Italy

Picchiotti

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has released their half-year financial report. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">In the first half of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>) reported consolidated revenues of &nbsp;€189.4 million, marking a 14.2% increase from €165.9 million in the corresponding period of 2023. Operating revenues also rose to €189.8 million, up 16.8% from the previous year.&nbsp;The breakdown reveals that shipbuilding revenues reached €167.1 million, a growth of 20.1%, driven by steady advancements in ongoing projects. Meanwhile, refit revenues stood at €22.6 million, consistent with the previous year's figures. It is noteworthy that refit revenues typically experience seasonal fluctuations, often accelerating in the latter half of the year.The total value of the order book for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>, encompassing both new yacht constructions and refit projects yet to be delivered, stands at &nbsp;€1.323 billion. This figure represents the gross value of existing contracts in the shipbuilding and refit sectors. Additionally, the net value of contracts for yachts not yet delivered to clients, after accounting for revenues already recognised in the income statement (net backlog), amounts to €611.4 million.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)"><img src="https://photo-assets.superyachttimes.com/photo/306419/image/large-176fab6ecaa60429a5acce58ec5da4d6.jpg" data-gid="gid://syiq/Photo/306419"></a><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported an Earnings Before Interest, Taxes, and Amortization (EBITDA) of €32.4 million in 2024, a 19% increase from €27.3 million in the prior year. The EBITDA margin improved to 17.1% from 16.4% in the previous year. This enhancement in operating margin is attributed to rigorous operating cost management, strategic balancing of shipbuilding and refit activities, and the internalisation of high value-added production processes. These improvements follow the recent establishment of a business unit dedicated to steelworks for interior finishing.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported an Earnings Before Interest and Taxes (EBIT) of €26.8 million this year, reflecting a 23.5% increase from €21.7 million recorded during the same period in 2023 . The margin on revenues also improved, reaching 14.2% compared to 13.1% in the first half of 2023.A net result of €29 million was achieved, marking a substantial increase of 113.4% compared to €13.6 million in the corresponding period of 2023.In terms of strategic projections, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> anticipates revenues to range between €400 million and €420 million, with an EBITDA margin expected to be between 17% and 17.5%.<img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, remarked: “Our positive trend continues and the first half of 2024 marks a significant increase in revenues and EBITDA, with a remarkable growth in Net Profit. We are also very proud of having received the admission to the STAR segment, an important milestone which confirms the company's compliance with stringent requirements in terms of transparency, governance, communication and economic-financial soundness, values that <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has always pursued with determination. This milestone will allow us to strengthen our visibility in the international financial markets, as well as our commitment to shareholders and all stakeholders.”

The Italian Sea Group reports 14% increase in total revenue for H1

The Board of Directors of The Italian Sea Group has officially reviewed and approved the half-year financial report as of 30th June 2024.

The Italian Sea Group reports 14% growth in total revenue for H1

A major yacht fire has broken out at Marina Zea in Piraeus this morning, engulfing three yachts and causing substantial damage. According to local news outlets the newly launched 32.96-metre <a data-gid="gid://syiq/Company/778" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Golden Yachts Ltd. (Company)">Golden Yachts</a> motor yacht <a data-gid="gid://syiq/Yacht/2147" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="O'Riana32.96m (108'2&quot;)Golden Yachts Ltd.2024">O’Riana</a>, the 42.49-metre <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> motor yacht <a data-gid="gid://syiq/Yacht/2362" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Libra Y42.49m (139'5&quot;)Picchiotti1977">Libra Y</a>, 30-meter motor yacht <a data-gid="gid://syiq/Yacht/1040" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Etra I30.0m (98'5&quot;)Lowland Yachts B.V.1989">Etra I</a>, were caught in the blaze and both yachts have now sunk. Reports have suggested that one of the three severely damaged boats is a local tourist vessel rather than a private yacht.<img src="https://photo-assets.superyachttimes.com/photo/321394/image/large-64b7be40716a414e5683242d05b41b1b.jpg" data-gid="gid://syiq/Photo/321394">The fire originated on one yacht and subsequently spread to two others, with explosions being reported, according to PortThema. According to news outlet Lefimerida, one firefighter was hospitalised for breathing problems and the Coast Guard rescued 10 individuals who were walking on the pier. <iframe width="640" height="360" src="https://www.youtube.com/embed/_bl06lDZzJc?&amp;wmode=opaque" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe>At the peak of the incident, ten vehicles with 26 firefighters, three Coast Guard boats, and a fire brigade vessel were deployed at the site. As of Friday morning, 26 firefighters, along with ten vehicles, three Coast Guard boats, and a fire department vessel, remain on the scene to continue monitoring the situation.<img src="https://photo-assets.superyachttimes.com/photo/321395/image/large-451020772a54d642f2b6c7a9c099b06f.png" data-gid="gid://syiq/Photo/321395">One of the damaged yachts is believed to be a commercial tourist vessel. Authorities reported no individuals trapped on any of the yachts. The Coast Guard, fire department, and private divers are collaborating to assess and address any potential water pollution resulting from the fire.<iframe width="640" height="360" src="https://www.youtube.com/embed/0jSX68XgyGk?&amp;wmode=opaque" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe>

Yacht fire Marina Zea

Firefighters extinguished a major blaze at Marina Zea in Piraeus, which engulfed three luxury yachts. The Greek Coast Guard rescued ten individuals.

