TRENDS IN THE REFIT SECTOR

Current situation and prospects of an ever-growing sector

Carrara, February 12, 2019

On Thursday April 4th SuperYacht Times, the well-known and reputed portal exclusively dedicated to the superyacht world and business will hold at Seatec a seminar to discuss many topics about refit, an important side of the superyacht business which is increasing year by year its turnover. The issue of refit is dealt with in the logic of the relationship between shipyard and supplier, therefore with companies and not with the captains. The aim of Seatec is to propose a sort of educational to the supply chain companies for better understanding what has become today the world of refit.

In the past year SuperYacht Times did a lot of research on the superyacht refit market. They researched the different types of refits, the work done, the players and a lot more. They are now finalising the results of this research, that will be presented in Carrara during an exciting half-day seminar about Trends in the Superyacht Refit Market at the 17th Seatec.

The seminar will start with a presentation from the SuperYacht Times intelligence team whereby they present their findings about the market and raise some questions that then will be discussed in three different panels of experts.

Here are some of the topics to be discussed at the seminar:

• What is a refit?
• What different types of work are being conducted to consider something a refit?
• How do you keep track and predict the future of the market?
• How big is the refit market?
• What is the role of the yacht’s builder in the lifecycle maintenance of a yacht? And how will they work together with existing refit players?
• What are trends in the refit market? Is there a change in the business model?
• Are new players entering the market?
• Are more captains/management companies organising their own refit with subcontractors directly?

Merijn de Waard, managing director of SYT will welcome audience and speakers, who are representing the major players of this business, like MB 92, Monaco Marine, Pendennis, Amico & Co, but also yacht builders who are more and more dedicating investments, time and efforts to refit, like Lürssen or Feadship.

Here is the structure of the seminar:

Presentation
The SuperYacht Times team will start with a presentation about the global yachting market. The presentation will end with information on the refit market and with the presentation of the challenge they are facing with tracking this market and providing detailed insight. They will conclude this presentation with the ideas they have about how to track and analyse the refit market.

Panel 1
Some experts on the stage will discuss how to track the refit market.
The first part will focus on what is a refit and what different types of refits are there. Other questions that will be raised to define a refit are the costs and the location. Before tracking the market and move it forward, it’s important to agree on what a refit is and the experts will play an important role in discussing this.

Panel 2
The second panel will focus on the role of the yacht builder in the refit process of a yacht. More and more shipyards are getting involved in refits and start to look after their own yachts from the moment it is delivered. Some try to do everything in-house, some work with other shipyards, some work with mobile teams who travel around and often it is a combination. Representatives from different parties will discuss this development and how to make sure that yachts are maintained professionally and to a certain standard throughout their life.

Panel 3
The last panel will focus on the trends in the market. Is the business model changing? For example, some companies own the yard, but only rent out space, some yards do everything in-house, some companies don’t have a yard, but do contract work and rent a location. What is the best business model?

Conclusion

What changes are next? What are developments in the market? New players enter the market, but is it an interesting market to enter?

Seatec is waiting for you on Thursday April 4th to attend the first very important appointment on the major topics about refit.