April 30, 2009

Monthly News - April 2009

-pic of the month - Estensi New Production Facility

Absolute Success

Great success for Absolute in Düsseldorf, London and Croatia boat shows. With three new boats presented for the first time at the Düsseldorf German show, large attendance at the booth, and two nominations for European Boat of the Year with the 40 and 43 HT. Meanwhile the 40 HT ranked first at the Croatian Boat of the Year. Further to these credits the Absolute 52 was also nominated for the motor boat of the year award in London.

Canados Triumph in Split

The 2009 International boat show season got off to an excellent start for Canados International. Participating for the first time to the Croatia Boat Show in Split, from 28 March to 5 April, the Italian company returned home with extremely positive results: an award for the Canados Open 90, great interest and promising negotiations for its yachts, success for its revisited exhibition space — which reflects the yard’s new image since Cannes last year — and satisfaction for the partnership agreement recently reached with the new agent for the Croatian and Slovenian markets. Canados International, a symbol of Italian luxury worldwide, took part for the first time to the International Croatia Boat Show with its outstanding vessels and it won one of the most prestigious prizes awarded by the organizers of this important show, gathering the world’s leading yards in the pleasure boating market. During the gala evening the Canados Open 90 was awarded the prize for the best open premiering at the show, due to her sleeping exterior lines, the perfect blend of modernity and timeless style of her elegant interiors, the excellent performance and the technological accessories on board. Designed by architect Luiz De Basto, responsible for the exterior lines, and by Achille Salvagni, who designed the interiors, the Canados Open 90 since her debut enjoyed great international success and defined new rules in the large open yachts sector.

Estensi New Facility

Italian boatyard Cantieri Estensi has opened a new production facility near Ferrara, northern Italy, covering 6,000 squared metres and capable of producing 100 boats a year. In a statement Cantieri Estensi says that the yard's success has led to 'huge growth, in contrast with the current economic situation'. Founded in 1995, Cantieri Estensi has launched over 400 boats and currently produces 50 units annually with a workforce of 65 people. Turnover in 2008 reached €34m.

Ferretti Group Debt Restructuring Plan Accepted

Ferretti S.p.A. announces that the debt restructuring proposal has been accepted by The Royal Bank of Scotland for the senior loan and the financing pool of mezzanine lenders. The agreement is the first step in the implementation of the Plan aimed at strengthening the Ferretti group's financial situation. The Plan also envisages: reducing the long-term debt, from about € 1.1 billion to about € 550 million, against a conversion of credits into exit participation rights; the inflow of new funds through a capital increase of € 85 million, of which € 70 million underwritten by Chairman Norberto Ferretti and by some of the Group management, and the remaining € 15 million by Mediobanca – Banca di Credito Finanziario S.p.A., based on an agreement which is currently under negotiation, of which the main terms have been defined; further medium-term credit facilities granted by The Royal Bank of Scotland to fund working capital requirements totalling € 65 million; extension to medium-term of existing short-term facilities for further € 24 million granted by three major financial institutions, which are already Ferretti group partners. Candover and Permira will no longer be included in the Group's shareholder structure. The Group’s equity will be held by Norberto Ferretti and the Group’s management (38.5%), Mediobanca (8.5%) and senior and mezzanine lenders (for a total of 53% in exit participation rights). As a result of the agreement, Norberto Ferretti, the Group’s management and Mediobanca will hold 100% of the Group’s voting rights. Once this agreement is implemented, the Ferretti group will have the capital strength and financial flexibility needed to face the challenges on the nautical market over the next few years, and continue to assert its position as a market leader. This acknowledgment is mainly linked to the soundness Ferretti has shown over the past few years, which continues to be the basis on which the Group aims to reaffirm its responsibility. In the transaction, the Ferretti group was assisted by Rothschild as Financial Advisor, Chiomenti Studio Legale and Linklaters as Legal Advisors, and CBA Studio Legale e Tributario. The Royal Bank of Scotland was assisted by Ashurst, law firm associated to Ashurst LLP. The other financial institutions were assisted by Clifford Chance and Lazard as financial advisors.

