Monthly News - August 2023

-pic of the month- Cranchi in Dubai Waters

Austin Parker Changes Ownership

Turkish entrepreneur Baris Nalcaci has acquired Italian boatbuilder Austin Parker Yachts, a shipyard established by Giovanni Sebastiano Gravagno with over 25 years of history. The acquisition ushers in a new phase for the brand, with Nalcaci also serving as the president of Epsilon Composite, a Turkish manufacturing company specializing in composite materials for the aerospace and marine sectors.  Austin Parker Yachts, headquartered in Liguria with a production facility in Pisa, has a lineup of seven yacht models ranging from 11m to 22m, including the Ibiza, Mahon, and Palma. In the late 1990s, the yard gained recognition for its early adoption of constructing traditional 'lobster' boats.  Under Nalcaci's guidance, Austin Parker Yachts is embarking on a new chapter, marked by expansion. Giovanni Sebastiano Gravagno, the founder of Austin Parker Yachts, expresses optimism about this development, stating that Nalcaci's expertise in brand development, composite materials, and product design will be pivotal in the endeavor. Gravagno also confirms the establishment of a new shipyard spanning 27,000 sq m in Pisa.  Beyond enhancing the current product portfolio, Nalcaci aims to introduce novel offerings, notably motor catamarans designed in collaboration with renowned names like Pininfarina and Fulvio De Simoni. The launch of Epsilon Yachts by Epsilon Composite is also on the horizon.  This strategic move aligns with Nalcaci's vision of infusing fresh excitement into the market, as he anticipates presenting these innovations at the upcoming Cannes Yachting Festival. 

Azimut New UK Representative

Azimut, worldwide leading shipyard in the production of yachts, is pleased to announce its new partnership with Bates Wharf Marine Sales, a Dealer with a long tradition and a highly recognized point of reference for the UK market.  Bates Wharf Marine, with its operational headquarters in Swanwick, Southampton, in joint venture with Global Yacht Sales, have been collaborating with Azimut for the last six years and, thanks to a well-established clientele in the UK, have greatly assisted Azimut in responding to the requests of the British market.   Today, this cooperation is further strengthened. Beginning with the September boat shows in Cannes, where Azimut will hold the worldwide premiere of the Magellano 60, and Southampton, which will see the Magellano 60 in British waters for the first time, Bates Wharf will welcome visitors as Azimut Yachts UK. The UK is a rapidly expanding market for Azimut and the partnership with Bates Wharf Marine aims to continue the success achieved, further growing the Brand’s presence in one of Europe’s most strategic markets.  This significant partnership will enable both companies to provide the best Azimut yachts to consumers while also strategically addressing the needs of owners and newcomers in the United Kingdom. In fact, Azimut offers the widest range of yachts on the market, able to meet the desires of various yachtsmen thanks to its seven Series, each characterized by cutting-edge technological features and designed for a unique sailing experience.  Jad Zakkak Migliorini, Europe Head of Sales & Delivery Operations of Azimut commented: «We always put our customers first and foremost in all we do, and having a partner who shares this philosophy and approach is essential for us. We are proud to strengthen our partnership with Bates Wharf Marine because we trust in the commitment and abilities of such a historical and prominent player in the English market who will be able to offer their tailor-made approach to our British clientele».  Bates Wharf Marine Managing Director Richard Bates also expressed his satisfaction: «We feel that this is the right time to concentrate on this exciting brand and to take the lead through our UK network of offices in becoming the official UK Azimut Yachts Dealership, supplying yachts on a retail basis directly to our clients».

Bayliss at Twentieth Caroline Boat Builders Tournament

Fresh out of Bayliss Boatyard, Tarheel (Bayliss 62') was able to put her brand new tower into use during the 20th annual Carolina Boat Builders Tournament. The tournament wrapped up this past Saturday, and Tarheel placed 5th overall releasing 3 sailfish and 1 white marlin.  At Bayliss Boatworks, we are honored and grateful to be a part of the North Carolina boat building community, and we look forward to supporting this tournament every year. Proceeds from the tournament benefit the Dare County Boat Builders Foundation. This past May, the organization awarded $129,000 in scholarships to local high school, college and graduate students bringing the grand total of awarded scholarships to over $1.1 million.

