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Highlights: SuperYacht Times’ The State of Yachting Report

Yacht industry

SuperYacht Times, a leading publication for the superyacht industry, recently published their State of Yachting report. The 57-page report takes a deep dive into the current state of the yachting industry. Like many other industries, the yachting industry took a hit during the height of the COVID 19 pandemic in 2020. However, it quickly bounced back. As stated in the report, “the positive momentum in the superyacht market has carried on into 2021, and we are expecting a very busy year in 2021 for superyacht sales, both new and used.”

The following are just a few highlights from the executive summary as stated in the report. We recommend reading the full report by visiting the SuperYacht Times site here.

The Fleet

As of the start of 2021, there are 5,245 superyachts measuring more than 30 meters in operation globally. “In 2020,150 superyachts were completed. This is slightly less than 2019, when 158 superyachts were completed.”

In 2020, there was a delay in the number of yachts completed. As things slowly return to normal, it’s expected that the number of completions will rise as those yachts are finished and once you account for those already planned for 2021. SuperYacht times “made a conservative estimate of 170 completions for 2021, though it could end up higher as the backlog of yachts planned for a 2021 completion is considerable.”

Construction Book

There were 502 superyachts in the construction at the start of this year, eight yachts less than 2020. Overall there has been a decrease in the number of superyachts in the construction book.  At the start of 2021, there were 502 superyachts in the construction book, eight less compared to the year before.  “The number of yachts actively in-build decreased by four units to 454, while the number of on-hold projects deemed worthy of inclusion in the construction book also decreased by four units, to 48.”

The Market

The 502 superyachts in the construction book are in various stages of development. 175 are available for sale. Out of the 175, 153 are being built on speculation. Out of the entire fleet of 5,245 superyachts, 1,295 are available for purchase. 

Refit Market

In 2020, SuperYacht Times recorded that globally yachts over 30 meters visited refit yards 1,416 times. The visits were a slight increase from 2019, when 1,334 yachts visited refit yards. 

“US yards are the most popular refit destinations, having attracted 25% of all recorded yard visits over this two-year period.”

The Owners

SuperYacht Times breaks down which country has the largest share of superyacht owners. The United States comes in first with 23% of superyachts over 40 meters. In second place is Russia with 9%. Greece and the UK are tied at 6%, and Italy has 5%.  “Clients from the United States have purchased the most new-build yachts over 40 meters in the past 10 years, having acquired 17% of all of these yachts, followed closely by clients from Russia, who come in at 16%.”

Link to the full report: https://www.superyachttimes.com/market-reports/the-state-of-yachting-2021