Major fire in Marina Zea, Piraeus destroys yachts O'Riana, Libra Y, and Etra I

It is with great sadness that the <a data-gid="gid://syiq/Company/473" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Overmarine Group SPA (Company)">Overmarine Group</a> has announced the passing of its esteemed founder and President Giuseppe Balducci today (10 June 2024). <img src="https://photo-assets.superyachttimes.com/photo/314533/image/large-ab34417df6b842bfbfdbb909edc4131e.jpg" data-gid="gid://syiq/Photo/314533">Born in Limite sull'Arno in 1937, Giuseppe Balducci embarked on his yachting career from &nbsp;a remarkably young age. Relocating to Viareggio during his childhood, Giuseppe began working as an electrician at the historic <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> shipyard in 1953 at just 16 years old. He remained with the Viareggio-based shipyard until its bankruptcy in 1971.During the same year, Giuseppe founded his own company Elettromare, a brand that continues to manufacture marine electrical systems to this day. Even then, Elettromare was a trailblazer in creating advanced electrical panels and systems for boats.During his business ventures Giuseppe Balducci extensively toured Italy and the United States, which provided him with insights into the evolving boat-building industry, particularly the shift from wood to fibreglass. This inspired him to open a factory in Massarosa (Lucca), dedicated to constructing fibreglass yachts. His foresight proved invaluable as during the 1980s, many boat builders began relying on him for their hull construction.<img src="https://photo-assets.superyachttimes.com/photo/14758/image/large-8ee1780749eebbb20a400a7a68aba8ed.JPG" data-gid="gid://syiq/Photo/14758">This vision led to the establishment of <a data-gid="gid://syiq/Company/473" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Overmarine Group SPA (Company)">Overmarine</a>, which specialised in the construction of fast maxi-open yachts, renowned for their timeless style. The first open-maxi model, the Mangusta 80, is a testament to Giuseppe's innovative spirit, with as many as 85 units sold in the following years.<a data-gid="gid://syiq/Company/473" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Overmarine Group SPA (Company)">Overmarine Group</a>, as it stands today, is a testament to Giuseppe Balducci's unwavering enthusiasm and belief in his dream. His commitment to the potential of Viareggio saw him become a founding partner of two key companies in the port of Viareggio, Udina and <a data-gid="gid://syiq/Company/5323" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Arpeca Shipyard (Company)">ArPeCa</a>.Giuseppe remained actively involved in his ventures until the very end, personally overseeing the construction of a new manufacturing plant in Pisa, which is set to be officially opened in the coming days.“Giuseppe will always be remembered as a reserved man, with a subtle sense of humour and a great love for his wife Bruna, his children Maurizio and Katia, his beloved granddaughters, and all his employees, who, together with him, have built vessels that have become icons in the marine industry,” added the <a data-gid="gid://syiq/Company/473" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Overmarine Group SPA (Company)">Overmarine Group</a>.The funeral service will be held tomorrow, Tuesday, 11th June, at 11:00 at the Church of Don Bosco in Viareggio.

Overmarine Group founder and President Giuseppe Balducci passes away

Overmarine Group has announced the passing of its esteemed founder and President Giuseppe Balducci today. 

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In memoriam: Overmarine Group founder and President Giuseppe Balducci

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>), a leading yacht builder based in Marina Di Carrara and encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has officially reviewed and approved the preliminary consolidated financial results as of May 15th, 2024. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported revenues amounting to €95.6 million, marking a notable increase of 12.2% compared to €85.2 million in the corresponding quarter of 2023. The company also observed a significant rise in EBITDA, which grew by 16.6% to reach €16.1 million, up from €13.8 million in the first quarter of the previous year. The EBITDA margin has shown improvement, stabilising at 16.8%, compared to 16.2% in the same period of 2023.Shipbuilding revenues were particularly strong at €86.7 million, reflecting a 26.2% increase over the prior year, driven by the steady progress of ongoing construction projects and new sales contracts. However, refit revenues slightly declined to €9.1 million due to the higher allocation of production capacity to shipbuilding.The total value of the order book as of March 31, 2024, stood at €1,344 million, with the net backlog (value of contracts for yachts pending delivery net of recognised revenues) reaching €667.4 million.There are 35 projects under construction: 25 yachts and 10 <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 63, with deliveries scheduled until 2027.<img src="https://photo-assets.superyachttimes.com/photo/276845/image/large-89bdd037be0ad035cf382cde4c424bad.jpg" data-gid="gid://syiq/Photo/276845"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> also reported a net financial position of negative €25 million, a significant shift from a positive stance of €2 million as of December 31, 2023. This transition primarily reflects the financial implications of a substantial extension in the state concession for the Marina di Carrara shipyard. According to IAS/IFRS accounting standards, the extension—stretching the concession period from December 31, 2043, to December 31, 2072—necessitated adjustments to the Net Financial Debt, incorporating an additional €8 million for the current valuation of anticipated future fees.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has also entered into an agreement with <a data-gid="gid://syiq/Company/6336" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kitson Yachts (Company)">Kitson Yachts</a>, designating the Yachting Family Office as an "Authorised Sales Agency" for the American market. <img src="https://photo-assets.superyachttimes.com/photo/112607/image/large-8cf16f6fca69e81b2b7760622e8a35c7.jpg" data-gid="gid://syiq/Photo/112607">Following a robust first quarter, characterised by steady progress on ongoing projects and an anticipated increase in order intake for the second half of the year, The Italian Sea Group reaffirms its financial projections for 2024. Initially disclosed during the Capital Markets Day, the company forecasts year-end revenues to be between €400 million and €420 million, with an EBITDA margin expected to be between 17% and 17.5%. Additionally, at the same event on February 7th, The Italian Sea Group presented its strategic vision for 2025. The company projects continued growth, with revenues expected to range from €430 million to €450 million and an EBITDA margin set to expand to between 18% and 18.5%.<img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, commented: “I am very proud of the results we approve today, which confirm the moment of development and consolidation that our Group is experiencing. The increasing appreciation of our superyachts from Owners all over the world and the success of semi- custom lines, which let us optimise our production capacity, allow us to enhance the quality and visibility of our order book. We continue our expansion in the most dynamic areas of the world for luxury yachting, attracting an ever- increasing and more resilient clientele also due to the important partnerships with leading sector brokers.”

