Boat boom won't let up
Superyacht builders are entering the new year with more boats on order than ever before.
Driving the news: The mega-rich (whose wealth ballooned during the pandemic) sought out giant yachts at record rates for a private refuge from the virus — and there are fresh signs it isn't letting up, per Boat International's annual report out this week.
- "The lack of travel and the desire to isolate has been universally good for the boat industry," Princess Yachts' Will Green says in the report.
The intrigue: Companies have all but stopped building yachts on "spec" because of the wild demand. The number of boats built without owners hit the lowest level on record.
- Those with the means will be hard-pressed to find a semi-custom yacht available for purchase before 2024 — a historic wait time as demand soars and component shortages bite.
Between the lines: The "Octopus" — one of the world's biggest yachts, first commissioned by Microsoft co-founder Paul Allen — was the priciest yacht sale of the year: about $260 million.
The new yacht hurdle: dwindling places to park them.
What they're saying: "We have lost sales because people could not find anywhere to keep the boat," Issy Pereira, a Florida-based yacht dealer, told Miami Today this week.