Monaco Yach Show Mag09

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editorial

CONTRIBUTORS Nick Jeffery

Monaco, world capital of Yachting Changing Markets Nick Jeffery lives in Monaco and specialises in media relations, marketing (yachtpublicity.com) and yachting journalism. He is a qualified naval architect, former Editor of Boat International and author of the book Luxury Toys Mega Yachts.

Renaud Jourdon Refit & New Build

Former editor of Yachts Magazine and president of the Yachts Trophies; he is still a journalist and a communication and marketing consultant for numerous companies involved in luxury yachting.

Pierre Randal Sebastien Pettavino Pizzardini Ravisy Borg Magazine Design

Portfolio

Freelance official photographer of the MYS.

MYS computer art 2009 Freelance graphic designer and illustrator, Randal Pizzardini Borg has lived in Paris for five years and is passionately dedicated to developing and arranging his own graphic mythology for publishing and multimedia. randal_pizzardini@hotmail.com

Graphic designer for the agency La langue du CamĂŠlĂŠon, Sebastien Ravisy has been involved with the creation of all publishing and web support for the past five last years.

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0 4 2 0 0 6 P H O T O : M A R C L A U R I N - * PLUS GRAND QUE LA VIE.

LARGER THAN LIFE w w w . v i s i t m o n a c o . c o m

Monaco Yacht Show: an ongoing

ECOLOGICAL commitment As a logical continuation of its commitment since 2005 to protecting the environment, the Monaco Yacht Show is now increasing its involvement in international renewable-energy projects with The Carbon Neutral Company in partnership with Camper & Nicholsons.

Based on its own initiative, the MYS decided to contribute an « eco-tax » to help finance international environmental protection projects in association with The Carbon Neutral Company from which it was awarded the « Carbon Neutral » label in 2005.

The Carbon Neutral Company manages an international program to stabilize greenhouse gas emissions by quantifying waste generated by member organizations. In association with the MYS, the company evaluates emissions linked to air and surface transportation used by participants, hotel stays, electricity consumption and related waste.

The Carbon Neutral Company then allocates the funds to finance various certified projects.

A strong symbol of a natural and ongoing involvement in the projects financed, the MYS has notably decided to increase its contribution to help build a factory powered by renewable energy in the Kurkumbh region of India. The ecotax paid by the MYS in 2007 enabled this project to be launched.

Kurkumbh Bagasse Cogeneration Project This Clean Development Mechanism project implements a cogeneration power plant that runs on agricultural residues at a factory in India. The power plant generates steam and electricity and reduces India’s reliance on fossil fuels. The project aims to generate emission reductions of an estimated 100,000 t CO2 equivalent between 2006 and 2012 (Technology partner: Alkyl Amines Chemicals Limited)

New project 2009: Beijin Hydropower Station Project The MYS has also decided to be involved in the construction and operation of a hydropower plant in China. The project has generated emission reductions of approximately 200,000 t CO2 equivalent between 2006 and 2008, verified and certified to the Voluntary Carbon Standard (Technology partner: Climate Bridge Ltd).

The Certified Emission Reductions (CERs) are issued by projects approved by the Clean Development Mechanism (CDM), created under the Kyoto Protocol and under the guidance of the UNFCCC (United Nations Framework Convention on Climate Change).

To be approved by the CDM, a project must fulfill a series of strict criteria (project settlement, quantifiable reduction of CO2 and realization of the project on long term basis).

The MYS has already been associated with the creation of three wind turbine sites: one in Northern China which resulted in the reduction of 157,129 t CO2 between 2005 and 2007, and two others in New Zealand (a reduction of 50,000 t CO2 recorded in 2006) and in India.

The show also participated in reforestation projects in Nairnside in Scotland and in Querrien in France, as well as methane capture system in a Pennsylvania coal mine In the United States.

in partnership with

Another significant measure, coherent with its ecologically-responsible engagements, the MYS prints its communication documents on Cyclus Print Silk paper, 100% recycled and thereby respecting the « Blue Angel » certification, the strictest in printing; this corresponds to 18 tons of paper each year.

Introduced in Germany in 1977, the Blue Angel is the first and eldest world-wide environmental label.

It is awarded to the recycled papers that meet the strictest environmental standard.

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Pablo Picasso, Tête d’homme barbu, 1965, oil on canvas, 72 x 60 cm - 28.3 x 23.6 in.

Summer Masters Art Show A selection of masterpieces by Arman, Buffet, Chagall, Dubuffet, Dufy, Léger, Matisse, Miró, Picasso, Renoir, Sisley, Warhol...

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AI

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Calendar for 2009 Monaco: 24 September 2009 Only Watch – Unique Watches

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Astronomical spring driven table clock, Germany circa 1590

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MYS portfolio

by Pierre Pettavino

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Changing

By Nick Jeffery Theæ ï bigæ fourÍ æ squareæ off:æ Inæ theæ REDæ corneræ ofæ theæ privately-ownedæ brokerageæ housesæ isæ Edmistonæ &æ Coæ andæ inæ theæ BLUEæ corneræ Burgess.æ Ofæ thoseæ ownedæ byæ publiclyæ listedæ groups,æ Fraseræ Yachtsæ withæ PINK-stripæ facesæ Camperæ &æ Nicholsonsæ inæ theæ BLACKæ corner.æ

Thereæ isæ noæ apparentæ signæ ofæ aæ changeæ inæ theæ wayæ ofæ marketingæ theæ boatsæ •æ directæ clientæ researchæ andæ one-tooneæ contactæ isæ stillæ perceivedæ toæ beæ mostæ effectiveæ (andæ theyæ mightæ beæ anywhereæ onæ theæ globe)æ backedæ upæ byæ aæ strongæ brandæ andæ image.æ

Brokersæ revealæ opinions,æ clientæ expectations,æ behaviouræ andæ trendsæ asæ theæ countæ downæ beginsæ toæ theæ worldÍ sæ mostæ colourfulæ andæ importantæ superyachtæ industryæ arenaæ ofæ 2009:æ Monacoæ Yachtæ Show.æ

Asæ faræ asæ theæ yachtsæ themselves,æ thereæ isæ aæ slightæ tendencyæ towardsæ moreæ economicalæ boats,æ lessæ ï megaÍ æ inæ sizeæ andæ ostentationæ andæ keepingæ inæ mindæ environmentæ awarenessæ •æ foræ whichæ Monacoæ aimsæ toæ leadæ theæ wayæ •æ windæ propulsionæ andæ sailingæ isæ likelyæ toæ receiveæ aæ freshæ look.æ Expectæ toæ seeæ crewæ lookingæ sharperæ thanæ everæ withæ moreæ timeæ toæ prepareæ foræ eachæ newæ embarkationæ withæ eageræ anticipation.

Salesæ brokersæ areæ honingæ theiræ charmæ schoolæ skillsæ andæ flexing their brains as large yacht deals are being agreed •æ onæ averageæ oneæ peræ month.æ Valuesæ areæ ï realisticÍ æ ratheræ thanæ ï premiumÍ ,æ yachtingæ isæ stillæ funæ andæ clientsæ remainæ rich, enjoying superyachting – less flamboyantly in a lessæ thanæ buoyantæ market.æ Thereæ areæ onlyæ isolatedæ casesæ ofæ forcedæ salesæ oræ bankæ repossessionsæ (fewæ ownersæ ofæ largeræ yachtsæ buyæ onæ credit)æ oræ theæ layingæ upæ ofæ boats,æ whileæ manyæ ownersæ hangæ onæ ratheræ thanæ sell.æ Clientæ expectationsæ ofæ theæ brokeræ areæ upæ •æ theæ brokeræ mustæ workæ theæ phones,æ doæ real-timeæ priceæ comparisons,æ keepæ anæ eyeæ onæ newæ buildæ opportunitiesæ andæ reallyæ earnæ hisæ feeæ (35%æ downæ onæ ï theæ goodæ oldæ daysÍ æ butæ theæ sameæ percentageæ ofæ theæ boatÍ sæ value).æ Aæ trendæ brokersæ seeæ isæ aæ tighteningæ ofæ theæ beltæ byæ owners,æ keepingæ runningæ costs down and rigorously enforcing cash flow checks.

Brokers are doing the same, trimming office overheads and,æ reluctantly,æ advertisingæ budgetsæ •æ butæ notæ toæ theæ extentæ thatæ Thomasæ Jeffersonæ mightæ haveæ comparedæ themæ toæ ï theæ manæ whoæ stopsæ theæ clockæ toæ saveæ timeÍ æ •æ whileæ alsoæ lookingæ foræ newæ opportunities.æ

Oneæ ofæ theæ positivesæ isæ thatæ thereæ isæ moreæ choiceæ foræ theæ buyeræ (andæ yachtæ managementæ servicesæ willæ beæ moreæ efficient as brokers compete with independents for steadyæ revenueæ streamsæ andæ futureæ salesæ leads).æ Allæ areæ unanimousæ inæ agreeingæ thatæ theæ Monacoæ Yachtæ Showæ isæ theæ worldÍ sæ premieræ showæ •æ withæ mostæ ownersæ alreadyæ havingæ anæ interestæ inæ Monacoæ (oneæ assumesæ property,æ eventsæ oræ businessæ ratheræ thanæ aæ partnerÍ sæ shoppingæ habitsæ andæ aæ nightæ inæ theæ Casinoæ oræ JimmyÍ z).æ One thing is for sure: both broker flair and depth of knowledgeæ goæ hand-in-handæ •æ youæ needæ bothæ toæ survive, and lots of it to profit. “They say that time changes things,æ butæ youæ actuallyæ haveæ toæ changeæ themæ yourselfî. æ Applyæ Andyæ WarholÍ sæ philosophyæ toæ theæ MYSæ changingæ market.æ

