Beyond The Sea

L-J Andrew explores how the superyacht industry is surging ahead with a wave of bigger and bolder designs for the modern world

Floating off the coast of a beautifully lush island is the most alluring way to wile away the hours, the cooling sea breeze, an unending horizon and that true feeling of freedom. The perfect way to experience this, has to be aboard a superyacht.

“Typically speaking a ‘super’ yacht is one which is over 30 metres or 100 feet,” explains Jamie Edmiston, Chief Executive of international superyacht charter and broker Edmiston. “What separates yachts at this level can be very different. From a helipad, to dive centres, complete owners’ decks, boundary-pushing technologies, wellness spas, nemo lounges, garages stored with every toy you can imagine and more - a superyacht has something for everyone.”

Exquisitely designed and akin to floating palaces, these luxurious pleasure vessels can be equipped with every creature comfort one could think of and are the epitome of luxury on the ocean waves. As Jamie continues: “A superyacht offers such a unique adventure. It can take you to some of the most remote locations on earth with the potential for an ever-changing landscape and a different vista to enjoy each day.”

“You are also guaranteed total privacy with the ultimate service experience, rivalling the best hotels in the world. Staffed with experienced professionals onboard, from water sports experts, massage maestros and top-rated chefs - all touch-points are covered.”

With offerings like this, it’s no wonder the superyacht market is growing fast. Valued at $9.9 billion in 2022, it is now estimated to undergo a CAGR of 6.7% between 2023 and 2032.

Perhaps more interestingly, the superyacht sector has started to see a younger investor demographic. This should come as no surprise, given estimates from Knight Frank suggest that as many as 21% of UHNWIs are under the age of 40. The Millennial generation is more tech-savvy and conscious of its environmental impact, therefore driving innovation and more sustainable practices in the sector.

“There’s been a great focus on sustainability and eco-friendly yachting in recent years,” adds Jamie. “We work with the most influential minds on earth and have seen huge investments in the sector driven by owners’ desires to be environmentally conscious. Hybrid propulsion has now become an alternative fuel and we believe the focus on sustainability and green credentials will only continue to thrive. Couple this with more radical yacht design and advancements in building materials and technologies, and we are looking at a green, ground-breaking superyacht industry in the near future.”

Simultaneously, technological advancements have made waves in the superyacht world—automation and smart systems are becoming more prevalent, offering a level of convenience and luxury once thought unimaginable. Now equipped with increasingly advanced technologies; added enhancements include the ability to optimise navigation and control energy-efficient propulsion systems and onboard smart systems to enhance guests’ experiences. Even before stepping aboard, virtual reality tours to online platforms for chartering and purchasing technology, make it easier for consumers to research, book and buy the vessel most suited to their needs.

This new wave of super yachters is also yearning for a unique proposition. The pre-designed yacht market is growing and buyers are increasingly choosing yachts built to meet their exact requirements and specifications.

Similarly, demand for bespoke private travel among UHNWIs is expected to increase activity in the luxury travel sector. Adds Jamie: “When you combine this with remote work and the availability of more time away from the home and office, owning a personalised superyacht is becoming an increasingly attractive option.”

When it comes to superyacht design, there are virtually limitless options in terms of size, style and performance. The sky is the limit, so if the boat of your dreams isn’t currently available, you can have it custom-built.

Whether buying a pre-constructed or building one from the ground up, the process may be lengthy, so having a professional and experienced yacht broker help you through the process is critical. Jamie advises: “Choose the right broker – a professional with a wealth of experience and market-leading intelligence to guide you. Personality is hugely important; Edmiston has a vast team of brokers across a range of nationalities worldwide. They take real joy in guiding clients step-by-step through the purchase process.”

Image Credit: Edmiston

www.edmiston.com