Cecil Wright News 6 by Strattons

INSPIRATION One fabric does not fit all with ashmei, the clothing company changing the face of sportswear.

TRIP OF A LIFETIME The Galapagos Islands are the perfect place to truly switch off and reconnect with nature at its finest.

Issue 6

www.cecilwright.com

CONTENTS

10 CUT TO THE CHASE Scorpion RIBs

I’m delighted to announce the recent sale of the 70m motor yacht AMADEUS. The time from our appointment as Central Agents to completion of the sale was only four months. The market is certainly improving, but I believe the swift sale was achieved by our straightforward approach. We marketed AMADEUS’s strengths without any superfluous hype; we provided accurate and detailed facts about the yacht and compelling analysis of the market. This ultimately resulted in two buyers bidding against each other for this magnificent motor yacht. Later in this issue we discuss the correlation between a yacht’s length, beam and volume. For too long the industry has used length alone to gauge a yacht’s value and demonstrate how it compares with other yachts. Today more than ever this is a wholly inaccurate method of measure. Pages 18 & 19 explain why. Earlier this month, sales broker Henry Smith signed a Central Agency Marketing Agreement for the sale of the 55m motor yacht TURQUOISE. Henry’s depth of market knowledge, tenacity and integrity have been rewarded, and all at CWP congratulate him on this milestone. I’m very pleased to say that there’s already been substantial interest, so I do hope to bring more news of success soon. This appointment buoys up the whole Cecil Wright team and further substantiates the trust that we have earned with our clients and within the industry. We endeavour to continue to do so, through our commitment to fewer clients serviced better.

12 INSPIRATION ashmei sportswear

20 TRIP OF A LIFETIME The Enchanted Isles

2 – 5 CHARTER NEWS Planning your perfect charter 8 – 9 BROKER NEWS A look at the current market 10 – 11 CUT TO THE CHASE Scorpion RIBs 12 – 13 COMMON GROUND ashmei sportswear 16 – 17 TEAM SPIRIT The perfect charter experience 18 – 19 DID YOU KNOW? Quantifying quality in the superyacht industry 20 – 21 TRIP OF A LIFETIME The Enchanted Isles 24 MARKET UPDATE Overview of the market 25 MEET THE TEAM Get to know Matthew Ruane

PRODUCTION Publisher: Cecil Wright & Partners Ltd Editor: Stephanie Drax Design & Production: strattons.com Email: chris@cecilwright.com

Front Cover: Bert Hardy

YACHT CHARTER: CLASSIC & NEW BUILD Some of the most important pre-war yachts such as MALAHNE and XARIFA have been meticulously and faithfully restored in recent years. Meanwhile, 2015 saw the delivery of 60m PERSEUS 3 which has the largest sail in the world, and Feadship rewrote the rules of yacht design and fuel efficiency with 83.5m SAVANNAH.

Here is a selection of the most historic yachts – and the most fabulous new builds available to charter in 2016. Let us inspire your next holiday.

1 CHRISTINA O

2 XARIFA

3 MALAHNE

• • • •

99.00m Canadian Vickers (1943) 36 guests Mediterranean, Caribbean EUR 560,000 per week

Onassis's private yacht, in her heyday Christina O hosted the likes of JFK, Liz Taylor, Richard Burton, Marilyn Monroe, Frank Sinatra and Sir Winston Churchill. Onassis and Jackie O held their wedding party onboard. Dotted with fascinating memorabilia this yacht is history afloat.

50.00m 3 masted schooner (1927) 12 guests Mediterranean From EUR 80,000 per week

First owned by Franklin Morse Singer, king of the sewing machine, XARIFA has been a research vessel, world cruiser, appeared in a Bond Movie and spent the sixties in Monte Carlo. This important restoration project extended the masts to increase sail area, reconfigured the deck areas and her beautiful new interior is perfectly evocative of the roaring twenties.

50.00m Camper & Nicholsons (1937) 10 guests Mediterranean From EUR 135,000 per week

One of a small number of pre-war yachts to have survived into the 21st Century, MALAHNE was involved in the evacuation of Dunkirk. She is now available to charter following a painstaking restoration project true to the art-deco period.

6 7

6 GRACE

7 SUERTE

• • • •

44.20m Camper & Nicholsons (1928) 16 guests The Galápagos Islands From USD 104,000 per week

Once used to evacuate 900 men from the beaches of Dunkirk, GRACE was later Onassis's wedding present to Prince Rainier and Princess Grace of Monaco and the royal couple spent their honeymoon onboard. Now based year round in the Galapagos, her crew includes a fantastic onboard naturalist and guide.

69.30m Tankoa Yachts (2015) 12 guests Mediterranean, Caribbean EUR 620,000 per week

Brimming with extra special features including a sushi bar, fireplace, aquarium, sauna with sea views and a glass-bottomed light up swimming pool with waterfall. SUERTE is extravagance itself.