Cranchi in Dubai Waters

An ideal destination in which to enjoy the quality of Cranchi yachts is the Persian Gulf, for instance by starting a cruise from Dubai.  The hotels lined up along the coast of Palm Jumeirah help create one of the most evocative skylines in the entire world. It is a scene which can be best appreciated in all its splendour precisely from the sea, as shown by the reportage from dealer Yachts One, who brought a large fleet of Cranchi vessels to the waters off Dubai Marina. They thus created the perfect encounter between some masterpieces of Italian design and boating and the unmistakeable profile of iconic hotels such as the Burj Al Arab or the Atlantis.  Having passed the Ain Dubai, the largest Ferris wheel in the world, the crews on the yachts saw the skyscrapers slowly disappear over the horizon, finally finding themselves surrounded by the vast wonder of the open sea.

Cranchi GrandTour is Back

The dealers network is preparing new events to see in the new cruising season perfectly. The details of Bellini Nautica's open day at Marina di Varazze and the Moniga’s Port Boat Show at Moniga Port in Moniga del Garda (BS) are already set, while other events are being finalised.

Fairline Announces New UK South Coast and Scotland Dealer

Luxury British boatbuilder Fairline has announced Southampton based Approved Boats as the newest addition to its UK dealer network as it launches Fairline South Coast and Fairline Scotland.  The move follows a strategic review of the brand’s UK dealer network and sees the Ocean Village Marina based dealer take over from Bates Wharf as its exclusive partner for the south coast region, teamed with its Greenock showroom in Scotland.  The new dealership is headed up by David O’Rourke, who boasts a longstanding association and affinity with Fairline having previously worked with the brand in Scotland.  David said of the new partnership: “It’s an exciting time for us to join Fairline just as it launches the next generation of exciting new models with Beach Clubs and balconies. We’re well positioned to offer existing Fairline owners on the South Coast our award-winning after sales support from our service centre at Hamble Point Marina. We would also welcome current and prospective Fairline owners to our sales facilities at Ocean Village Marina in Southampton and James Watt Dock Marina in Greenock, Scotland to see the first of the new Fairline models, the Squadron 58 and Targa 40.”  James Powell, Sales Director at Fairline, said: “We are delighted to welcome Approved Boats to the Fairline family, and are excited for the future of Fairline in these key regions. David’s excellent reputation teamed with his evident passion for Fairline is set to be a great combination. This appointment comes ahead of the boat show season where visitors will have the opportunity to meet David and his team at this year’s Southampton International Boat Show which also sees the world debut of our new Squadron 58. I’d like to take this opportunity to thank the team at Bates Wharf Marine Sales for its commitment to Fairline over the years and wish everyone there the best for the future.”  Fairline South Coast and Fairline Scotland will showcase the unrivalled products in the Fairline family which fall under four distinct ranges: the F//LINE, Targa, Phantom and Squadron. The F//LINE range offers the F//LINE 33 with inboard and outboard options, the Targa range includes five models from 40-50ft, the sportbridge Phantom 65 and three Squadron models from 50-68ft.  Fairline South Coast will be home to the all-new Squadron 58 which makes its world debut at this year’s Southampton International Boat Show before moving to Ocean Village Marina. It will also be one of the first dealers in the Fairline network to take delivery of the new Targa 40, which is set to launch at boot Düsseldorf in January 2024.