TISG reports revenues of up €95.6 million for Q1 2024

The Board of Directors of TISG has officially reviewed and approved the preliminary consolidated financial results as of May 15th, 2024.

TISG reports 12% revenue increase for Q1 2024 to €95.6 million

Yachts attending the Mediterranean Yacht Show 2024

We take a look at yachts attending this eighth edition of the world's largest crewed yacht charter show, which is returning to Greece this year. 

The largest yachts attending MEDYS 2024

The 40.78-metre Picchiotti superyacht <a data-gid="gid://syiq/Yacht/3077" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Aetea40.78m (133'10&quot;)Picchiotti1981">Aetea</a> is on the market with <a data-gid="gid://syiq/Company/5463" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Barnes Yachting (Company)">Barnes Yachting</a>.<img src="https://photo-assets.superyachttimes.com/photo/295942/image/large-2691cf9cb3ba381d8580b7b944f6c6a9.jpg" data-gid="gid://syiq/Photo/295942">Delivered in 1981, this <a href="https://www.superyachttimes.com/yachts/motor/for-sale" rel="noopener noreferrer" target="_blank" title="">motor yacht for sale</a>, formerly known as Al Said, sports an exterior design created by the US-based studio <a data-gid="gid://syiq/Company/906" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Arthur de Fever (Company)">Arthur de Fever</a> along with naval architecture imagined in-house by her Italy-based builder <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>.<img src="https://photo-assets.superyachttimes.com/photo/295941/image/large-334e1a898129e4cedc29c3733940f845.jpg" data-gid="gid://syiq/Photo/295941">At a volume of 353 GT, the <a href="https://www.superyachttimes.com/yachts/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht for sale</a>, which has a beam of 7.85-metres and a draft of 2.5-metres, is capable of hosting up to 10 guests onboard across five staterooms.<img src="https://photo-assets.superyachttimes.com/photo/295937/image/large-8ed053d385595184aeb31cfdf78cb8a8.jpg" data-gid="gid://syiq/Photo/295937">While a distinctive navy blue hull grants the vessel a striking exterior profile, her deck spaces provide plenty of room for guests to top up on their tan or indulge in delectable alfresco dining under the sun’s rays.<img src="https://photo-assets.superyachttimes.com/photo/295933/image/large-96d8477a33d3ef9814a4214730c23494.jpg" data-gid="gid://syiq/Photo/295933">Moving inside, the <a href="https://www.superyachttimes.com/yachts/aetea/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht Aetea for sale</a>’s interior saloon exhibits a eclectic mixture of leather and soft fabrics in a diverse, vibrant colour palette ranging from electrifying red to muted cream.<img src="https://photo-assets.superyachttimes.com/photo/295935/image/large-175aa834ccff082ab295bce0e1ad8a1b.jpg" data-gid="gid://syiq/Photo/295935">Those who recline on the sumptuous sofas with intricately embroidered cushions find themselves in a comfy haven surrounded by emotive and largely impressionistic artwork, alongside soothing sea views through the expansive windows.<img src="https://photo-assets.superyachttimes.com/photo/295936/image/large-1ba4e28a5bf61f84aca03a7943ff2bda.jpg" data-gid="gid://syiq/Photo/295936">In terms of her accommodation, the <a href="https://www.superyachttimes.com/yachts/picchiotti/for-sale" rel="noopener noreferrer" target="_blank" title="">Picchiotti yacht for sale</a>’s extravagant staterooms offers unique embellishments such as figurines suspended on the wall, framed vintage maps, and chicly rustic bedside tables that give the sleeping sanctuaries a sense of home. <img src="https://photo-assets.superyachttimes.com/photo/295939/image/large-6b753eab44e04b76f4e73004774a8593.jpg" data-gid="gid://syiq/Photo/295939"><img src="https://photo-assets.superyachttimes.com/photo/295940/image/large-f388da8ab3ea24e61579e4954abcf865.jpg" data-gid="gid://syiq/Photo/295940">Regarding her performance, the superyacht is powered by twin <a data-gid="gid://syiq/Company/1409" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MTU (Company)">MTU</a> engines that propel her to a breezy cruising speed of 14.5 knots and a top speed of 16 knots. <img src="https://photo-assets.superyachttimes.com/photo/295934/image/large-991230b03ae1948b52204ff1db55e506.jpg" data-gid="gid://syiq/Photo/295934">

41m Picchiotti yacht Aetea joins the market 

The 40.78-metre superyacht Aetea is on the market with Barnes Yachting.