4 PRINCESS AVK • • • •

47.25m Sunseeker (2016) 12 guests West Mediterranean – including Balearics From EUR 210,000 per week

5 ROX STAR • • • •

Sunseeker's largest and most advanced yacht to date. Features a full beachclub with sauna, floor-to-ceiling windows and 3 fold down terraces. Some availability remains this summer.

40.00m Oguz Marin ketch (2015) 10 guests Caribbean, East Mediterranean From EUR 75,000 (summer) USD 80,000 (winter)

ROX STAR takes the best elements of a Gulet style motor sailer – impressive deck areas, roomy cabins, blue water cruising – and adds contemporary superyacht style, rock n’ roll touches, the finest cuisine and sailing performance. With her black sails and dark grey hull, the newest “ROX STAR” is born.

9 H • • • •

42.60m Benetti (2015) 10 guests Caribbean, Bahamas, Mediterranean From USD 150,000 per week

The newest Benetti on the market, H's clever layout ensures ease of service on charter. The very usable foredeck includes a spa pool, big sun pads and lounging area – just superb.

10 ATALANTE • • • •

8 PERSEUS 3 • • • •

38.70m Dutch Yacht Builders' sloop (2015) 6 guests Mediterranean, Caribbean From EUR 77,000 per week

This Truly Classic 127 combines the elegant aesthetics of the 1930s with a modern hull configuration to achieve superb sailing performance – truly beauty afloat.

60.00m Perini Navi sloop (2015) 12 guests Mediterranean – including Balearics EUR 250,000 per week

The scale of this Perini is awesome: her towering 75m mast is the 3rd largest in the world and her spinnaker is the largest single sail in the world, enabling speeds of 16 knots in just 21 knots of wind.

This is just a small selection of the 2,000+ motor and sailing yachts we have access to worldwide. Contact our charter team for more inspiration: charter@cecilwright.com London: +44 20 7408 1001 Monaco +377 97 98 76 60

NEW TO CHARTER 1 TEMPUS FUGIT

2 SERENITY

3 PHOENIX 2

Length Builder Year Guests Crew Charter Rate Location

27.43m Arkin Pruva Yachts 2013 6-7 guests 3 From EUR 30,000 per week Mediterranean

The first in the celebrated Tempus 90 series, TEMPUS FUGIT sleeps 6-7 guests in three double cabins. The generous full beam master cabin is aft, and two double guest cabins are located forward – one has an extra Pullman berth if needed. As well as the comfortable saloon and dining area, the centre cockpit is perfect for dining under the shade of the bimini. Constructed entirely from wood, she gleams from bow to stern.

72.00m Austal 2004 / 2016 28 guests 30 EUR 495,000 per week Mediterranean

At last, a passenger vessel with superyacht looks. Originally launched in 2004, SERENITY completes a major rebuild project this summer. With an ultra-minimalist interior and accommodation for up to 28 guests, she sets a new standard in her class with scope for entertaining on a very grand scale.

90.00m Lurssen 2010 12 guests 25 crew POA Caribbean, Mediterranean

The ultimate floating playground, with a full beach club, gym, spa with sauna, beauty salon, Turkish bath and massage room. The sun deck features a huge pool, separate Jacuzzi and open air cinema. Finished with meticulous attention to detail and an art deco-inspired interior, this is one of the most incredible yachts available to charter.

6 7

7 CAKIRYIDIZ

8 STERGANN II

9 SEAHAWK

Length Builder Year Guests Crew Charter Rate Location

43.00m East Yachting 2014 10 – 12 guests 6 EUR 77,000 per week Greece, Turkey

Turkish Gulets are in a class of their own but this one has raised the bar in terms of build quality and service. She combines all of the stability and Ottoman charm of the Gulets with modern touches such as mood lighting, home cinema, enhanced rigging and the latest water toys.

19.18m NEEL Trimarans 2015 8 guests 3 From EUR 30,000 per week Caribbean, Mediterranean

One of the first Trimarans ever built as a luxury cruising yacht. Modern, minimalistic, with a huge beam (over 12m), vast uncluttered decks and blistering sailing performance with very limited heeling.

58.60m Perini Navi 2013 12 guests 11 EUR 250,000 per week Caribbean, South Pacific

The first of Perini Navi’s 60m series is, according to Architectural Digest ‘the sexiest yacht in the world‘ – not just for her sleek lines and Christian Liagre interior – new performance-enhancing technology enables a tacking speed of just 42 seconds.

4 RAINBOW

5 ENTOURAGE

6 LA MASCARADE

Length Builder Year Guests Crew Charter Rate Location

39.95m Holland Yachtbouw 2012 8 guests 6 From EUR 70,000 per week Caribbean, Mediterranean

Holland Jachtbouw won awards for this faithful replica of the 1934 America’s Cup winner. The art deco interior is just stunning, guest cabins can be configured as double or twin and on deck there are two dining areas, both shaded by an elegant sun canopy. RAINBOW promises a very special charter experience.