Ferretti Group Approves Half 2023 Results

The Board of Directors (the “Board”) of Ferretti SpA today reviewed and approved the Group’s H1 2023 consolidated financial results.  Mr. Alberto Galassi, the Group’s Chief Executive Officer, stated: “We continue to grow year on year and semester on semester, on the strength of a steadily increasing order book, indicative of a commercial success that never ceases to reward us. We are demonstrating great efficiency by continuing to improve our margins, while proceeding swiftly in the development of new models and new projects.  During the season of the major Mediterranean boat shows, which is now just around the corner, we will present our new models, which further extend the product range, the driver of our growth strategy aimed at the ever-increasing satisfaction of our owners and shareholders”.  Order intake: €573.8 million in H1 2023.  Order backlog: €1,410.5 million at June 30, 2023, representing an increase of approximately 15.8% when compared to June 30, 2022 (€1,218.0 million) thanks to strong worldwide demand.  Order backlog by segment: Composite yachts reached €408.1 million at June 30, 2023, equal to approximately 28.9% of the total backlog (from €389.0 million, equal to approximately 31.9% of the total backlog at June 30, 2022).  Made-to-measure yachts reached €503.2 million at June 30, 2023, equal to approximately 35.7% of the total backlog (from €400.7 million, equal to approximately 32.9% of the total backlog at June 30, 2022).  Super yachts reached €442.3 million at June 30, 2023, equal to approximately 31.4% of the total backlog (from €370.5 million, equal to approximately 30.4% of the total backlog at June 30, 2022).  Other businesses[1] reached €56.9 million, equal to approximately 4.0% of the total backlog (from €57.8 million, equal to approximately 4.7% of the total backlog at June 30, 2022). Revenue: €580.8 million in H1 2023, representing an increase of approximately 8.6% when compared to H1 2022 (€534.9 million), thanks to the strong order backlog built in 2022. Revenue by segment: Composite yachts reached €259.8 million, equal to approximately 44.7% of total revenue, in H1 2023 (from €233.7 million, equal to approximately 43.7% of total revenue, in H1 2022).  Made-to-measure yachts reached €208.0 million, equal to approximately 35.8% of total revenue, in H1 2023 (from €201.3 million, equal to approximately 37.6% of total revenue, in H1 2022). Super yachts reached €64.8 million, equal to approximately 11.2% of total revenue, in H1 2023 (from €48.9 million, equal to approximately 9.1% of total revenue, in H1 2022).  Other businesses[2] reached €48.2 million, equal to approximately 8.3% of total revenue, in H1 2023 (from €51.0 million, equal to approximately 9.5% of total revenue, in H1 2022).  Revenue by Geographical region; The AMAS region reached €143.7 million, equal to approximately 24.7% of total revenue, in H1 2023 (from €171.3 million, equal to approximately 32.0% of total revenue, in H1 2022).  The EMEA region reached €250.2 million, equal to approximately 43.1% of total revenue, in H1 2023 (from €225.6 million, equal to approximately 42.2% of total revenue, in H1 2022).  The APAC region reached €73.9 million, equal to approximately 12.7% of total revenue, in H1 2023 (from €38.1 million, equal to approximately 7.1% of total revenue, in H1 2022).  Other and Super yachts[3] reached €113.1 million, equal to approximately 19.5% of total revenue, in H1 2023 (from €100.0 million, equal to approximately 18.7% of total revenue, in H1 2022).  Adjusted EBITDA[4]: €83.4 million in H1 2023, representing an increase of 20.9% when compared to H1 2022 (€69.0 million), with a margin[5] of 14.7% in H1 2023, representing an increase of 120 basis points when compared to H1 2022 (13.5%).  This strong performance is due to three main factors: Commercial: a longer waiting list due to the high order backlog, reflecting higher pricing power.  Strategic positioning: a larger presence in the most profitable segment, such as Made- to-measure Industrial: economy of scale in purchasing and more efficient absorption of fixed costs.  Net Profit: €40.9 million in H1 2023, representing an increase of 36.8% when compared to H1 2022 (€29.9 million), with a margin[6] of 7.2% in H1 2023, representing an increase of 130 basis points when compared to H1 2022 (5.9%).  Capex: €84.5 million, out of which approximately €40.0 million invested in the acquisition of Cantiere San Vitale in Ravenna, leading to a 20% additional production capacity, at fully operating status.  Net financial position: €320 million of net cash from €365 million of net cash as of 31 December 2022. Significant events occurred during the first half of 2023.  The Group held its first Capital Markets Day in Milan on March 21, 2023 providing the mid-long term outlook. The Group reached an agreement with Rosetti Marino S.p.A. for the acquisition of Cantiere San Vitale, in Ravenna of over 70,000 square meters.  In April, the Group made a big step forward in respect of the project in the former Belleli Yard port area in Taranto of over 220,000 square meters, where an industrial facility will be developed for the construction of plugs and molds, as well as research center for advanced materials. All the public administrations involved approved the remediation and industrial development project. On June 27, 2023, the Group successfully completed the first ever Dual Listing between Euronext Milan and HKEX.

