The 2022 Monaco Boat Show wrapped up recently and the biggest takeaway is that the economy and fuel prices haven’t slowed down superyacht sales. Here are a few noteworthy items from the event.
Demand remains high
There were a near-record 118 yachts, with a combined value of roughly $3.8 billion, on display in Monaco and industry executives are reporting “insatiable” demand, despite a slight slowdown from the pandemic yacht-buying peak in 2021. The continued demand from the super-rich seems to be a lingering effect of the pandemic wakeup call that life is short and you better enjoy it while you can.
Americans driving sales
With Russian oligarchs sidelined due to sanctions, Americans are leading the demand for luxury vessels, both new and used. With three months left in the year, yacht sales are thus far a whopping 68% over the 13-year average.
Sales would likely be higher if there was enough supply to meet the demand. Manufacturers are booked solid. Demand for yacht rentals is also exceeding supply this year.
The rise of electric yachts
Monaco also got a close look at Sunreef Yachts’ new 43M Eco, the world’s largest fully electric catamaran at 141 feet (43 meters). Sunreef confirmed the model’s first sale in Monaco. Solar panels and a hydro-generation system eliminate the noise, vibrations and smell of diesel-powered boats for virtually soundness propulsion at what the company describes as “infinite range.”
Rapid improvements in the weight-to-power ratio of battery banks and lightweight materials are driving the popularity of eco-yachts. In addition to flexible solar panels, these boats generate power from wind turbines and high-performance kites. While yachts with hybrid engines have been in production for some time, the 43M Eco’s fully electric system is a sign that luxury can coexist with renewable energy.
“Entry-level” yacht market also remains strong
So-called “entry-level” yachts (measuring between 78 feet and 98 feet) account for nearly half of all used yacht sales. The supply for this caliber of boat is still strong, though the economy seems to have hit this sales bracket harder. This could be good news for first-time buyers. If you’re in the market for a new boat, contact a broker to get the conversation started.