41m Picchiotti superyacht Aetea joins the market 

The ultimate guide to the Singapore Yachting Festival 2024

SuperYacht Times takes a look at what you can expect to find at this year’s Singapore Yachting Festival 2024. 

Everything you need to know about the Singapore Yachting Festival 2024

The Board of Directors of The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Italian Sea Group</a>, a leading yacht builder based in Marina Di Carrara and encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has officially reviewed and approved the preliminary consolidated financial results as of 31 December 2023.<img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a> has reported a substantial increase in total revenues, reaching €364 million, a notable 24% growth compared to €295 million in the previous year. This surge in revenue can be primarily attributed to new sales contracts and the advancement of existing orders.The total value of the order book, which encompasses the gross value of contracts for yachts pending delivery to clients (including both shipbuilding and refit segments), stood at €1,265 million as of December 31, 2023.&nbsp;Additionally, the net value of these existing contracts, after accounting for revenues already recognised in the income statement (net backlog), amounted to €609 million. This net backlog offers a clear view into the company's future revenue streams and operational pipeline, further solidifying its financial stability and growth trajectory.&nbsp;The preliminary EBITDA for the same period was reported at €61 million, marking a significant enhancement from the €47 million recorded at the end of 2022. The EBITDA margin also saw an improvement, rising to 16.8% from 15.9%.&nbsp;The company's financial performance as of December 31, 2023, revealed a Preliminary Net Financial Position of €2 million, shifting from a negative position of €11 million at the end of 2022. This improvement in financial status reflects several key financial activities throughout the year: a €14.4 million expenditure on dividend distributions, the aforementioned investments totaling €10 million, and the sale of an office building within the Viareggio shipyard, which resulted in a net cash inflow of €10.6 million.&nbsp;The Strategic Outlook for 2024-2025 anticipates considerable organic growth, leveraging the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a>'s robust infrastructure and the synergistic integration of <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> and its assets. This growth is further supported by strategic partnerships with luxury brands and a comprehensive sales network that spans globally. The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a> has set ambitious growth targets, aiming for revenues in the range of &nbsp;€400-420 million and an EBITDA Margin of 17-17.5% for 2024. For 2025, the revenue forecast is set between &nbsp;€430-450 million, with an expected EBITDA Margin of 18-18.5%. <img src="https://photo-assets.superyachttimes.com/photo/278854/image/large-10473eb6d3fdc1c0fbd3a7cdaa4e5d83.jpg" data-gid="gid://syiq/Photo/278854">Giovanni Costantino, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>’s Founder &amp; CEO, commented: “2023 has been a challenging yet satisfying year. Our return to the <a data-gid="gid://syiq/Event/182" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2023">Monaco Yacht Show</a>, the important deliveries, and the development of new, exciting projects for our brands have represented an additional step for the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a>’s growth, which is now an established reference point in luxury yachting.&nbsp;Once again, we have respected and exceeded the market’s expectations, with revenues reaching €363 million and an EBITDA Margin of 16.8%, beyond the guidance we announced at the beginning of last year. We also recorded a positive Net Financial Position, despite a rewarding dividend policy and the investments made for the integration of a company like <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, for which we have interesting perspectives.&nbsp;With seven yacht launches, six of which we will deliver, 2024 promises to be a year full of new challenges and exciting opportunities for development, which I am sure we will be able to overcome and face in the best way.”

The Italian Sea Group reports  24% growth in total revenues

The Italian Sea Group has officially reviewed and approved the preliminary consolidated financial results as of 31 December 2023.

