Inaugural Asia-Pacific Superyacht Summit 2024

Day One: 5 June 2024

The Asia-Pacific Superyacht Summit held in Hong Kong on the 5-6 June 2024 was a roaring success in the Year of the Dragon. Organised by SuperYacht Times, and run under the patronage of Simpson Superyachts (a division of Simpson Marine), the Summit exceeded expectations for both organisers and attendees, and will go down as a seminal moment in the further development of the superyacht sector in Asia. Held at the Renaissance Harbour View Hong Kong Hotel, the Summit was attended by 175 delegates, half of whom had flown in for the event.

The two-day programme featured 33 speakers participating in 13 panels, and several Q&A sessions. The Asia-Pacific Superyacht Association (APSA) was a supporting partner, with 15 APSA members participating as panellists, and another 30 members attending the Summit. Overseas visitors included a number of European shipyards - Lurssen, Oceanco, Sanlorenzo, Ferretti, Rossinavi and Turquoise Yachts, regional brokerage houses and a number of family offices. In many ways, it was an opportunity for the 'locals' to find out how the overseas contributors see Asia, as much as it was for the 'foreigners' to learn about a new theatre of operations.

After opening remarks from SuperYacht Times CEO Merijn de Waard, SYT's Head of Intelligence, Ralph Dazert ran through the SYT Asia-Pacific Superyacht Market Report 2024, and identified the growth in the region with 515 superyachts (vessels 30m+) presently based in the Asia-Pacific. The heaviest concentration of superyachts was found in Australia (105), with Hong Kong coming in second (71), followed by China (44), Indonesia (36), Thailand (34), South Pacific (27), Singapore (22), New Zealand (21) and the Indian Ocean area (13). Japan data was not available - this would be a useful addition for future updates.

InvestHK, the Hong Kong Government department charged with boosting Hong Kong's status as the leading business location in Asia by attracting and retaining foreign direct investment in the city, gave a welcome address. Lam King Chung, (Invest HK), was keen to remind the audience that anything ‘boating' - including superyachts - is by default an intrinsic part of the continuing Hong Kong maritime story. KC also pointed out that Hong Kong is home to a substantial amount of wealth, has a high concentration of UHWIs, and is home to more than 2,700 family offices, including an increasingly large number from China. Hong Kong remains one of the easiest places in the world to set up a company, boasts very attractive low rates of taxation, and is a free port. KC underscored the importance that Regional Comprehensive Economic Partnership (RCEP) will have on the growth of regional trade. His message was clear: ”Hong Kong is open for business. We welcome superyacht owners, we encourage them to bring their yachts here, and enjoy what Hong Kong has to offer.”

On the subject of 'Managing and Operating Yachts in the Asia-Pacific’, the panel of local experts agreed that there are, indeed, many challenges facing yachts when they cruising in Asia, and cutting corners does nobody any favours. Capt Nigel Tang (Nonni II) said, “Well-crewed and managed yachts work properly, deliver dividends of enjoyment, and retain their value." He believes that it is the job of the captain to sell to the owner the idea that actually spending more money will get him a better crew and therefore better cared-for yacht. On the topic of insurance, Colin Dawson (The George Group representing Howden) commented that, “Many owners seek to reduce running costs by downgrading the crew and taking the boat 'out of class'. Both tactics are a mistake. On the yacht management side, Joe Yuen (Lodestone Yachts) highlighted the role that marinas play by offering owners in Hong Kong exclusive facilities for the growing number of European yachts visiting and sold here, and touched on the accelerated happening in the Sanya charter scene. Gordon Fernandes (Asia Pacific Superyachts) said, “20 years ago there were only a few Asian superyacht owners, but today 50% of boats that APS handles are Asian-owned, and this - along with improved infrastructure and service - is why the Thailand yachting market is growing.  Andy Shorten (The Lighthouse Consultancy) believes that superyacht owners are attracted to cruising in Indonesia and love the bio-diversity that these remote cruising locations offer. Few locations on the planet offer such natural beauty and diverse cultural influences as this region.”

