EMS Marine Matters (European Marine Services Ltd)

New Marine Training Facility - Essex

2010-02-10T17:59:00.002Z

New boatyard opens in Brightlingsea

By IBI Magazine

A new boatyard designed for use as a marine training facility has officially opened on Britain's east coast.

According to the Chelmsford Weekly News, Harker's Yard — which is based in Brightlingsea, not far from Colchester in Essex — was built with funds from the East of England Development Agency (EEDA)'s Economic Participation programme.

Essex County Council, in partnership with Maldon District Council, is to fund a marine apprentice programme at the yard, says the paper. It will be aimed at young people who aspire to work in the marine sector and is expected to be underway by spring.

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(10 February 2010)

America's Cup Racing - Race Starts Feb 8 2010

2010-02-03T10:03:00.002Z

America's Cup racing: Even with court battle looming, it's a go

By IBI Magazine

Despite still being entrenched in legal issues, both syndicates in the America's Cup race are preparing to race on February 8th. The Defender, Alinghi, and Challenger, BMW Oracle, have been at their bases in Valencia, Spain over the last weeks preparing for races that many observers believed might never happen.

New York Justice Shirley Kornreich on Friday told the syndicates that she would not be able to rule on the legality of Alinghi's "constructed in country" issue over its sails before next week's races started. BMW Oracle, through its sponsor Golden Gate Yacht Club (GGYC), had earlier asked the court to decide if Swiss-based Alinghi would be allowed to defend the title. It says Alinghi's sails were made in the USA, in what it says is in direct contravention to the America's Cup "Deed of Gift." The Deed specifies that a club's yacht must be made in the country it represents.

"We are delighted that BMW Oracle's attempts to disqualify Alinghi and to win the America's Cup in court have been denied," said Ernesto Bertarelli, CEO of Alinghi, in a statement. "We look forward to meeting them on the start line here in Valencia on 8 February to race for the Cup." Alinghi had earlier said it would forfeit the Cup if the New York Court ruled against it.

"It's unfortunate the legality of Alinghi's American-made sails probably will not be decided before the match," said Tom Ehman, GGYC spokesman, in a statement. "However, it will be decided eventually."

It is possible that even if Alinghi's 95ft catamaran prevails over BMW Oracle's 95ft trimaran on the racecourse, the New York court could still overturn the results. Kornreich's decision allows for post-race legal complaints from both sides.

The Cup series, unless postponed by weather, is scheduled to be a best-of-three match starting on February 8 and concluding on February 12.

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(1 February 2010)

Oyster Expansion

2010-01-20T18:08:00.001Z

Oyster beef up superyacht sales with Dahm International deal

As part of a strategy to expand its sales and marketing of its new 30.5m (100ft) and 38.1m (125ft) sailing yacht designs Oyster Marine has signed an exclusive deal with Dahm International covering central Europe.

"The deal came about following a meeting at Monaco last year between David Tydeman, Oyster's Chief Executive and Herbert Dahm," Liz Whitman, marketing director for Oyster told SB.

"No other companies were considered," she adds, "There was a mutual meeting of minds and the deal has gone ahead just in time for the yachts to be on Dahm's stand at Düsseldorf." The area assigned to Dahm will range from Germany in the north, through countries such as Switzerland and Austria down to Italy, Greece and Turkey. It may also include Russia. Whitman suggested that Dahm would market the yachts from their existing offices in Zurich and Monaco.

Currently the first 30.5m (100ft) is in build at the RMK yard in Turkey and completion is hoped for "in time for her to be at Monaco this year," Whitman says. The first 38.1m (125ft) design is being moulded and is due to be delivered next year. Whitman explained to SB that "The current sale position is that one of each size is the sold. The 125ft yacht is the flybridge design. We have a deposit for a second 100ft and currently three prospective buyers are visiting Turkey to see the yachts in build." All these confirmed or potential buyers are from the UK.

As to whether larger designs will be developed Whitman told SB: "That is a question we are often asked and inevitably we will be led by customer demand but it is not on the radar for the next year or 24 months. We will not look at that until we have a yacht on the water." Whitman explains that the sales and market activity was being expanded across Europe, such as through the Dahm deal, but also in Hong Kong and potentially in Brazil.

Superyacht Business / David Robinson, 20 January 2010

London Boat Show 2010 - Fairline

2010-01-18T18:08:00.002Z

Fairline reports strong London show

By IBI Magazine

The UK's Fairline Boats has announced that 35 yachts were sold by Fairline dealers during the London boat show's 10-day run.

Interest in the Targa 58 Gran Turismo, which made its world premiere at the show, was strong from both the press and customers, with many retail orders confirmed.

The nine-model line-up on display included the Targa 38, new Targa 44 Open, Targa 44 Gran Turismo, Targa 47 Gran Turismo, Phantom 48, Squadron 55, new Squadron 65 and the Squadron 78 Custom.

"We leave the show optimistic for the coming year with sales secured from every model in the Fairline range, including the recently announced Squadron 41 and Targa 50," says CEO Derek Carter.

Fairline, which is based in Oundle, Northamptonshire, builds motoryachts under the Targa, Phantom and Squadron marques.

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(18 January 2010

London Boat Show 2010

2010-01-18T18:06:00.002Z

London show rallies over final weekend

By IBI Magazine

No doubt with a sigh of relief the organisers of the 2010 Tullett Prebon London International Boat Show, National Boat Shows (NBS), have announced that attendance for the show, blighted for much of its 10-day run by horrendous weather conditions, registered a total final attendance of 102,655 (just nine per cent down on 2009), a figure that last week must have seemed near-impossible given a backdrop of some of the UK's worst weather conditions in over a decade.

"To have welcomed over 100,000 visitors to the 2010 Tullett Prebon London International Boat Show, considering such adverse weather, has been reassuring for the Show and importantly the marine industry," said Andrew Williams, managing director of National Boat Shows. "Indeed, to have opened the show on time at 10am last Friday (January 8), with exhibitors and the show ready and waiting was an amazing achievement in itself. Feedback has been exceptional and despite a quiet few days at the beginning, the atmosphere within the halls and support from the exhibitors has been superb."

The show, which opened on January 8, was slow to get off the mark with London snowbound and harzardous traveling conditions forcing many to stay at home. Pre-ordered ticket numbers had however been doing well — the show had sold around 34,000 — but by day seven, 19,000 of those tickets had still to be used. All NBS could do was keep its finger crossed for a final bumper weekend. Unexpected heavy snowfall and further travel disruption on day six however led many to fear the worse. By day seven show attendance was down 18 per cent on the same time last year.

Inevitably mid-week exhibitor reports from the show floor were mixed given the quiet aisles over the first few days — though the general consensus appeared to be that committed boaters and most importantly those most likely to spend, had braved the weather and transport chaos to get to the event. With the weather improving, the final weekend gave the show the shot in the arm it needed, helping to nudge attendance into a more than respectable 100,000-plus.

Paul Strzelecki, chairman of National Boat Shows said: "This show has been a credit to our industry and those who work in it. We have met the dual challenges of terrible weather and a difficult economy with a spirit of positivity and enthusiasm which ensures that we start 2010 with renewed optimism, looking forward to the PSP Southampton Boat Show in September."

(18 January 2010)

America's Cup Scheduled Feb 8 - Latest Update

2010-01-14T16:33:00.002Z

America's Cup outcome to be decided by New York judge?

By IBI Magazine

Dueling press releases have become a standard tactic in the lead-up to the America's Cup, scheduled to begin on February 8 in Valencia, Spain. But the most recent statements from competitors BMW-Oracle and Alinghi suggest that the outcome will be decided by a New York judge months after the event.

The two syndicates met this week in Singapore to hammer out a final agreement, but the talks broke down after two days. BMW-Oracle, through its sponsoring Golden Gate Yacht Club (GGYC), said in a statement that it had reached draft agreements three times with Alinghi through its sponsoring club, Société Nautique de Genève (SNG).

But it said Alinghi chief Ernesto Bertarelli had turned all three drafts down. "GGYC was ready to sign. SNG's negotiators were prepared to sign, but it seems they were not given permission," said Russell Coutts, CEO of BMW Oracle Racing in the statement. "This is very disappointing and frustrating."

GGYC then filed its ninth lawsuit against SNG, asking a New York Supreme Court judge to decide if Alinghi met the criteria of the America's Cup Deed of Gift and its "constructed-in-country" stipulation. "Can the Swiss defender race with sails made in the USA?" it asked in a separate statement. The two teams had previously asked the Court to settle other technical questions, such as whether Alinghi could use engines to power winches and whether rudders are included in the measurement of the yacht's length.

"Once again, SNG is showing total disregard for the Deed," said Coutts. "First, SNG claimed that sails were not part of the yacht. Then it claimed that Alinghi's sails were built in Switzerland, not the USA. Now, SNG is saying that 'constructed-in-country' is not relevant until it announces its yacht for the Match."

SNG issued its own statement, saying BMW Oracle "unilaterally aborted" the talks. "BMW Oracle has already successfully disqualified 18 teams through the US courts to gain access to the Match, now they are seeking to win the Cup without ever racing for it," said Brad Butterworth, Alinghi's skipper, in their statement. "This latest lawsuit has come as a shock, given we were planning a further meeting to finalise discussions today, it demonstrates extreme bad faith. They have completely disregarded the jurisdiction of the ISAF America's Cup Jury, which they sought so hard to have instated, and have instead reverted to the New York courts where they clearly feel they have a greater chance of success."

Butterworth said SNG's yacht was constructed in Switzerland in compliance with the Deed of Gift, adding that the sails were constructed in a sail loft in Villeneuve, Switzerland.

While the outcome may be determined by the New York judge, both sides say they are ready to race in Valencia. Observers say the 113-foot BMW-Oracle trimaran and the 115-foot Alinghi catamaran are the fastest racing yachts ever built. With no agreement on the format, the match is likely to be decided by whichever boat wins two out of three races, as mandated by the original Deed of Gift.

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(14 January 2010)

Sealine back on course

2010-01-12T19:39:00.003Z

Sealine back on course

By IBI Magazine / Robert Greenwood

With the 2010 Tullett Prebon London International Boat Show currently underway one of the few notable British marine companies absent from the list of 500 exhibitors was the smallest of the UK's 'big four' powercruiser builders, Sealine International. This is the second successive year that the company had opted out of the show. But at a London meeting just before the Christmas break Sealine set out to show to a small group of boating journalists that it is now fitter and leaner than it had been at the start of the slump in the global boating market by late 2008, and that its survival strategy has so far worked and is now giving returns.

Of the four major UK powerboat builders (the others being Sunseeker, Princess and Fairline) Brunswick group-owned Sealine was the swiftest to react to the sharp reversal of almost two decades of boating market growth. Its action was decisive. Back in October 2008, as the global credit crunch was starting to bite, it announced that it was going to reduce its workforce by almost a half, to around 300, and to close two of its three factories to concentrate production on its main plant at Kidderminster, Worcestershire. Output would be cut to take pressure off dealer inventories in the face of falling demand levels.

Just a week or so later Sealine stated that it had decided to limit its participation at international boat shows to one key exposition per major market. In the UK that meant September's Southampton boat show.

It wasn't all negative news, however. The company has focused its attention on product and brand development. For greater production efficiency, its in-house design team has produced new models which, as in the car industry, are based on model 'platforms'. The well-known Terrance Conran British design group was commissioned to style the interior of a new flagship model, the T60 Aura motoryacht, which was previewed in January last year.

Sealine's next new model, announced at the London meeting and due to be launched at the 2010 Southampton boat show, will be the flybridge F42 and will be the third boat to be based on the company's 'D' hull platform model.

At Sealine's London presentation, sales and marketing director Nicholas Turner added detail to the company's survival strategy and gave a progress update on its road to recovery. Charting events, he said that "by March 2008 an EU survey of business sentiment showed that that the major European economies had passed the top of the economic cycle. By the year's end there was a strong downward trend."

The economic indicators of gross domestic product and unemployment figures, Nicholas Turner pointed out, usually lag business sentiment by three and six-to-seven months respectivley, which was why Sealine acted when it did. "We were looking to enable Sealine's business to be profitable at a lower position and to support the dealer network, so we decided that we needed to make an early adjustment. We reduced our production to 20 per cent below what we expected demand to be, so that dealer stocks have been reduced by 45 per cent worldwide. There are now fewer than 80 boats in stock."

Foreign dealers who bought stock before Sterling fell against the Euro received further help. "We stepped in to help dealers to balance the downside of the weak Pound versus the Euro," Nicholas Turner said. As a result of Sealine's action programme, "we've had only one dealer financial failure. That was in Finland," he added.