The Italian Sea Group reports 24% growth in total revenues

<a data-gid="gid://syiq/Company/4774" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pulina Exclusive Interiors (Company)">Alessandro Pulina</a> has a wealth of experience garnered from working with established Italian shipyards, including <a data-gid="gid://syiq/Company/212" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Benetti SpA (Company)">Benetti</a> and <a data-gid="gid://syiq/Company/12" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CRN (Company)">CRN</a>. Since founding his design studio, <a data-gid="gid://syiq/Company/4774" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pulina Exclusive Interiors (Company)">Pulina Exclusive Interiors</a>, in 2014, he has undertaken projects worldwide, with a growing emphasis on the superyachting sector in China coupled with a dedication to sourcing sustainable materials for the interior design of superyachts.<a href="https://www.superyachttimes.com/" rel="noopener noreferrer" target="_blank" title="">Superyacht Times</a> had the opportunity to speak with Founder <a data-gid="gid://syiq/Company/4774" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pulina Exclusive Interiors (Company)">Alessandro Pulina</a>, to delve into his background, the inception of <a data-gid="gid://syiq/Company/4774" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pulina Exclusive Interiors (Company)">Pulina Exclusive Interiors</a>, the firm's design philosophy, and its ongoing projects.<img src="https://photo-assets.superyachttimes.com/photo/295422/image/large-de56c8286bd4759c0c42b0fc41631a4c.png" data-gid="gid://syiq/Photo/295422">Tell me a little about yourself, including your background, education, and how you entered the yachting industry.&nbsp;My connection to the yachting industry dates back to my youth when my father owned a small motor yacht and would spend ample time onboard. This memorable experience not only fuelled my passion for yacht design but led me to choose it as my final course during my studies at the University of Florence. I was very fortunate to meet Guido Spadolini, an innovative architect and visionary who helped me work on my thesis, which focused on the design of a 21-metre fast open yacht.After graduating in Architecture, I enrolled in a unique master’s degree program, established through a partnership with the universities of &nbsp;Florence, Genoa, and Pisa. This master’s course played a pivotal role in my entry into the yachting sector. Immediately following its completion, I secured a position as an interior designer with the shipyard Filippo Picchiotti (FP), owned by one of the members of the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> family, previous owners of the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> brand. There, I collaborated extensively with the exterior designer <a data-gid="gid://syiq/Company/4575" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Paolo Caliari Design (Company)">Paolo Caliari</a> on the Jaguar brand, a series of &nbsp;yachts ranging from 21 to 27-metres, that were sold in the American and European market. Unfortunately, the shipyard fell into bankruptcy in 2008.After FP, I joined <a data-gid="gid://syiq/Company/212" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Benetti SpA (Company)">Benetti</a> as style manager for their fibreglass projects for approximately 10 years, mostly managing production in Viareggio and Fano. I successfully managed around 500 yacht projects, overseeing the intensive production process. Notable projects included the development of new series yachts such as the <a data-gid="gid://syiq/Company/212" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Benetti SpA (Company)">Benetti</a> Crystal, Mediterraneo, Tradition, and the Classic Supreme series. As style manager, I was also responsible for developing the <a data-gid="gid://syiq/Company/358" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Azimut Yachts (Company)">Azimut</a> Grande project; we delivered the first unit of the series to a client in Hong Kong. &nbsp;During this period, I extensively travelled worldwide, gaining insights into the yachting industry across different countries. The experience in various shipyards equipped me with the tools and knowledge necessary, allowing me to refine my creative vision. The combination of these experiences eventually inspired me to establish my own design studio in 2014, which is approaching its ten-year anniversary next year.&nbsp;Can you share how the firm has evolved over the years and elaborate on the projects you are currently involved in?<img src="https://photo-assets.superyachttimes.com/photo/295443/image/large-c1be7d8714fb13fa0bbc24ac320dadb4.jpg" data-gid="gid://syiq/Photo/295443">Over the years, our firm has undergone significant growth, expanding to two offices, one located in the heart of Pisa with a team of 15 employees, housed in a beautiful historic building just a short distance from the iconic Tower of Pisa, and another strategically positioned in the art centre of Shanghai. Moreover, I have also been recently appointed as a consultant for the Chinese government in the yachting sector.&nbsp;Our international presence across two continents has played a pivotal role in our ability to undertake multiple yacht projects worldwide, spanning three continents. We've been involved in diverse projects, ranging from Australia, where we collaborated on the 35.25-metre <a data-gid="gid://syiq/Company/899" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Silver Yachts (Company)">Silver Yachts</a> <a data-gid="gid://syiq/Yacht/8564" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Space Cat35.25m (115'8&quot;)Silver Yachts2022">SpaceCat</a> delivered in 2022, to Italy, working on the 38.2-metre <a data-gid="gid://syiq/Company/5302" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Maori Yacht (Company)">Maori</a> motor yacht <a data-gid="gid://syiq/Yacht/8464" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="K+38.2m (125'4&quot;)Maori Yacht2022">K+</a> delivered in 2022 and the 2022 62-metre <a data-gid="gid://syiq/Company/12" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CRN (Company)">CRN</a> superyacht <a data-gid="gid://syiq/Yacht/7207" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="RIO62.0m (203'5&quot;)CRN2022">RIO</a>. Moreover, we have also worked with the Chinese shipyard <a data-gid="gid://syiq/Company/3780" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pride Mega Yachts (Company)">Pride Mega Yachts</a>, where we contributed to the interior design of the 88.8-metre <a data-gid="gid://syiq/Yacht/5634" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Illusion Plus88.5m (290'4&quot;)Pride Mega Yachts2018">Illusion Plus</a>. Our most recent project was the <a data-gid="gid://syiq/Company/212" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Benetti SpA (Company)">Benetti</a> 40.8-metre motor yacht <a data-gid="gid://syiq/Yacht/10454" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Mia 240.8m (133'10&quot;)Benetti SpA2023">Mia 2</a>. <img src="https://photo-assets.superyachttimes.com/photo/295428/image/large-bb47339f799749c0d150a49f1b6733cb.jpg" data-gid="gid://syiq/Photo/295428">Our studio reflects our increasingly international perspective, with designers hailing from various countries, including China, Taiwan, Turkey, Ukraine, Russia, and, of course, Italy. This diversity in the team aligns with our commitment to effective communication, especially crucial when engaging with clients from different linguistic and cultural backgrounds. The studio's approach on embracing diverse cultures enhances our ability to connect with a global clientele.Furthermore, we've undergone a recent significant evolution by expanding our scope of work beyond interiors to include exteriors. We are currently involved in a project on both the interior and exterior design of a series of new yachts, covering a range from 15.24 to 36.8-metres in China.