New Superyacht Sales Plunge as Russians Drop Out of the Market
Sales of new superyachts fell 17% last year.
By
April 23, 2024
Demand for superyachts fades “like a ship passing in the night.”
The number of superyachts, yachts over 100 ft. long, sold has decreased in three consecutive years. 203 new superyachts were sold last year, down from 245 in 2022 and a record of 313 in 2021, per SuperYacht Times.
Several factors are pushing down demand for superyachts:
- The Russia-Ukraine war: Russians, the #1 buyer of superyachts, dropped out of the market following the Russian invasion of Ukraine, per the SuperYacht Times
- Long wait times: Buyers have to wait 3-4 years for their new superyacht to arrive due to backlogs stemming from supply chain issues during the pandemic
- Increasing prices: Superyachts cost more today due to higher labor and material costs, with new build costs up 40% in some instances
While demand for new superyachts is falling, nearly 6K superyachts are operational and sailing the seas. A 150-foot superyacht costs ~$2.5 million/year to maintain and operate, per CNN. As such, the superyacht ecosystem – crews, ports, insurance, etc. – is still humming.
What’s funny is the costs associated with superyachts are still chump change compared to jumbo jet expenses #richpeopleproblems