47.00m Admiral 2014 10 guests 9 From USD 200,000 per week Caribbean, Mediterranean

This Maxima 47 proves that ‘less is more’ with bold, angular lines and minimalist interior. Admiral used 6 tons of glass in her construction to really let the sunshine in, and on the inside there are panoramic views at every turn. With a beach club, fully equipped gym, sky lounge with side terrace and a glorious sundeck, this is modern yachting at its best.

One of the most popular charter yachts in this size range, for her great crew, superb build quality and newly refitted interior. She has zero speed stabilizers and a "beach club" set up which is unusual for a 30m yacht, and her sun deck is laid out perfectly with separate areas to dine, lounge and relax. The sofa areas can be converted into sun beds and the sun awning is easy to set up.

10 SOHO Length Builder Year Guests Crew Charter Rate Location

30.00m Feadship 1997 / 2015 8 guests 6 From EUR 55,000 per week West Mediterranean

11 ENCHANTRESS 27.60m Falcon 2008 / 2014 8 guests 4 From EUR 45,000 per week West Mediterranean

SOHO is conveniently based in Monaco and is available in the West Med this summer. One of the best available yachts in this size range for her newly refitted interior, zero speed stabilizers and a great Captain. Her sun deck is laid out perfectly with several areas to dine, sunbathe and relax.

Length Builder Year Guests Crew Charter Rate Location

35.00m Benetti 2002 / 2009 10 guests 7 From EUR 85,000 per week West Mediterranean

ENCHANTRESS is a superb Benetti Classic, maintained to the highest standards. Outdoor spaces include dining on all three deck levels; a Jacuzzi, and wonderful areas for sunbathing and relaxing, and inside she is finished with classically styled furniture. Her competitive rate, great crew and full complement of water toys, make this a fantastic yacht for charter. Undergoing a 15 year survey this winter in South of France, she will be in top notch condition for the summer!

BV80 An exciting opportunity to buy a yacht in build, saving valuable lead time on delivery. Type Length Beam Draft Gross Tonnage Builder Engines Exterior Designer Interior Designer Built Max Speed Cruising Speed Guests Cabins Crew Flag Classification Hull Hull Colour

Motor 80m / 262.4ft 12.8m / 41.9ft 3.7m / 12.1ft 2300 Blohm + Voss MTU 16V4000 (M63L) Eidsgaard Design Eidsgaard Design Spring 2018 17 knots 16 knots 12 7 23 TBC TBD Steel White

Sales Price

POA

THE MARKET It has been an interesting six months since the Monaco Yacht Show in September 2015. Volatility has returned to the global financial markets and one would expect that it would have a knock on effect on the global yacht market. Interestingly, the impact has not been so severe. From 1st September 2014 to 1st March 2015, a period of overall financial market growth, we saw global sales of 225 yachts of over 24m. During the same six month period ending on the 1st March this year there have been 222 sales over 24m. This would illustrate that the market has somewhat plateaued. However, when we take a closer look at what is selling it tells a different story. There has been a 28.5% increase in the number of yachts over 40m being sold â&#x20AC;&#x201C; this is a sizeable increase but not quite as incredible as the consecutive 100% increases in the number of 50m-60m, 60m-70m and 70m+ yachts sold. The most prolific market movers are still the Americans, making full use of both the strength of the USD relative to the Euro and the stronger overall recovery of their markets in general. That said, the ever-growing Chinese market was responsible for two of the largest open market acquisitions of the last six months â&#x20AC;&#x201C; the 60.60m Amels, EVENT (asking EUR 71,000,000) and the 60.00m Lurssen ARKLEY (asking EUR 55,500,000). On the closed market there was an extremely large transaction between a prolific American owner and a Hong Kong based client; the yacht was in excess of 110m. When it comes to the Giga-yachts (100m+) the transactions tend to happen very much off market. At the time of writing we have several yachts over 100m for sale off market and would be delighted to discuss them further should they be of interest.

For more information contact Henry Smith on henry@cecilwright.com or call +33 6 40 62 01 51 Central Agency for: SILVER DREAM SIREN TEMPUS FUGIT TURQUOISE

The infrastructure for yachting is developing quickly in Asia and we anticipate this segment to go from strength to strength. The marinas of the Shanghai Yacht Club are developing as I write this and they will soon need yachts to fill these spaces. The acquisition of Sunseeker by the China based Wanda Group in 2013 will only compound growth. As they start to manufacture their own brand of small, fast boats this will lead to the acceleration in the organic growth of the yachting community within China. Currently the government applies an additional 40% tax on yacht importation. Whilst this has not stopped larger acquisitions by some Chinese buyers, it has greatly affected the emerging middle class buyers.

