MORAM - Guide to the Yacht industry

Guide to the yacht & Superyacht industry

The yacht and superyacht industry is relatively recent in the stock market, with the majority of companies incorporating in the last three years, partly due to the COVID-19 boom. However, these companies have been in the industry for many more years.

Three key players should be distinguished:

  • Manufacturers: They are the builders of the boats, primarily divided by length. For smaller yachts (<20m), the distinction between monohull and multihull is also important (a newer market that is growing rapidly).

    • Small yachts / recreational boats (American companies): Malibu, Brunswick, Mastercraft Boat, Twin Vee, Forza X1

    • Medium yachts, French companies: Fountaine Pajot, Beneteau, Catana Group

    • Large yachts: Ferretti, Sanlorenzo

    • Ultra-large yachts: The Italian Sea Group

  • Dealers: They focus on marketing the product (yachts) and often diversify by also selling accessories and parts (repairs) to mitigate cyclicality. To varying degrees, they own Real Estate (marinas) where they sell boats.

    • OneWater Marine, Marine Max

  • Brokers: These individuals maintain a client portfolio globally, playing a crucial role, especially for larger yachts. Manufacturers often have a strategic relationship with brokers to connect them with clients. Brokers also represent clients throughout the design and construction process, acting as managers during the yacht’s lifespan by scheduling inspections, etc. Their average commission is around 3% of the yacht’s price. Some important brokers include Burgess, Northrop & Johnson, Fraser, IYC, Moran Yacht & Ships, RJC Yacht & Ships.

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