On the subject of 'Managing and Operating Yachts in the Asia-Pacific’, the panel of local experts agreed that there are, indeed, many challenges facing yachts when they cruising in Asia, and cutting corners does nobody any favours. Capt Nigel Tang (Nonni II) said, “Well-crewed and managed yachts work properly, deliver dividends of enjoyment, and retain their value." He believes that it is the job of the captain to sell to the owner the idea that actually spending more money will get him a better crew and therefore better cared-for yacht. On the topic of insurance, Colin Dawson (The George Group representing Howden) commented that, “Many owners seek to reduce running costs by downgrading the crew and taking the boat 'out of class'. Both tactics are a mistake. On the yacht management side, Joe Yuen (Lodestone Yachts) highlighted the role that marinas play by offering owners in Hong Kong exclusive facilities for the growing number of European yachts visiting and sold here, and touched on the accelerated happening in the Sanya charter scene. Gordon Fernandes (Asia Pacific Superyachts) said, “20 years ago there were only a few Asian superyacht owners, but today 50% of boats that APS handles are Asian-owned, and this - along with improved infrastructure and service - is why the Thailand yachting market is growing.  Andy Shorten (The Lighthouse Consultancy) believes that superyacht owners are attracted to cruising in Indonesia and love the bio-diversity that these remote cruising locations offer. Few locations on the planet offer such natural beauty and diverse cultural influences as this region.”

On the subject of 'Managing and Operating Yachts in the Asia-Pacific’, the panel of local experts agreed that there are, indeed, many challenges facing yachts when they cruising in Asia, and cutting corners does nobody any favours. Capt Nigel Tang (Nonni II) said, “Well-crewed and managed yachts work properly, deliver dividends of enjoyment, and retain their value." He believes that it is the job of the captain to sell to the owner the idea that actually spending more money will get him a better crew and therefore better cared-for yacht. On the topic of insurance, Colin Dawson (The George Group representing Howden) commented that, “Many owners seek to reduce running costs by downgrading the crew and taking the boat 'out of class'. Both tactics are a mistake. On the yacht management side, Joe Yuen (Lodestone Yachts) highlighted the role that marinas play by offering owners in Hong Kong exclusive facilities for the growing number of European yachts visiting and sold here, and touched on the accelerated happening in the Sanya charter scene. Gordon Fernandes (Asia Pacific Superyachts) said, “20 years ago there were only a few Asian superyacht owners, but today 50% of boats that APS handles are Asian-owned, and this - along with improved infrastructure and service - is why the Thailand yachting market is growing.  Andy Shorten (The Lighthouse Consultancy) believes that superyacht owners are attracted to cruising in Indonesia and love the bio-diversity that these remote cruising locations offer. Few locations on the planet offer such natural beauty and diverse cultural influences as this region.”

Francesca Webster (SYT) interviewed Omi Tanchanok (Blue Voyage Group), the owner of For Your Eyes Only (Astondoa, 31m), on how she started from scratch and created a 13-strong charter fleet in just 10 years. The answer is – well-prepared itineraries, the right boats, locations research, crew training, proper maintenance, and a good relationship with the local Government and Tourism departments. “Yachting is not traditionally part of Thai culture. Ten years ago, the banks were not interested in financing boats, but that has changed," said Tanchanok, who spends a minimum of five weeks on board her boats, across the fleet, by way of QC supervision.

Dubai’s strategic position, connecting the East and West, was the topic of discussion for Merijn de Waard (SYT) and Issam Kazim (Dubai Economy & Tourism). The port of Dubai has established itself over the last 10 years as a 'new' superyacht destination, despite having no cruising grounds worth the name. This influx has brought with it numerous family offices, and wealth. Dubai boasts 16 marinas and 3,600 berths, and is an exceptionally easy place for superyachts and their owners to access, irrespective of flag or nationality. The yachting infrastructure is substantial and continuously improving. There are even plans afoot for a combined UAE/Saudi Arabia/Qatar/Oman visitor's visa. Streamlined bureaucracy indeed.