The dealer network has recently been extended with the appointment of new dealers its established markets in Germany and Portugal, and also in Egypt, a new market for the Sealine.

Vindication of Sealine's swift action is provided by its latest financial figures. "While powerboat sales generally across most European markets are down by 30 to 45 per cent, our sales figures are down by 18 per cent. We are taking market share," said Turner.

Meanwhile Sealine continues to increase its promotional activity through owner regattas. There will be 20 this year run through the dealer network as well as a Sealine Experience Flagship Powerboat Event to be staged by the company this summer at Cowes, a week after the Isle of Wight port's annual sailing regatta.
Because it had acted early and decisively, Nicholas Turner said that Sealine did not need to make any further adjustments to its operation.

(12 January 2010)

UK Boating Improvement

2010-01-12T19:37:00.002Z

BMF reports 'signs of improvement' for UK boating

By IBI Magazine

Confidence is returning to the UK leisure marine industry according to the British Marine Federation, which announced future trends and 2008/2009 figures at the London International Boat Show.

Prospects for the next six months have improved, with only 12 per cent of respondents to the BMF's latest trends report now saying that they perceive the future negatively, compared to 23 per cent in spring 2009 and 38 per cent in autumn 2008.

Workload and order book value has also increased over the last six months and workforce levels are also now more stable.

In 2008/2009 the UK leisure and small commercial marine industry grew its total revenue by 1.9 per cent to £3.16bn, though the BMF points out that the Value Added Contribution — the principal measure of national economic benefit — was down 4 per cent to £1.042bn.

International trade was up 13.6 per cent in 2008/2009 to £1.248bn, or 39.5 per cent on the industry's total revenue.

The number of people employed by the sector fell during the period by 2.5 per cent to around 34,300.

Chief executive of the BMF Rob Stevens said in a statement: "We know that we cannot be complacent, and for many companies there may still be difficult times ahead, but we must also acknowledge that through hard work and sound business decision making the industry is well-poised to continue to grow in the future."

(12 January 2010)

Fairline 2010

2010-01-12T08:03:00.001Z

Fairline looks forward to 2010

By IBI Magazine

Fairline CEO Derek Carter drew a line under what has arguably been the toughest 18 months in the UK boatbuilder's 42-year history when he formally unveiled the new Targa 58 Gran Turismo (pictured) at the Tullet Prebon London International Boat Show on Friday, and predicted a return to growth in 2010 for the Northamptonshire-based concern.

After taking the tough decision to scale back the business at the end of 2008 Fairline appears to have ridden out the storm and is gearing up for a profitable year ahead. "Thank heavens we took the medicine when we did," Carter told a press conference during the opening day of the London show. "We took the right decision at the right time," he said, referring to the decision to downsize the business by 40 per cent in September 2008. He added that growth in 2010 would be modest, but was optimistic that with a raft of new product launches — as well as the Targa 58, expect a new Squadron 41, Targa 50 and Squadron 50 later this year — it would be able to capitalise on the growing confidence in the market place.

"There is a stability returning," Carter told IBI. "We're seeing a progressive creep of consumer confidence — it's all about confidence."

For 2011 and beyond the boatbuilder has plans for a new 75-footer and larger.

(11 January 2010)

South Coast One Designs ( Solent Class)

2010-01-03T18:11:00.002Z

Herione of Troy/South Coast One Design – By Alfred Mylne

On behalf of one of our Mylne owners we are trying to locate the owner and whereabouts of Herione of Troy or one of the South Coast One Designs (Solent Class). There are two currently known at present, being Kelpie and Eilun. The Design is just under 60ft on deck, 40ft on the water. We know that there were 9 originally built in 1903 and although a number were destroyed in a fire, we have no other information, except that Herione of Troy was registered by Mr Mabbott in 1977 in Lloyds Register.

Here at the Mylne office we have created a directory of all known Mylne yachts and would very much like to update our records to reflect the current status of the South Coast One Designs. If you have any other information on Herione of Troy or any knowledge of the history of these boats we would be delighted to hear from you. You can contact us by e-mail or simply call us at the Mylne office on 01383 873464.

Thanking you in anticipation

Mylne Office

Meet the Buyer - London Boat Show 2010

2009-12-28T12:03:00.003Z

Meet the Buyer returns to London in 2010

By IBI Magazine

The British Marine Federation's (BMF) annual Meet the Buyer programme returns to the London International Boat Show next year on January 12-13, 2010.

Held in association with the department of UK Trade & Investment (UKTI), the two-day event aims to provide international and UK suppliers a platform to liaise with buyers via a series of one-to-one meetings.

Last year's event involved 23 overseas buyers and 58 UK suppliers, resulting in over 300 one-to-one meetings and the generation of significant levels of new business. This year, 25 global buyers — including boatbuilders, superyacht yards and distributors — will be taking part.

"The London International Boat Show — a showcase of our industry's excellence — provides the perfect location for the UKTI-supported Meet the Buyer event," says Christopher Uniacke, International Trade Adviser - Marine for UKTI South East. "Year on year, we successfully attract a large number of suppliers and buyers who benefit equally from the experience. Feedback we receive is always very positive, with suppliers recording a significant number of sales as a result of their participation."

The 2010 Tullett Prebon London International Boat Show will be held from January 8-17 at the ExCel exhibition centre in London's Docklands. The show normally attracts around 400 exhibitors and 122,000 visitors from around the world.

(22 December 2009)

2009-12-28T12:00:00.001Z

Finnish boatyard changes ownership

By IBI Magazine

Finnish motorboat producer Finn-Marin has been recapitalised after the company's former owners, Osmo Roukala and Jarmo Kinnunen, bought back all the shares in the company.

In 2006, Roukala and Kinnunen sold the majority of the Finnish glassfibre boat manufacturer's shares to a domestic group of venture capital investors.

"By purchasing all the shares we wanted to ensure the continuation of our operations in Kokkola during the hard times presently facing the boating industry. We have established our company in 1990 and now we want to take the company through the recession and to new growth. We believe we have the assets to further strengthen our already well-positioned brands," says Roukala and Kinnunen.

"Of course succeeding requires that we will be able to convince our customers, suppliers and other cooperation partners with our work, and to re-build a cooperation concept which was so successful previously. It will require cooperation and faith," say the new owners.

Finn-Marin's range of glassfibre boats includes two well-positioned brands — FinnMaster family boats and the Grandezza premium collection. The company was founded in 1990 and is headquartered in Kokkola.

According to a group statement, Osmo Roukala will now act as managing director of Finn-Marin and Jarmo Kinnunen will be chairman of the Board of Directors.

(22 December 2009)

Profits up at Oyster Marine

2009-11-14T10:05:00.003Z

Profits up at Oyster Marine

By IBI Magazine

Oyster Marine has reported an increase in turnover to £49.86m for its financial year ending December 31, 2008, up from £46.35m for the previous year. Operating profits and profits on ordinary activities before interest and taxation rose from £3.70m in 2007 to £4.73m in 2008.

The order book at year end for the UK yacht firm was in excess of £70m. The group balance sheet remains healthy with the year end cash and short term investments balance at £11m (2007: £12m). During the year average staff numbers increased to 256 from 239 in 2007.

On February 18, 2008 the entire share capital of the Group was acquired by a group of companies headed by Ocean Wave Group, backed by the Balmoral Capital organisation.

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(13 November 2009)

Princess Yachts 2008 £ results

2009-11-14T10:03:00.002Z

Princess Yachts turnover and profits up in 2008

By IBI Magazine

UK boatbuilder Princess Yachts International has reported a turnover of £206,62m for the year ending December 31, 2008, up from a turnover of £195.58m for the same period in 2007. Pre-tax profits also rose, from £24.59m in 2007 to £26.58m for the year ending December 2008.

In 2008 Princess employed an average of 1,918 in its workforce at its Plymouth facilities, up from an average of 1,738 in 2007 and 1,562 in 2006.

In May this year the boatbuilder announced that it was making 316 workers redundant, including 261 compulsory job losses. The job cuts were less than had been anticipated when Princess announced in March that it would be making cuts. At the time, the company said that up to 450 jobs were likely to go. This month the company announced that 20 workers were to be re-employed.

In June the boatbuilder signed a lease on a new 15-acre site at South Yard, where it will build its new Princess 105.

In May 2008 Princess was acquired by L Capital 2 FCPR for an estimated £200 million. The consortium was sponsored by Groupe Arnault, the investment vehicle of French billionaire Bernard Arnault, and Moët Hennessy-Louis Vuitton (LVMH), the luxury goods company he runs.

(13 November 2009)

Sealine posts £3.6m loss for 2008

2009-11-10T17:50:00.003Z

Sealine posts £3.6m in losses for 2008

By IBI Magazine

UK yacht builder Sealine International has posted an operating loss of £3.6m for the financial year ending December 31, 2008, but reports an increase of 15.6 per cent in turnover.

Operating losses fell from £6.901m in 2007 to £3.560m in 2008. Turnover grew from £42.099m in 2007 to £52.153m in 2008.

Selling, distribution and administrative expenses grew from £8.840m in 2007 to £10.540m in 2008. Restructuring costs totalled £1.812m on the 2008 accounts. The retained loss for 2008 after taxation amounted to £5.17m.

In reaction to the negative effect of the global financial crisis on the demand for pleasure boats, Sealine adopted a restructuring plan in October 2008, consolidating activities onto one site and reducing the workforce from 659 to 362.

The report of Sealine's directors reads: "The scale of the restructuring was exceptional as the company streamlined its overall manufacturing footprint from three sites to its one main facility in Kidderminster."

In its statement Sealine says it will be continuing its policy of receiving payment in full before shipping each boat.

Sealine builds a range of sports cruisers, flybridge cruisers and motoryachts from 8m-18m (25ft-60ft). The company is a wholly owned Brunswick Corporation subsidiary.

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(10 November 2009)

America's Cup in Valencia

2009-11-10T17:47:00.002Z

America's Cup in Valencia?

By IBI Magazine

The Société Nautique de Genève (SNG), the Swiss yacht club representing America's Cup Defender Alinghi, said today that the next America's Cup will be held in Valencia, Spain. SNG had previously chosen Ras Al Khaimah, UAE as the venue, but the New York Supreme Court declared that venue invalid. The judge ruled that the Cup had to take place somewhere in the Southern Hemisphere, or in Valenica, where the previous Cup was held.

SNG had also proposed two locations in Australia, but said in today's statement that its competitor Golden Gate Yacht Club (GGYC), representing BMW/Oracle, would not agree. But SNG said the offer of an Australian venue "remains on the table" until November 13, 2009.

"We went into the talks in good faith, ready to make concessions in order to guarantee the return of the Cup to the water for a February duel between two state of the art multihulls, but sadly once again BMW Oracle were in power grab mode," said Brad Butterworth, Alinghi skipper. "This time their priority was to delay the race because they are not ready. Originally they pushed for February when it was to their advantage; now they have to live with their choice of date. I think I speak for the community when I say we want the Cup sorted out as soon as possible on the water."

SNG has submitted a formal request to move the Cup to Valencia to the New York judge overseeing the case.

(10 November 2009)

Fairline CEO looks to 2010

2009-11-06T17:46:00.002Z

Fairline CEO looks to 2010

By IBI Magazine

Despite the poor 2008 results reported in today's IBI News, Fairline CEO Derek Carter remains relatively upbeat going into 2010, claiming that the company is on track to return a profit (albeit a marginal one) in 2009 with more growth and increased profitability for 2010.

"At the end of 2008 we wondered whether our cutbacks were going to be enough," Carter told IBI. "It has since transpired it was at the right level. During 2009 we have continued to produce with 1,000 people working full time and continue to build boats and sell boats through the distribution network."

Critically, reducing production in 2008/9 has helped the builder cut inventory levels. "They have come down significantly. We only have four boats over 60ft and only 10 over 50ft in worldwide stock, that's including at dealer level."

Dealer liquidity and dealer ability to commit forward monies to boats that will be produced in the coming year remains the major challenge facing boatbuilders worldwide, claims Carter: "This is not the fault of the dealerships. This is fundamentally a fact that many of the providers of wholesale finance have stepped out of the marketplace which has left the manufacturer and the retail customer to fill the gap."

In light of that challenge, Carter says the boatbuilder will look to under-produce in 2010 what it perceives retail market demand will be. "So we'll produce about five per cent more boats than we have in 2009, but we'll be much more profitable. Under-producing for the market will effectively mean that dealerships will get to a point where their stock levels are so low that there is no option but to draw money in from the retail sector — that will feed back in to an expectation that if I want a boat, I'm going to have to place a forward order. Prospective owners will have to commit with a deposit, which will in turn create that forward order position."

