Seatrade Cruise Connection

June 2006

Super Yacht Symposium Explored Hot Topics, Industry Trends

The second annual International Super Yacht Symposium at the Miami Beach Convention Center followed on the success of the 2005 event with participants lauding its content. The two-day program that ran March 15-16 included panel discussions led by industry experts that ranged from an industry overview to trends in construction, deployment and operations.

Over 200 delegates from both the commercial marine and the super yacht industries, including owners, brokers and captains attending the symposium, also had an opportunity to visit booths in the massive exhibition touting everything from vessel design and construction to the latest in shipboard technologies.

Participants agreed that the symposium topics — destinations, regulatory, security, insurance and seasonal issues — are virtually the same for the cruise and super-yacht industries. The panel sessions addressed an array of timely topics, from operational issues to creative ownership schemes.

“There are undeniable parallels between commercial marine, particularly cruise, and the mega-yacht industries, and we have made that the focus of the symposium,” said Michael Kazakoff, vice president of CMP Princeton Inc, the convention organizers. “The yacht industry experts we have gathered for this event provide real insights into what is becoming a very big, very global business.” Historically there have been separate trade events for both industries and the two groups of marine professionals seemed to meet only at sea on VHF.

“The synergy of the tremendous growth in the cruise industry is equally exciting at the upper end of the yacht industry,” noted Symposium moderator Christopher Hayman of Seatrade Communications.

Yachting has become one of the fastest-growing industry sectors, and it is clear that super yacht weekly charter rates approaching US$1 million have grabbed the attention of commercial shipping. With 600 super yachts on order, classically commercial interests are taking notice, bringing their more bottom line approach to what had been a cozy cottage industry. This was demonstrated by Vincenzo Romano, Fincantieri’s Commercial Director, how one of the world’s great builders of cruise and naval ships now see an exciting and very profitable future in super yacht construction.

In addition to attending the sessions, the yacht exhibition offered symposium participants valuable opportunities to network and meet exhibitors.

“The mega-yacht market is our next potential market,” said Klaus Lorenz, president of Hamburg SAM Electronics, which supplies all the major cruise lines. “There are four mega-yachts currently being built in Germany, and we see that as a growth market.”

Convention organizers plan to feature a Super Yacht Pavilion focusing on yacht-specific suppliers as part of the 2007 Seatrade exhibition. Trade show dates are March 13-15, 2007.

The third International Super Yacht Symposium will take place March 14-15 at the Miami Beach Convention Center.