The financial crisis is making its ripple through even high-end markets such as luxury yachts. Ferreti, who owns the Pershing, Riva and CRN brands, are looking for debt restructuring after sales of mega yachts have dramatically fallen, despite last year’s spectacular performance.
International magnates like Roman Abramovich is looking to sell either Chelsea the football club or his prized megayacht, Pelorus.
The fallen rate of visiting tourist has forced the small nation of Maldives to auction off the presidential yacht on Ebay for $7.5M.
Production yacht builders are not spared from the crisis. While Carver yachts’ employees are forced to take double holiday work stoppages, Hatteras Yacht cut another 330 workers in Janurary 2009 after cutting 300 workers last August.
Even up & coming builders already with orders are not immune. Prout have two buyers who had bought multi-million dollars catamarans have defaulted on their stage payments at the end of 2008 when the crisis hit. Prout has tried its best to work with buyers with financing plans.
“We understand that it is a difficult time for everyone and we have discussed with these clients and found a solution that will work for both parties with build as you pay programs”, said Clinton Yuen, the CFO of Prout. He also revealed that their Zhuhai factory recently even offer some kind of builders financing on some of their cats.
Without a clear headway out of this recessionary storm, the industry not only will have to develop innovative products, but also innovative ways to market and sell yachts in order to stay afloat.
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Sales of catamarans remain brisk, despite signs of a looming recession. Large catamarans continue to be sold worldwide. Of note, sales valued at greater than a million dollars seem sustainable. A 2010 Prout 67 sold for between $2 to $3 million Thailand most recently. Meanwhile, a 2000 56' Aikane sold for $1.1 million in January, while a 2004 58' Catana sold for $1.6 million in February. Furthermore, the worldwide reach of sales illustrate that catamarans are popular throughout the globe.
ReplyDeleteIn the U.S. alone this year, 14 transactions were recorded between January and March. U.S. sales in January included a 44' Lagoon 440 for $660K, a 44' Lagoon 440 for $540K, a 44' St. Francis Mark II for $405K, a 42' Lagoon for $598K, a 42' Manta for $296K, a 42' Manta MK II for $395K, a 41' Lagoon for $325K, a 40' Manta for $275K, and a 40' TRT Multihull for $160K. In February, a 44' Lagoon 440 for $689K was sold in the U.S. U.S. sales in March comprised of a 47' Alwoplast SA Crowther for $400K, a 47' Robertson and Caine for $265K, a 46' Robertson and Caine for $640K, and a 42' Fountaine Pajot Venezia for $214K.
Another hotspot for catamaran sales was the French West Indies. In January, a 56' Aikane sold for $1.1 million. In February, a 75' Fountaine Pajot sold for $672K, a 58' Catana Catamaran sold for $1.6 million, a 56' Fountain Pajot sold for $869K, and a 41' Lagoon Catamaran sold for $308K. Among other locales in the Caribbean, a 42' Custom Balicat sold for $200K in Trinidad and Tobago (January), a 41' Jeanneau Lagoon 410 sold for $295K in the British Virgin Islands (January), a 47' Lagoon sold for $390K and a 41' Lagoon sold for $397K in St.Maarten (February and March, respectively), a 45' Robertson and Caine sold for $255K in Martinique (February), and a 40' Robertson and Caine sold for $406K in St. Lucia (February).
In Europe, catamaran sales are healthy. France boasted a 43' Outremer Outremer 45' sale for $474K in January, a 50' Custom Class Multi for $395K in February, a 47' Oceanos for $316K in February, and a 45' Leopard for $356K in February. In the UK, a 50' Lerouge Custom sold for $821K in January. In Italy, a 41' Lagoon was sold for $442K in February. In Greece, a 43' Catana 431 went for $490k in March.
Catamaran sales found popularity far and wide; Prout recently sold 3 P-67's in one week. In the Seychelles, in January, a 44' Nautitech sold for $632K. In Australia, in February, a 43' Easton catamaran sold for $414K. In the French Polynesia, in February, a 50' Custom Pulsar Racing boat sold for $788K. In Mexico, in February, a 41' Lauren Williams Custom sold for $104K while a 40' Robertson and Caine sold for $285K. Other catamaran sales include a 41' Lagoon for $200K in January;a 46' Fountaine Pajot Bahia for $472K in February; and a 47' Robertson and Caine for $496K in March.
Clearly, catamaran sales continue at a vigorous clip, notwithstanding the impending recession. It seems like this luxury good's market is sheltered from the weakening economy. For specifics, please find attached listings of late model large catamarans sold between January 1, 2008, and March 30, 2008. If you have any questions or would like a complimentary appraisal on your yacht, email boats@proutinternational.com