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Burgess Yachts Reports Record Year

by Jason Gorringe,, London

22 February 2013

Market-leading yacht broker, Burgess Yachts, has announced a record year in business activity terms but has reported that selling prices remain depressed.

The average asking price of vessels sold by Burgess during 2012 was EUR21m, with vessels averaging 50 meters in length. In total, Burgess sold yachts with a cumulative value of close to EUR500m (USD667m), an all-time record. Burgess reported that during 2012 it had maintained its leading position in the market for yachts of over 50 meters, accounting for almost 60% of purchases and sales of vessels over 55 meters.

The company also reported a record year in new yacht construction, being involved in the delivery of a 96-meter custom project, the largest yacht ever to be built in the UK, in addition to signing a 110-meter new-build motor yacht at Oceanco, the largest yacht ever to be commissioned in Holland.

Burgess Yachts CEO Jonathan Beckett commented: "The true test of a brokerage firm is how it performs for both buyers and sellers when conditions are difficult. Burgess has been quick to respond to the realities of the adjusted marketplace. While inventory is growing, buyers remain hesitant, putting pressure on prices across all size categories Burgess is able to report a record year in 2012."

According to Boat International's Market Intelligence report for 2012, a total of 270 superyachts were sold during 2012, with a combined total asking price of EUR2.23bn. Sales were subdued in the early part of the year, consistent with the depressed deal activity seen in 2011, but market performance improved considerably in the latter part of 2012.

A total of 240 superyachts were launched during 2012, with an average size of 40.55 meters in length - the largest being 147 meters in length. Italy accounted for the most launches, with 57, followed by Turkey (22) the Netherlands (20), the UK (11) the US (eight) and the United Arab Emirates (five).

TAGS: marine

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