NORTH vs SOUTH
Northern Europe has its significant advantages. We decided to talk about them based on the stories and projects of some shipyards in Germany and the Netherlands. It's understood that this region has many shipyards, but those we selected are linked by similar individual features, such as precise timing, impeccable management, and the highest quality. On the other hand, Southern Europe, Italy, is a brand. 'Made in Italy' is recognized worldwide today as a true signature. A sense of style and aesthetics is the hallmark of the southern shipyards, a touch of their Mediterranean heritage, if you will — something yacht owners are well aware of and expect.
Sergey Chernetsky
superyacht broker and publisher
NORTH
RECENTLY, THERE HAVE BEEN NUMEROUS REVOLUTIONARY LAUNCHES AT NORTHERN SHIPYARDS. HULLS WITH FAST DISPLACEMENT, ELONGATED FORMS, HYBRID ENGINES, AND THE FIRST YACHT BUILT TO THE PASSENGER YACHT CODE STANDARDS — DUTCH AND GERMAN SHIPYARDS HAVE INDEED DISTINGUISHED THEMSELVES FROM COMPETITORS WITH ADVANCED NAVAL ARCHITECTURE AND ENGINEERING.
D.Z. Sergey, congratulations on successfully completing the preparation of the 10th anniversary issue of SEA TRIAL! Could you please tell us how the theme 'North vs South' was chosen for such an important issue. Where did this idea come from?
S.C. I have observed this over the last 10 years, and to me, the pattern is clear. It's no secret that there is some kind of balance, or rather a 'counterbalance' - 'South-North'.
At SEA TRIAL, we primarily write for our clients, those who purchase yachts. We never show favoritism or give priority to any shipyard. We will never praise what doesn't deserve it.
That's why we decided to prepare such a review for the superyacht industry as a whole in 2018. Yes, an accurate quantitative assessment can be made by any international analytical publication with complete statistics (which, by the way, can easily be purchased for a certain amount of money), this is not a problem today. But our task, or rather mission, is different.
We want to be a 'quality travel guide' for our clients, helping them make the right decision. We would like our readers to be fully informed about everything happening, for instance, at the Monaco Yacht Show when they visit it. We don't want them to be influenced by unprofessional or random opinions. Our task is to free them from lies, deceit, prejudice. We aim to liberate our client from any false preconceptions that may be formed for various and not always altruistic reasons.
At SEA TRIAL, we primarily write for our clients, those who purchase yachts. We never show favoritism or give priority to any shipyard. We will never praise what doesn't deserve it.
That's why we decided to prepare such a review for the superyacht industry as a whole in 2018. Yes, an accurate quantitative assessment can be made by any international analytical publication with complete statistics (which, by the way, can easily be purchased for a certain amount of money), this is not a problem today. But our task, or rather mission, is different.
We want to be a 'quality travel guide' for our clients, helping them make the right decision. We would like our readers to be fully informed about everything happening, for instance, at the Monaco Yacht Show when they visit it. We don't want them to be influenced by unprofessional or random opinions. Our task is to free them from lies, deceit, prejudice. We aim to liberate our client from any false preconceptions that may be formed for various and not always altruistic reasons.
D.Z. So, who are you for? North or South?
S.C. Northern Europe has its significant advantages. We decided to tell about them based on the stories and projects of some German and Dutch shipyards. It's clear that there are more shipyards in this region, but those we have chosen are linked by many similar individual characteristics, such as precision in timing, impeccable management, and the highest quality.
On the other hand, Italy is a brand. 'Made in Italy' is recognized worldwide today as a true signature. It's not just a testament to style, inseparable from the Italian shipbuilder, but also a testament to craftsmanship. A sense of style and aesthetics is the hallmark of the southern shipyards, a touch of their Mediterranean heritage, if you will — something yacht owners already know and expect. We will discuss this in the second part of the review.
Below, we will focus primarily on functionality for the customer. Of course, we are looking at companies whose reputation is beyond doubt. We decided to look deeper to understand why they have taken such positions in the market.
On the other hand, Italy is a brand. 'Made in Italy' is recognized worldwide today as a true signature. It's not just a testament to style, inseparable from the Italian shipbuilder, but also a testament to craftsmanship. A sense of style and aesthetics is the hallmark of the southern shipyards, a touch of their Mediterranean heritage, if you will — something yacht owners already know and expect. We will discuss this in the second part of the review.
Below, we will focus primarily on functionality for the customer. Of course, we are looking at companies whose reputation is beyond doubt. We decided to look deeper to understand why they have taken such positions in the market.
D.Z. You mentioned the mission... So, what exactly does it consist of for your project?
S.C. At SEA TRIAL, we strive to be a 'quality travel guide' or a quality guide for our clients, providing up-to-date and verified information that will help them make their own and correct decisions.
I have previously stated that we aim to free our reader from common myths and false claims, such as 'the price of a boat is calculated using the formula 1 meter = 1 million (of something, usually unspecified)'.
