Nice boat, but where can I park it?Even superyacht-owners are feeling the pinch.
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Last year only 173 superyachts, that is vessels over 30 metres long, slipped into the briny, according to Superyacht Intelligence, a consultancy.
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That’s 27 fewer than in 2010 and far below the peak in 2008, when 260 floating pleasure palaces hit the waves.
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The number of vessels on order, too, slipped from 453 in 2011 to 423 this year.
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But cheer up: their combined length rose from 20km (12 miles) to 23km.
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The super-duper rich are surprisingly unimaginative when it comes to dreaming up new ways to outdo each other.
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The biggest yacht ever was launched in 2010. Roman Abramovich, a Russian billionaire, reputedly forked out €500m ($660m) for the 164-metre Eclipse (pictured).
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It includes such essentials as a mini-submarine, a hair salon and two helipads. (Owning a yacht with only one helipad would be embarrassing—a bit like owning a football club that is only fourth in England’s Premier League.)
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Maintaining a superyacht is not cheap. .
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Quite sensibly, Mr Abramovich has hung on to his other superyachts.
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On the brokerage market (second-hand, to land-lubbers) prices are disappointing.
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That second yacht is the first thing a troubled tycoon sells.
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Global gloom means there is a vast fleet of used superyachts for sale.
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Falling demand for new boats means that shipyards are desperate for business.
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Most need a hefty crew (the Eclipse needs 75 pairs of hands).
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Add in fuel, berthing and the like and the tab can hit millions a year for a craft you use for only two weeks.
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In the boom years, emotion often trumped good sense.
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Captains and yacht managers spent the owner’s money on supplies, upgrades and repairs so freely that the practice spawned an acronym.
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SPAM: “spending Paul Allen’s money” (the Microsoft co-founder owns some fairly lavish boats).
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These days, the have-yachts are more hard-headed.
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More craft are being offered for charter to offset running costs.
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Last year the Eclipse was put up for hire at $2m a week.
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Many Mediterranean yacht-owners are seeking cheaper berths in places such as Malta, where marinas are only a quarter as costly as those in France or Spain.
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Some despatch their captains to Tunisia to load up on duty-free diesel.
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Some maintain a skeleton crew over the off-season and hire extra help only in the summer.
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A few owners are even hiring auditors to check that they are getting value for money, says Martin Redmayne of Superyacht Intelligence.
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The days of splashing out are over.
Maintaining a superyacht is not cheap. .
.
Quite sensibly, Mr Abramovich has hung on to his other superyachts.
.
On the brokerage market (second-hand, to land-lubbers) prices are disappointing.
.
That second yacht is the first thing a troubled tycoon sells.
.
Global gloom means there is a vast fleet of used superyachts for sale.
.
Falling demand for new boats means that shipyards are desperate for business.
.
Most need a hefty crew (the Eclipse needs 75 pairs of hands).
.
Add in fuel, berthing and the like and the tab can hit millions a year for a craft you use for only two weeks.
.
In the boom years, emotion often trumped good sense.
.
Captains and yacht managers spent the owner’s money on supplies, upgrades and repairs so freely that the practice spawned an acronym.
.
SPAM: “spending Paul Allen’s money” (the Microsoft co-founder owns some fairly lavish boats).
.
These days, the have-yachts are more hard-headed.
.
More craft are being offered for charter to offset running costs.
.
Last year the Eclipse was put up for hire at $2m a week.
.
Many Mediterranean yacht-owners are seeking cheaper berths in places such as Malta, where marinas are only a quarter as costly as those in France or Spain.
.
Some despatch their captains to Tunisia to load up on duty-free diesel.
.
Some maintain a skeleton crew over the off-season and hire extra help only in the summer.
.
A few owners are even hiring auditors to check that they are getting value for money, says Martin Redmayne of Superyacht Intelligence.
.
The days of splashing out are over.
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