<img src="https://photo-assets.superyachttimes.com/photo/295430/image/large-2cc40d651f5067f77f29922bbe868515.jpg" data-gid="gid://syiq/Photo/295430">Could you elaborate on the collaborative process with&nbsp;<a data-gid="gid://syiq/Company/12" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CRN (Company)">CRN</a>&nbsp;regarding the interior design of the 62-metre &nbsp;yacht&nbsp;<a data-gid="gid://syiq/Yacht/7207" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="RIO62.0m (203'5&quot;)CRN2022">RIO</a>?The project of designing the interiors of <a data-gid="gid://syiq/Yacht/7207" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="RIO62.0m (203'5&quot;)CRN2022">RIO</a> was intriguing due to the robust communication and deep understanding between our design team and the client. This dynamic relationship enabled us to capture the client’s vision and generate an interior with a welcoming familial atmosphere and a tropical inspiration. In order to achieve this we gathered a lot of elements inspired by the vibrant colours found in tropical forests, for example. The result was a harmonious blend of colours, carefully orchestrated to avoid a random or disjointed aesthetic.<img src="https://photo-assets.superyachttimes.com/photo/295423/image/large-17a23d2e28c5834ed5fd6f12aa5f05b7.jpg" data-gid="gid://syiq/Photo/295423">Moreover, given the yacht's numerous and distinct decks and rooms, we conducted thorough studies on how to manage colours seamlessly and a cohesive experience throughout the many floors in the yacht and create a unified, purposeful design. The collaboration with the <a data-gid="gid://syiq/Company/12" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CRN (Company)">CRN</a> team and the owners was instrumental &nbsp;to this success. A core principle of our design philosophy is recognising the importance of a cooperative approach. &nbsp;<img src="https://photo-assets.superyachttimes.com/photo/295425/image/large-4eb3bf9959fd0e53947940ae38c8080e.jpg" data-gid="gid://syiq/Photo/295425"><img src="https://photo-assets.superyachttimes.com/photo/295427/image/large-478e588b0e66a933f99c84419b6d0a29.jpg" data-gid="gid://syiq/Photo/295427">At the <a data-gid="gid://syiq/Event/182" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2023">Monaco Yacht Show</a> you showcased the latest innovations in biotechnological materials for yacht interior design. Could you elaborate on the goals and objectives of the project "Aligned with Sustainability" ?Our initiative 'Aligned with Sustainability,' showcased at the <a data-gid="gid://syiq/Event/182" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2023">Monaco Yacht Show 2023</a>, &nbsp;emerged from a noticeable growing client interest in sustainable interior design materials for yachts. However, addressing this demand posed a challenge due to the lack of what I often refer to as 'tools', comprehensive resources and materials to support sustainable projects.In order to address this gap, we initiated research, collaborating with the university Sant'Anna in Pisa. Our aim was to identify companies producing sustainable materials, including biomaterials and bioplastics. The goal was to curate finishing products and materials that, when combined, could contribute to a design that is 100 percent or close to 100 percent sustainable. In the course of our research, we identified a company that develops biomaterials derived from sources like oranges and lemons.&nbsp;This endeavour aligns with a broader movement in the industry where dedicated research and innovation are focused on creating new materials for the future. It's a crucial consideration, as we stand at the threshold of the future, prompting us to think about the well-being of the next generation. Personally, as a parent of three children, I find it imperative to shift our approach from traditional methods to conducting research for a sustainable future.&nbsp;When you are designing a yacht, how do you ensure that the design remains stylish and relevant when the yacht is eventually launched?Addressing the question of maintaining style and relevance in yacht design is undoubtedly one of the most significant challenges a designer faces especially with interior yacht design. The goal is to cultivate a contemporary interior design that emanates a perpetual sense of freshness, resists the pull of passing trends and ensures an enduring appeal that stands the test of time.During my involvement in the design of the third hull of the Crystal series, the 42-metre <a data-gid="gid://syiq/Yacht/4629" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Soy Amor42.0m (137'10&quot;)Benetti SpA2014">Soy Amour</a>, achieving synchronisation with the owners proved to be a meticulous process. This often entailed multiple revisions to ensure perfect alignment and harmony between the design vision and their preferences. This summer, I had the opportunity to revisit <a data-gid="gid://syiq/Yacht/4629" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Soy Amor42.0m (137'10&quot;)Benetti SpA2014">Soy Amour</a> after approximately 18 years, and it still radiated a sense of freshness and contemporaneity.&nbsp;The success of this enduring appeal can be attributed to my design approach in eschewing a fixed historical period, and embracing a heritage process that transcends time. Yacht refits are common after seven to eight years, but our aim is to extend the longevity of our designs.&nbsp;If you could purchase your own yacht or advise a client, is there one design feature you feel contributes most towards a luxurious experience onboard?Absolutely, when considering yacht design, our approach is to reimagine life onboard. The market traditionally adheres to standard layouts with a fixed number of cabins and public areas. However, our experience, particularly in designing villas in diverse locations such as China and Abu Dhabi, has revealed a shift in client preferences. Now, it's less about a specific number of guest bedrooms and more about creating versatile spaces that foster communal activities.&nbsp;We're exploring concepts like winter gardens and chill rooms where people can engage in various activities. Clients are seeking modern office spaces on yachts, deviating from the traditional setup. The contemporary onboard office is designed as an experiential space equipped with technology, multiple screens, meeting areas, and a setting conducive for conducting business. Our vision is to revolutionise the yacht experience, moving away from the conventional desire for a set number of cabins to a more dynamic and multifunctional onboard lifestyle.Finally, any exciting projects or developments you would like to unveil?Whilst I can't disclose specifics, I can share that in China we have entered into a collaborative venture with prominent car brands for an innovative yacht project. Additionally, we're also engaged in projects with <a data-gid="gid://syiq/Company/7149" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Yihong Yachts (Company)">Yihong Yachts</a> as well as <a data-gid="gid://syiq/Company/7448" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Eastar yacht (Company)">Eastar Yacht</a>. Closer to home in Italy, we're underway with a refit project for a 55-metre superyacht.<img src="https://photo-assets.superyachttimes.com/photo/295421/image/large-7537bf0d751362c5540917a40199ebaf.png" data-gid="gid://syiq/Photo/295421">