Charteræ bookingsæ areæ downæ andæ ownersæ areæ droppingæ their rates and open to offers (‘try fifty percent!’) – this is no flea market though and while those that rely on charteræ revenueæ toæ serviceæ loansæ mayæ beæ inæ aæ seriousæ situation,æ ownersæ thatæ donÍ tæ canæ ofæ courseæ optæ toæ useæ theiræ ownæ yachtæ thisæ peakæ seasonæ ratheræ thanæ loweræ theiræ rates.æ

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Jonathan Beckett CHIEF EXECUTIVE OFFICER BURGESS

Jonathan Beckett joined Burgess (then Nigel Burgess) at the age of 23, working in Monaco between 1981 and 1983 before moving to London to spearhead the London operation. Under Jonathan’s guidance the London office has grown from a “one man band” to a busy company of over 60 people! A BA graduate of Durham University, during which time Jonathan represented England Universities at rugby football, he is a keen yachtsman and has sailed extensively throughout the Mediterranean, Aegean and Caribbean. Following university he spent one year in Egypt running a sailing school at the Arab Maritime Naval Academy and a year working as a yacht broker in Athens for Halsey & Tzalas Marine. Jonathan’s primary involvement is brokerage and new construction as well as taking overall responsibility for the Burgess group of companies. He is an active

HOW MANY YEARS HAVE YOU BEEN HERE AND HOW OLD WERE YOU?

HAVE YOU HAD PEOPLE SAYING THEY WANT TO LAY UP BOATS WITH A SKELETON CREW ON BOARD?

30 to 60 metre yachts were financed.

I started in February 1981 when I was 23.

A number of owners want to trim the budget to the minimum and when we have trimmed it to the minimum they want to trim it some more – that’s the market we are in at the moment. They may anchor off somewhere like Toulon or Tarragona, slightly cheaper locations.

THEY ARE ACCEPTING MARKETS HAVE CHANGED AND NOT BLAMING BROKERS FOR HYPING IT UP?

IS THE COMPANY STILL PRIVATELY OWNED?

Yes, owned by me!

IS THAT AN ADVANTAGE OR WOULD YOU PREFER TO BE PART OF A GROUP?

It depends on the strength of your shareholder and the modus operandi. Personally I think we benefit from being privately owned in that we know exactly where we are, exactly what we have got. We have operated the business in a fairly prudent way – I have always been like that – we know what money we’ve got in the bank, we know what money is coming in, what money is going out, nobody is making demands to withdraw money. We don’t owe the banks any money. We are in quite a good position.

Certainly we have approaches from a number of clients because they like to talk to – if you like – the principals and feel that they are in safe hands. The perception is, given some of the rumours you hear in the market, that actually we are a fairly safe pair of hands.

YOU SAID A STRONGPOINT IS BEING A SALARIED TEAM RATHER THAN INDIVIDUAL CONTRACTORS. DOES THAT NOT PUT A HUGE STRAIN FINANCIALLY?

It’s a double-edged sword – we operate as one team worldwide and all staff are salaried with senior personnel also getting a profit share. So that puts a strain in terms of we have got to pay them – on the other hand the great news is that they have got to turn up to work! That really means something - it’s all hands to the pumps. With the independent contractor – particularly the ones who have probably made quite a lot of money – I think some of them are saying ‘I’ll stay in my house in the country for six months, I’ll get a few calls, go to the beach and come back when the market picks up’. Terrific that they can afford to do that but the company is still paying office space. We are seeing a good return – we are returning people’s calls quickly.

YOU HAVE 100 STAFF OR SO?

We have 110.

I remember being impressed to hear you had 45 in the London office a couple of years back.

We have 65 now! Hats off to them. They are proud of their positions. We have a yacht management team managing 50 boats and a technical team – which is unusual for a brokerage company – overseeing probably 20 new constructions. That’s a pay cheque at the end of every month and that gives you real long-term cash flow.

ARE THERE DEALS IN PROGRESS?

There are deals, not the volume of deals but the market is picking up. We have sold four boats this year. We have two boats under contract at the moment (all over 40 metres).

ARE CLIENTS’ EXPECTATIONS CHANGING?

The problem is at the moment, in the old market somebody would build a boat for 40 and expect to sell it for 50 so they are getting a 25% premium. You were blamed if you didn’t sell it for 50. Today’s market is probably you build the boat for 40 and right now you are going to sell it for 30 so you are looking at not a 25% discount but near 50% discount. So what a lot of owners are struggling with is being told a year ago their boat was worth 50 and you are now saying I’m not even going to get 40 – in fact I’m only going to get what somebody is offering, which is going to be 30. That is the market.

ARE THEY HANGING ON?

Yes they have been hanging on for prices at a high level.

My guess is that we will see a few more transactions at the end of the summer at lower prices and prices will stabilize not at the 30 but the 40. If you paid 40 million for a Benetti you’ll get 40 million back.

No I don’t think they are blaming brokers. As a broker we have got a responsibility in the market – for example we have been asked to do a lot of valuations for banks recently and it is very important that we are completely frank with what we consider the value to be. Values have adjusted. For the owner who owns a large yacht that is heavily financed, relying on charter income to pay the running costs, there is a serious situation. Owners who have paid for their boats and do a bit of charter, but they are not that bothered, are probably fine.

PRESUMABLY THERE WILL BE A LOT MORE NEGOTIATING IN RATES AS PEOPLE COME IN AT THE LAST MINUTE?

With regards to charter, charter rates became very expensive, very inflated, driven by the Russians. That is a market that will adjust and rates will come down to more realistic levels. I think some charterers were overpaying for what they got because that was all that was available. In previous years people would turn up and say ‘we want to book Slipstream because it is silver and black and got jetskis’, now people don’t really care what boat they are booking, they ask ‘Where are the deals? Which boats are doing the best deals? Offer fifty percent!’. So our charter brokers and charter managers are having to do a lot more brokering than before, because normally it would be the rates are 300 a week and that’s it. Now somebody is going to offer 180 (thousand).

ARE THERE ANY NEW TRENDS SUCH AS POWER VS. SAIL?

WOULD YOU SAY IT WOULD HAVE BEEN BETTER TO INVEST OVER THE LAST TWO YEARS IN A BOAT OR THE STOCK MARKET?

I would say it’s probably similar. The problem with a yacht, as you know, is the running costs. If you invested 50 million in the stock market, what would it be worth today, 40 million or 30 I guess and if you bought a yacht for 50 eighteen months ago, what would it be worth today, 40 or 30. But interest on your capital would have cost you five percent and running costs five percent.

ARE THEY GENERALLY BUYING WITH THEIR OWN MONEY OR FINANCED?

I would say the larger the yacht the greater the chances they are buying with their own money. There has been a surge of yacht financing, the banks have been knocking on our door with ‘please let us lend money to your clients’ – they are not doing it any more but they were so there were some great financing deals around, quite a lot of the

Not at the moment but I think we will see a little bit of a trend towards sail in the future. I think we will see a trend towards slightly smaller yachts – after the explosion in megayachts – a lot of people that own an 80-metre might wish they had a 65-metre, or the ones with a 120-metre might say, ‘maybe I’ll sell my 120-metre and keep my 75’. There will be some owners who will think ‘I’d like to do something for the environment, what can I do?’ and actually it would be politically more correct to have a sailing boat.

IS THE MARKET EVOLVING?

As I’ve said for the last five years, all these boats have been built and something has got to be done with them, they have got to be sold, they have got to be bought, got to be chartered, got to be managed, they have got to be maintained and crewed, so the market is there even if no more boats are built.

member of the Mediterranean Yacht Brokers Association (MYBA), having sat on the Board of the Association from 1996 to 2008, served as MYBA President from 2000 to 2002 and chaired the Sales Committee for several years. Jonathan is now Director of MYBA’s annual Superyacht Brokers Seminar. For many years he was also a judge for the Superyacht Society Design Awards and sat on the Board of International Yacht Council. He is a member of the Yacht Club of Monaco and the New York Yacht Club. Since the opening of a Manhattan branch in April 2004, Jonathan now divides his time between the Monaco and New York offices.

In the 656 page limited edition «Super Yacht» published by Gloria Books in 2007, the final chapter is dedicated to the «Power 20 List», which is the result of a definitive, wide-ranging survey of modernday yachting leaders, on who they consider to be the most influential figures in the industry over the last thirty years. Topping the list of brokers was our own Jonathan Beckett, who comes into the overall list at No. 3, after the designer Jon Bannenberg and MALTESE FALCON visionary, Tom Perkins. According to Ben Arogundade, «Super Yacht» editor, ‘Jonathan Beckett has a reputation for securing some of the most defining brokerage transactions in history and is a popular, well-respected figure with designers, owners and competitors alike’.

MIGHT BE AT LOWER PRICES?

like you, feel they can get on with you. Obviously you have got to be on the ball and present the deals that are out there. We could be selling anything but it’s about the relationship with the client at the end of the day.

It might be at lower prices but there is a market and there are plenty of buyers in the market but it’s a matter of matching the buyers and sellers’ expectations and they are not quite there yet.

IS THERE A THREAT TO THE WHOLE ‘SYSTEM’? IS SOMEBODY GOING TO COME ALONG AND SAY I CAN DO 1% COMMISSIONS?