Under-supply of the market will also create scarcity, a fact that Carter predicts will drive up margins, effectively making discounting a thing of the past.

Carter says 2008 had been a "hell of a sharp readjustment (for the marine industry) but probably a necessary one", and that the objective for Fairline is to rebuild a sustainable order book for the future but one that is backed by deposit monies.
"Customers are emerging again. They've delayed their purchasing decisions by a year to a year and a half, not because they couldn't afford it, but because of confidence. They are reappearing now and are starting to place retail orders for the future."

Carter added that though the US remained "stubbornly soft" in terms of sales, a fact confirmed at the recent Ft Lauderdale boat show, sales in the eurozone and the UK had held up better than expected, while emerging markets such as Egypt, Saudi Arabia and Kuwait, the Far East, Brazil and Venezuela had been growing steadily. Russia and Australia were also picking up.

Carter added that product development investment would be accelerated in 2010. This year Fairline has launched a Squadron 65, and is about to launch a Targa 58. June next year will see the arrival of a new Squadron 41 and at the end of the year a Targa 50 and Squadron 50. Beyond 2010 a 70ft-plus Targa and Squadron are already on the drawing board.

Carter said that losses for 2008 would be followed by modest profit in 2009 and relatively substantial profits in 2010.

"Generally speaking we're back to where we were in 2005 at the time of the management buyout, with about £40m loan stock and bank debt. The business is fully invested for the next five years," he added. "Most importantly we haven't over-leveraged the business to get to this position. The leverage is at the same level to what it was in 2005, which, in this current private equity arena, is remarkable."

In July of this year Fairline completed a financial restructuring supported by its shareholders and lenders who wrote off £10m of the original loans and provided an additional £3.5m in equity investment. Furthermore the company's loan repayments have been differed until June 2011 and its banking covenants have been reset.

3i, the British venture capital group, remains the ultimate controlling company of Fairline Boats Ltd owning two-thirds of the company's equity. The management team and newly appointed chairman Alan Fletcher hold the remainder.

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(6 November 2009)

Fairline posts £17m loss for 2008

2009-11-06T17:40:00.002Z

Fairline posts £17m loss for 2008

By IBI Magazine

Fairline has reported a £17.4m loss on sales of £91.8m for the year ended December 31, 2008, according to recently filed financial accounts, plunging the UK boatbuilder in to the red for the first time in its 40-year history. That compares to sales of £130.2m and a profit of £9.7m for 2007, reflecting the full impact of the global economic downturn on the Northamptonshire-based enterprise.

Talking exclusively to IBI, managing director Derek Carter said that the poor financials were the cumulative result of drastic cost-reduction measures taken in 2008 in the face of falling demand.

"In the middle of 2008 we started to note that the metrics were beginning to go the wrong way from a market point of view. In July 2008 we took the decision to cut back production rates by about 10 per cent. Still the metrics kept going the wrong way so we waited for the end of the Southampton boat show, during which time Lehman brothers went belly up. It was then we realised only one thing to do — that was to cut back dramatically."

Last September, in the teeth of the recession, Carter says management took the decision to downsize the business by approximately 40 per cent. "From the end of September to December 2008 we took an enormous bath in terms of costs and disruption in downsizing the business. We said goodbye to 400 people."

The cuts have been deep. As well as the redundancies (which cost the builder approximately £2m), it was also forced to write off £2m-worth of tooling as it sought to consolidate its model line-up by taking its Targa 52, Targa 64, Phantom 40 and Squadron 58 out of production, as well as moth-balling four production lines.

"We reduced overhead costs by £9m — we took steps to incentivise the inventories that were in the dealerships globally which cost millions, not to mention the disruption of 400 people being on our books that weren't being productive."

Summing up, Carter said the boatbuilder had been to "hell and back" over the past 12 months, but that losses for 2008 would be followed by modest profit in 2009 and relatively substantial profits in 2010.

(6 November 2009)

Pendennis - 44m Catamaran

2009-10-28T16:58:00.002Z

Pendennis to work on "world's largest cruising catamaran"

The 44m (144ft) Hemisphere, described as the world's largest cruising catamaran, has arrived in Falmouth, UK, to have its final fit-out undertaken by Pendennis Shipyard. The transport of the yacht on a container ship from the US was overseen by Peters & May. The yacht was offloaded at Port Pendennis Marina prior to her moving to the shipyard's covered dry dock.

Hemisphere will be the first craft to use the newly extended cover over the whole of the 150m (492ft) length of the dock compared with 75m (246ft) previously. This extension is part of an expansion project that also includes a new shed, boosting capacity for refit work in the yard. It is not known how long work on Hemisphere will take.

Among the reasons the final fit-out is being handled by Pendennis is the strong impression of quality for such work gained by the owner and captain of the yacht. To maintain this, Pendennis has recently taken on 22 new apprentices so that it now has some 50 in the yard out of a total workforce of 300. These include 12 general apprentices and 10 surface finishers.

Pendennis has been working with apprentices for 10 years and is currently being featured in a UK national radio and press advertising campaign for the National Apprenticeship Service.

Superyacht Business / David Robinson, 28 October 2009

New York Court UAE Ruling

2009-10-28T16:51:00.003Z

New York court dismisses UAE as America's Cup venue

By IBI Magazine

The New York Supreme Court yesterday ruled that Société Nautique de Genève (SNG) cannot hold the America's Cup in Ras Al Khaimah, UAE. SNG, the yacht club representing Cup Defender Alinghi, had announced the emirate as the venue several months ago. But its challenger, BMW/Oracle, objected in court. The Swiss syndicate has already transported their boat to the emirate and started to train.

Justice Shirley Kornreich said that the February 2010 event must take place in a venue in the Southern Hemisphere as per a strict reading of the competition's governing document, the Deed of Gift, or in Valencia, Spain, where the last America's Cup was held.

"This is a disappointing result as we were certain that Justice Cahn's May 2008 decision allowed the Defender to chose Valencia or 'any other location'," said Lucien Masmejan, Société Nautique de Genève (SNG) legal counsel, in a statement. "We are satisfied, however, as Justice Kornreich confirmed that the Deed of Gift Match will be conducted under SNG rules as she had already ruled in a previous court order."

Golden Gate Yacht Club (GGYC), which represents BMW/Oracle, said it was "pleased" with the ruling. GGYC said the judge will rule later this week on two additional issues, including SNG's selection of umpires. "Justice Kornreich understands the need for a fair and impartial jury," said the GGYC statement."Our position is that the sailing jury must have the normal powers to adjudicate."

But an earlier GGYC statement was more direct. "SNG says it has the right to change the rules for the America's Cup races at any time and select all the umpires. It's like letting the Phillies change the rules for the World Series after it starts and select all the umpires," said David Boies, GGYC's attorney.

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(28 October 2009)

America's Cup Latest

2009-10-27T17:54:00.002Z

America's Cup legal feud continues

By IBI Magazine

The America's Cup entered new legal waters yesterday, reaching what one analyst calls a "new low point" for the 158-year-old sailing event. Golden Gate Yacht Club (GGYC) filed a "breach of fiduciary suit" against the Societe Nautique de Geneve (SNG) in New York state court, seeking to have SNG removed as America's Cup trustee.

The filing is the latest in the two-year legal battle between America's cup Defender Alinghi, represented by yacht club SNG, and BMW/Oracle, represented by GGYC.

In the lawsuit GGYC asked the court to replace SNG as America's Cup trustee with a "faithful, fit and proper substitute" to oversee the next America's Cup match, scheduled for February 2010.

"A new Trustee would provide equitable terms for both competitors, something SNG has denied GGYC by its orchestration and manipulation of the rules and processes designed to ensure that the defending sailing team, Alinghi, cannot lose," said a GGYC statement.

The suit alleges that Alinghi chief Ernesto Bertarelli is using the America's Cup for financial gains. Among other charges, it said that Bertarelli is using America's Cup hosting rights to extract "secret" commercial deals and that choosing Ras Al Khaimah, UAE, as the venue for the 33rd Cup will "further its own business interests whilst exposing GGYC to unnecessary danger." GGYC has filed a separate lawsuit against SNG over the UAE venue.

"The oldest international trophy in sport is now in peril because of the selfish and self-serving acts of the Swiss yacht club, its representative sailing team Alinghi, America's Cup management (both controlled by Ernesto Bertarelli) and other affiliates," read the statement.

In its own statement, SNG said that GGYC is trying to win the America's Cup "in court instead of on the water".

The Swiss club noted that this is the eighth legal action in two years. "After failing in their attempts to circumvent the terms set in the governing Deed of Gift, Ellison is now seeking to snatch the Cup from Société Nautique de Genève (SNG) with a new round of baseless allegations," said Fred Meyer, SNG vice commodore, in the statement.

Barry Ostrager, lead attorney for SNG, called the filing a "PR stunt" in the statement. "There is nothing in the complaint that hasn't been the subject of prior or pending legal proceedings," said Ostrager. "Basically, GGYC doesn't want to race SNG on the water after it disenfranchised 19 other clubs from competing in an elimination series."

Noted America's Cup reporter Richard Gladwell, writing for Sail World NZ, said the motion is "unprecedented in the history of the America's Cup, and is a new low-point for what used to be the premier trophy in sailing."

"The 20-page Motion is fairly damning, and covers a number of points that have been publicly vented over the past two years," added Gladwell. "It also goes back into alleged property and financial dealings by Bertarelli family interests linked to the America's Cup — covering both Valencia and Ras al-Khaimah."

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(27 October 2009)

Princess Yachts - Funding

2009-10-23T13:59:00.003+01:00

Princess receives support from Lloyds TSB

By IBI Magazine

Following the news earlier this year that Princess Yachts is to begin building a new range of tri-deck cruising yachts over 30m (100ft) in length, the UK boatbuilder today revealed that it is receiving "financial guidance and support" from Lloyds TSB Corporate Markets on various international trade issues.

Princess is currently working on the design and manufacture of its new M Class series, the Princess 32m (105ft) and Princess 40m (130ft), at its newly acquired site at Devonport Dockyard, Plymouth. The two yachts will be Princess Yachts' first-ever, tri-deck models, and were designed to meet customer demands for increasingly larger, high-performance vessels.

"The development of these latest models represents a real milestone for Princess Yachts and we're delighted to have the support of Lloyds TSB," says Princess finance director Ian Duffin. "We have a very good working relationship with the bank and value having a strong local team, led by Andy Wilton, which works in partnership with us, providing expert advice and solutions that match our needs."

Lloyds TSB Corporate Markets provides financial banking and advisory services to businesses and organisations with a turnover of £15m and above.

Princess Yachts generated annual sales of around £206.6m in 2008, up from £195.6m during the previous year. The company traditionally builds flybridge and V-Class motoryachts from 13m (44ft) and up.

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(22 October 2009)

Princess Yachts top 250

2009-10-12T18:59:00.003+01:00

Princess yachts breaks into The Sunday Times HSBC Top Track 250

By IBI Magazine

Princess Yachts based in Plymouth in the South West of England has broken into the top 250 British companies, as re-veiled by The Sunday Times HSBC Top Track 250 annual league table.

The table is compiled from the turnover of each company as shown in the latest published accounts available. For Princess Yachts, this figure rose from £195.6m in 2007 to £206.6m in 2008, pushing the company into the top 250 for the first time.

Chris Gates, managing director of Princess Yachts, says, "The results for 2008 follow our upward trend over a number of years, as Princess Yachts continues to grow in home and international markets".

Princess has recently invested into new facilities to build its M Class yachts to over 30m (100ft).

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(12 October 2009)

'New Airport' to threaten Thames Sailing

2009-10-09T07:00:00.006+01:00

UK Sailing under Airport Threat

Britain's second most popular sailing area - after the Solent - is under threat of being covered in concrete as London's Mayor, Boris Johnson, battles on with his plans for Heathrow-on-Sea. Oil-rich sheikhs from Kuwait, Qatar and the United Arab Emirates are reported to be interested in investing £40 billion in Johnson's dream to replace the UK's major airport with runways in the Thames Estuary. 

Deputy Mayor, Kit Malthouse, said the new 24-hours-a-day airport could be up and running within 10 years and plans show it would dwarf the area now occupied by Heathrow. A feasibility plan - to be published soon - will include two artificial islands holding six runways linked to terminals on the mainland by tunnels, and bridges. Shuttle trains would carry passengers onto the existing, over-congested commuter rail-lines running from Shoeburyness, and Southend-on-Sea to London's Fenchurch Street and Liverpool Street and from Minster and Sittingbourne to St Pancras.