A current example of a common misconception in the market is linking the project's price to the gross tonnage price... It's quite manipulative: this evaluation barely works in 30-meter projects, but it's not applicable in the '50m+' segment. However, it sounds very 'expert'.
I have previously stated that we aim to free our reader from common myths and false claims, such as 'the price of a boat is calculated using the formula 1 meter = 1 million (of something, usually unspecified)'.
A current example of a common misconception in the market is linking the project's price to the gross tonnage price... It's quite manipulative: this evaluation barely works in 30-meter projects, but it's not applicable in the '50m+' segment. However, it sounds very 'expert'.
D.Z. It's evident that your understanding of the yachting market has been shaped by certain experiences in this sector. Today, you are a welcomed guest at most yacht shows and other events... How does all this influence the content in SEA TRIAL, and particularly, how is it reflected in your anniversary issue?"
S.C. Globally, even our mission to be a quality guide for our reader is a reflection of practice in the yachting sector. It wasn't always successful for me; once a wrong choice of partner nearly led to the collapse of a yacht construction project. However, overall, I must say I've been incredibly fortunate: I work with the best of the best in the industry, to whom I owe deep gratitude.
Northern Europe undoubtedly has significant advantages in this market. In this section, we decided to provide our readers with an objective overview of a group of leading shipyards. There are undoubtedly more of them, but those we will discuss further share many similar individual characteristics. We decided to delve into and understand why exactly they occupy such positions in the market.
Northern Europe undoubtedly has significant advantages in this market. In this section, we decided to provide our readers with an objective overview of a group of leading shipyards. There are undoubtedly more of them, but those we will discuss further share many similar individual characteristics. We decided to delve into and understand why exactly they occupy such positions in the market.
D.Z. The trend in recent years, especially among Dutch and German shipyards, has been the production of larger yachts. However, the demands of owners are changing. Do you think it necessarily has to be a large yacht to 'capture' their attention and interest?
S.C. Historically, Northern European shipyards have driven innovation, both at the engineering level and in philosophy. Now, it’s becoming clear that the portrait of the potential owner is changing. Shipyards like Lürssen, Oceanco, and Feadship are heavy competitors in delivering large, complex yachts.
However, this year there have been certain changes in the characteristics of the owner they are now targeting, and the 70+ meter market has become rigid in its views. Consequently, Lürssen is open to considering projects from 55 meters, while Oceanco, along with Lateral Marketing, aims to critically reevaluate the entire construction process, regardless of size.
Nevertheless, shipyards specializing in smaller sizes, such as Heesen Yachts and AMELS, currently dominate the 50+ meter market and, in my opinion, need not worry too much about this new interest from their larger competitors, mainly due to the success they have as a result of assembling semi-custom platforms.
However, this year there have been certain changes in the characteristics of the owner they are now targeting, and the 70+ meter market has become rigid in its views. Consequently, Lürssen is open to considering projects from 55 meters, while Oceanco, along with Lateral Marketing, aims to critically reevaluate the entire construction process, regardless of size.
Nevertheless, shipyards specializing in smaller sizes, such as Heesen Yachts and AMELS, currently dominate the 50+ meter market and, in my opinion, need not worry too much about this new interest from their larger competitors, mainly due to the success they have as a result of assembling semi-custom platforms.
SOUTH
WHEN IT COMES TO THE 30-METER MARKET, EUROPEAN SOUTHERN SHIPYARDS BUILD THE OVERWHELMING MAJORITY OF NEW ASSEMBLIES, AND ITALY ACCOUNTS FOR MORE THAN A THIRD OF THE ENTIRE GLOBAL YACHT MARKET. ESTABLISHED COMPANIES WITH HERITAGE AND PEDIGREE, SUCH AS BENETTI, FERRETTI, CODECASA, AND BAGLIETTO, CONTINUE TO RAPIDLY INCREASE THEIR PACE AND DEVELOP CONSTRUCTION, MOVING CLOSER TO THE '90M' SEGMENT.
D.Z. Sergey, what is the undeniable advantage of southern shipyards over northern ones?
S.C. Their superiority lies primarily in style and cost, although I find their prices a debatable point. In reality, they may only seem low.
In Italy, there are 120 main shipyards, all with an impressive maritime history! Their philosophy is different. The South represents stylish, vibrant, and memorable toys. In general, northern and southern shipyards appear as Rolls-Royce and Ferrari.
I've already said that Italy is a brand. A sense of style and aesthetics is the hallmark of southern shipyards, a touch of their Mediterranean heritage, which yacht owners are well aware of and expect.
It's also worth mentioning Turkey and its shipyards. The achievements of Turkish shipbuilders have been impressive lately. Turquoise, for example, has been blowing up the market in recent years, launching one new 50+ meter yacht after another. The advantage was so apparent that the contract for the 50-meter MY Razan was signed at the Monaco show last year!