‘How to get more yachts into the APAC region, and develop a charter market’ was the focus of the next panel, and David Good (Superyacht Australia), explained how the Australian superyacht market flourished during Covid, as a number of owners brought their yachts back from Europe. Chartering opportunities increased as a result, and the focus is now on keeping these yachts in the region by encouraging them to cruise the Asia-Pacific and surrounding areas, and carry out their annual maintenance in the southern hemisphere. Julien Solari (Camper & Nicholsons) also noted that Covid was a major catalyst for the growth in the industry in Singapore, and the size of arriving yachts increased. “There is a natural evolution, with yacht owners wanting vessels with a greater range for long distance cruising", he observed. Lies Sol (Northrop & Johnson) discussed the development of the Thai charter market, and the importance of the new charter licence. “Several foreign-flagged yachts have obtained the Thai charter license but growth is slow. It would help if a solution could be found for the current 30-day crew visa limitation." Eric Noyel (Fraser) highlighted the joy of yacht ownership, but also emphasised the need for more regulatory improvement throughout SEA in order to facilitate charter in the region.

The afternoon panel discussed the “Current state of the Superyacht market in Asia’, highlighting the key insights and trends. James Clayton (Simpson Superyachts) emphasised his optimism for further potential growth in the SEA region, and believes that Singapore is emerging as the largest hub of yachting in the region. Mark Woodmansey (Burgess), who has recently sold several large superyachts in the region, believes the market has yet to reach its full potential. Carmen Lau (Camper & Nicholsons) related how she has been guiding Asian owners through their superyacht purchases. She believes that the Asian superyacht market is maturing, and will see soon see more 'local' owners among the world fleet. Andrew Pitchford (Ferretti Group APAC) believes that strong brand presence is an important factor for engaging with the emerging Asia markets, and supporting the new owners with after sales service is a key way to develop these markets. The last session was a Q&A session in which with Francesca Webster (SYT) interviewed Kenneth Leung (Camper & Nicholsons International), on how one of the oldest brokerage houses - now owned by Lai Sun Group - is integrating its operations into the Asia-Pacific. “Our management is still based in Europe, but we now have organic growth in Asia, which is important for the region, and by connecting Asian clients to the global superyacht market we can promote sustainable growth.”

Day One concluded with a networking dinner at the Royal Hong Kong Yacht Club, and guests were entertained with a lion dance to celebrate the Year of the Dragon and welcome everyone to Hong Kong. Over 170 guests enjoying an evening of fine dining, whist taking in the magnificent views of Hong Kong's spectacular Victoria Harbour.

Day 2: 6 June 2024

The second day started with a panel discussion on ‘The Business of Marinas’ and Jonathan Sit (One15 Marina) focused on the evolving business models of marinas toward sustainability, describing Modern Marinas as dynamic ecosystems that attract both yacht owners and non-yacht owners, He also highlighted the industry's move towards eco-friendly practices. Ekrem Reyhancioglu (Poralu Marina) emphasised the shift from viewing marinas merely as yacht parking to recognising them as profitable components of broader waterfront developments, and he went on to stress the importance of educating governments on the multifaceted role of marinas. Cassy Wong (KIMDA) talked about the new marina developments in Kaohsiung, Taiwan, a city better known for its superyacht shipyards.

'How can European builders attract Asian clients?’ was the topic for the next panel, and the all-European panellists delved into the strategies employed by European shipyards and designers to appeal to Asian clients. Federico Rossi elaborated on Rossinavi's strategic shift towards focusing on the Asian market, and stressed the importance of understanding the unique mentality and market dynamics of the region. Giorgio Cassetta (Cassetta Yacht Design) provided insights into design preferences, highlighting the importance of tailored designs that cater to Asian customers' preferences. Gabriele Stella (Sanlorenzo) discussed his company's approach to developing yacht designs tailored specifically to the Asian market, focusing on the investment they have made in interior design and the involvement of designers to meet the unique preferences of Asian clients. Burak Akgül (Turquoise Yachts) explored the concept of brand value in the region, drawing on insights from Perini Navi's experiences, and accentuating the importance of maintaining a consistent brand essence and delivering exceptional quality.