Grand Banks Expands Malaysia Facility

Singapore-listed shipyard Grand Banks Yachts has announced that it is expanding its production facility in Malaysia by more than 25 per cent, to allow the yard to handle bigger luxury boats, increase capacity and accelerate its boat-building activities. The expansion, which will cost approximately US$6.4m, is expected to be completed by August 2024. The luxury yacht builder said the proposed new single-storey facility will be built on the existing land plot at its yard in Pasir Gudang in Johor state and will add 13,313 sqm of usable floor space to the 51,097 sqm currently, bringing the total to nearly 65,000 sqm. Grand Banks says the new facility will ‘further cement the yard’s lead as one of the most advanced luxury boat-building facilities in Asia’. Grand Banks has received the requisite approvals from Malaysian authorities, and construction is expected to commence in August 2023. The group will fund the expansion with a mix of internal resources and bank loans. The expansion is a major part of Grand Banks' strategy to ramp up boat construction and improve delivery times. Since the onset of the pandemic, demand for its three luxury yacht brands — Grand Banks, Palm Beach, and Eastbay has risen. The group has been introducing new designs and has stepped up marketing efforts, especially in North America, with recent participation in the Palm Beach International Boat Show. In 2021, Grand Banks Yachts announced the formation of GB Marine Group, along with sister brands Palm Beach Motor Yachts and Eastbay Yachts. These efforts have helped Grand Banks Yachts to lift the net order book to US$131.7m as of 31 March 2023.

Lyman-Morse in Camden Maine

The Maine Coast’s beautiful bays, rocky islands and picturesque mountains have long been renowned as an ideal backdrop for some of the best gatherings in the wooden-boat world. This year’s Camden Classics Cup provided regatta participants, their friends and families, and the local community with fantastic racing that showcased the best of what these storied waters can deliver. While not all of 86 classic and modern yachts that gathered on the waters of Western Penobscot Bay sailed home with trophies, of course, it’s fair to say that everyone decamped with get-you-through-the-coming-winter memories of great racing, wonderful camaraderie, and welcoming onshore hospitality and entertainment.  Rain might have besieged coastal Maine in the days leading up to the regatta, but blue skies prevailed on the morning of Friday, July 28, giving crews great views of Mount Megunti cook to the west and islands to the east.  “Few sights are finer than seeing these boats sailing these beautiful waters,” said Holly Paterson, event director of the 2023 Camden Classics Cup. “People come to this regatta as much for the beauty as the great racing, and it’s fair to say that both were on display on Friday.”  Some also come to strut their school colors, as was the case with the crew from the Maine Maritime Academy, who were racing aboard Wizard, a 1930 Herreschoff Fisher Island 31. “They were ecstatic,” said Joseph Lobley, the MMA’s yacht donation program manager, about Wizard’s the crew, which consisted of current students, recent alumni, and some faculty members, including the team’s coach. “Some of these sailors just got back from their senior cruise—that’s 70 days at sea, but they made time for this regatta.”

Overmarine Mangusta and Dr. Vranjes Firenze

Mangusta and Dr. Vranjes Firenze share over forty years of history and passion for luxury craftsmanship, and the constant strive for the balance between heritage and innovation and between technique and emotion.  The fragrance, Acqua, with its ozone-marine notes and brilliant color, tells and leaves a trace of these values.

Pardo Group Sold to Calzedonia

Calzedonia Group and Wise Equity fund are pleased to announce the signing of a binding contract for the acquisition of Cantiere del Pardo, a leading manufacturer of premium sailing and motor yachts. The Calzedonia Group thus expands its activities in the field of Italian excellence. The meeting with the historical managers, Fabio Planamente and Gigi Servidati, who will maintain a minority stake in the company, the sharing of vision on the future development of the Shipyard, together with the opportunity to strengthen experience in the industrial, organizational as well as distribution fields favored the decision to conclude the operation.  Founded in 1973, Cantiere del Pardo has a history of great success and international recognition. Since its inception it has launched over five thousand boats under the Grand Soleil brand and more recently, with the Pardo Yachts and VanDutch Yachts brands. Cantiere del Pardo is recognized as one of the best manufacturers of luxury yachts in the world, thanks to its history and tradition, profound construction knowledge and the iconic design of its models.  The company has grown significantly since the arrival of Wise Equity ("Wise") as an investor in 2020, both in revenues and in corporate structure. In particular, the success of Pardo Yachts line of motor boats, conceived internally and developed with the collaboration of prestigious design studios, can be considered one of the greatest successes in the recent history of Boating Industry given the significant growth from the introduction of the first model in 2017 to the sales forecast of over 150 yachts in the last year. Servidati and Planamente, the two managers and contributors of CdP's success, will remain partners of the company, continuing the current development strategy based on quality, tradition values, service excellence and attention to sustainability challenges set out in the pleasure boating sector.  With the arrival of Calzedonia Group, Cantiere del Pardo will pursue international growth and the development of new models, with even greater attention to quality and excellence of service both for the distribution network as well as the end customer. CdP will continue to invest in sustainability, innovation and research and development, starting from its advanced production sites and its unparalleled human recourses.

