4
11 17
6 4 1
10
1
8
8
2
1 5 1 1
Heesen
Feadship
1
5
4
1
2
1
2
7
Benetti
Lurssen
100+
1
6
70-100
2
4
60-70
3
1
50-60
4
7
40-50
17
2
7
4 2 2 Amels
40-50m 50-60m 60-70m 70-100 100m+
7 4
1 5
Oceanco
Sanlorenzo
Sunseeker Yachts
Baglietto
3
4
5
1
6
1 5
2
The Italian Overmarin Sea Group e
7 1 2 4
3
3 4 1 3
2
2
1
1
4
5
4
5
5
Shipyards
♦ ♦ ♦ ♦ ♦
7
Graph 12
Total yachts under construction =37 Total yachts under construction = 22 Total yachts under construction = 8 Total yachts under construction = 20 Total yachts under construction = 11
Benetti leads, followed by Lurssen and Heesen which takes over Feadship in Q2 due to the recent sale of the 51m Heesen 18151 back in June. While Feadship delivered the 44m Moon Sand (June) and the 101.5m Symphony (May). The majority of the new orders placed this quarter are from Italian yards (5 out of 8). (*) Yachts on hold were not taken into consideration
BREAKDOWN BY TOP 10 SHIPYARDS & SALES STATUS (Subtitle 2)
27
17
11 4 10 Benetti unknown
7 Lurssen
10 6 4 Heesen
8 7 1 Feadship
8 3 5 Amels
7
7
7
7
6
1 3 3
4
2 4 1
1 Oceanco
Sanlorenzo
3 Overmarine
4
The Italian Sea Group 2
Under Offer
1
Sold
17
For Sale
10
7
6
7
3
6
3
4
4
4
1
5
1
3
3
1
Graph 13
♌
Out of the 92 yachts taken into consideration, as of Q2 2015, 30% are still available for sale; the same as Q1 this year.
MAIN TAKEAWAY POINTS (Title 1)
BROKERAGE MARKET (Subtitle 2) ♦
The overall number of yachts sold in Q2 went down between 2014 and 2015 by 21%.
♦
The average last asking price went up by 2% in Q2 of 2015 compared to Q2 of 2014, but significantly down over the first two quarters by 22%.
♦
The sum of last asking price of Q2 2015 went down by 20% compared to Q2 2014.
♦
In the 24m+ size range, Fraser Yachts is strongest brokerage firm in terms of number of deals closed and yachts sold (Graphs 7&8), but is second in terms of value (Graph 9).
NEW BUILD MARKET (Subtitle 2) ♦
There are 285 yachts in the 40m+ segment currently in build. 103 are in Italy, 47 in the Netherlands and 40 in Turkey.
♦
Since the start of the year there has been a total of 49 launches in the 40m+ segment made by 31 shipyards. The most active country has been Italy with 10 yachts laucnhed, followed by the Netherlands with 8. The largest launch was by Nobiskrug with the 139.6m WHITE PEARL.
♦
In terms of deliveries, we counted 27 yachts of which 3 are sailing yachts. The largest vessel delivered was the 124.5 MARYAH, built by Neorion Shipyard in Greece.
♦
The 40-50m and 70m+ markets are the most active in terms of new orders.
(*) All the analysis done in the brokerage section of this report is based on Boat International data and Fraser Yachts Central Intelligence Department data as of Q2 2015.