A slump in superyacht sales was observed in 2023, attributed to never-ending waiting lists, soaring costs, and sanctions on Russian oligarchs, deterring new buyers from entering the market. According to CNBC, the new SuperYacht Times’ State of Yachting report revealed a 17% decline in sales of new superyachts last year. Sales decreased from 313 in 2021 to 245 in 2022 and further to 203 in 2023. The wait period for a custom superyacht over 200 feet now amounts to three to four years, and costs continue to rise, from labor to materials.
Megayachts over 650 feet experienced the biggest hit, with sales plummeting by 40%. Many of these grand vessels are commissioned by Russian oligarchs, who are now steering away from boat-related investments due to sanctions. The burden of big boat sales now falls on Americans, who, while preferring smaller yachts compared to Russians, are also opting for larger vessels.
American sports billionaire Shahid Khan eagerly awaits the delivery of his 400-footer Kismet in 2024. Despite the sales decline, reports show that the number of yacht completions increased by 31% in 2023 to 202 superyachts. Among them, Project Luminance, stretching 476 feet with a volume of 9400 GT, will be delivered this year, along with Lürssen’s creation, the 374-foot Project Cosmos, valued at $350 million.
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