Princess Yachts New CEO

Princess Yachts is delighted to announce the appointment of Will Green as Chief Executive Officer.  Green has been a pivotal member of the Princess Yachts team for 20 years, and most recently served as Executive Director, Commercial. He has been instrumental in driving the sustained period of commercial success enjoyed by the business in recent years and has been critical to establishing the Company as one of the leading luxury yachts manufacturers in the world today.  On his appointment Green commented: ‘It is an honour to be appointed CEO of Princess. Those who know me will recognise the passion I have for the brand, so this is an exciting opportunity to shape the next chapter for the business and build on its amazing legacy. I am excited and privileged to work alongside a very talented team which has achieved a long track record of success and, with the support of our controlling shareholder KPS Capital Partners, I know we can build on this further with investment in some key areas and by focusing on what we do best – building exceptional yachts for our customers.’  Antony Sheriff is leaving the Company to pursue other endeavours.  We thank him for his contributions and wish him well.  Princess will be showcasing two World Premieres at this year’s Cannes Yachting Festival with the new Y95 and Y80 being shown for the first time.  The Company will also be announcing two new future models as part of their continued investment in new and innovative product offerings.

Spencer Winning Runs

Spencer Winning Runs! Congrats to “Sweet Spot” Pirate's Cove Billfish Tournament overall winner and overall Omni winner. Paul and Daniel Spencer on the “Bullwinkle” winning first in the non Omni category, and “Sea Toy” winning second overall Omni and 3rd overall.

Viking at Texas Gulf Coast Billfish Classic

Synchronicity emerged victorious at the Texas Gulf Coast Billfish Classic. Owner/angler Larry Mathews, fishing on his Viking 48, fought a blue for more than four hours to claim 1st Place Blue Marlin with his 726.3-pound fish. The Viking 55 A-Team weighed a 643-pound fish, good for 2nd Place Blue Marlin.  Blue Rush, a Viking 54, was the Top Release Boat with one blue marlin, seven white marlin and four sails. Blue Rush angler Grant Kilcrease also weighed the Heaviest Dolphin at 25 pounds. Deez Nautz, a Viking 55, was the 2nd Place Release Boat with one blue, one white and 10 sailfish. They also claimed 3rd Place Heaviest Wahoo with Julie Coulter’s 23-pound ‘hoo. The Viking 55 Desperado claimed 3rd Place Release Boat and 2nd Place Tuna with a 52.5-pound yellowfin.

Viking at Mobile Big Game Fishing Club Ladies Tournament

Yellow Steel won the perpetual Sea Cup at the Mobile Big Game Fishing Club’s Ladies Tournament. The Viking 72 weighed the Heaviest Blue Marlin at 426 pounds – caught by Helen DeLaney. Top Boat and Top Release Boat went to Yellow Steel for three blue marlin and three white marlin releases, all hooked by junior female anglers Helen and Katharine Goodloe. Margaret Yancey, fishing on the Viking 70 Miss Ma’am, weighed the Heaviest Dolphin, a 25.4-pounder.