MADSUMMER

KISS

POSITIVE CARRY

In terms of what is for sale there are two 70m+ 2015 built yachts currently on the open market: the 81.80m Abeking & Rasmussen ROMEA (asking EUR 145,000,000) and the 77.10m Silver Yachts, SILVERFAST (asking EUR 79,500,000). These prices appear to be many miles apart, but if you look at the actual value in terms of tonnage, SILVER FAST is 33% more expensive per ton than ROMEA! (There is an article that goes into more depth on valuation on pages 18-19). YACHT REFIT & RESTORATION As the global fleet gets older, there is a feeling that an era of refitting over new build will soon dawn upon us. In much the same way as classic cars are lovingly restored, more and more yachts are benefitting from restoration and refitting work. As we know, the scope of a refit can vary hugely: from the relatively simple changing of soft furnishings (e.g. 2005/2015, 55m, Feadship, MADSUMMER) to complete interior refitting (e.g. 2011/2014, 55.40m, Proteksan, TURQUOISE) to the full classic yacht rebuilds that take vast amounts of time, passion and money. A prime example of this is the 50.29m, 1937 Camper & Nicholsons MALAHANE that was bought for less than EUR 450,000 in 2012. She subsequently went to Pendennis – the highly revered UK yard in Falmouth, Cornwall – and had many multiples of her acquisition cost spent on restoring her to her former glory. There was one serious change though: all of her systems (be they electrical, plumbing or mechanical)

have been replaced by the most up-todate systems available on the market. Re-launched in 2015, she is available for charter through Cecil Wright & Partners from EUR 135,000 per week. An excellent example of a complete conversion is the 1969 launched, 2008 converted, 70m, AMADEUS that Cecil Wright & Partners sold at the end of 2015. Originally launched as an oceanographic survey vessel, she was painstakingly redesigned, retaining only the hull and the fuel tanks. This type of project requires some serious imagination – we are of course happy to assist you with conceptualising any projects you might have in mind. THE FEADSHIP MARKET As it stands today there are 33 Feadships on the market including some interesting classics that have been refitted. The 60.40m KINGDOM COME (1979 / 2015), the largest Feadship in the world at the time of launch, has just come onto the market (asking EUR 17,850,000 VAT paid) having passed her Lloyds special survey with flying colours. The 46.9m BG (1990 / 2015) – though not quite as old as some – has had a complete internal refit, making her contemporary on the inside but with her beautiful original exterior maintained (asking USD 14,990,000).

In terms of the post 2000 Feadships we have had a couple of old faces back onto the market. I would say that those of particular note are the 62m POSITIVE CARRY (2005, refit 2014), the 55m MADSUMMER (2005, refit 2015) and the 40m SEA FLOWER (2005, refit 2012). We know that all three of these yachts were bought at good prices within the last three years, and now that the market has recovered the owners are looking to realise this recovery when they sell them on. This is a very positive sign. The 46.60m KISS (2015) has just had a price reduction and is certainly one of the most appealing yachts on the market today. POSITIVE CARRY 62.00m, 2005 (Refit 2014) Asking USD 49,750,000 MADSUMMER 55.00m, 2005 (Refit 2012) Asking USD 37,500,000 KISS 46.60m, 2015 Asking EUR 34,950,000 SEA FLOWER 40.00m, 2002 (Refit 2012) Asking EUR 11,900,000

It is a firm belief of mine that once a Feadship hits 30 years of age and joins the Feadship Heritage Fleet, the vessel will retain its value (or even potentially increase in value) if the yacht is maintained to a high level.

SEA FLOWER

CUT TO THE CHASE Just as distinctive as the creatures from which they take their name, Scorpion RIBs are dominant in the rigid inflatable boat market. Featuring a unique, specially designed hull, a Scorpion is the ultimate RIB for speed and safety. Managing director Patrick Byrne explains the reasons behind Scorpion’s success, and its growing appeal as a super yacht tender. Patrick Byrne was a customer of Scorpion RIBs before he acquired the company in 2008. ‘I first bought a Scorpion in 1999 to buzz around Chichester Harbour and pop over to the Isle of Wight,’ he explains, ‘but by the end of the first month, I’d done 2000 miles. It’s different to every other RIB I’ve bought – once you’ve driven one you don’t want to stop.’ After taking the helm of the company, Patrick has driven Scorpion to become a powerhouse for superyacht tender builds. For yachts under 70m that require a chase boat towed behind, the renowned stability of a Scorpion is especially effective in high seas – and the RIB won’t damage the yacht’s hull. ‘A Scorpion is the perfect superyacht workhorse,’ says Chris Cecil-Wright, ‘it offers the right mix of performance and flexibility in customisation – and for a reasonable price.’ STEADY WINS THE RACE Founded 20 years ago in the UK (where the rigid inflatable boat was invented and developed) Scorpion redefined the market in 1995 by devising a deep V hull specifically for a RIB. The consequence was a supremely smooth and safe ride, even in rough seas and at great speed. Scorpions have since broken several international racing records and challenged traditional RIB stability tests, ‘The Silurian 1080 is stable beyond 90 degrees,’ says Patrick, ‘which is off the charts.’ The company’s reputation for reliability, build quality and fuel efficiency has secured its presence in the world of professional sailing, namely a prestigious partnership with Land Rover, Ben Ainslie Racing (including supporting the team in the 2015 America’s Cup), and a commission from Oracle Team USA for a custom built chase boat for the 2016 Louis Vuitton America’s Cup World Series. STYLE AND SUBSTANCE The Scorpion standard range consists of five handcrafted models spanning 8.8m to 11m, but the dedicated facility in Lymington can custom build to an owner’s specifications. ‘We can coordinate seating and colours to the yacht and add anything from sound systems and water atomizers, to ice boxes and fly rod holders,’ Patrick explains, ‘We even have an option of an opening nose with carbon steps so you can run on to the beach.' Discerning owners of yachts such as NATORI, QM OF LONDON and HAMPSHIRE II have all purchased Scorpion RIBs, recognising their hardwearing nature and quality finish. HEMISPHERE – the largest catamaran in the world – has bomb doors to lower its Scorpion RIB onto the water. Patrick often hears from enthused clients and captains, and HEMISPHERE is no exception: ‘Of the several tenders onboard HEMISPHERE, the 8.2m custom built Scorpion is the only one that hasn’t needed repeated repairs.’