The areas under threat include the Rivers Roach, Crouch, Thames, Swale and Medway as well as rare wetlands in Kent and Essex

IBI Magazine

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The Boat & Caravan Show, Birmingham

2009-10-06T17:53:00.002+01:00

Leading Outdoor Leisure Show to change its name

By IBI Magazine

Now in its 49th year The National Boat Caravan and Outdoor Show held annually in Birmingham UK is to be re-branded as The Boat and Caravan Show. According to organisers Ocean Media the new identity reflects a significant growth in size and coverage of the show across all outdoor leisure markets.

A good sign for the re-branded show is that 80 per cent of the exhibition space has already been sold with six months to go before the show is due to start. Not bad, considering the show covers all five halls of the NEC arena in Birmingham, UK.

Boat and Caravan 2010 will take place from February 23-28, 2010.

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(6 October 2009)

Business Opportunity - Thames

2009-10-05T19:34:00.002+01:00

BUSINESS OPPORTUNITY: SERVING THE LOWER LEA AND OLYMPIC RIVERS

British Waterways and London Thames Gateway Development Corporation are looking for a business partner to manage a new boat base: Limehouse Quay.

The successful partner will develop and manage a new water-based leisure destination in the heart of east London, with the potential to run boat services to the Olympic Park during the 2012 Games.

With a lease of up to 25 years, you will be responsible for procuring commercial boats to fill the Quay and will be able to build effective partnerships with commercial, educational, community and leisure organisations.

We would also like to hear from community and commercial leisure boat operators who would like to move their operation to Limehouse Quay or work with the manager of the Quay to give this part of London a new vibrancy and attract new visitors to the river.

To express your interest and find out more about the plans for Limehouse Quay please visit our website: www.britishwaterways.co.uk/limehousequay

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2009-10-05T12:14:00.002+01:00

UK superyacht builders to pool resources?

Devonport Yachts, the former Babcock Marine superyacht newbuild brand, continues its task to find a new location to construct such vessels. In trying to achieve this objective, three-way discussions involving Devonport Yachts, Pendennis Shipyard and its neighbour A&P Group have been held. Pendennis is a successful newbuild and refit company while A&P carries out commercial ship repair using three dry docks next to the 150m (492ft) dock owned by Pendennis. Devonport Yachts had planned a press briefing at Monaco but this was cancelled as plans have not progressed as far as was hoped for.

In a statement, Toby Allies, sales and marketing director at Pendennis said: "The Devonport brand has been acquired by its previous management and they naturally approached Pendennis, as well as a number of other businesses we suspect, to house the brand and continue large yacht building. We have no further announcement to make at this stage but we are certainly pleased with the interest and focus generated on Falmouth as the UK's premier superyacht building and refit base - something which we remain fully committed to seeing succeed."

Pendennis for its part is busy with both newbuild and refit work plus further expansion. In build is a Barracuda 32m (105ft) sailing yacht and a Ron Holland 46m (150ft) ketch. Refit work is underway or planned on five yachts including a 50m (164ft) Feadship and a 55m (180ft) yacht. The expansion includes a 75m (246ft) cover for the portion of its 150m (492ft) dry dock not yet covered and a 55m x 17m x 16m (180ft x 56ft x 52ft) shed which is suitable for both refits and newbuild completion. Pendennis also has waterfront space that is has acquired to use as a hard standing.

The involvement of A&P is interesting in that much of the Pendennis site is being used for its own current workload. If Devonport came to Falmouth, then more space and an additional drydock might be needed.

Superyacht Business / David Robinson, 30 September 2009

2009-10-04T07:39:00.003+01:00

America's Cup challenger opposes UAE venue

By IBI Magazine

Just two days after the high-tech catamaran belonging to America's Cup Defender Alinghi arrived in Ras al Khaimah, UAE, venue for the next Cup, Challenger BMW Oracle has asked a New York court to change the location. BMW Oracle cited "grave safety concerns" because of the emirate's geographical proximity to Iran.

BMW Oracle, under its sponsor Golden Gate Yacht Club (GGYC), has asked the New York Supreme Court to instead mandate Valencia, Spain, site of the last America's Cup, as the next venue. "Under the America's Cup Deed of Gift, for a match in February the Defender, Société Nautique de Geneve (Alinghi's yacht club) cannot select a Northern Hemisphere location without GGYC's mutual consent," read the statement. "GGYC has consistently reminded SNG that, without our mutual consent, any other venue they select would have to be fully compliant with the Deed of Gift. The only exception is Valencia, which the court's April 7, 2009 decision expressly permits."

BMW Oracle sent a representative to Ras al Khaimah to inspect the venue. "It was clear that the RAK venue fails on every key measure necessary for a successful America's Cup, including: lack of infrastructure, security and wind." The statement said a territorial dispute between the UAE and Iran over nearby islands also adds to security concerns.

"The choice of RAK underscores SNG's abject failure in its responsibilities as Trustee of the America's Cup," said Russell Coutts, skipper and CEO of GGYC's BMW Oracle Racing team. "It seems that the Defender is prepared to go to any lengths to make this America's Cup a travesty."

Alinghi called BMW Oracle's latest motion in the ongoing lawsuit "further proof of their unsportsmanlike behaviour". A statement from Brad Butterworth, Alinghi skipper, said training would continue in Ras al Khaimah for the America's Cup match for the next four months.

"We believe this lawsuit is yet another tactic employed by Larry Ellison and BMW Oracle to avoid racing us for the Cup on the water," said Butterworth in the statement.

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(2 October 2009)

Southampton 2009

2009-09-22T15:59:00.003+01:00

Confidence returns to Southampton

By IBI Magazine

The 41st PSP Southampton Boat Show closed on Sunday with final attendance figures of 121,671 — a 2.3 per cent increase from the 121,389 people that attended last year's event.

According to show organiser National Boat Shows (NBS), exhibitors displayed a mood of 'cautious optimism', with many reporting strong sales. More than 500 exhibitors and almost 1,000 boats were on show, ranging from 1.6m (5ft) inflatables to 39.6m (130ft) motoryachts priced at £10.6m.

"I believe this show proves the resilience and innovative nature of the British marine industry," says NBS chairman Paul Strzelecki. "To have such a positive show in the current economic climate is remarkable and we are delighted with the number of visitors who have come to enjoy it and, importantly, make purchases."

Feedback from exhibitors confirms that the show, which ran for 10 days from September 11-20, ended on a high note.

Marine upholstery and equipment supplier Toomer & Hayter, for example, reported a 50 per cent uplift in year-on-year sales and yacht brokers Boatshed.com have secured sales or offers on more than 60 boats throughout the course of the show — its best-ever result at Southampton.

"We were very apprehensive going into the show, but we have come out of it delighted," says Frank Stevens of Crownline. "We're pleased with the numbers and also the quality of visitor. We've achieved twice as many sales as we did at the 2008 PSP Southampton Boat Show."

Ian Braham, head of Marine Finance at Lombard, adds: "We are very pleased with the results achieved at the show. There has clearly been an improvement in customer confidence, which has resulted in us exceeding last year's value of finance applications by 32 per cent. This is a positive sign for the industry."

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(22 September 2009)

British Yards into 2010

2009-09-16T18:29:00.004+01:00

'Steady as we go' into 2010 for British yards

By IBI Magazine

The UK's major yacht builders — Fairline, Sunseeker, Princess and Sealine — are presenting new models at the ongoing Southampton boat show and expressing cautious optimism for 2010.

Derek Carter, CEO of Fairline, presented the Squadron 65 at the south coast show and announced that the Targa 58 would be launched at London in December and the Squadron 41 in mid-2010. Three additional boats are currently in development.

"The range was shrunk back to eight boats in 2008," Carter said at a press briefing. "But it will be back up to 11 in 2010-2011, when our average boat-life will be 2.5 years. We hope this moment will coincide with the market picking back up."

Sunseeker brought its production schedule forward by six months to present four world exclusives at Southampton — the 54, 60 and 130 Predator and the 80 Yacht.

"We've grown as a company, not declined," founder and managing director Robert Braithwaite said of the past year. "Over the next two years we have the 150ft-180ft Zeus range to introduce."

Princess unveiled the V78 (pictured) and the 78 Motor Yacht at Southampton and underlined the importance of product development during the downturn.

"Everyone's been talking about a difficult year," Simon Clare, head of marketing at Princess, told the press. "We're very conscious of investing in new products and new models. Today we're seeing the fruits of that investment."

Clare also mentioned Princess's plans to launch 32m (105ft) and 40m (131ft) models.

Managing director at Sealine Steve Coultate said that his company had 'got it right' with 'early and decisive' decisions at the beginning of the downturn.

"Worldwide dealer stock inventory is down by 45 per cent, which helps further down the chain and maintains strength in trading," he said at a press briefing. "We've centralised all manufacturing onto the one site, invested in new products and created more value for the clients through efficiency."

Sealine unveiled the F46 at Southampton. The company says its new products are outperforming the market by 10-20 per cent.

The PSP Southampton Boat Show runs from September 11-20 and this year features 500 exhibitors and almost 1,000 boats on show.

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2009 Survey of Marine Business in South West

2009-09-15T17:34:00.001+01:00

Bishop Fleming releases survey results

By IBI Magazine

According to a recent survey conducted by UK accountancy firm Bishop Fleming, around 59 per cent of Britain's South West marine businesses believe that their sector will not emerge from the recession until next year, or the year after.

Most respondents, at 57 per cent, have had their sales affected by the recession — almost a quarter (23 per cent) have seen sales reduced by one-tenth, while 16 per cent report sales down by a quarter.

"Almost three-quarters of our respondents said that the marine sector is not getting the recognition of its role in the South West's economy, compared to tourism, agriculture, telecom-technology, and renewable energy," says Charlie Thomson, the partner heading Bishop Fleming's marine sector team.

"More than half (57 per cent) observed that the South West Regional Development Agency had identified the marine sector for priority focus, but have seen little practical funding aid. A further 30 per cent suggested that all the reasons for the Government to support the motor industry, like the scrapping scheme, should also apply to the marine industry in the South West."

Meanwhile, 31 per cent of South West marine businesses have already had to lay off staff, and a further 30 per cent are now considering job cuts.

Nevertheless, the survey reveals an underlying confidence in the future. Some 24 per cent of respondents said that, although the region is losing some good businesses in the recession, others are investing in new ideas and new markets, ready for the upturn.

(15 September 2009)

Sunseeker - Southampton Int Boat Show

2009-08-21T14:52:00.002+01:00

Sunseeker to launch four new boats at SIBS

By IBI Magazine

British luxury yacht builder Sunseeker will launch four new boats at the 2009 Southampton International Boat Show: the Predator 54, Predator 60, Predator 130 and the 80 Yacht.

The Predator 54 will start with a choice of open or hard top, the Predator 60 will offer a 37kt top speed and the Predator 130 features a full beam stateroom.

The 80 Yacht has a range of 350nm and a cruising speed of 24kt-25kt.

In addition to the new models, a further 14 Sunseekers will be on display at the show, which runs from September 11-20. Also on show will be a Sunseeker 34 Metre Yacht.

"Despite a difficult world economy, Sunseeker has proved once again that innovation and a desire to produce the very best can still generate success," says managing director Robert Braithwaite.

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Oyster - New Operations Director

2009-08-10T17:33:00.004+01:00

Oyster names new operations director

By IBI Magazine

UK luxury boatbuilder Oyster Marine has named Kjell Vesto as the company's new operations director, effective October 1, 2009.

Kjell has had a 30-year career with Finnish boatbuilder Nautor's Swan covering a wide range of roles. He was closely involved with the development of yachts from 36ft-131ft (11m-40m).

At Oyster Kjell will be in charge of Oyster's design, engineering and project management teams. He will initially focus on construction efficiencies at Oyster, product development and the delivery of yachts to customers.

Oyster says establishing the role of operations director will enable CEO David Tydeman to focus on the Oyster Group's business development activities.

Based in Ipswich, Suffolk, Oyster builds sailing and motoryachts up to superyacht size.

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(10 August 2009)

Americas Cup - Latest

2009-08-06T17:42:00.002+01:00

Alinghi chooses UAE for America's Cup venue

By IBI Magazine

Societe Nautique de Geneve (SNG), representing America's Cup Defender Alinghi, yesterday said that Ras al-Khaimah in the United Arab Emirates will be the host country for the 33rd America's Cup. Its main rival BMW Oracle issued a statement through its sponsor, Golden Gate Yacht Club (GGYC), that it did not believe the Swiss syndicate could unilaterally choose the venue.