Ferretti Privilege Days 2009

The Marina of Cattolica has been the scenario on April 18th and 19th 2009 of the Privilege Days, extraordinary event dedicated to the international Owners community of Ferretti Yachts, Mochi Craft and Ferretti Custom Line. For the seventh edition of Privilege Days, traditional and exclusive rendez-vous for luxury yachts lovers, the shipyarhd chose Cattolica - where last year celebrated its 40th anniversary - historic location with special importance for Ferretti group. The Marina Nuova area has been totally dedicated to Ferretti Yachts, Mochi Craft and Ferretti Custom Line complete range on display available during the whole weekend for onboard visits and exclusive sea tests in order to give the host from all over the world the possibility to experience the made in Italy Excellence. Privilege Days involved also two of the most celebrated brands of the international luxury industry such as Bulgari and Mercedes that will show some news in exclusive for Ferretti group hosts. The event culminated in the evening of Saturady 18th with a surprising firework display by "Scarpato" - with a tradition of over 200 years in fireworks. Chairman and CEO of Ferretti S.p.A. Norberto Ferretti did the honours as hosts - friends, VIPs, and shipowners - allowing all their guests to feel part of an exclusive scenario.

Grand Banks Bob Livingston Retires from Helm

Grand Banks Yachts marked the end of an era today as Robert W. "Bob" Livingston officially retired from his role as the company's chief executive officer. He will continue to serve as chairman of the board for Grand Banks, which has traded on the Singapore Stock Exchange since 1987. Mr. Livingston's retirement comes after 35 years as the company's CEO. He originally joined the company in 1972, when the storied boat builder was still known as American Marine Ltd. The board or directors has selected Grand Banks president Robert W. "Rob" Livingston II to assume the additional duties of chief executive officer effective April 1, 2009. Mr. Livingston leaves the top post of Grand Banks during one of the most tumultuous periods the industry has ever faced. Such challenging circumstances, however, are not a new or novel experience for the long-time leader. During his long tenure, Bob Livingston guided the growth of Grand Banks' trawler-style yachts into a global icon of quality and reliability. In 1993 he oversaw the launch of the company's Eastbay Series, which pioneered the modern interpretation of the lobster boat as a swift and sophisticated Down East cruiser. And he managed a continued expansion of the Grand Banks range with the launch of its highly acclaimed Aleutian Series of luxury bluewater yachts in 2001.

Inrizzardi Partnership in Middle East

Gruppo InRizzardi and Abu Dhabi based yacht builder Emocean Marine have announced that they have agreed extensive collaboration in the fast growing Middle East market. Emirates builder Emocean Marine will become InRizzardi’s exclusive dealer in the area. Specialists at Emocean Marine facilities will also offer maintenance and customer services to new InRizzardi yacht owners. Also under this agreement Emocean Marine will build individualized models based on InRizzardi’s designs such as InCRedible 55 to meet with the need of sophisticated new owners. The partnership was announced at a press conference during Abu Dhabi’s inaugural Yacht Show, March 12-14, 2009.

Numarine First Bahrain Boat Show

Following its successful entrance to the Middle East, Numarine, the Istanbul based performance motor yacht builder, has participated to the first Bahrain Boat Show held from 21st to 25th of April 2009 in Manama. It was the first time that a Numarine yacht was on display in the Kingdom of Bahrain, and it has been a great addition to the Bahrain Boat Show.

Performance Marine Taking Part in Classic Boats Exhibition

As per tradition Performance Marine takes part at the 4th edition of the Trofeo barche d’epoca da corsa città di Porlezza, which will take place on Sunday 31st of may 2009 on the board of the Lake in Porlezza (Lake of Lugano). Numerous participants from all Europe will exhibit their racers in the morning and in the afternoon, the exhibition will be concluded with the prizes to the participants.