www.scorpionribs.com

“ We call them ‘Chase & Escape’ boats, as you’ve got no problem going 50 miles up the coast in a Scorpion RIB for the day. You couldn’t do that in a limousine." Patrick Byrne

“ If you buy the right gear, you buy only once.” Stuart Brooke

As fashion increasingly collides with sport, the athletic clothing market has become something of a scrum. ashmei, a new premium sportswear brand, focuses on the needs of athletes rather than following industry trends or retail strategies. Bespoke materials – crafted from rigorous research and development – are the basis of ashmei’s outstanding performance athletic apparel. When it comes to the disciplines of running, cycling and triathlon racing, one fabric does not fit all. Each sport contends with different issues: the heat, chafing and blisters generated by running; the challenge of wind and rain on long cycle rides; and the absorption of water – and weight – on the swim section of a triathlon. The team at ashmei works out the best fibres to keep athletes dry, warm, light and comfortable, so that they can focus on the finish line. SCIENCE IS GOLDEN ‘Our tri suits actually repel water,’ explains Stuart Brooke, ashmei’s founder. ‘A triathlon has three sports: swimming, cycling and running. If your suit gets wet, you are heavier for the cycling – and cold. We use a manmade, woven fibre – a micro fibre for a tighter weave – that has a water resistant fluorocarbon treatment added to it. We increase the amount of stretch to stop the water ingress, so that you leave the swim dry and the same weight.’ Stuart, who has been designing sportswear for brands for 23 years, launched ashmei three years ago. ‘Having designed for 90 brands, I know that they all work the same way – and that means starting with the retail price. At ashmei, we ignore price completely, thinking first of the athlete’s needs, not what we can afford,’ he explains. GOING THE DISTANCE ashmei – an anagram of Meisha, Stuart’s daughter’s name – has a strong brand language that you can identify from afar. With core colours of black, white, grey and red, the upper apparel features a signature stripe on the back. ‘Even if you covered up our logo you would recognize a runner ahead of you in ashmei, from the stripe,’ says Stuart. And all the female styles are the same as those in the men’s range: ‘We don’t shrink it and pink it.’ The company’s superfine merino wool – only sourced from Australia and New Zealand – is finer than human hair and is incredibly soft against skin. ashmei’s blend wicks away sweat and dries quickly, perfect for runners and cyclists. ‘The merino socks are my favourite item,’ says Chris CecilWright, ‘They’re not something you know you’d want until you receive a pair: great gifts for the men who have everything.’

www.ashmei.com

TURQUOISE Aboard the yacht, enjoy the 12 person Jacuzzi, the outdoor cinema and admire the yachtâ&#x20AC;&#x2122;s timeless elegance. Type Length Beam Draft Gross Tonnage Builder Engines Naval Architect Exterior Designer

Motor 55.4m / 181.8ft 9.3m / 30.5ft 3.2m / 10.5ft 755 Proteksan Turquoise Yachts Turkey 2 x Caterpillar Dubois Dubois

Interior Designer Built Max Speed Cruising Speed Guests Cabins Crew Classification Hull Hull Colour

H2 Yacht Design 2011 (2014) 17 knots 14 knots 12 6 13 Lloyd's Register Steel Grey

Sales Price

EUR 24,950,000

Also available to charter, from USD 210,000 per week

TEAM SPIRIT The perfect charter experience is a combination of where you are and who you’re with – and that extends to the crew. It’s the role of the onboard team to cocoon you and cater to your every need, but as Claire van der Vorm – Cecil Wright’s charter expert – explains, it’s the little touches that help create those golden moments. ‘The crew on a charter yacht works like a very well oiled machine,’ explains Claire, ‘each member is a vital component and they all rely on each other, working in rotation to provide flawless 24-hour service.’ For the cogs to turn smoothly, certain characteristics are essential: the deck crew must be sporty, dexterous and fun; the interior crew should be intuitive, attentive and creative; the masseuse – often one of the busiest crew members on a charter – must be highly skilled; and the chefs and engineers need to fulfill their duties but also be willing to help out in any other capacity. ‘The captain is of course critical,’ explains Claire, ‘not only for his navigation expertise, but because the best captains attract the best crew.’ Beyond the cleanliness, tidiness and efficiency found in a five-star hotel, a top crew seeks to personalise the experience and anticipate the mood. ‘A really good stewardess knows what you need before you know it yourself,’ says Claire.

