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Superyacht refits up 10% at €395m

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ICOMIA, The International Council of Marine Industry Associations’ superyacht refit group has 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 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, including 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 395.7 million euros, a ten per cent increase on last year’s figures. The number of refits increased by 4.7%, totalling 1136. The average refit value was 576, 870 euros, a substantial increase from last year’s figure of 331, 564 euros.

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 a summary of the report here

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