Your Guide To Buying A New Build Yacht
With the yacht sales market booming and superyacht stock levels currently lower than average, more and more potential owners are considering purchasing a new build project.
With the yacht sales market booming and superyacht stock levels currently lower than average, more and more potential owners are considering purchasing a new build project. Offering increased options for customisation, a new build yacht is the perfect way to realise your yachting dream. Not only can your Ocean Independence broker help you find the perfect project, but our yacht management team can assist in all aspects of the build through to completion, delivery and beyond.
While lockdowns due to the Covid-19 pandemic initially impacted build and refit works, shipyards were quick to adapt, and the overall long-term result on the industry has been overwhelmingly positive, with 47 new build yachts purchased since the start of 2021 and 248 delivered. With more and more shipyards offering a range of new build options, the choices are truly endless; factors to consider include price and build time, both of which will vary widely based on size, shipyard and level of customisation.
The ability to personalise a yacht to your exact tastes and requirements is a huge selling point for new build buyers, including everything from layout and furnishings to mechanics and propulsion. Travelling as a family and want four equal sized staterooms? Want to utilise the latest in green propulsion technology? Found the perfect wood to be used as interior accents? All of this and more can be accommodated in a new yacht build.
In addition to customisation, there are a range of other benefits to a new yacht construction. Most obviously, a brand-new yacht means that no other owners or guests have ever been on board, so there is no wear and tear or high engine hours. While a higher purchase price is a factor that must be considered, a new build yacht will also carry significantly lower annual maintenance costs than one already on the water, include the latest technology and have all major items of equipment and machinery under warranty. Before your new yacht is delivered, the shipyard will carry out comprehensive sea trials, giving you total peace of mind for trouble-free cruising.
With so many yacht construction options available, which new build route is right for you?
From bespoke hull design and naval architecture to specific mechanical options and engineering, a fully custom-built yacht offers the ultimate in personalisation. While these projects have the longest lead times, with many taking at least five years from conception to launch, a custom yacht build can be a true labour of love. Now available for charter with Ocean Independence, 46m Rossinavi superyacht 2 LADIES was custom-built to the Owner’s requirements, offering two equal-sized master staterooms and numerous bespoke details. With the build managed by the Ocean Independence team, the yacht was successfully launched in 2012.
With a semi-custom yacht build project, a buyer chooses an existing model from a shipyard with the option to customise a range of features, from interior design and fittings to engines and equipment. While the general configuration is often already agreed, some projects do offer alternative layout options to suit different buyers. One major benefit of a semi-custom yacht is that build time is often reduced due to the hull already existing, while still offering a high level of personalisation. These projects can take anywhere from one and a half to three years, making them a popular alternative to buying an existing yacht. In fact, Ocean Independence’s two most recent 37m new build yacht sales, a Benetti Motopanfilo and a Custom Line 120, are both semi-custom builds with short delivery times due to the hull already under construction.
Alternatively, a new build production yacht is already built by the shipyard and ready to hit the water. Offering the same advantages of a brand-new vessel without the wait times, these yachts offer light customisation options such as navigational equipment, tenders, and soft furnishings.
Somewhere between a semi-custom and production model yacht, some larger yachts are already in the process of being built on spec by the shipyard. While increased demand has led to longer lead times for many projects, a yacht built on spec will still allow for some customisation, with delivery in as little as six months to a year.
Ocean Independence Sales Director Toby Maclaurin has been involved in the sales of a wide range of superyacht projects throughout the years and knows the importance of having support from a dedicated team, stating:
Building and buying new is an exciting and hugely enjoyable experience. Our brokers and technical team cut through the shipyard jargon and help make all the decisions about what is right for you – from shipyard and model selection, specification and contract negotiations, to sea trials, delivery and blue horizon beyond.
Many owners are deeply involved in all the decisions surrounding their new yacht build, believing that this additional personal investment make the finished product all the more rewarding, while others take a more hands-off approach. No matter how involved you want to be in the construction of your superyacht, a dedicated project management team are critical to the success of a new build project.
The foundations of successful build come from having a comprehensive specification laid out from the start, a strong contract and a well-managed build – and the Ocean Independence yacht management team can guide you through the entire process. We consider every aspect, from measuring cabin noise and the quality of the hull paint, to the best combination of speed and range. Acting as an independent advisor, our team liaise between Owner and shipyard on all technical elements and negotiate specs, contracts and warranties to get the best deal for you. Working together with your yacht sales broker, we ensure that your requirements are met at every stage of the yacht build project.
For more information on purchasing a new build yacht, please speak to your Ocean Independence yacht broker or contact us.