New Superyacht Sales Plunge as Russians Drop Out of the Market

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Demand for superyachts fades “like a ship passing in the night.”

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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.

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Several factors are pushing down demand for superyachts:

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• 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

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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.

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What’s funny is the costs associated with superyachts are still chump change compared to jumbo jet expenses #richpeopleproblems