Summary:
The Yacht Club de Monaco analyzes the impact of geopolitical tensions on the yachting industry and highlights the sector’s remarkable adaptability in the face of changing international contexts.
Full Story:
The Yacht Club of Monaco recently held its 17th Economic Symposium, “La Belle Classe Superyachts,” where major players in the yachting industry gathered to discuss the impact of geopolitical tensions. Amidst a changing international landscape, the symposium highlighted the industry’s remarkable adaptability. Geopolitical challenges such as tensions in the Red Sea, the Middle East situation, and the conflict in Ukraine have reshaped traditional maritime routes. For instance, the number of super-yachts transiting through the Cape of Good Hope has significantly increased from 5 to 23 between 2022 and 2024, while those passing through the Gulf of Aden decreased from 41 to 7 during the same period. The yachting industry has responded to these uncertainties by not only adapting but also anticipating changes. There has been a shift in buying behavior, with a decline in sales to Russian clients and a rebound in the market due to the increased interest from buyers in the United States and Asia, particularly India. Despite regional tensions, the sector has shown resilience, with 192 sales of new yachts over 30 meters in 2024. Ralph Dazert, Head of Intelligence at Superyacht Times, confirmed that the Middle East continues to expand as a region for yachting. The economic outlook remains positive, driven by the continuous growth of global wealth. The Yacht Club of Monaco continues its commitment to responsible yachting and will host the 14th Environmental Symposium on March 6, 2025. This demonstrates the industry’s desire to address geopolitical challenges while transitioning towards sustainability. Some notable figures include a global fleet of 6,026 ships, a slight decrease in ongoing construction projects for yachts between 30-40m and 60-80m in 2025, and a steady growth in the 40-50m segment. Additionally, more than 200 new superyachts are expected to be delivered in 2025. Key regions for the yachting industry include North America, which accounts for 25% of super-yachts over 40m, and Europe, with 45% of the global fleet over 40m. The Middle East shows stability, with 15 new yacht sales over 30m annually. In terms of market trends, 226 new yachts over 30m were delivered in 2024, representing a record number since 2010, and speculative construction remains prevalent with around one-third of yachts under construction available for purchase.
Source:
Monaco Tribune
