Foster Designed Superyacht

First sighting of fractional ownership yacht

By IBI Magazine/Michael Howorth

The first of the Norman Foster-designed superyachts for use within YachtPlus, the fractional ownership programme, has been launched. The yacht has been craned into the water at Massa Carrara in the north of Tuscany and is in the final stages of fitting out.

Formed in 2005 by a group of international financial investors, YachtPlus set out to introduce one of the most spectacular and contemporary yachts on the market. This is the first of 10 identical superyachts to be built over the next three years at the Rodriquez Cantieri Navali yard in Italy.

This four-deck boat has an overall length of 41m (135ft) and, once commissioned, will have five suites for up to 12 guests at any one time. They will be looked after by a permanent crew of seven.

In order to join the YachtPlus ownership lifestyle programme, an initial payment of €1.85m will give a 1/8th shared ownership of the yacht and guarantees 34 nights per year on board, 11 nights peak season in the Mediterranean, 11 nights peak season in the Caribbean and two six-night cultural tours.

In addition there will be an annual service charge of €200,000 to cover 24/7 lifestyle management service, marine and hotel operations, a permanent crew of seven, mooring charges, year-round maintenance and mechanical upkeep, marine and port charges, trans-oceanic crossings and cruise itineraries management.

Ultimately 1/8th ownership will also give access to the YachtPlus fleet of 10 identical yachts worldwide, so owners can choose when and where they go. The contract period is for eight years after which time the yachts will be sold and the owners will receive full pro-rated proceeds from the sale.



(27 February 2009)

QE2 - Going for Scrap ?

Is QE2 going to the scrap yard?


According to online publication Maritime Matters:

"Dubai owned Nakheel, owners of the QE2, indicate the current world financial crisis and stem of tourism to Dubai may have seriously altered or postponed the plans for the conversion of the former Cunarder into a luxury hotel and attraction at the Palm Jumeirah.

The original, multi- million USD plans called for a number of radical changes, including: the removal of all lifeboats for a full-beam upperworks superstructure expansion like that done to the SS NORWAY (ex FRANCE) in 1990; addition of a new midsection; rebuilt and squared-off stern for helicopter landings; cylindrical condominium instead of the funnel; gutting of all public rooms and cabins to be replaced with apartments, restaurants and hotel areas; replacement of the machinery with a Broadway-style theater; and removal of the Heritage Trail.

With the recent Financial Times reports of Nakheel laying off over 500 employees, purists and fans of the QE2 might have reason to rejoice, at least for now, in that the owners are considering opening the ship "as is", utilizing the current power plant for eating or sleeping on board. Other options would include selling the ship for scrap, although not until public interest in the project has diminished."

Lewmar lay off 95 staff

Lewmar undergoes re-structure

By IBI Magazine

Marine equipment manufacturer Lewmar today announced up to 95 job cuts in a major company re-structure in response to tough global trading conditions. The majority of the job loses will come from its UK manufacturing base in Havant with some additional redundancies in USA, Australia, France and The Netherlands.

This news comes on the back of important re-financing of the business by its bank and major shareholders to reorganise and secure the future of this long established yacht hardware manufacturer.

In a move to resize the business, Lewmar's chairman and CEO Peter Tierney explains; "Lewmar has seen equipment sales to volume boat builders decrease globally by over 30% in recent months, with no real indication of a recovery this year. We have been left with no alternative other than to re-structure the business to suit the market.

"Although it saddens me to announce these redundancies, it was the inevitable and necessary action that needed to take place in response to the tough trading conditions we face in 2009."

Looking towards the future, Tierney aims to restore confidence in the company, "With the support of the bank and our shareholders we can now secure the longevity of Lewmar through this re-organisation. Our focus now is on improving efficiencies and reducing costs so we can better serve our markets globally."

(18 February 2009)

Ferretti Italy - Renegotiating debt

Ferretti official statement

By IBI Magazine

Ferretti SpA, parent company of the Italian boatbuilding group Ferretti, has released an official statement following reports that the organisation is in financial difficulty:

"The board of directors of Ferretti SpA announces that it has begun a process of renegotiating its debt with The Royal Bank of Scotland and has appointed Rothschild as its financial advisor, Chiomenti, Linklaters and CBA as legal advisors and KPMG as industrial advisor.

"The purpose of the deal is to renegotiate the terms of the loan agreement entered into in January 2007, at a time when the market was especially dynamic and therefore substantially different from the current negative economic situation that has developed at the global level in recent months.

"The board of directors has also examined the guidelines for the business plan, which has been revised in the light of the current international scenario.

"The chairman and CEO Norberto Ferretti together with the shareholders of Ferretti SpA are determined to undertake all necessary action to consolidate the group's position in the luxury motoryacht sector and to resolve the short-term financial tension.

"From a business standpoint, although the nautical market is passing through a period of contraction, the Ferretti group confirms the programmes of its nine brands.

"From a commercial standpoint, the group continues to participate in all of the most important Italian and international trade fairs. Following the Düsseldorf show — where the group displayed nine yachts on a stand extending over more than 2,000m², Ferretti will be at the 2009 Miami International Boat Show (February 12-16) with 25 models.

"The Miami show will be followed by trade events in emerging markets, such as the shows in Mumbai, Dubai and Shanghai. Ferretti will also be attending various Italian shows throughout the spring.

"Projects for 14 new boats are currently being completed. The yachts will be presented at forthcoming autumn boat shows, bringing the number of new models scheduled for release in the next three years up to 50.

"Given the present macro-economic situation, the Ferretti group is also implementing a series of measures aimed at bringing its organisational structure in line with the current market scenario. In this context, the group has decided that it will implement ordinary redundancy fund measures for some of its shipyards as a precaution. These measures have been made necessary for a limited period of time due to the decline on the market of small yachts, while the production of superyachts remains regular."

Ferretti SpA oversees nine yacht brands: Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line. Norberto Ferretti founded the Ferretti group in 1968. The group now employs 3,000 people and is present in 80 countries.


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(5 February 2009)

Future Drink Regulations for Leisure Boaters

Drink boating consultation launched

By IBI Magazine/Motor Boats Monthly

A consultation on future drink boating regulations was launched in Britain today by UK Transport Minister Jim Fitzpatrick.

The alcohol limit being introduced for leisure mariners is the same as the drink drive limit — 80 milligrams per 100 millilitres of blood — and will apply to those persons involved in the navigation of a vessel.

The consultation seeks views on the draft regulations that would exempt non-professional mariners on boats that are less than 7m (23ft) in length and have a maximum design speed of 7kt or less.

The consultation will run until May 6 and, subject to gaining Parliamentary approval for the new regulations, the Department for Transport intends to introduce the two offences for leisure mariners late this year.



(11 February 2009)