Pershing Parmigiani Fleurier Present New Chronographs Collection

The prestigious partnership between Pershing, brand of Ferretti S.p.A., world leader in designing, building and marketing luxury motoryachts, and Parmigiani Fleurier, top Swiss watch manufacturer, was developed in 2008 based on a similar business culture. A life driven by passion and the ideal of excellence has led the founders of the two companies, Tilli Antonelli and Michel Parmigiani, to build outstanding industrial enterprises in the nautical and watch-making industries. A partnership inspired by the top values of excellence has been possible due to the main values which characterise the two companies, both leaders in their respective sectors: a driving force, innovative impulse, and an ability to be ahead of their time, as well as choosing top quality materials, and a continuous quest for elegance and style. In 2008, the agreement drawn up between the two companies gave rise to the first range of underwater sports watches: the limited edition “one-one-five”, inspired by Pershing 115, the shipyard’s most prestigious model, and unnumbered chronographs, “zero- zero- five”. This line, consisting in a vast choice of models and mechanisms, met the requirements of the most demanding members of the public. In 2009, following the overwhelming success of the first collection, Pershing has confirmed the importance of the partnership signed with Parmigiani Fleurier by developing and producing two new lines Zero-Zero-Two and Tourbillon 30 second Ajouré. Both these new chronographs feature unique technology, innovation, prestige and personality.

Princess Star of the Croatia Boat Show

On Saturday 4th April the Worlds Best Boat Builders could be seen in Split in the traditional Boat Parade of the 11th Croatia Boat Show. A total of 28 of the most prestigious models at the show parade through the Split harbor as several thousands of onlookers gather on the main promenade to see the spectacle. A ceremony dinner was prepared for 300 guests on a pontoon in the city harbor from where they had a front sea view of the parade which ended up with a spectacular fireworks display. All the boats that took part qualified for the Croatia Boat Show Trophy Awards. The Croatia Boat Show Trophy is not only an acknowledgement to the designers and builders, but is also a commendation to those who took part in creating there boats. The Princess V62 was awarded the Croatia Boat Show Trophy for best boat for the category from 60 to 70 feet, with Princess confirming again leadership in its class.

Pisa Lazy Me Finalist at the YSA 2009

Lazy Me, Cantieri di Pisa new 135 Akhir is a finalist at the WSA 2009. Cantieri di Pisa is proud to announce that Lazy Me, first in the new Akhir 135' breed, is finalist at the prestigious award organized by Boat International, the World Superyacht Awards.Lazy Me competes as Best semi-displacement or planing motor yacht in the 40m+ range.

Riva Charm Irresistible for Asia

Riva’s charm has no limits. The newborn of the renowned Italian brand, the 92’ Duchessa, was awarded as best yacht over 86 feet by Asia Pacific Boating and China Boating. The awarding ceremony was held on April 17th 2009 during the gala dinner of the Shanghai International boat show, the most important in China. Mauro Micheli’s pencil, the work of his team at Officina Italiana Design and Riva’s Technical Office have once again managed to sketch a winning yacht.Curved, racy lines harmoniously design the profile of this yacht which encloses all the elegance and inimitable Riva style in her 28 metres, as always in a solution featuring a unique, original design that granted her victory. A brand new feature on a Riva model, the flybridge is surmounted by a fibreglass hard top, whose sharp line inclined towards bow gives continuity to the yacht’s general profile, making her more aerodynamic and elegant. Moreover, the special advanced shape of the hard top makes it possible to use the layout of the flybridge better, providing shade from the sun’s rays at the pilot station and at a small living-area, formed of two sofas and a teak table able to seat up to eight. The opportunity to choose from a wide range of fabrics specially studied by Riva’s Style Office and add available items to the furnishings, make the new 92’ Duchessa an out and out semi-custom megayacht, able to respond to the requirements of the most demanding owners.

