Super rich seize the day and splash out on superyachts

‘Millennials would call it ‘you only live once’,” says Sam Tucker, head of superyachts at VesselsValue, as he explains a pandemic-driven surge in orders for these playthings of the richest of the rich. “But most people buying them are older, so it’s more like carpe diem.”

VesselsValue data show orders for superyachts – defined not by price, but by length, with 24 metres (115ft) earning the label – have leapt, with 731 on order on top of 35 already delivered this year.

Reliable figures for orders can be tricky to pin down, Tucker notes, but the more concrete delivery number has averaged around 250 a year over the past decade. “Covid means that people who have the means are thinking ‘what if this is it?’,” he says. “They might have hesitated before but coronavirus has given them the push to buy.”

GYG plc (LON:GYG) is a market leading superyacht painting, supply and maintenance company, offering services throughout the Mediterranean, Northern Europe and the USA. The group primarily trades under Pinmar, Pinmar Yacht Supply and Technocraft brands.

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