There is somebody who has come along and said I can do 1% commissions but the reality is good luck because frankly if a company like Burgess or Camper & Nicholsons or Fraser or Edmiston can’t sell all of our inventory direct to direct clients – and we’ve been in the business for 30 or 40 years or whatever it is, Edmiston 12 – and are relying on other brokers to cooperate, a new company can’t possibly do that and won’t be in a position to do it for 30 years. We have thought about it in the past, cutting our rates from 10% to 3% to get the listings but it looks as if the amount of money we are earning is huge. But the reality is at the end of the day, by the time we are done, it isn’t that much and you will not survive on 1% – it is unsustainable. A client may say ‘I like the idea of paying 1%’ but then they ask ‘how many years have you been in business, how many clients have you got, how many brokers have you got out there?’

THE OTHER BROKERS ARE NOT GOING TO BRING BUYERS TO SOMEONE DOING THAT?

Exactly – they’ll probably hold an open day in the port and invite all the brokers and nobody will come! The reality is if you list a boat for 20 million there may be between a million and a million and a half commission included in the asking price. You’ll probably agree a price of 15 and there is 800,000 included in the price. You are splitting it 60:40 so you are getting 320,000 yourself of which you have probably spent fifty thousand on brochures, promotions, boat shows and advertising so you are actually getting two hundred and something. You are not making one and a half million actually, it maybe two or three hundred thousand. Everybody sees the big figures! Our office overheads here are 800,000 a month so you sell a boat and make half a million but this is a big business. We need to earn money to keep the machine going! 1% is an unsustainable rate.

WHAT IS MOST IMPORTANT, A KNOWLEDGE AND EXPERIENCE OF THE MARKET OR THE RELATIONSHIP WITH THE CLIENT AND THE FLAIR OF THE INDIVIDUAL BROKER GETTING ON WITH THE CLIENT?

Most of the clients expect us to know the product. That is their expectation. They come to Burgess or Campers and expect you to know the product. So much of it I think comes down to personality, relationship, trust – do they

TALKING OF SELLING ANYTHING, IF SLIMMING DOWN WOULD THEY GET RID OF A BOAT OR A JET FIRST?

It rather depends on their lifestyle but I would imagine in 70% of cases it would be the yacht because the jet tends to be not just something they take from New York to Nice, to get on board their yacht, it’s something they are using every day as a business tool to fly around in. So the yacht is more likely to go first – but I could be wrong!

WHERE ARE YOU TARGETING GEOGRAPHICALLY, POCKETS ETC?

We were all fairly heavily targeting Russia and Eastern (Europe) countries over the last five years and that market has stopped dead in its tracks for charter and sales. The Middle East is obviously still more active than some of the other markets but you are only looking for one man, or one woman, and he might be Swedish or he might be Mexican. The thing is to try and find out who is in the market, who has got the money at the moment, and to really invest a lot of time and energy in those people on an individual basis because we are only dealing with a handful.

PRESUMABLY YOU ARE TRIMMING MARKETING BUDGETS, ARE THERE NEW WAYS OF FINDING CLIENTS – SOCIAL NETWORKING SITES?

Advertising, unfortunately, is not the way generally we find clients. We are advertising more as a corporate exercise and some of the owners like to see their boats advertised. We probably sell one boat every five years from advertising. Do you need 10 pages or two pages? Actually you probably don’t need any pages is the reality of it – or one or two. The internet is becoming increasingly important but there is no substitute for your direct mailings, phone calls, networking. We have all trimmed our advertising budgets and boat show budgets.

YOU HAVE OFFICES HERE, IN LONDON, NEW YORK?

We now have a total of nine offices – including Mumbai, recently opened. We are, at the moment, possibly the only brokerage company that has managed to retain 100% of its staff ‘intact’ in these credit crunch times, which gives me enormous pride – and the team really appreciates it.

We are obviously, like everybody, under financial pressure but we have organized ourselves in such a way that, to me… the fact is that the company is the people, some who have been here a very long time, some twenty years or more, others fifteen, my secretary has been with me nearly eighteen years. Charles next door, who is 30, has

been with us nine years, Henry, who is 32, has been with us 10 years – a lot of young people, actually with a lot of experience, so the aim is to keep it together.

ARE THERE ANY OTHER WAYS TO KEEP MONEY COMING IN, DIVERSIFYING?

Yacht sales I think, charter is low this year, management, technical, we have got some boats building so that is good news. Everybody is in survival mode. It’s not to do with profit, it’s to do with cash flow, it is all about managing your cash flow. There are some years we have made very good profits – this year will we make a profit? I have no idea. If you can survive the next, whether it’s 12 months or 24 months, you are going to be in a very good position to go forwards.

DO YOU THINK THE INDUSTRY WILL BE LESS SHOWY, A LITTLE BIT MORE DISCREET? THE ACTUAL YACHTING ITSELF I MEAN.

It used to be that owners would say ‘please don’t tell anyone I’ve bought this boat, I don’t want anyone near the boat’.

Now you read ‘this yacht has been bought by Sir Thomas, here is a picture of him standing on the aft deck’ – it’s rather bizarre to us. As a company we were slightly slow to catch on to that, we had always been cautious and discreet and possibly not the moving with the time – at that moment when people were proud. It may change and become a bit more discreet again, and I think people will prefer to have a smaller boat and not go for the 80-metres.

NEW BUILDS. IF SOMEBODY COMES ALONG WITH 50 MILLION THINKING OF BUYING A NEW BOAT WHAT WILL YOU SAY?

There are opportunities in new construction market where you could pick up a project that is under construction for an attractive price and with an attractive delivery date. I think the new build market will be the slowest market to come back. There are not that many new-build enquiries out there. It’s going to take the brokerage market to pick up first then the new-build market will pick up behind it.

The shipyards prices have gone up – that’s not the shipyard’s fault – a lot of subcontractors like the interiors contractors. You used to be able to build quite a nice interior for 10,000 euros per square metre – it is now to 25,000 euros a square metre. In the last four or five years it has gone through the roof, it is not because that is what the interiors cost but because of supply and demand.

SO NEW-BUILD PRICES MIGHT COME DOWN?

They will rationalize and not go up. I don’t think we will see a crash in new-build prices, we will see a leveling off for three or four years.

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Neil Cheston SENIOR SALES BROKER CAMPER & NICHOLSONS INTERNATIONAL

WHAT IS YOUR POSITION IN THE COMPANY?

I am described as a senior sales broker – senior in terms of years rather than experience! I have been here 12 years.

WHEN WAS THE BEST YEAR FOR THE COMPANY?

The best years for C&N were also probably the best years for the industry – the best years for the industry, as is well known, were between 2002 and 2008.

A BUILDER SAID NOTHING HAS HAPPENED SINCE LAST NOVEMBER IN THE MARKET?

No, that’s not true – we have deals going on. C&N completed two sales for used boats in the last two weeks. I’m not aware that we have signed up any new builds in the last few months but we have certainly sold some brokerage boats in the past few weeks.

HOW ARE CLIENTS FEELING? ARE THEY POSITIVE? ARE THEY WAITING OR PREPARED TO SIGN AT A LOSS?

They still enjoy their yachts, they still love sailing or yachting. For a lot of people it’s not that they can’t afford their yacht – far from it – it’s that they can’t be seen to be on their yacht when quite possibly in their own business at home people are being laid off or contracts being cancelled and so on – so a certain amount of tact is required. I used to sail on Extrabeat with Agnelli and I can remember Agnelli saying to me – and he was the most profligate playboy of his time – ‘I won’t be coming sailing for a while’ (this was in the industrial crisis of the early nineties) ‘because my group, Fiat, has laid off thousands of people and the Italian magazines would love nothing more than to publish pictures of me larking about on a boat on the Cote d’Azur while so many people are losing their jobs’. I thought that was quite good – he showed an awareness of the need to be tactful.

ARE SOME OWNERS HAVING TO SELL?

Not many ‘fire sales’. Where we have seen desperate ‘must-sell’ situations it has generally been a bank repossession. I am involved in a couple of those at the moment.

ARE THERE BOATS WITH SKELETON CREW, MOTHBALLING?

We have had threats from owners this year saying they are tightening their belts, ‘half the crew can go, we’ll anchor up somewhere sheltered and sit it out’. In reality we haven’t seen much of it happening.

THEY ARE GETTING READY FOR THE CHARTER SEASON?

Some boats are doing really well with lots of bookings.

Xanadu (60m Benetti) will do 18 weeks this year including the Caribbean. That’s a bumper year – like the good old days!

HAVE THEY CHANGED THEIR PRICING TO MAKE IT ATTRACTIVE?

Neil Cheston spent fifteen years racing and delivering sailing yachts, completing two Whitbreads and countless Fastnets, Hobarts, Maxi worlds etc. before washing up on the beach in France and settling down as a yacht broker in 1991. He co-founded BCR, then left them in 1997 to join Camper and Nicholsons as a sailing yacht specialist.

He inadvertently stumbled into motor yachts, and apart from a good number of brokerage deals he also has a dozen new build projects up to 65 metres in length behind him.

He’s getting on a bit now, but CNI still let him into their Monaco office occasionally, when he’s not out sailing on his own yacht, ROSBIF. Neil was also recently elected to the Presidency of MYBA, which has a number of exciting projects underway for the benefit of the yachting industry at large.

DO YOU DO COMPARISONS?

The owner is being much more flexible. That hasn’t necessarily meant discounting. He is more flexible on things like delivery fees and so on. I think of all the people in the industry who have reacted to this crisis, the crew have reacted the slowest. Crew still talk about their pay packages, their tips and terms and conditions of employment as if we were still in the boom years.

You try to anticipate what the buyer might be doing. Say you have a 35 to 40-metre Huisman ketch for sale, you imagine the buyer is going to have a look at that boat and ask ‘what else is there similar?’ There may be a couple of Alloys and a Perini that might work for him – so we do that comparative work in advance for the seller. So he knows if someone comes and says ‘how come your boat is two million more than that boat?’ you are ready.