Meet the Italian designer informing China's superyacht sector

Superyacht Times had the opportunity to speak with Founder Alessandro Pulina who has undertaken projects worldwide, with a growing emphasis in China.

Italy based yacht builder <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> has announced that the inaugural model of its Gentleman yacht line has moved to its outfitting phase. The 23.95-metre motor yacht is scheduled to be delivered in 2024. <img src="https://photo-assets.superyachttimes.com/photo/278455/image/large-009945219760b3cdf0ee6304d28719ae.jpg" data-gid="gid://syiq/Photo/278455">The introduction of the new Gentleman line marks the revival of <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, a renowned shipyard with a rich history in Italy. The relaunch came just after six months following the acquisition of <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> and its sister company <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>. <img src="https://photo-assets.superyachttimes.com/photo/278459/image/large-e04c4adec8df93896ddd487d36af6974.jpg" data-gid="gid://syiq/Photo/278459"><img src="https://photo-assets.superyachttimes.com/photo/278458/image/large-422ce44366087656ff7432212d19d6ab.jpg" data-gid="gid://syiq/Photo/278458">She features exterior design by <a data-gid="gid://syiq/Company/58" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Luca Dini Design & Architecture (Company)">Luca Dini Design &amp; Architecture</a>, while the naval architecture is a collaborative effort between <a data-gid="gid://syiq/Company/58" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Luca Dini Design & Architecture (Company)">Luca Dini Design &amp; Architecture</a>, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (TISG) and the consultancy of Kurt Lehmann and his company <a data-gid="gid://syiq/Company/2973" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Yacht Moments (Company)">Yacht Moments</a>. Up to eight guests are accommodated onboard the superyacht, and she also has accommodation for four crew members including the captain. <img src="https://photo-assets.superyachttimes.com/photo/278456/image/large-9a72fae439674b024c7eca3a043b36fd.jpg" data-gid="gid://syiq/Photo/278456">The 24-metre model offers two subtly modified variations: the classic "enclosed" stern featuring unfolding sea terraces, and an alternative choice of an open aft, providing a contemporary beach club ambience.<img src="https://photo-assets.superyachttimes.com/photo/278460/image/large-7851196b976a14579b171176caa1e5ba.jpg" data-gid="gid://syiq/Photo/278460"><img src="https://photo-assets.superyachttimes.com/photo/278461/image/large-f166e665b52d46c481c537e85b574729.jpg" data-gid="gid://syiq/Photo/278461"><img src="https://photo-assets.superyachttimes.com/photo/278462/image/large-e393d076625d3f48ff76167f41b94dda.jpg" data-gid="gid://syiq/Photo/278462"><img src="https://photo-assets.superyachttimes.com/photo/278466/image/large-c5f9c417293915005b30eac366438251.jpg" data-gid="gid://syiq/Photo/278466">Performance wise, she is powered by twin <a data-gid="gid://syiq/Company/1441" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MAN (Company)">MAN</a> engines, which give her a cruising speed of 16 knots and a top speed of 19 knots.<img src="https://photo-assets.superyachttimes.com/photo/278464/image/large-f11983b6e1a0eb06abb79b357b5bf171.jpg" data-gid="gid://syiq/Photo/278464">

First 24m Picchiotti Gentleman yacht moves to outfitting phase

Italy based yacht builder Picchiotti has announced that the inaugural model of its Gentleman yacht line has moved to its outfitting phase.

