Lies Sol, Charter Manager at Northrop and Johnson in Phuket, is convinced that charter market growth will continue in the region. She cites US, Canadian, European and Chinese clients among the keenest charterers in the region with 30 percent being Chinese.
Lies Sol notes, “The market is growing and the size and quality of yachts permanently based in Asia gets better every year.”
She continues, “In Indonesia, after Patty Seery started the trend of six-star luxury phinisi – traditional sailing yachts – with Silolona around 2003, others saw that it worked and followed in her footsteps. Now, I can easily count more than 20 luxury phinisis, each with their own style and niche market but all catering to the top end.
“In Thailand, the number of charter yachts of 30–45 metres has more than doubled over the past five years. Although many of the yachts are a bit older, they are usually extremely well-maintained with their interiors and furnishings regularly updated.”
In sales terms, “consistent expansion” is the way Martin Holmes, Northrop and Johnson’s General Manager in Asia, describes the brokerage market. He adds, “Asia is a fascinating market with a unique client profile.”
“In the last two years, we have sold several yachts between 24–35 metres to Asia-based clients and are actively working on two new build projects. Right now, the 30–35-metre segment is interesting as many owners are looking for more range and stability. There is also considerable interest in the 50–65-metre segment for some experienced Asian clients.”
He believes Asian buyers are typically more interested in new builds, citing Feadship, Amel, Heesen, Cantiere Delle Marche, Benetti and Custom Line as the front runners for the sector.
“Asian clients have high levels of expectation and prefer to avoid disappointment or too much risk,” Martin adds. “A new build can help deliver this, providing it is closely managed.”
Cruising in Asia
While government investment and cooperation – coupled with an overhaul of complex marine taxes and regulations – is very much required, one major advantage that Asia–Pacific possesses is its abundance of pristine and largely uncommercialised world-class cruising waters.
The cruising grounds are spectacular, starting from Myanmar down to Thailand, through East Malaysia, the Philippines, Indonesia and all the way to Australia. The entire stretch is beautiful and uncrowded. Indonesia alone has over 17,500 islands, many of which are completely untouched.
The culture and biodiversity of Asia–Pacific is its single biggest strength and clearly, identifying its cruising season and position within the global calendar would help to establish this region as a destination for cruising and charter yachts of all sizes.
When governments in the region realise the benefits of yacht tourism and change the regulations accordingly to allow yachting to happen, this is undoubtedly where the potential for global growth will come from.
Singapore Yacht Show: 15-18 October 2020
Hong Kong Yacht Show: 19-22 November 2020
Thailand Yacht Show: 7-10 January 2021