I HEARD THAT NOW MAY BE A GOOD TIME TO GET BETTER CREW?

ON THE VALUES NOW, ARE NEW-BUILD PRICES DROPPING?

Maybe hungrier crew – the work ethic still prevails. We are told by the MCA and others there is a maximum number of hours and the officers are supposed to have their own mess. The way things are going we’ll be building boats for crew if the legislation gets much tougher!

They have dropped to some extent but it’s hard to get a feel for that because I don’t think many people have signed up original new build contracts in the last three months. Feadship did in December, but things have got a lot worse since December. What the yards have done is a bit of stock clearing – they’ve had a few boats in build, not necessarily ‘on spec’, but the existing owners may have defaulted or be struggling on stage payments and they have asked the yard to help them out. The yard has gone to the market to sell those boats that are already in build.

They are helping out their clients.

WOULD YOU SAY IT WOULD HAVE BEEN BETTER TO INVEST IN A BOAT OR THE STOCK MARKET TWO YEARS AGO?

With hindsight, probably a boat.

DOES ANYONE HAVE A PERCENTAGE DROP IN VALUE OF BOATS?

I can’t quote a number. I’d be reluctant to. If you have got to leave your money somewhere for five years you’d be more inclined to leave it on the stock market than in a yacht but when the stock market is not performing a lot of people say that ‘rather than watch my pile of money dwindling I’ll get my money out and enjoy it’.

ARE THERE NEW TRENDS FOR POWER OR SAIL?

I think there is a very slight increase in the level of interest registered in sailing yachts – I don’t know whether that is to do with fuel. I think there is a general perception that sailing yacht crew are generally easier to get on with, more forgiving, they have a purer seagoing ethic than motor yacht crew – rightly or wrongly, I’m not necessarily saying I agree.

WOULD THEY GET RID OF THEIR BOAT OR JET FIRST?

The boat. Of all the things they need: the kids’ private education, a good health program, holiday home in the mountains, race horse, art collection, private jet, his yacht is the very last. It’s the one he needs least and the hardest to justify to his family and accountant. So, the answer is the yacht is the first thing to go. A jet you can easily justify.

HAVE CLIENTS’ EXPECTATIONS OF BROKERS CHANGED?

They expect brokers to be proactive, to bring to their attention any really good deals that may be out there.

When it comes to selling – a client selling his yacht – he expects me to come out with innovative ways to do so. Buying a page in a yachting magazine is no longer enough. You have got to be working the phones and calling and explaining to people the merits of that particular yacht – and why they haven’t bought it yet!

IS THERE A MAJOR EVOLUTION IN INDUSTRY ABOUT TO HAPPEN?

A year ago there were a huge number of boat builders and peripheral players in the industry, many of which sadly have either gone out of business or been forced to consolidate. We have lost Ferretti who have since reformed and morphed into something else. Benetti has laid off a bunch of people, all the yards have. I don’t see a particular trend other than a tightening up.

WILL IT BE MORE EFFICIENT?

To talk about a trend, we were all talking a year or two ago about the biggest, latest, most extravagant yachts. New standards were being set in extravagance and wild ostentatiousness – that’s definitely come to an end. The days of Pelorus being outdone by something else, in turn outdone by something else, are over. >>

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Nicholas Edmiston has been a prominent figure in the yachting industry for almost 40 years. He is one of the most highly regarded individuals in the world yachting business.

In recent years, Nicholas Edmiston has been involved with some of the world’s very largest yachts, acting for owners in the matter of purchase, sale, new construction and charter.

In 1996, Nicholas founded Edmiston & Company with the specific aim of serving the very top end of the yachting business. Edmiston achieved immediate success in both sales and charter. Over the last twelve years the company has maintained exceptional growth, consistently being involved in many of the largest brokerage transactions and prominent charters.

ARE PEOPLE LAYING UP YACHTS WITH SKELETON CREW?

The Edmiston Yacht Management Division has put together what we call a ‘hibernation package’ to look after people that do want to but that hasn’t really happened yet. The package is ready for the one or two owners that may choose to and they can lay off their crew and we look after them at a very realistic cost. I have heard of a number of sailing racing yachts (that are only commissioned on a seasonal basis) that are not going to be commissioned this year.

ARE THERE ANY TRENDS FOR SAILING YACHTS?

My belief is that there will be a greater emphasis on more economical yachts – but having said that the price of fuel is about a third what is was this time last year so maybe it is not such a worry.

WHAT IS MOST IMPORTANT, A KNOWLEDGE OF THE MARKET AND EXPERIENCE OR THE RELATIONSHIP WITH THE CLIENT AND THE FLAIR OF THE BROKER DOING THE DEAL?

One leads to the other really. The flair of the broker is vitally important – first of all the client has to have confidence in the broker otherwise he wouldn’t deal with us. We do have in-depth knowledge of the market.

GEOGRAPHICALLY WHERE ARE THE NEW PROSPECTS COMING FROM?

I certainly won’t mention in public as otherwise our competitors will be out there! I think there are areas where we will see some growth but that the traditional markets will come back. My personal view is that one of the biggest problems we have right now is that people’s style of spending money has changed. The more flamboyant spend is out. I had a lunch yesterday at (Club) Cinquante-Cinq – it was absolutely full. But that, in a way, is not ostentatious whereas if you went to Voile Rouge or Nikki Plage it would be quite interesting to see whether they are as busy. I suspect maybe they are not.

WHAT IS THE EDMISTON SPECIAL SELLING POINT? I JUST ASKED A COMPETITOR AND THEY SAY THEY HAVE THE BEST GROUP OF KNOWLEDGEABLE BROKERS OF ANY COMPANY.

Let’s ask Chris (Cecil-Wright) what he thinks about that! (buzzed on speakerphone and joins us).

CCW: ‘We have the best group of knowledgeable brokers!’

NE: We have probably got the best selection of listings too.

CCW: Yes, we probably have the best quality biggest boats – we continuously do current comparisons. We have certainly been the first & most ferocious to react.

NE: We saw this downturn – last summer in August when I was interviewed by Piers Morgan, I talked then about a downturn in the market. We were the first people to downsize.

you don’t know what will be there. We would hope to sell all our listings before the show and have a whole new fleet there!

NE: One of the things we want to make sure is that Monaco Yacht Show is the premier brokerage show for big yachts. We and about four other companies lead yacht brokerage from Monaco. Monaco-based companies probably account for about 70% of the major brokerage deals in the world. It’s a very safe place to be.

CCW: Almost every owner has other interests here and even if not it is pretty safe to say that every big new yacht will have visited Monaco at some stage.

NE: They also come here to go shopping. And from the security point of view, people don’t come here to get their photographs taken.

IF CHOOSING BETWEEN BUYING A NEW OR USED BOAT WHAT DO YOU SAY IS BEST WHICH IS BETTER VALUE?

CCW: The value is in the deals. The deals come from people in the market that know. Our brokers know. You only know if you have really close relationships. You might see a price tag but you don’t know his situation unless you have a relationship.

If there is a certain deal at a certain time with a shipyard we’ll know about it and it could be a deal.

NE: One of the big differences is that this time last year, if you wanted to buy something between 65 and 75 metres, there was probably one yacht available. Today there are probably a dozen and some very good quality yachts. I would be very surprised if somebody went directly to a new build today unless there is something specific they want that they can’t get from the secondhand market. If they really want a new build, they might be able to buy a new build in the process of being built.

THE VALUE OF THE BOATS AT THE SHOW WAS SAID TO BE TWO BILLION EUROS TWO YEARS AGO. ANY IDEA OF THE VALUE THIS YEAR?

CCW: For show planning they need to know what is going to be there. The whole point of sales is

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Hein Velema CHIEF EXECUTIVE OFFICER FRASER YACHTS

WHAT IS YOUR BACKGROUND BEFORE – AT FEADSHIP?

I was between the two families and a director at Feadship responsible for sales and marketing then for the last four years also managing director of De Valk Naval Architects, the design & engineering company.

WERE YOU DOING SALES THERE? BROKERING IN A WAY? NOW?

I was doing sales, yes. It’s the same industry but a completely different position. Then I started at Frasers two years ago, first responsible for sales brokerage then, after a year, also for charter and marketing – and now since February the whole shebang… worldwide.

ARE THERE ANY ADVANTAGES BEING PART OF A GROUP WITH BENETTI OR ARE YOU INDEPENDENT?

We operate quite independently in some ways but we have two shareholders, one is Azimut-Benetti, the other is V-Ships. V-Ships is a ship management company and we use a lot of their knowledge and resources for all kinds of things. Even for tickets – they have 20,000 crew, we have 60 officers in the world so we use them for logistics, so at V-Ships we have good relationships on operations. Our relationship at Azimut-Benetti is that we are now developing services for the Benetti fleet specifically and we also have the Azimut Charter Club that is something we built up, branded with our name, Fraser Yachts, but we share the knowledge of the group. That’s one of my tasks to execute these.

now about 35 to 40% lower than the inflated high prices we have seen in the past. What you see is that not every seller wants to sell for that price but you can see there are buyers coming back in the market that have been out for many years – they thought they were overpriced.

They are saying maybe it’s time to buy a boat again. It is more experienced yachtsmen that are buying boats now and less new first-time buyers.

ARE YOU CUTTING COSTS TO KEEP LEAN?