"This is a venue that offers perfect weather and great sailing conditions for a match in February; the authorities have shown tremendous interest in, and support for hosting the America's Cup," said Fred Meyer, vice-commodore of the Societe Nautique de Geneve, in a statement.

GGYC said it was reviewing its options after the announcement. "GGYC believes SNG's choice of this venue, without our mutual consent, is contrary to the Deed of Gift and the decisions and orders of the New York courts," read its statement.

The two sides have been in court over the last two years regarding the terms of the event, and the interpretation of the America's Cup "Deed of Gift" which determines the rules for the event. GGYC has accused the Swiss of unfairly changing the rules and conspiring against them with the International Sailing Federation. In the latest court ruling, a New York judge ruled that an engine Alinghi installed on its racing multihull was allowed under the Deed of Gift. Both sides will reappear in court on August 10 for a hearing on the racing guidelines.

"Our absolute priorities in making this decision are the prevailing weather conditions and the resulting safety that they bring to both teams," said Alinghi skipper Brad Butterworth in the SNG statement. "We looked everywhere for a venue that suited having good racing for the match dates in February."

Meyer said UAE authorities would make a "purpose-built island" available to the teams for their bases. "It is a great moment for us to host this prestigious event and to welcome all the sports people to the UAE and to Ras al-Khaimah to watch this great event," said His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince of Ras al-Khaimah, in the SNG statement. "We are looking forward to its success."

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Superyacht - Scottish Peer in helicopter accident

2009-08-05T17:24:00.003+01:00

Superyacht helicopter crash lands with British peer on board

Four people in the helicopter belonging to the 55m (180ft) yacht Lady Christine have escaped death after the aircraft was forced to make a crash landing over Penobscot Bay, Maine, USA, last weekend.

It is understood that after the crash all four aboard were able to free themselves and wade ashore. One passenger suffering neck pains was taken to a local hospital. US Coast Guard reports suggest that Lord Laidlaw — who owns Lady Christine — was piloting the helicopter at the time of the incident.

Lord Laidlaw is believed to be Scotland's second richest person and worth an estimated £700m (about $1.2bn), made his fortune through the event organiser, Institute for International Research (IIR). Ironically, this company is now closely linked with the Informa Yacht Group — the organisers of the Monaco and Abu Dhabi Yacht Shows.

The yacht is understood to have been on an east coast cruise and the helicopter was later recovered by a commercial salvage company. An inquiry is to be held into the incident.
The case highlights safety and operating issues surrounding superyachts carrying helicopters.

Superyacht Business, 5 August 2009

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America's Cup - Engines Allowed

2009-08-05T17:17:00.002+01:00

New York judge allows engines on America's Cup yacht

Judge Shirley Kornreich ruled yesterday that America's Cup defender Alinghi can use an engine for trimming sails and other functions. Opponent BMW Oracle, which objected to the engine in the New York State Supreme Court, welcomed the clarification, but said it was a "sad day" for the America's Cup.

In her ruling, Judge Kornreich said that an engine used to propel the boat would "violate" the Deed of Gift, the longstanding rules governing America's Cup racing. The Deed "does not, however, contain my restrictions on ballast or design features regarding trimming the sails," she wrote.

The New York judge said that Golden Gate Yacht Club (GGYC), the club BMW Oracle represents, did not submit evidence disputing the rules interpretation by Alinghi's club, Societe Nautique de Geneve (SNG). "Golden Gate's arguments based on sportsmanship and fairness are equally unavailing, as well as ironic in light of both parties' displayed lack of adherence to the Deed's condition that the America's Cup race be a 'perpetual Challenge Cup for friendly competition'," wrote the judge.

Fred Meyer, SNG vice commodore, said the club was "very pleased" with the ruling. "This decision reflects her clear understanding of the Defender's rights under the Deed of Gift, which makes it the duty of Societe Nautique de Geneve (SNG) to set the rules for the upcoming 33rd America's Cup," he said in a statement. "The judge's order also validates the agreement entered into by SNG with the International Sailing Federation (ISAF), demonstrating that SNG is committed to returning the competition to the water where it belongs."

Tom Ehman, spokesman for GGYC, said he was "pleased" that the judge gave "clarity" regarding the design rules, but disputed the decision. "For the first time in the Cup's history, engines will be permitted to trim the sails, and computers can be used to control and steer the yachts," he said in a statement. "While we are pleased with the design-rule certainty, we are disappointed that the Court has said that SNG can change the other racing rules at any time up to the start of the Match. We do not believe this is what the Deed says, nor what the donors intended, and are currently reviewing our options in this regard."

The two teams will compete for the America's Cup in a best-of-3 matchup next February. Both teams have unveiled 90-foot multihulled yachts that are capable of sailing two to two and a half times the speed of the wind. But BMW Oracle cried foul to the New York court last month after Alinghi unveiled its yacht. The 90-ft. trimaran had, according to some descriptions, what looked like a snowmobile engine to assist with lifting sails and moving ballast.

The two teams will return to court August 10 concerning Alinghi's demand that BMW Oracle Racing turn over a measurement certificate, or Custom House Registry, for its trimaran.

Alinghi has said it will name a venue for the America's Cup races by next Thursday. It is considering Turkey, Italy, UAE and Valencia, Spain, where the previous Cup was held.

For Boat Surveys - All types, marine consultancy and ADR dispute mediation

Visit EMS at www.europeanmarinesurveys.com

Superyacht Business, 4 August 2009

Want a FREE Bentley - At what cost ?

2009-08-05T13:54:00.002+01:00

Pearl Motor Yachts promotion

By IBI Magazine

The UK's Pearl Motor Yachts is offering a free Bentley motorcar with every purchase of a Pearl 60 yacht. The offer is available for a limited time and will entitle anyone purchasing the group's flagship vessel to a Bentley GT Continental Coupe.

Iain Smallridge, managing director of Pearl, says: "Bentley and Pearl have been working together for a while now, as the brands complement each other so well. Both offer exceptional British craftsmanship and bespoke finishes, so no two models are the same. Many of our clients are huge fans too, so it was the obvious choice and a beautiful boat really does deserve a beautiful car parked outside!"

Powered by twin 775hp Volvo engines, the Pearl 60 has an open-plan design that positions the two principal cabins at either end of the yacht for ultimate privacy. The choice of eight or 10 berths also gives owners complete autonomy over the layout as well as a wide choice of internal finishes.

Pearl's exclusive offer will be available on all Pearl 60s ordered before September 20, 2009.

Visit EMS at www.europeanmarinesurveys.com

(22 July 2009)

UK-Fleming managers acquire Corvette Marine

2009-08-05T13:41:00.004+01:00

UK - Fleming managers acquire Corvette Marine

By IBI Magazine

Duncan Cowie and Adi Shard, two top managers of Fleming Yachts, have acquired the tooling and intellectual property of Corvette Marine. The UK builder, which began operations in 1974, shut down last year because of the global downturn in boat sales. Production has been moved to the Tung Hwa boat yard in Kaohsiung, Taiwan.

The redesigned Corvette 320 and an all-new 340 model are currently being built at the Tung Hwa yard. Corvette's two previous owners, Steve Robson and Rod Nixon, have relocated to Kaohsiung to oversee the build process.

"The more we looked at the Corvette, the more we saw similarities between Fleming's approach to cruising and Corvette's, but obviously on a smaller scale," said Duncan Cowie in a statement. Having Robson and Nixon working on the Corvette line allows Cowie and Shard to focus on Fleming designs, added Cowie.

A Corvette 320, built at its former UK facility, will be on display at the 2009 Southampton Boat Show. The all-new Corvette 340 from Tung Hwa will be launched later this year, though the company did not say where. Corvette will sell its products through an international dealer network.

Visit EMS at www.europeanmarinesurveys.com

(4 August 2009)

New Brokerage Company in Lymington

2009-06-30T17:21:00.000+01:00

Humphreys Brokerage forms in UK

By IBI Magazine

Humphreys Yacht Design (HYD) in the UK has launched a new brokerage division to run alongside its Lymington-based design business.

Humphreys Brokerage, which is based in Lymington, Hampshire, will specialise in Humphreys designs, although other designs will also be available. Many of these are pre-owned raceboats such as Open 60s, Volvo70s/60s and Class 40s, but the main body of the listing comprises Oysters, Elans and Southerlys from the Humphreys stable.

The division is headed by Paul Kelly, a former Global Challenge Round the World race skipper, and currently comprises over 100 boats on its list.

"This is an exciting time for us all at Humphreys; it's a unique opportunity to move the Humphreys brand into the brokerage arena and to offer a new service to our loyal clients," says company director Rob Humphreys.

Beneteau announces 660 staff reduction

2009-06-24T17:37:00.000+01:00

Bénéteau announces 60 redundancies and 600 voluntary departures

By IBI Magazine

French boatbuilder the Bénéteau Group has presented its adaptation plan to the Central Works Council, proposing 60 redundancies and 600 voluntary departures.

The number of redundancies has been limited to 60 compared to the 590 originally forecast. A total of 625 positions has been saved by short-term adaptation plans.

In April Bénéteau estimated that it was overstaffed by 1,590 positions, with difficult market conditions causing a loss of 2.7m production hours.

Measures that have allowed the group to preserve a higher number of overstaffed positions than initially expected include flexible working and the addition of a residential development.

A reorganisation of the company's executive management team has also been proposed as part of the package of measures. Under the proposal, the position of chief financial officer, held by Bruno Poloniato, will be performed as previously by chairman of the management board Bruno Cathelinais.

A further meeting with the Central Works Council will be held on June 23 before all adaptation measures are implemented.

Bénéteau reported a net loss of €20.3m for the first half of 2008/2009. At the end of the financial year 2007-2008, the group's turnover totalled €1.055bn and it employed 6,000 people at 20 production sites.

(11 June 2009)

Princess 'expansion' to build 100' yachts

2009-06-24T16:47:00.000+01:00

Princess signs lease on new facility

By IBI Magazine

Princess Yachts International has signed the lease for a 15 acre (6 hectare) waterfront site at South Yard, Plymouth. Part of the famous Devonport Naval base, this facility has been acquired to enable Princess to commence the construction of a new range of large yachts. The bespoke craft, which will be over 100 feet, are too large to be built in Princess' existing manufacturing sites.

Chris Gates, managing director at Princess Yachts International, said, "Acquiring this land is a significant step for the company's future. We have been working for some time to achieve the waterfront location we require in the Plymouth area. Expanding locally has always been a priority not least because of the skilled workforce and supply chain we have established here over the years.

"The South Yard site will enable us to start immediate production of a new range of large craft. We have identified this market as key for Princess to ensure its growth and long term development, helping us secure stable employment for our workforce."

With the additional 15 acres at an estimated phased investment cost of around £15m, Princess Yachts International now has over 38 acres of land in Plymouth, including its Newport Street head office and manufacturing site, Coypool, Lee Mill and Langage sites. The company remains one of the largest employers in the area.

One of the first yachts to be built at the South Yard site will be the Princess 105. Heralding the start of a new range of technically advanced, long range cruising yachts, it is estimated that the first finished craft will be completed by the end of 2010. The development of these new larger models forms a major part of Princess' future expansion plans, and has helped secure the future employment of many of its existing staff.

Gates continues, "Our reputation for design, engineering and manufacturing excellence has helped make Princess one of the leading brands in the world motor yacht market. This investment means we can meet increasing worldwide demands for larger motoryachts and continue to strengthen the company for the future. We are delighted with the support we have received from the MOD, Plymouth City Council, the South West Regional Development Agency, the Homes and Communities Agency and the Plymouth City Development Company in helping achieve this."

(12 June 2009)

Sealine Launches New Flagship

2009-06-13T08:12:00.000+01:00

Sealine launches new flagship

By IBI Magazine

Sealine has unveiled plans for their new F-Series flagship, the F46, which will be launched in September. This top of the range F-Series flybridge motoryacht will lead the design philosophy for future F-series models.

The F46 has an identical hull to that used on the SC47 launched last year. The wide beam facilitates more internal space whilst increasing the stability of the boat. The hull design aims to ensure an extremely stable cruising experience at all speeds. An automatic trim tab system maintains an ideal trim angle whilst an integrated stern lifting surface reduces the planing hump angles and increases acceleration.

The hull has been specifically designed to take advantage of a pod drive propulsion system, such as Cummins MerCruiser Zeus or Volvo Penta IPS. This in turn is complimented with a joystick docking system available from both the lower and upper helm.

(11 June 2009)

Tarqin (Trader) Boat Company appoints administrators

2009-06-13T07:42:00.000+01:00

UK boatbuilder appoints administrators

By MBY

The Tarquin Boat Company, which manufactures and sells the Trader range of motoryachts, has appointed administrators.

