Large yacht refit market grows 10%

ICOMIA has produced its second annual report on the large yacht refit market Photo: Flickr ICOMIA has produced its second annual report on the large yacht refit market Photo: Flickr
Industry Database

Turnover in the large yacht refit market has increased by 10% in the last year.

The figures, from ICOMIA's second annual report on the large yacht refit market, use data collected over the period of 31 August – 1 September each year.

The information is obtained through surveying ICOMIA Superyacht Refit Group members and is supported by AIS data. Members represent approximately 40% of global refit projects, comprising 12 shipyards.

Substantial increase

Total refit turnover in 2018-2019 equalled €395.7m, 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. More than 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 key aspects such as project duration, activity by region and top shipyards, as well as a further breakdown of the above.

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