What we do is two things at the same time. We are reducing costs where we can in staff and marketing and office overheads. At the same time, we are like our own clients and trying to take advantage of positive opportunities – we just took over a group of experienced brokers in Palma de Mallorca (Juergen Koch). Last year we also started an office in Mexico. We also hired a couple of very experienced new brokers that came from other companies. So we are reducing costs by 15-20% but at the same time we are able to attract new, experienced people. In sales and also in charter we are now better tuned than a year ago. In total we have five new sales brokers that have a very good track record.

THE MOVE TO BIGGER OFFICES IN MONACO, WAS THAT A SAVING GOING TO THE FONTVIEILLE BUSINESS DISTRICT?

We were already in Fontvieille. We had three offices in Monaco and moved from three to two. We have the Rascasse office, the Pastor office and closed Avenue d’Ostende.

Hein studied economics at the Free University in Amsterdam. He worked for ten years as a business consultant before he joined Feadship. As the Director of Sales and Marketing and later as the CEO of De Voogt, Feadship’s design and engineering, he developed an extremely high reputation in the yachting industry. Hein was also the Chairman of the Holland Yachting Group and President of the Superyacht Builders Association.

Hein is a musician, composer and enthusiastic sailor.

stronger than the yacht market – also because using a jet is also very expensive, I’d assume that came first.

Then a jet is not only used privately but also for business so selling the plane is more visible.

WOULD YOU SAY IT WOULD HAVE BEEN BETTER TO INVEST OVER THE LAST TWO YEARS IN A BOAT OR THE STOCK MARKET?

I don’t believe in investing in yachts. Yachts are irrational, emotional products. I have a boat myself so I know it just doesn’t make sense at all – still we all do it and we love it! There are of course some people that make money from buying a boat and selling it for a good profit but in general it’s not an investment.

HAVE YOU NOTICED CHANGE IN THE EXPECTATIONS OF THE CLIENTS, DEMANDING MORE OF THE BROKER?

What we have to do of course is doing much more in today’s market to sell a boat than a year or two years ago. It takes much longer so more advertising, more ‘maintenance’, more work to sell a yacht and to find a buyer. But that doesn’t mean the client is happier with you because at the end of the day he wants his boat sold. Our task is more difficult to make the sellers more realistic and adjust the price to the current market.

There’s also a good reason not to do that – and that is to enjoy your yacht! Hold it for another two or three years and look at it again. The best thing that you can do with a yacht is to enjoy it! It is possible to sell but you have to sell at the right price and that is not always what the sellers want to hear.

WHEN WAS THE BEST YEAR FOR FRASERS?

In numbers I think 2007.

ARE OWNERS STAYING POSITIVE OR ARE THEY ANGRY AT THE PRICE DROPS?

Firstly, in terms of the number being sold, worldwide sales in 2008 were about half of 2007 – secondhand boats that is. It’s just started to pick up again since April – people feel it is time to move again, quite positive.

HAVE YOU HAD ANY SALES THIS YEAR?

Yes, since January, four – every month we have had a sale. We need to! The last six months boats that we are selling have been smaller ones but since April things are picking up in newer and bigger boats. The prices are

YOU SAID SOME CLIENTS ARE HANGING ON TO SELL, ARE SOME OF YOUR CLIENTS LAYING UP THEIR BOATS IN MOTHBALLS WITH SKELETON CREW?

There is a trend to reduce crew in general or even putting in mothballs, but in total I think only five percent or less – it’s a serious number but not as if a quarter of the boats are doing that. There is a risk though as to keep these boats in good condition takes more than a few ‘guards’ with all the machinery.

There is a risk of saving costs in the short term but losing long term.

IF SOMEBODY HAS A PRIVATE JET AND A YACHT, WHICH WILL THEY GET RID OF FIRST?

I think the jet. If you look at the jet market, it dipped

ARE THERE TRENDS GOING FOR SAIL BOATS THAN POWER – MORE ENVIRONMENTALLY AWARE?

No, I would say that if there was a trend to go more ‘green’ then people will move from motor boats to sail boats because most energy in a yacht is always put in the propulsion. But that’s not happened. What we do see is more people want – especially for the new builds of course – to be thinking about green, but they still want to have a motor boat!

YOU DID QUITE A NICE ‘GREEN BOAT’ PROMOTION – DID THAT GET INTEREST?

Yes, by the way we were using a hull more like a sail boat than a motor boat hull because motor yachts were never developed in a way to make them really efficient.

So there is a lot one can still do. She was done with Holland Jachtbouw, Azure Naval Architects and Andre Hoek for styling.

WOULD YOU POINT A NEW BUYER TO A NEW OR A USED BOAT?

Strangely enough, the number of clients we are talking to (a couple at a very serious stage now) is still the same as last year and the year before. For Fraser Yachts, in the past it was never strong in new builds but that is picking up well. There are a lot of opportunities with people that want to step out of new build projects where a buyer can step in half way. You have the advantage of relatively short build periods and prices of maybe two years ago.

CAN YOU NEGOTIATE HARD ON THE PRICE OF A NEW BUILD YACHT?

Clients negotiate harder now. The shipyards have less possibility to drop their price as their profit margins are not crazily high and if you cut 50% of your profit the average buyer will still not invest.

WEREN’T SOME OF THE BIG BUILDER BRANDS MAKING BIG MARGINS?

There was a huge inflation in costs of building. Now some of those are less so the cost of building is slowly coming a little bit down and the ‘expected inflation’ is going down – that was also part of the pricing – and then of course because of the market situation profits are under pressure. So those three factors make it possible to negotiate strongly with the shipyard.

ARE BROKERAGE FEES GOING TO BE EFFECTED?

First of all, they are 35% down because the prices are 35% down!

ARE THERE ANY THREATS SUCH AS LOW COMMISSIONS OR ONLINE FIRMS NEW TO THE MARKET – OR IS THAT NO THREAT?

You should never say that there is not a threat. At this moment that is not gaining any serious market share so it is not happening yet. Things are changing and what I do see is that we, at Fraser Yachts, are happy – also I see with our competition – being creative to reach clients directly. Our advertising and marketing, like the internet, is only is only a very small part – it

is the direct contact with buyers to advise them what they really want. They need to have somebody to talk to and there are not many people out there looking to buy on the web saying ‘ok that’s what I need to buy’. They need good product knowledge and then you go through the whole process. What I see now is clients are picky – but more for the quality broker than for a low commission. They want to have a good guidance – do-ityourself guys like you and I use the web for holidays but superyacht buyers don’t have the time. If you become a sales broker you spend a lot of years learning – you can’t do it all from day one.

Our goal is to focus more on yacht owners and develop more services for owners and let other services follow – in short to make our service part stronger than the sales part.

AND THE MONACO YACHT SHOW?

It is the most important show for our industry. It needs more space though for yachts!

© Copyright 2009 / Nick Jeffery Yacht Publicity

IS A DEPTH OF KNOWLEDGE AND EXPERIENCE OF THE MARKET OR THE INDIVIDUAL BROKER FLAIR AND PERSONALITY DEALING WITH THE CLIENT BEST TO ATTRACT THE CLIENT?

First of all you need to have more tastes on offer. There is not ‘one broker fits all’. That’s why we have people from all nationalities for example – it’s not just a UK culture.

ARE THERE ANY GEOGRAPHICAL AREAS YOU ARE TARGETING, TALKING OF LANGUAGES?

In charter the American market is much stronger than the rest. Actually we are very optimistic about the American charter market.

SOME COMPANIES SAY IT WILL BE CASH FLOW THAT IS MOST IMPORTANT TO SURVIVE THIS NEXT 12 OR 24 MONTHS?

We are lucky like that, we have a huge yacht management department that is strong and our crew department – then we have very strong parents but at this moment we haven’t had to ask for money from them.

You have to make cuts and look at what is really important. It’s not always easy – if you look at it as an investor it’s easy, if you are in the middle of it, it is difficult and emotional.

WHAT IS FRASER YACHTS’ SELLING POINT OVER OTHER TOP HOUSES?

First of all, we are more international than the others with a huge variety of nationalities and not dominated

by English culture but also Italian and also North American. We are number one in yacht management and number one in crew so on service side we are strong.

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Monaco

of

capital

by Nick Jeffery

Serial yacht builder and serious gambler Kenneth Clark arrived in Monaco for the 1903 winter season aboard his new G.L. Watson & Co. designed steam yacht Katoomba II. The casino was the main focus of his attentions but when Mme Heriot (mother of famous sailor Virginie Heriot) enquired if she might visit his palatial yacht he gladly invited her. Evidently impressed, she lightly remarked that she « would give anything for such a yacht ». « Anything? » enquired the gambler to which his guest answered favorably but added that she would want immediate possession.

That night Mr Clark moved into the Hotel de Paris whilst Mme Heriot enjoyed her new 250-foot steam yacht.

Dr William Collier, Managing Director of G.L. Watson & Co. (the world’s first yacht design studio), provided this anecdote and, as a preeminent classic yacht restoration specialist, is the type of guest one might expect to find aboard the Yacht Club de Monaco’s gaff cutter Tuiga, celebrating her centenary this year in the Monaco Classic Week (16-20 September).

About the same time, in 1905, Albert 1er, Prince of Monaco, said at a conference: « I sincerely hope that, by enlarging the horizon of oceanographic studies for you, I have been able to show you that marine spaces – so much more vast than terrestrial spaces – possess countless subjects for study among which biologists and afterwards philosophers, will find material and intellectual riches for humanity ».

yachting

Monaco’s marine spaces and territorial waters (extending 12 nautical miles offshore) are larger than its two square kilometers of terrestrial space. Nicholas Edmiston – one of the Principality’s subjects worthy of study – believes the recent extension of the port was one of the significant factors in attracting visiting yachts to stay: « It is now a safe haven, well protected providing a comfortable anchorage, even with an Easterly swell outside », adding « it is also a nice place to live, crime-free with excellent security – and no paparazzi ».