Viking at White Marlin Open

The White Marlin Open (WMO) brought out the big boys to compete for a $10.5 million purse. But it was a 15-year-old boy who hit the leaderboard. On the final day of the 50th edition of the WMO, young Matthew Gessler moved into 3rd Place in the Wahoo Division with a 46-pound fish. His uncle, Tommy Gessler Jr., was at the wheel of the Viking 50 Boy’s Toy. Now here’s the funny family twist – when Captain Tommy was 15, he won the 1993 WMO with a 74-pound white marlin. Apparently, the WMO is a family affair with fathers, uncles, sons and daughters all making appearances in the Winner’s Circle – and taking home some green bills. With 400 battlewagons registered (we’re guessing there were well over 2,000 anglers) the Angler Division is fierce, but rising to the top was Dave McKendrick. Dave claimed the 3rd Place Angler honors with one blue and seven white marlin releases. He fished on the Viking 62 Taylor Jean, which took 3rd Place Boat.  Last year’s WMO saw Frank Sinito as 10th Place Angler, but this year Frank jumped up the board to 5th Place. He was fishing on his Viking 62 Irene and released two blue and two white marlin. Justin Healey, fishing on the Viking 80, was 8th Place Angler with a blue and three whites.

Viking at Texas Legend Billfish Tournament

The Texas Legends Billfish Tournament plays by jungle rules – which means there are no rules other than the fish must be caught on a conventional rod and reel and boated by hand or gaff. But that didn’t stop the Viking 82 Doulos from taking 2nd Place Overall and 1st Place Blue Marlin Points. The team released a pair of blues for the honours.  Second Place Blue Marlin Points was awarded to the Viking 68 Mine Time, which also weighed the Heaviest Yellowfin at 40.9 pounds. Third Place Overall was awarded to the Viking 70 Instigator. Blue Rush, a Viking 54, hooked the Heaviest Dolphin, weighing 21.5 pounds.

Viking at Montauk Canyon Challenge

Blinky weighed the Heaviest Tuna at the Montauk Canyon Challenge. Tom DeAngelo’s team on the Viking 55 hung a bigeye that tipped the scales at 224.7 pounds. The Heaviest Yellowfin was caught aboard Greg Marsuk’s Viking 56 Bluewater and weighed 104.3 pounds. One Love, Stephan Kiratsous’ Viking 72, claimed the Heaviest Bluefin at 97.5 pounds and Heaviest Triple Yellowfin at 290.4 total pounds. The Valhalla 46 Otter weighed the Heaviest Bluefin in the Outboard Division. The tuna was 88.1 pounds, and the center console is owned by Tony Florence. Heaviest Swordfish was the 110.6-pounder caught on Joe Knesich’s Viking 68 Jo-LI.  Over $600,000 was distributed to the 62 battlewagons during the event that supports Maggie’s Mission, which raises money to fight pediatric cancers and assists families in need.

Viking at Tri-State Canyon Shootout

Gypsea was the big winner at the Tri-State Canyon Shootout, based out of Block Island, Rhode Island. The Viking 66 landed in the top three in four divisions. First up, Jordan Sanford weighed the 2nd Largest Tuna with a 195.6-pound bigeye, and he brought the Largest Albacore to the scale with a 56-pound fish. The boat also claimed the Tri-Fishecta (one of each: albacore, yellowfin and mahi) with 125.2 points and Most Points Overall with 1,538.8 pounds.  The Viking 61 Reel Savage claimed the Largest Tuna with Steven Arcamone’s bigeye, weighing 244.6 pounds. He also claimed the 3rd Largest Wahoo at 62.2 pounds. Gregg Adamovich, fishing on the Viking 55 Lady Lisa, weighed the Largest Wahoo at 74.8 pounds. Third Place Mahi went to Jake Rogers for his 17.6-pounder aboard the Viking 57 Sea Shags. Joe Posillico, on the Viking 66 Torta, received the Sportsmanship Award.

Whitehaven New South Wales Dealer

Whitehaven Motor Yachts has a new dealer, Marine Riley in Newport, New South Wales, Australia.  Whitehaven has an unwavering commitment to meet their customer’s requests and Marine Riley is amazed at the length the Whitehaven team will go to, to ensure their clients get exactly what they want in their dream motor yacht.  As an Australian-based custom motor yacht builder, Whitehaven specialises in bespoke motor yachts, designed and built to suit an owner’s preferences and requirements.  Whitehaven currently has many yachts in build and can deliver a 40 to 90-foot vessel within a short build time compared to many other boat builders.  Marine Riley is excited to join Whitehaven and the exciting growth plans it is a great time to join their experienced and talented team.