MYS 2019: Post Show Report

Posted On: 07 Nov 2019

Patrick McCarrick and James Porter at MYS 2019
Patrick McCarrick and James Porter at MYS 2019

Whilst Monaco Yacht Show may now feel like a distant memory, our Head of Marine & Aviation, James Porter, has been busy since returning, following up on the leads and opportunities secured at this year’s event.  However, he spared a little time this week to reflect on the 29th edition of this prestigious event!

Monaco Yacht Show remains the premier luxury yachting event of the year, and I am pleased to report that this year proved to be as busy as ever. Patrick McCarrick and I met with both existing and potential clients and their advisers as well as key industry contacts and decision makers. While we don’t exhibit at the show, for 2019 we once again had a shared stand area with Superyacht UK within the Darse Sud tent, which enabled us to reach a much wider audience.

The conversations we engaged in inevitably included Brexit, a topic that has led to a great deal of uncertainty for the industry, as well as the challenges of ownership and ring fencing liability. There was a great deal of talk surrounding younger billionaires entering the yacht market with their intention to push technological boundaries to meet their requirements. We also noted an increased representation of private jet and helicopters at this year’s show, reflecting how the industry is developing and adapting to meet the changing needs of today’s ultra-high net worth individuals. We were once again pleased to see a strong representation of the finance sector at the show, including both retail and private banks, portfolio managers, family offices, insurance providers and leasing companies. This further demonstrates the importance of such a global event to anyone involved within the luxury yachting industry.

With its status confirmed as ‘the event to be at’ on the yachting calendar, many use the show as a platform to unveil their latest projects and creations.  This year was no exception, with a total of 44 new yachts making their debut alongside some of the largest vessels ever exhibited.  The most impressive being the 111 metre Tis; built by German shipyard Lürssen it boasts six decks and two helipads. Post show reports have detailed that the total value of superyachts in the port stood at an estimated worth of around €4 billion euros, which is a substantial increase on the €3.5 billion euro fleet showcased in 2018. HRH Prince Albert II of Monaco made an appearance on the Friday afternoon, further cementing the show’s global status.

Although industry media have reported that the market could be stronger, there was an extremely positive vibe throughout the show among yacht brokers and ship builders, with more deals being signed and a sense of increased market activity afoot. There was also a rise in private visitors to the show, and exhibitors reported back on the changing trends in the visitor profile, citing a broader range of countries and a wider age bracket. In addition they reported that visitors were more serious about their intention to buy or charter a yacht.

Looking ahead to the 2020 event, the dates for the show have already been confirmed as the 23rd to 26th September 2020, in what promises to be a special 30th anniversary for the event.  We will definitely be there to help them celebrate – let’s hope that by that time we will have resolved the issue of Brexit!!

To discuss any aspects of our yachting services please get in touch with James Porter.

Learn more about our award-winning yachting services.