Carl Faulds and James Tickell of Portland Business and Financial Solutions were appointed administrators on Tuesday 9 June.

They are inviting potential buyers for the business to come forward, and say already some Trader owners have expressed an interest in investing in the company's future.

A spokesman for Portland Business and Financial Solutions told IBI's sister magazine Motor Boat and Yachting: "Our role very much is trying to deal with existing boats which are in production and looking for buyers.

"We have only been involved for 24 hours but it is a sign of the times. People are not spending the kind of money on luxury goods that businesses like this need them to.

"They have got current orders and we're working through them but in terms of the future they have suffered a drop-off.

"We're still trying to work through where each sale is at. Customers are being contacted as we do so."

However, he asked any Trader customers or potential buyers to get in touch with Portland.

The firm does not have any stock boats to sell off.

Family-run firm Tarquin are the highest profile UK marine industry victim of the recession so far.

CEO Tony Chappell has been a key figure in the UK marine business for the past 30 years, selling boats to customers worldwide from his Emsworth base.

The news will send shockwaves throughout the industry and perhaps persuade other builders to tighten their belts yet further until the economy shows signs of improving.

Trader unveiled plans for their innovative 38 Sprint in November last year to wide acclaim, selling the first boat off-plan.

Earlier this year the firm unveiled their impressive Trader 75, a new flagship and a move into the lucrative big boat market.

The launch was timed to coincide with the marque's 30th anniversary.

(11 June 2009)

Princess Yachts cuts 300 workers

2009-05-26T17:42:00.002+01:00

Princess Yachts cuts 300 workers

By IBI Magazine

Princess Yachts said it intends to make 316 workers redundant, including 261 cumpulsory job losses. The UK builder, which employs 2,100 workers, informed the workers on Friday of the job cuts.

According to a story in the Plymouth Herald, the cuts are to be made "across the board" and the laid-off workers will leave in June. Princess has facilities in Stonehouse, Coypool, Langage and Lee Mill.

The job cuts are less than had been anticipated when Princess announced in March that it would be making cuts. At the time, the company said that up to 450 jobs were likely to go. The company said it was able to retain staff because it cut sub-contractor work and has decided to develop larger projects. The paper reported that 56 of the workers are leaving voluntarily.

"We've been able to mitigate a lot of (the job losses)," managing director Chris Gates told the paper. "It's a blow, but not as bad as it could have been, that's for sure. We'll be building some larger craft. We're searching for those orders. We're putting more people into development to bring our product forward."

The company warned workers in March that it would make cuts in "order to strengthen the company in the current financial climate."

Gates adds: "We are committed to continued investment in the Plymouth area and in our people, but must meet the challenges being seen across all industries and match our production capacity to the changing demand. The company is now in a position to plan for growth and remain one of the largest employers in the area, reinforcing its philosophy of long term stable employment."

(26 May 2009)

National Boat Shows elects new board member

2009-05-20T17:33:00.002+01:00

National Boat Shows elects new board member

By IBI Magazine

Peter Gordon, owner of UK sailing school Rockley Watersports, has beaten eight other candidates to be elected to the board of National Boat Shows (NBS).

A subsidiary of the British Marine Federation (BMF), NBS is the official organiser of both the London and Southampton boat shows. In his new role, Gordon will help to develop strategy and formulation plans in relation to both UK events.

"I am delighted to have been elected on to the board, especially as I was up against so many others," says Gordon. "Rockley Watersports has exhibited at both shows for many years so I am really looking forward to working on plans for future shows."

Gordon has more than 20 years' experience in the industry.

(20 May 2009)

BMF British Marine Federation confirms job cuts

2009-05-18T17:28:00.001+01:00

British Marine Federation confirms job cuts

By IBI Magazine

The British Marine Federation (BMF) today announced that a limited number of redundancies are to take place at its UK headquarters in Egham, Surrey.

The lay-offs at Marine House are part of a series of cost-saving measures that were implemented following a thorough review of budgets. The trade association is now entering a two-week period of consultation.

"We have done all we can to avoid these regrettable reductions," says CEO Rob Stevens. "I know this is a difficult time for colleagues at Marine House but we will ensure that these changes will not compromise our core services or the industry's two boat shows.

"The BMF is not immune to the current economic climate but by taking these tough decisions now we are putting ourselves in a sustainable position to continue to serve and champion the leisure marine industry."

The BMF is the trade body for the UK marine industry, representing British interests both at home and abroad. It has 1,500 members representing an industry worth around £3.1m in turnover. The association also serves as organiser of the London and Southampton boat shows through its NBS subsidiary.

(15 May 2009)

Aquafibre Mouldings - Ceases Trading

2009-05-18T17:24:00.003+01:00

Aquafibre Moulding shuts doors

By IBI Magazine

UK-based Aquafibre Moulding last week shut its doors after 43 years in business. The company, located at Rackheath, near Norwich, was a sister company to Broom Boats.

According to the Norwich Eastern Daily Press, Aquafibre Moulding had been reducing its staff over the last year, but the final 20 workers were made redundant last week.

The company has made hulls and moulds for its sister company, Broom Boats, but also for UK brands Fairline and Princess as well as other European boatbuilders. Broom Boats' website said that Aquafibre had a range of more than 30 hull moulds designed for specific water conditions. The company specialised in hire fleets.

Martin Broom, chairman of the group, said recent years had seen a slowing up of growth in hire fleets. That trend and the current recession had led to the decision to close the facility.

"Broom Boats at Brundall is Aquafibre's oldest customer and they are now expanding their own mould shop facilities to produce all their moulding requirements in house as well as supplying other companies," Broom told the paper. "It is very sad to see Aquafibre close after 43 years but we have to respond to the changing economic climate."

Broom could not be reached by press time for comment.

(15 May 2009)

Haines Marine - Refurbishment / Repairs / Servicing

2009-05-12T10:26:00.003+01:00

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2009 Earls Court Boatshow - Cancelled

2009-05-05T17:56:00.001+01:00

2009 Earls Court show - Cancelled

By IBI Magazine

The 2009 Sail, Power & Watersports Show (formerly the Earls Court London Boat Show) has been cancelled, according to IBI's sister publication Yachting Monthly.

Instead, the show's managing director James Brooke plans to run a British Leisure Show next spring at Windsor Racecourse, as well as a marine-based show at London's Earls Court in November 2010.

The Earls Court show should not be confused with the London International Boat Show, which returns next year to the Excel exhibition centre in London's Docklands from January 8-17. The show is organised by National Boat Shows (NBS), a division of the British Marine Federation (BMF).

"Over the last two years we have directed over £5m of investment to promote the marine industry through our shows at Earls Court," says Brooke. "As we continue to increase the level of investment, it has been essential to fully understand the new challenges facing many companies within the marine industry in 2009 and beyond."

"We look forward to returning to Earls Court in November 2010," he says.

The 1st British Leisure Show will run in the spring next year, on the banks of the River Thames, at the Royal Windsor Racecourse from March 19-21. The show will incorporate an extensive range of products from all leisure sectors, including marine, aviation, classic & sports cars, bikes, caravan & camping, health & fitness, extreme sports and more.

(5 May 2009)

Boat Sales by eAuction

2009-03-23T18:28:00.003Z

Essex Boatyards schedules eAuction

By IBI Magazine

Essex Boatyards, a UK-based boat sales and repairs firm, has chosen Wax Digital to help the company market a range of yachts in an online auction.

The industry-first event, which is scheduled for May 1, allows interested parties to register up to six weeks in advance and then bid on the day via a standard web browser.

"We see eAuctions as a means to demonstrate our continued commitment in offering outstanding value and innovation in our industry," says Essex director Nick Barke.

"We chose to work with Wax Digital because they offer both market-leading technology and a team of expert consultants on hand to help us extract the best from that technology," he adds. "They have supported us in developing the auction, providing advice and best-practice expertise."

Users will also be able to purchase Marine Surveys on each of the craft before the event. Essex Boatyards has purchased the surveys in advance and is offering copies to registered bidders at an exclusive rate of just £40 VAT.

Essex Boatyards is a family-owned business with more than 30 years' experience in boat sales and repairs. The company is a main dealer for Fairline and a UK distributor of Arvor, Glastron and Four Winns motorboats.

(23 March 2009)

2010 London Boat Show - Stand Space Price Reduction

2009-03-13T17:53:00.001Z

BMF reduces price of 2010 London stand space

By IBI Magazine

The British Marine Federation (BMF), together with its subsidiary company National Boat Shows (NBS), has announced a 20 per cent reduction in the price of exhibitor space at next year's London International Boat Show.

The saving is one of three cost-cutting measures put in place by the BMF through an Economic Conditions Discounts (ECD) package. The association has also reduced membership fees by 10 per cent and halted any increase in the cost of exhibitor space at the PSP Southampton Boat Show in September 2009.

To qualify for the 20 per cent reduction at next year's London show, marine businesses have to have exhibited this year and must also guarantee to take a minimum of 90 per cent of their 2009 stand space.

(13 March 2009)

2009-03-12T17:22:00.001Z

Welsh marina accused of profiteering

By IBI Magazine/Yachting Monthly

A £9m Welsh marina which opened in 1995 has been accused of profiteering after yachtsmen claimed its berthing charges have gone up by 35 per cent.

The 100-berth Aberystwyth Marina in mid-Wales has seen up to 12 boats leave to moor elsewhere, according to local news reports. And Aber Marina Berthing Association spokesman Richard Lees claims fees have soared from between 15 and 35 per cent.

But marina manager Mike Harris told IBI's sister publication, Yachting Monthly: "It is not true. Our fees have gone up between 14-16 per cent and this is mainly due to a £100,000 dredging bill we faced."

Having dredged the marina they then had to have the mud clawed away for a second time after the winter's heavy rain brought more deposits down from the Cambrian Mountains.

Harris said the marina fees had lagged behind other Welsh marinas over the years but added the increase would be a 'one off'.

To moor a Contessa 32 at Aberystwyth Marina would cost £2,958 annually.

(11 March 2009)

Boatshed.com (Boat Sales) reports bumper sales

2009-03-10T17:54:00.001Z

Boatshed (Boat Sales) reports bumper sales

By IBI Magazine/Motor Boat & Yachting

UK-based yacht broker Boatshed.com has reported another month of buoyant boat sales.

The company says that despite tough market conditions, a number of positive factors have led to decent sales results.

Peter Watt of Boatshed Portsmouth says: "The strength of the euro is making buyers from all over Europe look to UK boats as they are better value at this time, plus all the talk of gloom and doom has brought more boats onto the market."

Similarly Steve at Boatshed Essex says: "Buyers are motivated by realistic prices and sellers are taking advantage in the upsurge in activity. In February we have had eight boats sold and five under offer. It's fantastic!"

Even the US market has felt a boost recently with Boatshed Florida reporting a huge rise in the number of leads: "Suddenly someone turned on the taps! We have over 400 buyer leads we are managing this month with 15 deals on the board and 10 boats going to Europe, it's real busy."

(10 March 2009)

Princess reduce workforce by 450

2009-03-06T18:11:00.001Z

Princess to cut up to 450 jobs

By IBI Magazine

British luxury motor yacht builder Princess has announced that up to 450 jobs — a fifth of its workforce — could go at its Plymouth base, following a strategic review aimed at 'strengthening' the company.

Princess is now undergoing a 90-day consultation period, according to a report on the BBC. Voluntary redundancies and reduced working hours will be used to minimise the impact of layoffs at the yard.

The firm currently employs 2,125 people, up from 1,712 people in 2007, and builds two yacht ranges — the Flybridge up to 95ft (29m) and the V-class up to 85ft (26m). A shorter working week was introduced across a number of departments in January.

Managing director Chris Gates told the BBC: "We have concluded that, despite market conditions, Princess has the strength to sustain a workforce of around 1,700, a figure similar to that of 18 months ago but regrettably this will require a reduction of up to 450 employees.

"We are committed to continued investment in the Plymouth area and in our people but must meet the challenges being seen across all industries and match our production capacity to the changing demand."

Plans continue for a multi-million pound investment in facilities to build yachts up to 130ft (40m). The search for a site is underway at present with a final decision due by the end of April.

Princess was established in 1965 and operates in 1,000,000ft2 of facilities.

(6 March 2009)

Foster Designed Superyacht

2009-02-27T18:12:00.000Z

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 ?

2009-02-24T21:38:00.001Z

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

2009-02-18T17:34:00.001Z

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

2009-02-16T20:41:00.003Z

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

2009-02-16T20:32:00.003Z

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)

Fairline at London Boat Show

2009-01-09T16:45:00.003Z

Fairline CEO remains optimistic despite cutbacks

By IBI Magazine

Speaking candidly to journalists this morning on the opening day of the London International Boat Show, Fairline's Derek Carter gave a relatively optimistic forecast for the UK boatbuilder's year ahead despite announcing cutbacks to its workforce and capacity at the end of last year.