THE EXTRA MILE When the crew has particularly excelled, Claire hears reports from happy clients. The head stewardess on 54m BURKUT has become renowned for inventing new cocktails for guests; the crew of MOGAMBO apparently searched the streets of Portofino for a folk guitarist who could play ‘Volare’ (and found just the man); and the crew of FEELIN’ FREE spirited Santa Claus onboard on Christmas morning in St Barths. ‘Anyone can put a chocolate on a pillow,’ Claire explains, ‘but not everyone will create your child’s favourite animal in origami, personalise your wine labels or organise a mock treasure hunt onboard.’ A VIEW FROM THE BRIDGE Due to the confidentiality agreement that each crew member abides by, it’s often not possible to interview them directly – but a captain may speak on their behalf. ‘Robert Shove is the captain of SALU, a 30.2m Benetti and one of the best charter yachts of its size in the business’, says Claire. ‘The team are particularly popular, and it’s already fully booked for the summer.’ ‘Understanding the client’s hopes and desires is key,’ explains Robert, ‘and before every charter we’ll get our heads together with the chief stewardess to repeatedly create that wow factor during the trip. It might be cocktails on the beach, belly dancers onboard, or guitar playing by one of our crew.’ It’s hard work – and sleep deprivation is common – but Robert insists that they have fun. ‘There’s nothing like having confidence in your crew – even just to protect the crystal from flying about in rough seas!’

MADAME GU (BUILT COMISSIONED BY CHRIS CECIL-WRIGHT) Shipyard: Feadship Year: 2013 Length: 99m Gross Tonnage: 2920

ROMEA (FOR SALE & CHARTER THROUGH CECIL WRIGHT) Shipyard: Abeking & Rasmussen Year: 2015 Length: 81.8m Gross Tonnage: 2300

AIR (FOR CHARTER THROUGH CECIL WRIGHT) Shipyard: Feadship Year: 2011 Length: 81m Gross Tonnage: 1893

DID YOU KNOW ? How does one quantify quality in the superyacht industry? The media would have us believe that the more metres there are, the more millions it must cost. Henry Smith – Cecil Wright’s sales broker in Monaco with a gift for maths – explains why that linear scale is nonsensical and how best to calculate the value of the vessel.

CHRISTINA O (FOR CHARTER THROUGH CECIL WRIGHT) Shipyard: Canadian Vickers Year: 1943 (refit 2015) Length: 99m Gross Tonnage: 1848

NORTHERN STAR (FOR SALE & CHARTER THROUGH CECIL WRIGHT) Shipyard: Lurssen Year: 2009 Length: 75.4m Gross Tonnage: 2205

ANASTASIA (FOR CHARTER THROUGH CECIL WRIGHT) Shipyard: Oceanco Year: 2008 Length: 75.5m Gross Tonnage: 1991

VS ‘Chris and I were inspecting the Feadship OCEAN VICTORY, a 75.7m yacht with an asking price of EUR 110 million, when, next door, the 65m Codecasa LADY LAU was less than half the price,’ Henry says. ‘Understandably, our client wondered why those ten extra metres had more than doubled the asking price. Amongst other factors one major reason was the gross tonnage. OCEAN VICTORY was only 15% longer but 75% larger by volume.’ In the way that a house is valued on a square scale, a yacht – a three dimensional object – should be valued by its cubic volume. ‘At Cecil Wright we conduct our valuations based on gross tonnage, and to my knowledge we are the only yacht brokerage to do it that way,’ he continues. ‘The market and certain variables will have an impact, but amid over-inflated

valuations, we use maths and solid reasoning to give credence to what we’re telling the client their yacht, or the yacht we are looking to acquire, is worth.’ An interesting comparison is ATLANTIS II (at 115.76m she has a gross tonnage (GT) of 3,242) and the recently sold TURAMA (116.41m and 8,343 GT). ‘This sums up our point nicely,’ says Henry, ‘at only 65cm longer, TURAMA is 257% the volume of ATLANTIS II. This is why you simply can’t value yachts per metre, as many do.’ The gross tonnage is of course divided between guest areas, crew areas and technical space, and some shipyards are particularly masterful in apportioning this to the advantage of the owner. ‘Feadship are especially good at giving the team of engineers the space

they need without unnecessarily taking away volume from the guest areas,’ says Henry. Here we look at how some yachts compare to one another – and you might be surprised by how they truly measure up.

TEAK CONDITION On some production yachts, the teak decks are laid at approximately 6mm in thickness; on Feadships the figure is more like 26mm. Feadship also uses a method called ‘quartering’ which utilises only the central core of the tree, the part that is most dense and hard wearing. The result? Teak that lasts longer and is one less concern when assessing the yacht’s resale value.