‘Navigating the New Build Journey” panel discussion was opened by Paris Baloumis (Oceanco) who presented ideas on how to minimise changes during the build process. Antony Cowie (Cowie & Co) stressed how crucial it was not to rush the contract phase, in order to ensure a smoother build process, and most importantly learn how to manage client expectations. He pointed out that it is good tactics to get your lawyers involved as advisors at the beginning of a new project, rather than as triage and first aid experts when it has gone wrong at the end. Roy Chan (Legalmapp) shared experiences in dealing with legal disputes that involved shipyards and cash flow problems. As one of the panels suggested, "don't always leave the lawyers to the end of the programme, like this Summit! If we get involved early on there will be substantially less stress."

Enrico Chhibber (SYT) held a Q&A session with Yann Martinie de Maisonneuve (Pacific High Cruises) to get a deeper understanding of the challenges and opportunities that Phinisi yachts offer the charter market. Having begun the construction of his first boat only weeks after arriving in Indonesia, Yann has an unusually deep insight into the complexities of Phinisi yacht construction, and shared some of the spectacular opportunities that the region holds from a cruising perspective.

Francesca Webster (SYT) interviewed Nick Davies (Cookson Adventures) for some real adventure stories. "We are full time professional adventure organisers," says Nick, who was born in Hong Kong and has long had a handle on Asia. "Clients have an idea, but don't know how to go about it, and that's where we begin." Cookson have organised shipwreck searches and scientific expeditions into remote interiors, conservation expeditions, and polar excursions. He gave delegates an insight into some of the scientific and research projects with which he and his clients have been involved, and believes Asian clientele are definitely adventurous, and the Asia Pacific delivers some of the best adventure opportunities in the world. The final Q&A session to close the Summit was the keynote interview with Rose Damen (Daman Yachting). Francesca Webster asked Rose about her decision to join the family business, and her role as one of the leading female figures in the yachting industry. Rose shared her own personal experience of living in Asia, and the fact that 25% of Daman Yachting clientele were from the Asia-Pacific pre-Covid. She shared the origin of her own decision to join the family business within the yachting sector, and her insights into local market trends, and reflections on why the Amels Limited Editions brand has been so successful in this region. Rose is a strong advocate for the promotion of women in the yachting sector, and Damen Yachting hosted a 'Women In Yachting' event onboard a yacht the night before the Summit. When asked to name her dream destination in Asia, she said she would like to go cruising in the Raja Ampat (Andy Shorten, can you supply a cruising plan please?).

To wrap up, Merijn de Waard (SYT) asked Colin Dawson to sum up some of the key points from the Summit. The list included:

A Call for Action: the need for action and follow up on the issues raised at the Summit.

• Simplification of paperwork: Working with the regional Industry bodies to streamline the admin.
• Superyacht Stewardship: What information do owners need to know to run a yacht properly?
• Crew Career Paths: More crew training is needed, and more crew qualifications recognised.
• Growing Yachting: encourage younger Asians to work in the yachting industry.
• Teamwork: we all need to get involved either personally or support the organisations and Associations that work hard to improve the industry for all concerned.

A spot electronic survey was taken asking the audience whether they would like to do this again - say, in a year's time? Approval was almost unanimous, and 47% voted for a Hong Kong to be the venue. After all, Hong Kong is easy to get to, easy to visit, and has excellent infrastructure, Singapore was a close second choice, but wherever the next event is held, the Asia-Pacific is on the map and will be discovered by more superyacht owners in the future.

Words: Sophie Spicknell, Guy Nowell and Suzy Rayment
Photos: Tim O’Rourke