The world’s super-rich, led by Gulf sheiks and Russian tycoons, are taking delivery of ever larger and more luxurious European-made motor yachts this year, according to the latest superyacht ranking. Financial and economic crisis in the West has crippled some European yacht makers. Ferretti, the debt-laden Italian manufacturer, is selling itself to China’s Shandong Heavy Industry Group for a fraction of its 2007 value of €1.7-billion ($2.2-billion). But demand from international billionaires at the very top end of the market has remained robust despite the economic crisis.
Superyachts.com, the luxury yachting web portal, says 11 new vessels, some the size of cruise liners, will join its annual top 100 ranking by length this year, compared with nine new entries last year.
This year’s largest entry is Topaz, a 147-metre yacht built by Germany’s Lurssen Yachts for an unknown owner, possibly a member of the ruling al-Nahyan family of Abu Dhabi.
Superyacht projects are often shrouded in secrecy, and research groups vie with each other to publish the first photographs and provide details of the latest additions to the fleet. Prices and customers’ names are frequently kept secret to shield owners from accusations of ostentatious living. The largest vessels cost well over $100-million and can cost more than $1-million a week to charter.
Topaz will rank equal fourth in length over all. At the top of the list remains Eclipse, the world’s biggest private yacht. It belongs to Roman Abramovich, the Russian oligarch who also owns the Chelsea soccer club, and was built by Germany’s Blohm + Voss.
“There’s a lot of people out there who are not high-visibility and don’t want to be,” says Barry Gilmour, executive chairman of Royale Oceanic, which supervises construction and management for yacht owners.
“But once you’ve got a few country houses and executive jets, you want to go for privacy and luxury. If you’ve got billions, you’re still only here [on this earth] once. What are you going to spend it on?”
In spite of the economic crisis that has gripped the West since the collapse of Lehman Brothers more than three years ago, the size of superyachts continues to increase to match the ambitions of wealthy East Europeans and Gulf Arabs, many of whose fortunes come from oil and other commodities.
“Back in 2007, a yacht measuring 62 metres would have easily earned a significant place in the Top 100,” Superyachts.com said on Friday. “Only yachts over 73 metres could reach the bottom rungs in 2010 and 2011.” This year the 100th yacht is 76 metres long.
“For the guys with money, there’s a tendency to go bigger – up to 100 metres,” Mr. Gilmour says. “The 110-metre market will be the 80-metre market of four or five years ago.”
Not all yachts are purchased with profits from natural resources. Among the big new yachts are Seven Seas from Dutch builder Oceanco, believed to be for film director Steven Spielberg, and the delayed Vava II, built in the U.K. by Pendennis Yachts for Ernesto Bertarelli, the Swiss-Italian pharmaceuticals heir, property investor and sailing enthusiast.
Original Article
Source: Globe
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