Monaco is like a society hostess that can appear almost austere to newcomers but after a few months of subtly courting her and confiding your interests – while she discreetly has your background checked out – she may invite you to stay and even open a few doors for you. A number of top yachting brands’ directors have won her over and enjoy the benefits of her ‘little black book’. But you’ll need to use plenty of charm and assets to get on her A-List for the glamorous balls or the private Grand Prix parties. It’s a unique environment where an early-morning run along Larvotto beach or a stroll around the port at lunchtime could have you bump into superyacht owners, major industry players or even stars (Michelin ones on the Port Palace terrace). A birthday party aboard the 73m Silver last spring saw one rock star at the edge of her outdoor dance floor – more exclusive than Jimmy’z that night – overlooked by thousands of windows. Silver is one of this year’s most significant sales to date – naturally involving a Monaco broker and a Monaco Yacht Show soirée last September.

Luc Pettavino, President of the Chambre Monégasque du Yachting, links the Principality and yachting « Monaco is important for yachting and yachting important for Monaco. It is a longterm source of prestige and income for Monaco, with great potential to grow as Monaco is now the premier yachting port of the world ». As for the Monaco Yacht Show that he has presided over for nearly two decades, he adds: « Professional and private clients have identified for some time now, that this is the premier rendezvous for top-end yachting. The F1 Grand Prix and MYS are the two most prestigious and highest-grossing annual events for the Principality ».

Leading brands such as Wally – founded in Monaco in 1993 – choose Monaco as « the only place to be! », Liveras Yachts – owners of some of the world’s largest and most successful charter yachts, with spas to match Les Thermes Marins de Monte Carlo – has been here for a decade while countless brokerage houses (Burgess, C&N, Charter & Charter, Edmiston, Fraser, Imperial, Moravia, Ocean, IYC, Yachtzoo, YCO, YPI…) between them closing the majority of large yacht sales deals worldwide, expand and contract their office space according to market share. Independent consultants are ubiquitous too – Paul Archer of Arrow Yachts who set up 14 years ago, operating at ‘the other port’ in Monaco’s business district, Fontvieille, says « It is a service centre with a critical mass… on the Riviera, where the yachts are – a tremendous advantage over offices in London or the Isle of Man ». Only Yacht was established in Monaco just a couple of years ago and has quickly gained market share in yacht insurance, its local advertising and sponsorships, together with its property connections no doubt giving it a boost – and Riviera Radio, next door, broadcasting to every yacht from Sanremo to St Tropez.

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Monaco

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capital

by Nick Jeffery

yachting Evenæ thoseæ notæ basedæ inæ Monacoæ stillæ chooseæ itæ asæ aæ displayæ platformæ andæ frequentlyæ visitæ toæ meetæ clientsæ and trade. Dutch builder ICON Yachts launched itself three years ago at MYS and this year has chosen to unveil the first new, much-anticipated, ICON 62 inæ theæ port.æ Heræ designers,æ Redmanæ Whiteleyæ Dixon,æ whoæ haveæ attendedæ theæ showæ sinceæ itsæ beginning,æ runæ RWDæ Touræ Autoæ •æ aæ classicæ caræ rallyæ fromæ theiræ studios in Beaulieu, UK – to Monaco. The convoy ofæ brandedæ Porsches,æ Ferrarisæ andæ well-preservedæ Englishæ bodyworkæ passingæ theæ Automobileæ Clubæ deæ Monacoæ upæ pastæ theæ Casinoæ Square,æ attractsæ almostæ asæ muchæ attentionæ asæ advertisingæ pagesæ inæ theæ leading media. Boat International hosts an annual party atæ lÍ Hermitage,æ thisæ yearæ launchingæ Theæ Superyachtsæ book in Monaco rather than London, ShowBoats International has held its awards and Bal de la Mer in Monaco for nearly 20 years, Boat Exclusive launched atæ Monacoæ lastæ year,æ whileæ theæ Financialæ Timesæ hostsæ its FT Business of Luxury Summit – now in its fifth yearæ •æ inæ Monaco,æ withæ theæ likesæ ofæ LVMHÍ sæ Chairman & CEO Bernard Arnault in the line-up. MCM celebratesæ itsæ 21stæ anniversaryæ inæ Monacoæ thisæ year,æ oneæ ofæ manyæ yachtæ showæ partiesæ thatæ vieæ foræ aæ slotæ inæ journalistsÍ æ agendas.

Mona

Researching material for the book ‘Luxury Toys – Mega Yachts’ and enjoying a lunch on the terrace of naval architect Espen Oeino, he confirmed that he and his team « findæ inspirationæ lookingæ atæ theæ boatsæ comingæ inæ andæ outæ ofæ theæ portæ é æ andæ ‚ æ dueæ toæ theæ highæ concentrationæ ofæ professionalsæ •æ andæ ofæ clientsæ •æ itæ isæ effectivelyæ theæ yachtingæ centreæ é . æ Theæ 10-minuteæ helicopter hop to Nice airport or the 10-minute walk to the Yacht Club de Monaco (YCM) foræ aæ sailæ oræ aæ networkingæ cocktailæ partyæ provideæ aæ quickæ escapeæ fromæ theæ drawingæ boardæ foræ more stimulation. The new YCM building, designed with Foster & Partners and ready in 2012,æ willæ provideæ evenæ betteræ facilitiesæ attractingæ youngeræ members.æ Thisæ isæ notæ onlyæ aæ clubæ foræ largeæ yachtsæ suchæ asæ theæ elegantæ SSæ Delphineæ •æ whoæ hadæ theæ honouræ ofæ Stephanieæ ofæ MonacoÍ sæ presenceæ atæ heræ baptismæ •æ butæ alsoæ anæ activeæ sailingæ club,æ hostingæ internationalæ regattasæ suchæ asæ theæ Primoæ Cup,æ withæ raceæ ruleæ eveningæ classesæ andæ regularæ racingæ fromæ school children up. HSH Prince Albert, YCM President for 25 years, sails aboard Tuiga, often helmed successfully by YCM General Secretary Bernard d’Alessandri. La Belle Classeæ Traditionæ lastæ yearæ openedæ itsæ armsæ toæ embraceæ todayÍ sæ superyachtsæ too;æ whileæ theæ club hosts the second annual World Yacht Racing Forum in December – a global platform foræ theæ mostæ importantæ sailingæ events,æ racingæ teams,æ proæ sailors,æ raceæ managersæ andæ topæ venues – unimaginable maybe for yachtsmen participating in the Principality’s first sailing regattas in 1862, or its first international events for motorboats in 1904.

Theæ Princeæ Albertæ IIæ Foundationæ (fpa2.com)æ carriesæ onæ hisæ familyæ traitæ ofæ doingæ somethingæ positiveæ foræ theæ environment,æ withæ climateæ change,æ biodiversityæ andæ wateræ supplyæ itsæ threeæ areas of activity. Along with the likes of the Monaco Scientific Center (known for its Red Coralæ research)æ andæ theæ beautifulæ Oceanographicæ Museumæ (100æ nextæ year),æ theyæ shareæ aæ wishæ toæ keepæ Monacoæ aæ centreæ ofæ innovationæ inæ itsæ approachæ toæ theæ environment.

Aæ centuryæ afteræ theæ Katoombaæ IIæ incident,æ oneæ ofæ MonacoÍ sæ mostæ lovedæ yachtæ ownersæ confided to a colleague with a smile before a date, «æ Ifæ sheæ playsæ heræ cardsæ rightæ tonight,æ sheæ couldæ beæ theæ owneræ ofæ aæ superyachtæ inæ theæ morning!é æ •æ asæ theæ funæ sideæ ofæ yachtingÍ sæ bonæ viveursæ andæ environmentalæ leadersæ rubæ shoulders,æ Monacoæ hasæ rockæ solidæ foundationsæ toæ growæ upon.

Inæ 2109æ perhapsæ thereæ willæ beæ storiesæ sharedæ onæ theæ terracesæ ofæ theæ ‚ æ coolest,æ earlyæ 21stæ centuryæ designæ Yachtæ Clubæ deæ Monacoæ é æ withæ low-energy,æ seawater-cooledæ air-conditioning,æ ofæ ‚ æ theæ oldæ daysæ whenæ theyæ evenæ allowedæ diesel-poweredæ yachtsæ intoæ theæ port,æ andæ petrol-enginedæ Ferrarisæ aroundæ theæ F1æ GPæ trackæ •æ ofæ courseæ thatæ wasæ beforeæ MonacoÍ sæ ideas,æ asæ theæ Worldæ Capitalæ ofæ Yachting,æ trickledæ intoæ mainstreamæ designæ inæ theæ 2020sƒ æ é

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Below them in the port, meanwhile, the proud owner of a patented Dyson-powered Clean superyacht – who took possessionæ lastæ nightæ • æ hasæ heræ crewæ (lessæ thanæ halfæ ofæ themæ robots,æ asæ peræ currentæ Monacoæ Flagæ Rules)æ launchæ theæ tenderæ to join a colourful fleet of lovingly-maintained, Wallynanos. She has come to defend her centenary world championship titleæ (‚ æ heræ greatæ grandfatheræ wonæ theæ Dragonæ mastersæ backæ inæ 2029!æ é )æ and,æ asæ theyæ sailæ outæ ofæ theæ harbouræ pastæ theæ newæ superyacht quay on La Digue, smiles up at the gentleman waving from his Hotel de Paris window…

Pictures of the future Monaco Yacht Club - copyright: © Foster+Partners

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the2009

MYSLAYOUT

Visit us at the Monaco Yacht Show, Darse Sud

y

Only the passion for details enables creating perfection.

