Superyacht Sales: Outlook for 2021 & Beyond
In a highly evolving and competitive industry, TJB Super Yachts must constantly be seeking to amplify the value for our clients and provide support for their yachting lifestyle. Nowhere has this been more definitively felt than throughout 2021 – here we delve into a superyacht sales market update and the next chapter into what lies ahead for the superyacht sector.
In the midst of Cannes Yachting Festival and Monaco Yacht Show, we jumped into a Q&A with Advait Deodhar, Sales and Charter Broker at TJB Super Yachts, to crunch the numbers about the outlook for 2021 and beyond.
Superyacht Times reported that new yacht sales over 30-metres during the first half-year of 2021 amounted to 90 yachts, consisting of 86 motor yachts and four sailing yachts. What trends have you noticed so far throughout 2021, particularly concerning yacht sales by size range?
“A number of clients I’ve been speaking to have shown interest in larger yachts. I have a couple of clients who are looking to move up substantially, from 30-metre to the near 50-metre range. Also, clients who have chartered certain yachts are now indicating an interest in purchasing such vessels.”
Based on TJB Super Yachts sales data per month, the last quarter of 2020 showed an increase in superyacht sales compared to the last quarter of 2019. The first quarter of 2021 has performed well compared to 2020 and 2019. How do you think the last quarter of 2021 will fare for the industry?
“It’s been a fascinating past couple of months, and the industry doesn’t seem to be slowing down. With two important yacht shows – Cannes Yachting Festival and Monaco Yacht Show – I’m confident that the final quarter of 2021 is going to end on a strong note, with a number of transactions taking place. I see this more on the brokerage market as a number of yards in the 30-metre to 60-metre range have barely any new build slots available for the next 2-3 years. They’re all sold out!”
According to Superyacht Times’ State of Yachting 2021 report, brokers and shipyards have reported that there’s been a wave of first-time buyers taking the plunge. Is this your observation too?
“A lot of people have made enormous amounts of money over the past 15–18 months. I too acknowledge that there is a higher-than-average percentage of first-time buyers this year. With more people working remotely, clients are discovering the joy of yachting and seeing the value in spending longer periods of time on their own boats.”
Cannes Yachting Festival & Monaco Yacht Show 2021
The Superyacht Owner Report (issue #209) also stated recently that there’s been an increase in first-time buyers and charterers, as well as current sentiment towards hybrid and alternative fuel systems, so it will be interesting to see the feedback on the ground at the major yacht shows. September welcomes the much-anticipated return of Cannes Yachting Festival and Monaco Yacht Show, after last year’s shows were both cancelled.
Advait shares his perspective on how he thinks buyer attitude towards brokerage has shifted this past year and what type of messaging TJB Super Yachts is keen to put across as a company at the yacht shows. “I was present at the Cannes Yachting Festival and I am attending the Monaco Yacht Show and very much look forward to showing some of my clients around. Market insight and being up-to-date on deals has been very important this year. Letting clients know that we can provide them with the latest listings is extremely important as with yachts being bought at a rapid rate.”
Summary
The yacht brokerage market is faring better than before the pandemic; specifically, it looks set to outperform the sales figures reached three years ago. In the used yacht market, buyers are looking for yachts for immediate delivery, however, the demand is outstripping listings. A post-pandemic industry will see clients who are in a unique position to do their own research via a variety of online platforms and websites, however buying or chartering a yacht requires confidence, trust and expert professional advice. TJB Super Yachts is committed to keeping pace with a long-term focus on the superyacht sector, enhanced by our new website with industry-relevant functionality (such as the first industry bespoke yacht charter itinerary builder).
Visit the Monaco Yacht Show and meet our superyacht experts: Tim, Josh, Advait, Angus, Evita, George, Georgia and Hattie. Contact us to book your appointment with our TJB Super Yachts team. We look forward to seeing you in Monaco.
Hero image credit: Monaco Yacht Show