"The end of 2008 was challenging to say the least," Carter told journalists at the breakfast event to mark the world launch of its Fairline Squadron 70. "The first half of the year had gone very well with sales and profits up, and we went to Southampton (in September) feeling quite optimistic. We saw sales of 30 boats there and most of them stuck. Once Lehman Brothers went and the banking system faltered, that affected our dealers and in turn us." In September, Fairline announced 90 redundancies at its Oundle and Weldon facilities in Northamptonshire and subsequently put workers on a shorter working week with reduced wages.

A second wave of job cuts was announced in December, when the company revealed that it would cut 275 jobs in Oundle and Corby in March 2009, affecting around one-quarter of its remaining workforce. "As a business we're 35 per cent smaller in terms of capacity than we were last year," said Carter.

"That's in line with how much we envisaged the market would decline." So far Carter claims that those predictions have born out and its business is down by that percentage compared to the peak of 2008.

"That means we're operating at full capacity and we're not seeing any more deterioration at the moment.

" To emphasize the point that business was still holding up, he added that Fairline had sold 86 boats via its dealers around the world in the last four months alone."We should end up with sales of around £100m for 2009," he added. That compares to sales of around £140m in 2008. The first half of 2009 would be slower, Carter noted, as the builder looked to work with dealers to 'de-stock', but would pick up in the third and fourth quarters. "By then we will see some stability returning to the market and with it some confidence.

"Significantly Carter highlighted the fact that Fairline would be continuing its robust development programme, with six new launches planned over the following two years. The Southampton boat show in September last year saw the launch of the Squadron 55, and this year will see the arrival of a new Squadron 65 in May, a Targa 58 in November, as well as a smaller and as yet unnamed boat, along with the flagship Squadron 85 due for launch in mid-2010."We've taken our medicine these last four months and now we are fit for 2009," Carter concluded.

(9 January 2009)

Lombard Finance

2009-01-09T11:03:00.002Z

Lombard reports strong growth in 2008

By IBI Magazine

Lombard Marine Finance, part of the Royal Bank of Scotland Group, has reported a 14 per cent increase in business over the last 12 months — despite a challenging year for many companies in the marine finance sector.

"We did notice some rationalisation of the marine finance market, with some banks either withdrawing from the sector or reducing their activities, but at Lombard we continue to invest in the business," says Ian Braham, head of Lombard Marine Finance. "Although we have noticed sales at the lower end of the market slowing, larger transactions are producing far higher volumes of business," he adds.

"In particular, Lombard has noticed an increase in applications for business over £1m where the volume lent in 2008 increased by 36 per cent on the previous year. Although Lombard has been funding these vessels for a considerable number of years it has seen a significant increase in the levels of demand over the last few years."

Lombard Marine Finance offers personalised packages to meet the needs of its customers, offering a wide variety of payment options and funding in sterling, euro or US dollar currencies. For more information, visit the company website at

www.lombard.co.uk/marine.

(8 January 2009

European Marine Services Ltd, for marine surveys - All Types, Valuations, Project Management, Expert Witness, Dispute Resolution & Mediation
www.europeanmarinesurveys.com

Pendennis build new 54m 'secret' yacht

2009-01-05T17:39:00.003Z

Cornish expedition yacht undergoes sea trials

By IBI Magazine/Michael Howorth

Featuring an unusually green coloured hull, topped off with a funnel and superstructure the colour of Cornish clotted cream and sporting a somewhat strange snub nosed bow, the steel-hulled superyacht Steel has been seen recently undertaking sea trials at the hands of its builder Pendennis, the Falmouth, UK-based shipyard.

The 54m (177ft) long range discovery yacht, originally codenamed Project 57, has been designed by Liebowitz & Pritchard Architecture and Yacht Design Ltd, the same team that worked with the builder to construct the 47.5m (156ft) motorsailor MitSeaAh.

Designed and built for somewhat secretive owners whose business interests are reflected in the yacht's name, she is powered by twin Caterpillar engines and is expected to be delivered during the first few weeks of 2009.

(5 January 2009)

European Marine Services Ltd, for Yacht Surveys - All Types, Valuations, Project Management, Expert Witness, Dispute Resolution and Mediation
www.europeanmarinesurveys.com

Discovery Yachts of Southampton bucks the trend

2009-01-05T17:07:00.002Z

Discovery reports successful 2008

By IBI Magazine

Despite challenging market conditions, UK boatbuilder Discovery Yachts claims to have ended 2008 on a strong note. The sale of another Discovery 55 (pictured) this week completes the company's 2009 build programme at its Marchwood factory in Southampton, where the Discovery Spirit 50 catamaran, the Discovery 55 and Discovery 67 yachts are designed and built. The company now has a full order book into 2010.

"Discovery Yachts seems to be bucking the trend of gloomy news as we saw substantial growth in net profits for the year ended August 2008," says the company's founder and chairman John Charnley. "Although the market has obviously slowed slightly, interest remains strong, with the sale of another of our hugely popular Discovery 55 models this week. "

Sales director Mark Waterhouse adds: "This latest sale fills the yard's capacity for 2009 and shows that the market for high quality yachts endures even the toughest business climates. The introduction of our new 67 and the moulding of our first catamaran, which will be launched next spring, has attracted unprecedented interest with two 67s already in build, together with our first 50 Cat. We fully anticipate following this success into 2009 and attracting more owners into the Discovery style of yachting."

Founded by John Charnley in 1998, Discovery Yachts builds monohull and catamaran sailing cruisers in-house at a purpose-built factory by Southampton Water. The company has built around 30 cruising yachts to date.

(5 January 2009)

Record Sales at Sunseeker London

2008-12-19T17:07:00.003Z

Record sales at Sunseeker London

By IBI Magazine

UK yacht broker Sunseeker London has announced record sales of £8m in the past 10 days for six motoryachts, including three that were valued above £2m each. Clients who purchased the boats are said to come from a "diverse geographical area" that includes the UK, the South of France, Nigeria, Sweden and Greece.

"Contrary to the trend, we have advanced sales in the UK and in our other international dealerships located in Europe," says Sunseeker sales director Christopher Head. "Our substantial order book includes a number of the largest Sunseekers produced and includes vessels form 30m-37m which are being built to order at the Sunseeker shipyards in Poole, Dorset.

"These craft, together with advanced orders, will be handed over in 2009 and 2010. Other larger vessels in construction will be delivered in 2011 and 2012. As a result, Sunseeker London's total sales for the full financial year are expected to be "substantially above" £60m, claims the company.

Sunseeker London is the official distributor for new and pre-owned Sunseeker boats and motoryachts. In January 2009, UK boatbuilder Sunseeker International will launch three new models at the London International Boat Show at ExCel.

(19 December 2008)

European Marine Services Ltd, for Marine Surveys - All Types, Valuations, Project Management, Expert Witness, Dispute & Mediation Services
http://www.europeanmarinesurveys.com/

Dehler Yachts of Germany in Administration

2008-12-17T16:41:00.001Z

Dehler goes under

By Practical Boat Owner

Dehler Yachts, Germany's third-largest boatbuilder, went into administration today.

A recent bank guarantee by the government of the state of North Rhine-Westfalia did not succeed in preventing the company from going under.

Workers at the factory, located in Meschede-Freienohl (Sauerland, Germany), were informed of the situation today by CEO Wilan van den Berg. Dehler has been building sailing yachts, popular with British boat owners, for more than 40 years.

UPDATE

'Unfair' banks pulled rug on Dehler

By IBI Magazine/Yachting Monthly

Dehler Yachts went into administration on Tuesday, with orders for 200 boats, a slimmed down production line and a beefed up workforce, because the banks demanded their cash back."It's really unfair, but we hope there will be a future," Udo Erbe, head of the company's research and development department, told IBI's sister publication Yachting Monthly.

"There are new people who want to invest and we plan to make a comeback for Dehler Yachts, the yard and the dealerships. There is a chance to survive this."Dehler Yachts is planning to have boats on display at the London Boat Show at ExCel in January.

"It's really a pity that the banks wanted to jump out of the project because we are now ready with the boat and the designs.

"Udo admitted that the company was a victim of its own success. Its growth over the last four years had seen the company overstretch itself. Dehler in 2005 had 90 employees and 100 boats to build. By 2008 it had 230 employees, but although the company had 200 boats to build the yard was not ready to handle the increase. But in recent weeks Dehler had made the production system more efficient. Alas, not in time to survive the credit crunch paranoia.

(18 December 2008)

Credit Crunch hits Fairline

2008-12-16T21:47:00.001Z

Fairline axes 275 jobs

By IBI Magazine

A second wave of job cuts has been announced at UK boatbuilder Fairline. In a statement issued today, the company revealed that it will cut 275 jobs at its Oundle and Corby facilities in Northamptonshire in March 2009, affecting around one-quarter of its remaining workforce.

In September, the company announced 90 redundancies in Oundle and Weldon and subsequently put workers on a shorter working week with reduced wages.

The latest announcement will reduce the current workforce to 1,000, although full-time working will be restored on all production lines as of January 2009. Derek Carter, CEO of Fairline, comments:

"Whilst the timing of the announcement of these redundancies is deeply regrettable, we have commenced discussions with Union representatives to identify the redundant positions that will take effect in March. We will do all we can to minimise the anxiety of affected employees." With regard to 2009, Carter adds:

"The downturn in the market will pass and, as previously stated, we anticipate that towards the end of 2009, increased levels of activity are likely to materialise as the market begins to recover and as we bring new models in development to market. Fairline will be attending the London International Boat Show in January 2009, at which we will be displaying the new Squadron 70. In addition, a new Squadron 65 is scheduled for launch in May 2009 and a Targa 58 for launch in November 2009. We anticipate securing further good orders in addition to the 30 boats sold at the recent Southampton show for existing and new models, which will safeguard the remaining 1,000 employees.

"Headquartered in Oundle, Northamptonshire, Fairline builds the Targa, Phantom and Squadron range of motoryachts from 10.4m-22.6m (34ft-74ft) in length. The group has more than 60 dealer locations worldwide, as well as a US subsidiary in Ft Lauderdale, Florida.

(15 December 2008)

European Marine Services Ltd for Marine Surveys - All Types, Valuations, Project Management, Expert Witness & Mediation Services.
http://www.europeanmarinesurveys.com/

Sealine significantly scale back production fro 2009

2008-12-11T17:11:00.001Z

Sealine to scale back production

By IBI Magazine

The UK's Sealine International today revealed plans to significantly scale back production in light of the current economic downturn, resulting in the loss of around 297 staff — almost half of its entire workforce.

Beginning in early 2009, the company will streamline its overall manufacturing footprint from its three sites at Kidderminster, Hartlebury and Burntwood, into one consolidated facility at Sealine's main site in Kidderminster, near Birmingham.

"It is with great regret that we are planning these changes, but they are necessary given the current leisure marine market conditions and economic environment," says Sealine managing director Steve Coultate.

"We need to take action to protect the long-term prospects of both our company and our international dealer network. "

The actions we are taking will leave us well positioned to respond to a market upturn, when it comes. We will seek to minimise the number of compulsory redundancies by inviting applications for voluntary redundancies and for all of those employees affected we will be providing a full consultation and counselling programme.

"Founded by Tom Murrant in 1972, Sealine offers a wide range of sports cruisers, flybridge cruisers and motoryachts from 8m-18m (25ft-60ft) in length. The company produces more than 300 yachts per year and employs some 659 staff.

(10 October 2008)

European Marine Services Ltd, for Marine Surveys - All Types, Valuations, Project Management, Expert Witness & Mediation.
http://www.europeanmarinesurveys.com/

Princess Yachts International - Reduce Employee Hours

2008-12-05T16:48:00.001Z

Princess to introduce shorter working week

By IBI Magazine

Princess Yachts International, one of the UK's largest boatbuilders, is to reduce employee working hours at its yard in Plymouth, Devon. The changes will take effect from January 5, 2009 across a large number of departments. Earlier this week, employees voted to support the plans.

According to a statement issued today, the move will enable the yard to increase production of larger vessels — which are not thought to be as affected by the current economic crisis as the smaller boat market — and allow a significant increase to the number of people working on new products to bring forward launch plans.

"We take our responsibility as one of the area's main employers very seriously and we hope that by adjusting production in this way we will be able to cope with a softening market without the need to reduce the team," says Chris Gates, managing director at Princess Yachts. "Also, stimulating the market with new and exciting products is especially important in these conditions and so increasing focus on these is essential and will help us to react quickly once the market improves.