Riviera Fleet Heads to Whitsundays

More than 100 luxury boat owners and their friends turned their backs on world economic news yesterday to set off on a 10-day boating adventure of more than 400 sea miles. A flotilla of 23 Rivieras valued at over to $22 million cruised out of Mooloolaba this morning on a voyage that will take many of them from Queensland’s Gold Coast to the Whitsunday Islands. The boats, ranging from 38 to 56 feet and including two Sport Yachts along with 21 Flybridge models, left on a 6am tide this morning on the second leg of a voyage to Lady Musgrave Island off the central Queensland coast. While many of the boats return to their Gold Coast homes, 10 of the boats will continue on to the Whitsunday Islands – a total of 600 nautical miles north. Derek and Leone Harris are taking their new Riviera 4400 Sport Yacht Priority on the trip to the Whitsundays. According to Graham Stevenson aboard his Riviera 51 Off The Hook, the second day which took the boats to Kingfisher Bay on the west of Fraser Island was ideal. Mr Stevenson said the first day ended with a wonderful dinner at the Fish On Parkyn restaurant in Mooloolaba. The Experience event has been organised by Riviera Dealer R Marine Coomera as part of the boat builder’s ongoing program of involving owners in events that provide boating and safety education as well as fun and excitement. Keith said Riviera and R Marine Dealers around Australasia are holding similar events this year. R Marine New Zealand recently completed a major fishing tournament that attracted 17 boats with 85 people participating. At the same time, R Marine Perth took another 17 boats and 70 people on their annual Port Geographe Bay Experience over five days. The Dealer has already planned two more cruises, to Rottnest Island and Mindarie, later in the year. R Marine Adelaide celebrated Easter with a five-day cruise involving 28 boats and 106 people to Kangaroo Island Experience. Seventeen boats went on to Port Lincoln the following weekend to participate in the annual Tuna Shootout. Keith Hanson is travelling on the Whitsunday Experience with 80-year-old Ian Reynolds who late last year completed a circumnavigation of Australia in his Riviera 56 Enclosed Flybridge Investigator IV. Mr Reynolds will continue from the Whitsundays to Port Douglas on this trip. Keith said the fleet planned to spend three days at Lady Musgrave Island and its protected atoll more than 20 miles out to sea.

Sessa Expands in America

Sessa Marine has inaugurated their American office in Fort Lauderdale. Major renovations to the design of Christian Grande (Sessa's internal designer of their production line) has transformed the anonymous office into an oasis of pure Italian Style, both elegant and detailed. Their American headquarters follow a look already integrated with their other showrooms in Europe. The objective: To offer a warm welcome to every client and to promote the idea of a coordinated brand with a personalized style as with the interior design of a luxurious Sessa yacht. Right on Dania Beach, a short distance from Fort Lauderdale's airport and only twenty minutes from lively Miami Beach, the office looks out on to the splendid Harbor Town private dock where various Sessa boats are ready to be tested out on the water. The aim for these headquarters in Florida is to service and manage the entire North, Central and South American as well as Caribbean markets. Directing this subsidiary is Giuseppe Meneghetti, who has had tremendous commercial sales experience and has specialized in the export market. Sessa, due in part to their high quality and uniquely styled yachts, wants to become the American reference point for "Made in Italy" yachts between 30 and 70 feet. An ambitious aim even with the current economic crisis, represents the ability of this Italian shipyard to persevere with their product development and to keep an optimistic view to the future. The next events will be the October 2009 presentation at the Fort Lauderdale Boat show of the new "Yacht C 43", while at Miami 2010 the C 68 flagship will be presented along with the first of the new Flybridge collection.

Sunseeker Wins Best Motor Yacht Award

The Sunseeker Manhattan 70 has been awarded best motor yacht at the Asia Boating Awards in Shanghai. The prestigious gala, held at the Royal Meridien Hotel, celebrates the world's greatest boatbuilders and is a chance to highlight the leisure marine industry in Asia - a region that's seeing an increase in exciting new cruising grounds. The Manhattan 70 is an exceptional example of the flybridge range, effortlessly blending luxury with practicality. With a broad beam, graceful profile and extended cruising capabilities, the yacht sets the standard for high-level entertainment - putting the emphasis on fun and excitement. With en suite accommodation for eight guests and two crew, the Manhattan 70 can reach 34 knots and has a range up to 300 nautical miles.

Tecnomar New Chairman CEO

Giovanni Costantino, the former CEO of a well-known multinational and passionate skipper, is the new majority shareholder as well as chairman and CEO of the company also owned by Venice Spa, private equity fund of the Palladio Finanziaria Investment Group. The new strategic plans are focused on renewing and strengthening the glorious Tecnomar trade mark, established in 1988 in Viareggio and which has asserted itself as one of the main Italian shipyards manufacturing fully customized open engine and fly maxi yachts. Exclusive 20 to 50 meter models where state of the art technology and exclusive design are blended to perfection. From fabrics to furnishings, from internal and external finishes partitioned spaces: each yacht is designed around the customer and according to their tastes and needs. In the near future, Tecnomar aims to expand its Massa shipyard by approx. 20,000 sq.m, to consolidate its position on the Italian and international markets and to increase its production capacity from 10 to 15 units per year. Organization, skill, quality, competitiveness and the typical craftsmanship are the keys to making the Tecnomar jewels unique and exclusive in this new organizational structure.

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