THE ENCHANTED ISLES For more information contact the Charter Team on charter@cecilwright.com or call +44 20 7408 1001 +377 97 98 76 60

PINTA GENOVESA MARCHENA

A cluster of islands in the Pacific Ocean that straddle the equator, the Galápagos are renowned as the world’s most dazzling wildlife-watching destination. Serene, extreme and remote, this is the antithesis to Mediterranean cruising. The archipelago’s isolation, however, is part of its charm; here is a place to truly switch off and reconnect with friends and family – and nature itself. The wildlife is as weird and varied as the landscape – and delightfully tame. Giant tortoises, tropical penguins, swimming iguanas and blue-footed boobies are the ‘superstar’ species for which the islands are famous. In his diaries of 1835, Darwin was baffled by “little birds, within three or four feet…not frightened by stones thrown at them.” With no natural predators to fear, the animals of the Galápagos are unperturbed by the presence of man.

SANTIAGO SANTA CRUZ FERNANDINA

SAN CRISTOBEL

ISABELA SANTA FE

FLOREANA

ESPANOIA

Many species are island-specific, and their subtle differences – the shape of a tortoise’s shell or a finch’s beak – inspired Darwin’s theory of evolution by natural selection. He was astonished to encounter such “creative force” in nature, and this is still the essence of the Galápagos experience. Early settlers developed a taste for tortoise and did much damage, but now the archipelago is fiercely protected. The work of the Galápagos Conservancy

is fascinating: only last October a new species of giant tortoise was discovered. With 13 islands and over 100 islets, the only way to explore is by yacht. However, due to recent laws introduced to protect the islands, visiting yachts can no longer charter here. A Galápagos-based fleet has since cornered the market and the best boats are booked back-to-back up to a year in advance. The word ‘luxury’ is used freely to describe the Galápagos fleet, but the majority are not luxurious by Mediterranean standards. Our tip: pick a good owner. In the Galápagos there are limiting factors – isolation, no dockage, and consumables must be imported from Ecuador. The best owners have adapted to these constraints and have everything down to a tee. A charter in the Galápagos is less about the boat and more about the most spectacular wildlife show on Earth.

RECOMMENDED YACHTS

STELLA MARIS 38m, 12-14 guests, USD 150,000 per week + expenses

PASSION 48.5m, 12 guests, from USD 100,000 per week, all inclusive

ITINERARIES These are strictly controlled by the authorities, but include all the National Park’s best pockets. You need at least seven days to really see and learn what the islands are all about. Tortuga Bay is a beach lover’s paradise to rival any in the Caribbean – except here you will find marine iguanas soaking up the sun and taking a dip. During the 19th century the islands were used as a penal colony, and the Wall of Tears – the construction of which claimed thousands of convicts’ lives – has become a historical landmark. The trail to this site passes Poza de Los Diablos, the largest lagoon in the Galápagos and a breeding ground for flamingos. Las Loberias is one of the best places to swim with sea lions and to see pups snuggling up to their parents. SCUBA DIVING & SNORKELLING The Galápagos is a vast and well-guarded National Park absent of commercial fishing. A melting pot of marine life, pristine coral and dramatic lava flows, the Galápagos are a huge draw for serious divers. The snorkelling is stunning thanks to inquisitive sea lions, manta rays, turtles and tropical penguins which appear right in front of your mask. It’s worth a visit for this experience alone.

GRACE 44m, 18 guests, from USD 108,200 per week, all inclusive. Onassis’s wedding gift to Prince Rainier and Grace Kelly.

BELUGA 33.5m Feadship, 16 guests, USD 72,990 per week, all inclusive

NATURISTS & GUIDES The best guides in the Galápagos have grown up here. They are both wildlife experts and great storytellers and will make your trip educational and fun. FOOD As with the wildlife, the Galápagos’ distinctive cuisine has evolved out of sheer isolation. Chefs provision with the freshest local fish, lobster, crab and sea cucumber (a local delicacy). Locally grown fruit and vegetables such as naranjilla, tree tomato, blackberry, guanabana, passion fruit and papaya are plentiful. Everything else is imported from Ecuador, including excellent Argentinian beef and South American wines. WHEN TO GO The Galápagos are a year-round, tropical destination. The warm season (December to May) brings light winds and sunshine interspersed with rain showers – this is the most popular time for visitors and when the sea birds are most active. The dry season (June to November) sees the bluest skies, and the shift in sea currents brings cooler waters. This is when the sea mammals and land birds are most active.