"It is of course impossible to predict how long this market condition will continue for," says Gates, "or indeed whether it will worsen before improving again but we are optimistic that these measures will help protect our position during this difficult period."

(5 December 2008)

European Marine Services for Marine Surveys - All Types, Valuations, Project Management, Expert Witness & Mediation http://www.europeanmarinesurveys.com/

London - Dec 2008 Earls Court Boat Show

2008-12-04T14:59:00.002Z

Visitor numbers up at Earls Court Boat Show

By IBI Magazine/Yachting Monthly

Visitors to the 2nd Sail, Power & Watersports Show did not come up to the 50,000 hoped for, but they were still higher than last year's show, organisers reveal.Visitor numbers were up 18 per cent over last year, coming in at 41,300.

"Buyers are using cash and it's not 'borrowed' money as the banks aren't lending," said the show's managing director James Brooke.

"This is a great achievement for everyone and the show is a shining example of a success story in a really tough economic climate. Many millions of pounds worth of business has been done over five days under one roof and the show has provided a successful trading platform for its exhibitors — you couldn't ask for better than that right now," he added.

There is a long-term relationship in place with show venue Earls Court and the terms have been agreed for 2009 with the show dates being announced as November 25-29, 2009.

(1 December 2008)

European Marine Services Ltd for Marine Surveys-All Types, Project Management, Expert Witness & Mediation www.europeanmarinesurveys.com

Legal Advice to the Marine Sector

2008-12-04T14:43:00.001Z

New legal firm launches in UK

By IBI Magazine

A new company that provides legal advice to clients in the global marine and sports sectors has been formed in Britain. Dorade Law, which is based in Dartmouth, Devon, was founded by marine law experts Nick Horton and Neil Northmore, both of whom have substantial experience of working with some of the industry's top names.

Horton has been involved in the drafting and development of many of the UK's most widely used marine industry contracts for many years and the firm acts for renowned yacht businesses including the UK's Pendennis Shipyard, Turkish yacht builder Sunrise Yachts and the British Marine Federation (BMF). Prior to forming Dorade, he headed the marine department for a leading UK law firm.

Northmore is a specialist in the law relating to the marine industry and the business and regulation of the sports sector. After qualifying in the marine team of a top-100 law firm he went on to become the in-house solicitor and Government Affairs Advisor for the Royal Yachting Association.

"Between us Nick and I are well versed in dispute management and contract formulation," says Northmore. "We can provide advice and support with new build, refit and sale/purchase contracts, registration, finance, regulation and employment issues. Like the superyacht industry itself, we are inventive and excel at lateral solutions and attention to detail."For more information, visit the company website at http://www.dorade.co.uk/.

(26 November 2008)

London Boat Show January 2009

2008-12-04T14:37:00.001Z

NBS issues statement on London boat show

By IBI Magazine

In response to "rumours" it claims that are circulating the industry, organisers of the London Boat Show, National Boat Shows have issued a statement providing a full update on the event scheduled to take place in January. In an open letter to the industry, NBS managing director Andrew Williams states:

"I have heard some rumours that there are 'big discounts' available and that the Show will only be 'half the size of last year's Show'. I shall be very clear on this - this is not the case at ExCeL. NBS operates a very fair, clear and well communicated pricing policy; discounts are only available to fully paid BMF members and are based on the number of consecutive years a company exhibits with us at London. There are no other 'deals or discounts' available. The Show is owned by the industry and NBS is mandated to deliver a fair and ethical policy for all - this cannot and therefore will not be deviated from…

He adds:

"I have been asked if the three large British power boat builders are exhibiting with us at London. The answer quite simply is yes. Both Princess and Sunseeker will both have by far their biggest presence ever at London - both in the halls and outside on the marina… Fairline is taking the same size stand as in 2008, as well as supporting the Main Stage - Powered by Fairline. It has been well reported that Sealine, for its own business reasons, is not attending which is disappointing for themselves, NBS, exhibitors and visitors; however, I can confirm that the space was taken very swiftly by Jeanneau which has expanded and will be exhibiting its extensive range of large and medium size power boats…

"This economic situation has meant that a handful of exhibitors in large or small power are either now unable to attend the 09 Show or have been forced to trim their space… As a result, we will be partitioning off a small section of space at the west end of the South Hall to ensure it retains the impressive look it is renowned for. This equates to just under 4% of the total space that we use at ExCeL, from 78,000sqm down to 75,000sqm. Importantly, this change will not be visible to anyone attending the Show. The main entrance door into the South Hall, S1, will still be open - in fact we are opening extra doors in from the boulevard to improve the flow.

Williams concludes:

"I believe that, with the current economic position, this is a positive result and also the right thing to do to ensure the visitor experience a vibrant, elegant and fun Show."

(25 November 2008)

European Marine Services Ltd for Marine Surveys - All Types, Project Management, Expert Witness Mediation www.europeanmarinesurveys.com

Raymarine Jobs at Risk

2008-11-12T17:51:00.001Z

Raymarine warns of impending lay-offs

By IBI Magazine

Following last month's profit warning at Raymarine, which saw the company's share price fall by more than 70 per cent to an all-time low of 13.50p, the UK-based marine electronics firm has confirmed that 38 permanent jobs within its UK operation are now at risk.

"Formal collective consultation starts today and will be completed on December 12, 2008," says the company. Some 84 positions, including those held by contractors, are at risk worldwide.

Raymarine's executive chairman Peter Ward says that the downturn in the leisure marine market has forced the company to plan now to ensure the health of the company for the future.

"Raymarine is seeking to eliminate a significant element of costs across all aspects of the business, whilst ensuring that it retains its long-term ability to design and market innovative and exciting new products," reads a group statement.

Although Raymarine's like-for-like sales for the nine months ended September 30, 2008 were down by just 8.5 per cent compared to the same time last year, order intake and sales are said to have rapidly deteriorated since then. In October, the company warned that its full-year sales are expected to be significantly lower than previously expected.

(12 November 2008)

Sealine to launch new luxury models in 2009

2008-11-10T17:30:00.000Z

Sealine to launch new motoryacht line

By IBI Magazine

The UK's Sealine International is to unveil the first of a new line of luxury motoryachts in January 2009.

The line will be known as Aura and is the result of a collaboration between Sealine and Studio Conran. The first new model in the range will be the flagship Aura T60.

"The brief for Aura was to create a judicious blend of style, practicality and comfort — a classic contemporary experience that is simple and not contrived," says Sebastian Conran. "We describe our approach as 'soft rationalization', in which rich materials and natural finishes instil warmth and softness in simple, unobtrusive forms. The result is a tranquil, elegant environment that is highly functional and practical - Easy Living at Sea!"

"Recognised for its architecture, interior design, shops and restaurants, Studio Conran has a diverse portfolio of design work that includes interiors for Concorde and Yotel compact hotel cabins.

"I firmly believe that we have designed a contemporary classic and we are proud to have been involved with such an exciting new project," says Conran.

The new T60 Aura will be unveiled at a special exhibition in January at London's Design Museum. The vessel will be moored a short walk away at Butlers Wharf.

Sealine, a subsidiary of Brunswick Corp in the US, builds sports cruisers, flybridge cruisers and motoryachts from 8m-18m (25ft-60ft) in length. The company produces more than 300 yachts a year and employs 660 staff.

(10 November 2008)

'Global Financial Crisis' hits Fairline Boats

2008-11-10T17:18:00.000Z

Fairline introduces shorter working week

By IBI Magazine/Motor Boats Monthly

UK boatbuilder Fairline introduced a shorter working week for around a quarter of its workforce this morning in response to "a downturn in demand for certain models".

Some 365 of the company's 1,360 employees are affected by the move, which will see four of Fairline's production lines reverting to a two-day week, and one moving to a three-day week. The shorter working week will last for seven weeks until December 24, 2008.

The company said it would pay the affected workers 60 per cent of their basic wage — more than the statutory minimum.

Derek Carter, Fairline's MD, said: "As a manufacturer, Fairline has taken this necessary and prudent action to stabilise the business to ensure that the coming year's anticipated global demand is matched by production levels.

"Within a 12-boat range, some models will fare better than others according to their price point, market audience and 'life cycle' stage. Having considered the ongoing global economic indicators and assessed the strength of individual dealer territories, overall production at Fairline is being scaled down."

(10 November 2008)

Marine - Expert Witness Reports & Expert Adviser

2008-01-11T14:16:00.003Z

Marine – Expert Witness, Expert Adviser, Surveys & Valuations

EMS in their John Clabburn Member IIMS, C.Eng, Dip.NA, QDR, Associate ~ The Academy of Experts (Marine Surveyor & Consultant) Member The International Institute of Marine Surveying - are pleased to offer the following expert services……..

Under Civil Procedure Rules (CPR) part 35 & Criminal Procedure Rules (CrPR) part 33

● Party Appointed Expert (PAE) ● Single Joint Expert (SJE) ● Expert Adviser

● ADR Alternative Dispute Resolution - Mediation Services ~ Register of Qualified Mediators

Code of Practice / Training

Experts - Code of Practice complies with the requirements of EuroExpert (the Organisation for European Expert Associations) and as endorsed by The Master of the Rolls & The President of the Queen's Bench Division

CPR 35 Compliant ● Presenting Evidence ● Expert's Declaration ● Model Form of Expert's Report

Surveys – Anytime Anywhere

EMS are surveying, reporting and advising everyday - covering yachts, motor cruiser, workboats, historic super yachts, sports boats, pleasure boats, barges, narrow boats etc. Materials include steel, wood and GRP. We see and experience both traditional and new build methods, problems and disputes, good and bad marine practice - providing a wealth of diverse expertise.The combination of marine experience and exposure to both DIY and professional standards, combined with training, qualifications and expertise makes EMS ideal for providing Expert Witness Reports and acting as Expert Advisers, and for Marine Surveys and Valuations.

Instructing Solicitors References available

PI Insurance £1 million.

Tel: (44) 01603 327 123 Email: enquiries@europeanmarinesurveys.com

www.europeanmarinesurveys.com/expert-witness.html

Powerboat Restorations MGB 81 & HSL 102

2007-12-10T11:55:00.000Z

MGB 81 (Motor Gun Boat) HSL 102 (High Speed Launch)

Both boats are offered for sale

MGB 81 - 71.5' x 20.5' 46.6 tonnes

Is a motor gunboat built by the British Powerboat Company for the Royal Navy and launched on 26 June 1942. She has been fully and carefully restored for the owner by Powerboat Restorations and re-launched in September 2002

MGB 81 is unique. She is the only fully restored and operational example of a Royal Navy Coastal Forces MTB or MGB which saw active service in the Second World War. As a result of the restoration techniques used, MGB 81 retains her original performance capabilities but is now stronger, lighter and requires less maintenance.

Big boy's toy

HSL 102 - 64' x 14' 19 tonnes

Built by British Power boat as yard no 1038 in 1936

The HSL was one of the many craft to be involved with Operation Dynamo rescuing Allied forces from the beaches at Dunkirk.

Would make an excellent family cruising boat

For further information call Clabburn on 01603 508 031 0r 01590 623 978

1927 Gaff Ketch 'Cynara' Survey in Japan

2007-01-02T12:28:00.001Z

1927 Superyacht Survey in Japan

European Marine Services Ltd have recently completed a valuation inspection / survey in Japan of this 93' historic 'superyacht' Cynara built by Camper & Nicholson in 1927 in the UK.

For more information call EMS on (44) 01603 508031 or visit our website www.europeanmarinesurveys.com

European Marine Services ltd for Marine Surveys - All Types, Valuations, Project Management, Expert Witness and Dispute Mediation.

European Marines Services - About Us

2006-09-25T13:30:00.003+01:00

European Marine Services Ltd (inc European Marine Surveys) are Yacht Surveyors & Marine Consultants serving the UK, West Europe and the Mediterranean

Services include……

Marine Surveys - All Types

Insurance / Accident Investigations

Marine Valuations

Expert Witness Reports & Expert Adviser, CPR 35 compliant

British Registration of Yachts - Part 1, Tonnage Measurements, Registration Services

ADR Alternative Dispute Resolution, Commercial Mediation Services, Register of Qualified Mediators

Sales & Marketing Consultant

New build & Project Management

Distributor Search & Equipment / Consumable sourcing

Call us......... Anywhere at Anytime

email: enquiries@europeanmarinesurveys.com
website: http://www.europeanmarinesurveys.com/

Tel: (44) 1603 327 123 Cel: (44) 7977 481 107