SuperYacht Times has released its 2024 State of Superyacht Development Report, which gives us a sneak peek at the comprehensive market data analysis and insights provided by the media intelligence team.
In 2023, the yacht market is changing, and although the sales of new and used yachts have fallen slightly, the figures are still higher than the pre-pandemic level. This observation raises an interesting question: have yacht sales reached a new, higher baseline in the post-pandemic era? It is worth noting that both the US and Dutch stock markets saw significant growth throughout the year, and this economic uptrend may have played a role in encouraging/supporting potential superyacht buyers.
At the same time, however, geopolitical tensions, especially the armed conflict in the Middle East, are acting like a cloud of haze, weakening and continuing to affect the enthusiasm of some potential owners for large newbuild yachts. The yacht market is at a complex and changeable intersection, with both the dawn of prosperity and the shadow of uncertainty.
New & Used Yacht Sales:
In 2023, the total number of new yachts over 30 meters sold will be 203, a decrease of 17% compared to 245 in 2022. Despite the bleak numbers, any year with more than 200 ships traded is seen as a symbol of prosperity by historical standards. Looking back over the past two decades, 2023 ranks seventh in terms of sales, behind the 2021/22 boom, the early peaks from 2006 to 2008 and 2018.
New 30-meter superyacht sales from 2014-2023
Among the yacht types sold, 30 to 40-metre yachts saw the largest decline, with 23 fewer than last year. However, in terms of percentages, the decline in yacht sales over 80 meters was even more dramatic, from 10 in 2022 to 6 in 2023, compared to a relatively stable market performance of yachts between 40 and 50 meters, with a decline of only 10%, while sales between 50 and 60 meters, although falling to 18 units, a decrease of 14%, but only 3 units, showing some market resilience.
In the second-hand yacht market, sales in 2023 also suffered a cold snap, falling by 27% to 296 units from 403 units in 2022. After experiencing sales miracles in 2021 and 2022, such a decline seems to herald the return and correction of the market.
Some of the largest pre-owned superyachts for sale in 2023 include the 115.1-metre 'Ahpo' by Lürssen, the 95.2-metre 'Whisper' (formerly 'kismet') and the 89-metre 'Here Comes the Sun' by Amels.
“Whisper”号
Completion of a new superyacht:
In the years from 2014 to 2021, the number of new yacht completions fluctuated between 150 and 160 per year. In 2022, that number rose to 170 units, driven by a surge in sales that began in the second half of 2020. Based on the strong sales momentum in 2021 and 2022, we expect completions in 2023 to further increase to around 190 ships, taking into account the large order backlog. However, the world turned out to exceed our forecasts, with actual completions in 2023 not only meeting but exceeding our expectations, reaching a total of 202 yachts, as shown in the chart below.
Completion and forecast of new superyachts from 2014 to 2024
The significant increase in completions in 2023 highlights the superyacht industry's efforts to ramp up production after two years of good sales. In addition, many shipbuilders have made significant investments in expanding production facilities and supporting supply chains. These strategic initiatives are critical for shipyards to deliver on their commitments and sustain growth.
Despite the strong performance in terms of yacht completions, a large backlog of orders remains. According to the 2023 Superyacht Development Report, 352 yachts were initially expected to be completed by the end of the year. However, the actual result was that only 202 ships were completed, which means that a whopping 43% of expected completions were delayed, which is the same rate of delays observed in 2022.
After a year of relatively high production, the industry expects to potentially complete 340 yachts in 2024, a significant portion of which are semi-custom models. The delivery times of these yachts are often not clearly communicated. As newbuilding deliveries continue to increase, we expect around 40% of yachts to be delayed until next year, with 205 new yachts over 30 metres expected to be completed by 2024. Given the shipyard's demonstrated ability to deliver more than 200 new ships in 2023, this expectation is a solid foundation for us.
Some of the largest yachts to be delivered in 2023 include the 146.35-metre 'Opera' by Lürssen, the 127-metre 'Koru' by Oceanco in the Netherlands, the 118.2-metre 'Liva O' by Abeking & Rasmussen in Germany and the 111.85-metre 'Renaissance' by Freire in Spain.
Their latest market report, the State of Superyacht Development Report 2024, is now available for download on their website. This report is designed to serve both novice and seasoned professionals in the industry, providing all the important insights and information about the superyacht market.