TAILOR-MADE IN GERMANY KUSCH Yacht Projekte GmbH Am Hafen 6 . 25599 Wewelseth . Germany www.kusch-yachts.com

KUY_09005_Imageanzeigen_Monaco_Yacht_Show.indd 1

26.05.09 14:20

yachts a selection of yachts presented at the MYS 2009

14:20

S65-11 and S65-12 are our 215’ (65m) Luxury Motor Yachts with delivery 2011 Engineering:

Interior Designer for S65-11 (C101):

Exterior Designer:

Interior Designer for S65-12 (C102):

Tankoa Yachts S.p.A Via Cibrario s.n.c 16154 Genova Sestri Ponente Italy Tel. +39 010 8991100 Email: info@tankoa.com

www.tankoa.com

EXCLUSIVE

S H I P YA R D

Vulkan Shipyard designs and builds custom made yachts in aluminium and steel. With 42,000sqm of the latest high-tech facilities, a skilled workforce and a commitment to cost and delivery time, Vulkan is the trusted shipyard for virtually all types and sizes of new build, refit and repair projects.

www.vulkanshipyard.com PROLONGACIÓN MUELLE NORTE S/N. 46520 SAGUNTO. VALENCIA. SPAIN | +34 96 110 30 06 | info@vulkanshipyard.com

20331 MYS

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Onyx Portrait Ad V2

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Yacht & Superyacht Services Including: International Registration Technical Services VAT services TAX efficient structures Please visit our stand at the 19th Monaco Yacht Show (Parvis Piscine air-conditioned tent) T: +44 1624 614505 E: info@onyx.co.im W: www.onyx.co.im

Licensed by the Financial Supervision Commission of the Isle of Man to provide Corporate and Trust services

2009

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ABBæ ABEKINGæ&æR ASMUSSENæ ABSæMUL TIMEDIAæNE TWORKæ ABUæDHA BIæ ABUæDHA BIæMA Ræ ACEBIæ ADMIRALæ AGCæMA RINEæTE LECOMæ AGUSTAWESTLANDæ ALæHI LALæGR OUPæ-æA RABIANæKNI GHTæ/æTHE æ GULFæ ALEWIJNSEæMA RINEæS YSTEMSæ ALEXSEALæY ACHTæ COATINGSæ ALFAæY ACHTSæY ARDæ ALLIAURAæMA RINEæ ALLOYæY ACHTSæ INTERNATIONALæ LTDæ ALPHABRIDGEæGMB Hæ&æCOæKGæ ALUæMA RINEæ ALULANDæ ALUSHIPæTE CHNOLOGYæL TDæ AMELSæ AMICOæ&æCOæS RLæ AMYæ(A DMIRAL)æ ANDERSENæWI NCHESæ ANTæ ANTIGUAæ &æ BARBUDAæ YACHTINGæ DESTINATIONæ ARREDAMENTIæP ORTOæ SRLæ ARROWæS ERVICESæMONA COæ ART-LINEæI NTERIORSæ ASCOMAæMA RITIMEæA SSURANCESæ ASEAæP OWERæS YSTEMSæ ASIAæP ACIFICæ BOATINGæ/æCHI NAæB OATINGæ ASTILLEROSæDE æMA LLORCAæ ATALANTAæGO LDENæ YACHTSæ ATLANTICæMA RINEæF vLORIDAæL LCæ ATLASæMA RINEæS YSTEMSæ AVONæCO MMUNICATIONSæS Aæ AWLGRIPæE UROPEæ AZIMUTæY ACHTSæ AZUREæNA VALæA RCHITECTSæB .V.æ

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H+Mæ ELECTRONICæ SYSTEMSæ GMHBæ H2æ YACHTæ DESIGNæ LTDæ

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HAKVOORT SHIPYARD HALL SPARS & RIGGING HAMANN AG HARKEN HEADHUNTER HEADLAND HEESEN YACHTS HEINEN & HOPMAN ENGINEERING B.V. HEIRLOOMS HEMPEL HILL ROBINSON YACHT MANAGEMENT CONSULTANTS HISWA HOLLAND YACHTING GROUP HODY [C] INTERNATIONAL HOEK BROKERAGE HOEK DESIGN NAVAL ARCHITECTS HOLGER HAMANN CONSULTING HOLLAND JACHTBOUW HUG ENGINEERING AG HUMPHREYS YACHT DESIGN HYDROMAR B.V.

I

ICON CONNECT ICON YACHTS B.V. IDROMAR WATERMAKERS IL NORMANNO IMTECH MARINE & OFFSHORE B.V. INFORMA YACHT GROUP ING LEASE FRANCE YACHT FINANCING INTERNATIONAL PAINT LTD INTERNATIONAL YACHT COLLECTION ISA - INTERNATIONAL SHIPYARDS ANCONA ISLE OF MAN YACHT & AIRCRAFT REGISTERS IVAN ERDEVICKI NAVAL ARCHITECTURE & YACHT DESIGN INC.

J

J CRAFT BOATS JADE YACHTS JFA SHIPYARD JL COQUET JOHN PERCIVAL MARINE ASSOCIATES/HOYLAKE SAILING SCHOOL JONATHAN FAWCETT LTD JONGERT JOTUN IBERICA

K

KAHLENBERG KELVIN HUGHES LTD KEVIN GLANCY LIMITED KINGSHIP KOHLER POWER SYSTEMS KUSCH YACHT KVH EUROPE A/S

L

LALIQUE LEVIATHAN MARINE LEWMAR LINDSTAEDT YACHTAUSRUSTUNG GMBH

LINTEA MARE LIST GENERAL CONTRACTOR LLOYD’S REGISTER EMEA LM IDRAULICS LOHER RAUMEXKLUSIV GMBH LOPOLIGHT LORIMA CARBON MASTS LUNGOMARE LÜRSSEN YACHTS LUSBEN LUXEMBOURG FOR BUSINESS

M

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MAGNUM MARINE MAJESTIC MALTA SUPER YACHT SERVICES MANSON ANCHORS MARELUX S.A. MARIN MARINA BARCELONA 92 MARINELEC TECHNOLOGIES MARIOFF CORPORATION OY MARITIME AND COASTGUARD AGENCY MARQUIP B.V. MAX POWER MAXI DOLPHIN MAXWELL MC EDICIONES S.A - GRANDES ESLORAS MC FARLANE SHIPDESIGN MCMULLEN & WING LTD MECCANONET MEDAIRE MELITA MARINE GROUP MERLE WOOD & ASSOCIATES MONACO BOATYARD SERVICE MONACO EQUIPAGE MONACO MARINE MONACO YACHTING & TECHNOLOGIES MONDOMARINE MOONEN SHIPYARDS MOORES ROWLAND MORAVIA MONTE CARLO MTU FRIEDRICHSHAFEN GMBH MUIR WINDLASSES AUSTRALIA MULDER DESIGN MYT

N.R. KOELING B.V. NAKHIMOV YACHTS NAUTICA EDITRICE S.R.L. NAUTICAL STRUCTURES NAUTILUS UNDERWATER SYSTEMS NAUTOR’S SWAN NAVICO NCP - NAUTICAL CENTER PRGIN NEORION YACHTS NEW JET INTERNATIONAL NEW ZEALAND YACHTS NEWCRUISE YACHT PROJECTS & DESIGN NOBISKRUG GMBH NORDIC MAST A/S

NORTHERN LIGHTS NORTHROP AND JOHNSON NZ MARINE

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OCEAN INDEPENDENCE OCEAN MEDICAL INTERNATIONAL LTD OCEANAIR MARINE LTD OCEANCO OCRA MARINE OLDENBURGER MÖBELWERKSTÄTTEN GMBH ONLY YACHT - GROUP SUISSCOURTAGE ONYX MANAGEMENT LIMITED OT OLIVER TREUTLEIN GMBH OYSTER MARINE

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PALAGI SRL PALLADIUM TECHNOLOGIES, INC. PALMER JOHNSON PANTAENIUS PASCOE INTERNATIONAL PELAGOS YACHTS LIMITED PENDENNIS PENSUM LTD PERI YACHTS PERINI NAVI PETER INSULL’S YACHT MARKETING PINMAR SL PORT ADRIANO PORTO MONTENEGRO POWER & MOTORYACHT PRIVATSEA CLUB PROFESSIONAL YACHTSMEN’S ASSOCIATION PROMEMORIA PROTEKSAN TURQUOISE YACHTS INC.

