NEWS

HomeServicesArts and CultureItaly Yacht Maker Sanlorenzo Sees Sales Boom As Pandemic Eases

Italy Yacht Maker Sanlorenzo Sees Sales Boom As Pandemic Eases

Italian yacht maker Sanlorenzo SpA has seen rising demand from wealthy customers, including many first-time luxury boat buyers, as the Covid-19 pandemic eases.
The Ameglia, Italy-based yacht builder expects “double-digit” growth in revenue for 2022 and 2023, Chief Executive Officer Massimo Perotti said in an interview.

The company last month reported an increase of about 43% in first-half revenue from the sale of new yachts and raised its forecasts for this year, supported by a backlog that reached 1.01 billion euros ($1.2 billion) at the end of August, before the opening of the boat show season. The stock has more than doubled so far this year.

Perotti also said in the interview:

  • 2021 will be an “extraordinary year,” given a “bulging” order book
  • Asia Pacific and the U.S. started recovering earlier in the year and “the latest data show that the European market is now rebounding”
  • The U.S. is “by far the first market globally for yachts” and will continue to be a growth driver
  • Sanlorenzo is still interested in the potential acquisition of Perini Navi “but only at the right price” and deems a valuation of around 48 million euros as “too high considering the investments needed”
  • “A green approach will be the most important trend in yachting in the coming years,” the CEO said. “I believe the industry’s future is hydrogen”
  • NOTE, Sept. 6: Sanlorenzo is teaming up with Siemens Energy to develop a methanol fuel cell system, using hydrogen to generate electricity on board for yachts. The companies are also working on new generation diesel-electric and hybrid propulsion systems to reduce emissions and fuel consumption.

This article was provided by Bloomberg News.

 

RELATED ARTICLES

Most Popular