TEMPUS FUGIT A truly stunning ‘modern classic’ sloop with pedigree design, proven ocean going qualities & notable successes on the regatta circuit. Type Length Beam Draft Spars Builder Engines Exterior Designer Interior Designer Year Built Max Speed Cruising Speed Guests Cabins Crew Flag Classification Hull Hull finish Sales Price

Sail 27.4m / 90ft 5.6m / 18.3ft 3.2m / 10.4ft Hall Spars Carbon mast & V boom Arkin Pruva 1 x Cummins (305HP) Humphreys Yacht Design Humphreys Yacht Design 2013 10 knots 8 knots 6 3 3 Malta RINA Pleasure Yacht, notation: C Hull. MACH Y; Unrestricted Navigation Cold Moulded construction Awlwood Varnish EUR 3,450,000

THE MARKET

516

YACHTS SOLD IN THE LAST 12 MONTHS

17.9KM OF YACHTS SOLD

The strength of the US dollar has been vital to the improving health of the superyacht market, with Americans benefitting from an effective 40% price reduction. After all, Americans used to account for approximately 50% of new orders at Feadship. The Russians subsequently assumed that mantel but now – perhaps also in the light of Russia’s increasing isolation – it has swung back to the Americans. China and India haven’t yet emerged as superpowers in yachting, so it’s currently to America that we look for second hand sales and new builds. As a result of the commodity market’s volatility and oil prices plunging to near historic lows, there are a number of owners with yachts in build that have expressed interest in selling to relieve their financial pressure. Please call one of our sales brokers to discuss the possible opportunities.

4.4

BILLION

IN VALUE (EUR)

139 M WAS THE LARGEST SOLD

FEADSHIP FA C T S

6 NUMBER OF FEADSHIPS SOLD IN THE LAST 12 MONTHS

NUMBER OF HERITAGE FLEET QUALIFYING (OVER 30 YEARS OLD) FEADSHIPS AVAILABLE FOR SALE. THE OLDEST IS THE 1964, 26.21M, CITY (EX ANOATOK)

60.4M LARGEST HERITAGE FEADSHIP FOR SALE 1979 / 2015 KINGDOM COME

Figures are as of the XX/03/16

Matthew Ruane joined the Cecil Wright team as a sales broker just prior to the 2015 Monaco Yacht Show. Since then it’s been non-stop travel between Monaco, London and Jersey to meet with clients, but Matt is thrilled to be on the go. A common denominating factor between the team members at Cecil Wright is that they are hand picked by Chris, and often because of his long-standing relationship with them. Matt Ruane is no exception. ‘I’ve worked with Matt – who’s been in the financial services side of the industry – for almost 20 years. He started off advising me, then assisting me in the registration of yachts, and in the last ten years he’s closed my deals for me,’ says Chris of the company’s newest sales broker. ‘He’s extremely calm and well connected. Several brokerage houses have been courting him, but I’m delighted he’s decided to venture down the more bespoke route with us at Cecil Wright.’ SIGNED, SEALED, DELIVERED Long before he closed yachting deals for a living, Matt’s passion for sailing caught him by surprise. ‘After I left school I was asked to help on a boat in Southampton for two weeks – I stayed for 18 months,’ he explains, ‘I immediately fell in love with the lifestyle of crewing and yachting.’ Matt qualified as a pilot and then read

Maritime Studies at Cardiff University, ‘which has proven useful for maritime law when it comes to the contract stage’ he explains. Matt worked as a broker for Sunseeker for two years before an opportunity arose to join a financial services group assisting clients such as Chris. ‘He’s chucked some high value balls at me over the years and trusted me to get them over the line,’ Matt admits, ‘and that’s been a great privilege.’ PLAIN SAILING The clients that Matt acquired during his years in financial services can now turn to him for the listing and buying of yachts, ‘And it’s been highly stimulating to engage with people in this new capacity,’ says Matt. An advantage of living in Jersey has been that he can still take to the water whenever he has downtime, boating around the Channel Islands in his Nimbus motorboat.

THE TEAM Maria Botwright Mobile: +377 6 40 62 01 50 maria@cecilwright.com Chris Cecil-Wright Mobile: +44 7920 557 837 chris@cecilwright.com Liz Cox Mobile: +33 6 72 54 36 82 liz@cecilwright.com Eugenia Fomicheva Mobile: +33 6 21 66 61 20 eugenia@cecilwright.com Sarah Fraser Mobile: +44 7973 796 467 sarah@cecilwright.com Lucinda Rosen Mobile: +44 7467 136 305 lucinda@cecilwright.com Matthew Ruane Mobile: +44 7797 722 024 matthew@cecilwright.com Alastair Shove Mobile: +44 7476 888 639 alastair@cecilwright.com Henry Smith Mobile: +33 6 40 62 01 51 henry@cecilwright.com Claire Van Der Vorm Mobile: +44 7747 586 642 claire@cecilwright.com

THE OFFICES London Cecil Wright & Partners Ltd 73 St Jamesâ&#x20AC;&#x2122;s Street London SW1A 1PH UK Tel: +44 20 7408 1001 Monaco Cecil Wright & Partners Sarl Le Mirabel 4 avenue des Citronniers MC 98000 Monaco Tel: +377 97 98 76 60 www.cecilwright.com

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Cecil Wright accepts no responsibility for the opinions or information contained in this publication. While the information in this publication is intended to be accurate no representation or accuracy or completeness is made.