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QUANTUM MARINE ENGINEERING

RADIO HOLLAND NETHERLANDS (GROUP) B.V. RADIO ZEELAND DMP RAINSFORD MANN DESIGN LTD RECKMANN YACHT EQUIPMENT GMBH RED LION YACHTING SARL RENE VAN DER VELDEN YACHT DESIGN REVIVAL SUPERYACHT RINA S.P.A. RIVA S.P.A. RIVIERA COTE D’AZUR ZEITUNG RIVIERA RADIO RIVIERA YACHTING NETWORK ROBB REPORT ROBINSON MARINE INTERIORS LTD ROMEO MARINE LLC RONDAL ROYAL DENSHIP ROYAL HUISMAN SHIPYARD B.V. ROYAL TENDER

ROYALE OCEANIC RVS MONTFOORT

S

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SAFEHAVEN INTERNATIONAL LIMITED SAIL MARINE SYSTEM SAIM MARINE SAM ELECTRONICS SAM TOUT BOIS SANCE CONNECTIONS LTD SANLORENZO S.P.A. SANS SOUCI SARNIA YACHTS LTD SCARO DESIGN SCHNAASE INTERIOR DESIGN SCHOTTEL GMBH SELEX YACHT TECHNOLOGIES SENSORY INTERNATIONAL SERDANELI INTERNATIONAL SERVOGEAR AS SERVOWATCH SEVENSTAR YACHT TRANSPORT B.V. SHAWATI’ MAGAZINE SHOWBOATS INTERNATIONAL SILVERLINING SILVESTRIS AQUAMOTIVE SIMCOCKS YACHT AND AIRCRAFT MANAGEMENT LIMITED SIREHNA SITMAR SLCE WATERMAKERS SLEIPNER MOTOR AS SMALLWOOD’S SMART AIR SMEF SOCATA SORAYA YACHTS SOUTHAMPTON YACHT SERVICES LTD SOUTHERN SPARS SOUTHERN WIND SHIPYARD SP THE MARINE BUSINESS OF GURIT SPARKMAN & STEPHENS INC. STOLK MARIMECS BV STRUIK & HAMERSLAG B.V. STURGE INTERNATIONAL SERVICES SARL SUMMIT FURNITURE (EUROPE) LTD SUNDECK SARL SUNREEF YACHTS SUNRISE YACHTS SUPER YACHT BASE AUSTRALIA LTD SUPERYACHT BUSINESS SUPERYACHT INDUSTRY SUPERYACHT OWNERS’ GUIDE SUPERYACHTFRANCE SYNFO.COM

TAI PING TAMSEN YACHTS TANKOA YACHTS TEAM ITALIA TELEMAR YACHTING

THE BEST SUPERYATES & MARINAS THE NATURAL MAT COMPANY LTD THE RIVIERA TIMES THE WORLD OF YACHTS & BOATS THE YACHT REPORT THG THIBAULT VAN DER STRAETE THYSSENKRUPP MARINE SYSTEMS AG TIJSSEN ELEKTRO TILSE - INDUSTRIE UND SCHIFFSTECHNIK GMBH TRANSMER ASSURANCES TRIMLINE SUPERYACHT INTERIORS TRINITY YACHTS TRIPP DESIGN TTS SHIPS EQUIPMENT GMBH TURNSTYLE DESIGNS LTD TVSAT2 DESIGN 12THSENSE

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U-BOAT WORX B.V. ULYSSE NARDIN UNDERWATER LIGHTS EUROPE SARL/SEA VISION

V

VAN DAM NORDIA SHIPYARD VAN DER VELDEN® MARINE SYSTEMS VAN PETEGHEM LAURIOT PREVOST VARADERO PALMA VAUDREY MILLER VECTEK MARINE VECTOR DEVELOPMENTS LTD VICEM YAT VIDEOWORKS VIKING RECRUITMENT LIMITED VILANOVA GRAND MARINA BARCELONA VIRGIN ISLAND SHIPPING REGISTRY VISTRA MARINE VITTERS SHIPYARD B.V. VOLEVATCH VRIPACK® VSY VT NAIAD MARINE VULKAN SHIPYARD VUYK ENGINEERING GRONINGEN B.V.

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WALLY WARSASH MARITIME ACADEMY WERNER YACHT DESIGN WESTPORT WILSON YACHT MANAGEMENT LTD WORLD FUEL SERVICES (ex TRAMP OIL & MARINE)

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XSMG WORLD

YACHTING DEVELOPMENTS YACHTING MAGAZINE YACHTING PAGES YACHTING PARTNERS INTERNATIONAL YACHTLITE YACHTWERFT MEYER GMBH YACHTZOO YCO YVES DELORME PALACE

Z

ZEBEC LIMITED ZUCKER & PARTNER GMBH ZUNINO MARM

YACHT & SAIL YACHT LIFELINE YACHTGLASS

For more information,

Visit www.monacoyachtshow.com

and review the web pages some exhibitors have created.

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Another beautiful day

by Barclays Marine Finance

We believe success deserves reward.

That is why we offer bespoke financial solutions to discerning clients worldwide, backed by the expertise, experience and commitment you would expect from a leading global financial services group.

Finance can be arranged in sterling, US dollars, euros and Swiss francs.

See us at The Monaco Yacht Show. 23–26 September 2009

tel: +44 (0)2380 456298* www.barclays.co.uk/marinefinance

CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT. *You can call us from 9am to 5pm, Monday to Friday (note, we are closed bank holidays and 9am to 10am for staff training on Wednesdays).

We may record or monitor calls for training or operational purposes. Barclays Marine Finance, Offices 3&4, The Chandlery Building, Hamble Point Marina, School Lane, Hamble, Southampton, Hants SO31 4NB. Marine mortgages are only available to persons aged 18 or over. Subject to status.

Security on the vessel will be required for marine mortgages (ÂŁ25,001 and over). Full written details available on request from the Hamble address.

yourservice

at

EAMS

H O T E L ,

S P A

im a g es n on c o n tr ac t u el le s

After Geneva and Paris, La Réserve reveals its new hotel and spa, designed by renowned architect Jean-Michel Wilmotte, harmoniously integrated into the private domain of the La Réserve Ramatuelle rental villas and ideally located just minutes from Saint-Tropez. 7 rooms and 16 suites, a 1,000 sq.-m. spa with 13 treatment rooms, stays dedicated to maximizing the future quality of life for each individual, a targeted treatment plan, a complete La Réserve assessment, an indoor pool

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with a jet lane, an outside pool with a pool-house, hammam, a bar and a restaurant.. Imagine exceptional treatments in a universe of luxury, relaxation and pure pleasure. Treatments so relaxing that all your tension and stress simply vanishes. Crème de la Mer offers you a unique experience, with treatments specially created for La Réserve Spa Ramatuelle. Here is a world apart, suspended between earth and sky in exquisite fusion with an exceptional natural environment.

HOTEL, SPA AND VI LLA S · LA RÉSERVE RAMATUELLE · C he m i n de l a Q ue ssi ne · 8 3 3 5 0 R a m a t ue l l e · France · T +33 4 94 44 94 44 · F +33 4 94 44 94 45

www.lareser ve.ch

general

R E B I RT H With a sublime new decor orchestrated by interior designer India Mahdavi, the Monte Carlo Beach unveils its new face. Chic and timeless, it is a new interpretation of Riviera elegance. An ode to the Mediterranean, this haven of luxury and congeniality is a blend of sumptuousness and glamor.

AVENUE PRINCESSE GRACE

06190 ROQUEBRUNE-CAP-MARTIN - FRANCE

RESERVATION: +377 98 06 25 25 - bh@sbm.mc

montecarloresort.com

BH - Insert MYS 217x274.indd 1

26/05/09 15:33

5:33

BORED BY WATCHING DOLPHINS? FIRST CL ASS YACHT ENTERTAINMENT SYSTEMS

VISIT US AT MON ACO YACHT SHOW 2009 PARVIS PISCINE

abs GmbH, Germany Tel +49 (0) 681.991 991 0 Hamburg Office Tel +49 (0) 40.228 178 34 www.abs.st yachts@abs.st Please contact us for further information!

09 05 26 ABS anzeige indd 1

26 05 09 09:48

09:48

Kabuki ...

“ dazzling, ”

“ brilliant,”

...

“ exotic ”

Salle Garnier, Monaco, September 2009 …dazzling, brilliant, exotic…? Are we talking about Kabuki or about Monaco? Could be either!

With its history for over 400 years, Kabuki is one of Japan’s finest cultural assets. Recent international tours have included such world-famous theatres as the Opéra Garnier and the Palais de Chailot in Paris.

And now it is to be hosted by the glittering principality of Monaco.

While the samurai warriors preferred the refined Nō theatre, the townspeople of feudal Japan (1603-1868) loved Kabuki and it has continued to thrill audiences with its unique blend of stylised acting, dance and music. The three characters which make up the word are ka which means “song”, bu which means dance and ki which means acting skill.

Play «Narukami» (actor: Danjuro)

The star actors for this tour will be Ichikawa Danjūrō XII and his son Ichikawa Ebizō XI. Kabuki is a hereditary theatre and their line stretches back to Danjūrō I who lived from 1660 to 1704. The present Danjūrō succeeded to this stage name in 1985 in series of gala performances which ran for more than three years, including the Metropolitan Opera House, New York. His son Ebizō is the latest member of the Ichikawa acting dynasty and is currently one of Kabuki’s brightest young stars.

The play Narukami – “The Thunder God” is a chance to see Kabuki at its most spectacular. Danjūrō takes on the title role and Nakamura Tokizō V plays Princess Taema, one of the great parts for the onnagata – the male actors who perform female roles.

Play «Kagami Jishi» (actor:Ebizo)

Play «Narukami» (actors: Danjuro XI and Nakamura Tokizo V)

Kagami jishi – “The Mirror Lion” is one of the most famous Kabuki dances. One actor dances the first half as a refined young lady and the second as a raging shishi – a mythical lion, which swings its long trailing mane around its head in the stunning finale. This will be a chance to see the young star Ebizō in this brilliant tour de force.

The exciting and colourful world of Kabuki is not to be missed!

September 16 > 19, 2009 Salle Garnier, Monaco

Kabuki - za Theatre (Ginza, Tokyo)

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Monaco Classic Week

La Belle Classe

16 /20 September 2009

TU I G A

Yacht Club de Monaco TĂŠl : +377 93 10 63 00 E-mail : ycm@ycm.org www.ycm.org

C e n t e n a r y

the

YACHT CLUB DE MONACO

art

of enjoying life on the sea

informa yachtgroup global leaders in yachting events