In Italy, there are 120 main shipyards, all with an impressive maritime history! Their philosophy is different. The South represents stylish, vibrant, and memorable toys. In general, northern and southern shipyards appear as Rolls-Royce and Ferrari.
I've already said that Italy is a brand. A sense of style and aesthetics is the hallmark of southern shipyards, a touch of their Mediterranean heritage, which yacht owners are well aware of and expect.
It's also worth mentioning Turkey and its shipyards. The achievements of Turkish shipbuilders have been impressive lately. Turquoise, for example, has been blowing up the market in recent years, launching one new 50+ meter yacht after another. The advantage was so apparent that the contract for the 50-meter MY Razan was signed at the Monaco show last year!
D.Z. Today we can observe rapid consolidation and expansion among the northern shipyards. They have an innovative approach to yacht building, and in some cases, even a revolutionary one. In your opinion, what distinguishes the southern shipyards in terms of innovations in construction?
S.C. In recent years, for example, the Palumbo Group has achieved tremendous success in yachting with its custom and semi-custom projects, and the group's production has noticeably increased since acquiring ISA Yachts in 2016.
Yards like Benetti are building truly high-performance composite yachts. This, to some extent, confirms the faultlessness in the existing trust in the so-called 'Made in Italy' stamp in the world. Therefore, we should not claim that southern shipyards in yacht building are limited only to a sense of style. Undoubtedly, their skills, craftsmanship, and years of experience in the industry play an important role.
A special sense of design and aesthetics reflecting their Mediterranean heritage is the hallmark of southern shipyards for their clients.
Yards like Benetti are building truly high-performance composite yachts. This, to some extent, confirms the faultlessness in the existing trust in the so-called 'Made in Italy' stamp in the world. Therefore, we should not claim that southern shipyards in yacht building are limited only to a sense of style. Undoubtedly, their skills, craftsmanship, and years of experience in the industry play an important role.
A special sense of design and aesthetics reflecting their Mediterranean heritage is the hallmark of southern shipyards for their clients.
D.Z. How will yacht construction develop in the next 5 years? What events and, possibly, upheavals can we expect?
S.C. I believe the popularity of custom and semi-custom projects will grow. There will always be owners passionately involved in the creation of their own unique vessels, pushing the boundaries of yacht design.
Globalization processes are also inevitable. Particularly in design, this is already evident in Riva's projects. Moreover, Ferretti updated its entire fleet in 2017/2018. It will be very interesting to see what else they surprise us with after the premiere of their Riva 110' Dolcevita in Monaco last September.
Economic efficiency and time management will also play a very serious role. Overall, in the coming years, we expect the appearance of a 'Tesla' in yachting, and it's impossible to predict where this will happen.
Globalization processes are also inevitable. Particularly in design, this is already evident in Riva's projects. Moreover, Ferretti updated its entire fleet in 2017/2018. It will be very interesting to see what else they surprise us with after the premiere of their Riva 110' Dolcevita in Monaco last September.
Economic efficiency and time management will also play a very serious role. Overall, in the coming years, we expect the appearance of a 'Tesla' in yachting, and it's impossible to predict where this will happen.
D.Z. Are there exceptions to the general rules?
S.C. I particularly want to highlight two shipyards that cannot be definitively categorized as belonging to the North or South.
The first is Dynamiq, with assembly workshops in Viareggio, Italy. What sets this shipyard apart is that the hull design is entrusted to the Dutch studio Van Oossanen with participation from the American Najad Dynamics. Northern European contractors and engineers are directly involved in the assembly. Inside, you'll find, for the first time in yacht building, all furniture, lighting, and interior accessories selected in partnership with the icon of Italian aristocratic style, the brand Bottega Veneta. So, we have a Dutch aluminum boat, assembled in Italy by the Dutch, and devoid of Nordic restraint in interior design.
The second is Dominator, a well-known Italian brand that has become the property of Austrian investors and is now developing according to the laws of Northern Europe. This brand demonstrates innovation and is not afraid to take risks in the GRP segment, which is quite well populated by groups like Benetti and Ferretti.
The first is Dynamiq, with assembly workshops in Viareggio, Italy. What sets this shipyard apart is that the hull design is entrusted to the Dutch studio Van Oossanen with participation from the American Najad Dynamics. Northern European contractors and engineers are directly involved in the assembly. Inside, you'll find, for the first time in yacht building, all furniture, lighting, and interior accessories selected in partnership with the icon of Italian aristocratic style, the brand Bottega Veneta. So, we have a Dutch aluminum boat, assembled in Italy by the Dutch, and devoid of Nordic restraint in interior design.
The second is Dominator, a well-known Italian brand that has become the property of Austrian investors and is now developing according to the laws of Northern Europe. This brand demonstrates innovation and is not afraid to take risks in the GRP segment, which is quite well populated by groups like Benetti and Ferretti.