11/28/2019 | News release | Distributed by Public on 11/28/2019 07:12
Published on: 28 November 2019This week, ICOMIA published its second annual report on the large yacht refit market. The data is sourced from a survey of ICOMIA Superyacht Refit Group (ISYRG) members and supported by Automatic Identification System (AIS) data. ISYRG represents approximately 40% of global refit projects, consisting of 12 shipyards. All ICOMIA shipyards adhere to a code of practice which ensures the highest quality of refit and repairs.
The data is collected over the period of 31 August - 1 September each year and now includes data for the years 2017/18 and 2018/19. Although currently a short time frame, ICOMIA will continue to collect this data each year so that trends in the industry can be tracked.
Total refit turnover in 2018-2019 equalled €395.7million, a 10% increase on last year's figures. The number of refits increased by 4.7%, totalling 1136. The average refit value was €576,870, a substantial increase from last year's figure of €331,564.
For the yards represented, the number of refits was greatest in the 30-50m range. However, this is not reflected in total turnover in this range. Over 75% of refit projects were technical, around 13% were paint works and just under 10% were interior works. Technical works include, among other things, logistics, special surveys, electronics and machinery and equipment services.
The survey also covered other important aspects such as project duration, activity by region and top shipyards, as well as a further breakdown of the above. Tracking refit activity on an annual basis will provide useful insights for those working in the industry and beyond.
Download the report from the British Marine website here.