First 24m Picchiotti Gentleman yacht in-build and interiors unveiled

The 47.85-metre <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> superyacht <a data-gid="gid://syiq/Yacht/2746" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lady Hayat47.85m (156'12&quot;)Picchiotti1982">Lady Hayat</a> sold in a deal with Iñigo Nicholson of Barnes Yachting introducing the buyer, alongside Harry Peralta and Bill Thiem of <a data-gid="gid://syiq/Company/4592" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Globe Regal Yachting (Company)">Globe Regal Yachting</a> representing the seller.<img src="https://photo-assets.superyachttimes.com/photo/59757/image/large-b5bd2d93836d96cbc103fac33671df20.jpg" data-gid="gid://syiq/Photo/59757">Delivered in 1982, <a data-gid="gid://syiq/Yacht/2746" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lady Hayat47.85m (156'12&quot;)Picchiotti1982">Lady Hayat</a> boasts exterior design and naval architecture from United States-based design house <a data-gid="gid://syiq/Company/906" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Arthur de Fever (Company)">Arthur de Fever</a>. Previously named, El Duende, she features a contemporary interior design with a neural colour palette of creams and golds.<img src="https://photo-assets.superyachttimes.com/photo/59752/image/large-b123f5ad462c443661a5084f5c95a457.jpg" data-gid="gid://syiq/Photo/59752"><img src="https://photo-assets.superyachttimes.com/photo/59741/image/large-c7fff8e2701dd685514b02c48db774e8.jpg" data-gid="gid://syiq/Photo/59741"><img src="https://photo-assets.superyachttimes.com/photo/59743/image/large-de17bac2a6f4190303749096b848e161.jpg" data-gid="gid://syiq/Photo/59743"><a data-gid="gid://syiq/Yacht/2746" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lady Hayat47.85m (156'12&quot;)Picchiotti1982">Lady Hayat</a> can comfortably sleep up to 12 guests across a six stateroom layout including a master suite on her main deck, and a full beam VIP suite, two large VIPs and two twins on her lower deck, all with ensuite bathrooms.<img src="https://photo-assets.superyachttimes.com/photo/59755/image/large-d7eaf47bf3bc51433bddc6553d26d4b7.jpg" data-gid="gid://syiq/Photo/59755"><img src="https://photo-assets.superyachttimes.com/photo/59750/image/large-3b6cee66acf5be2adaf06718373fa52a.jpg" data-gid="gid://syiq/Photo/59750">In terms of performance, <a data-gid="gid://syiq/Yacht/2746" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lady Hayat47.85m (156'12&quot;)Picchiotti1982">Lady Hayat</a> is equipped with twin <a data-gid="gid://syiq/Company/1409" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MTU (Company)">MTU</a> engines which provide her with a top speed of 23 knots and a cruising speed of 18.4 knots. At the time of her sale, <a data-gid="gid://syiq/Yacht/2746" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lady Hayat47.85m (156'12&quot;)Picchiotti1982">Lady Hayat</a> had a last known asking price of €3,450,000.

48m Picchiotti yacht Lady Hayat sold

The 48m Picchiotti motor yacht Lady Hayat sold with a last known asking price of €3,450,000.

48m Picchiotti superyacht Lady Hayat sold

Largest yachts at Antigua Charter Yacht Show 2022

SYT take a look at the largest yachts attending this year's Antigua Charter Yacht Show.

The largest yachts attending Antigua Charter Yacht Show 2022

<img src="https://photo-assets.superyachttimes.com/photo/250300/image/large-aaab52c2a687b572af11ee7da7f707a9.jpeg" data-gid="gid://syiq/Photo/250300">Spotted last week docked in the Port of Málaga, Spain, is the 45-metre <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> classic yacht <a data-gid="gid://syiq/Yacht/860" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Natalia V45.25m (148'5&quot;)Picchiotti1990">Natalia V</a>. Previously named Golden Eagle, she was built in 1990 by the Italian shipyard in Viareggio. She features naval architecture and exterior design by her builder. The 437 GT superyacht can accommodate up to 10 guests in five staterooms, including one master, two doubles and two twins. <a data-gid="gid://syiq/Yacht/860" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Natalia V45.25m (148'5&quot;)Picchiotti1990">Natalia V</a> has had a number of major renovations since her launch, including one in 2016 which saw a 2.5-metre stern extension, providing the space for a swim platform. During a 2010 refit, her interiors were extensively refreshed by <a data-gid="gid://syiq/Company/6781" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tino Zervudachi & Associes (Company)">Tino Zervudachi</a>. Powered by twin <a data-gid="gid://syiq/Company/1448" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Deutz AG (Company)">Deutz AG</a> engines of 949 horsepower each, she can reach a top speed of 15 knots and cruise comfortably at 12.5 knots.

Picchiotti classic yacht Natalia V in Málaga

The 45m classic yacht Natalia V, built by  Picchiotti, is seen here docked in the Port of Málaga, Spain.

<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> has announced that the 53-metre sailing yacht <a data-gid="gid://syiq/Yacht/1632" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jasali II53.0m (173'11&quot;)Perini Navi1998">Jasali II</a> is the first <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> yacht to be refitted at the Viareggio site. <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> acquired the historic <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> and <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> brands less than a year ago, and are celebrating the first <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> refit at the Viareggio headquarters, as well as the restart of all production activities at the site.<img src="https://photo-assets.superyachttimes.com/photo/75786/image/large-24135d339693a1c4f765b2a3ded8d278.jpg" data-gid="gid://syiq/Photo/75786"><a data-gid="gid://syiq/Yacht/1632" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jasali II53.0m (173'11&quot;)Perini Navi1998">Jasali II</a> was launched in 1998 and is one of the most iconic yachts in the <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> fleet. She will remain at the <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> site in Viareggio until April 2023 for a general survey and redesign of her exterior. The work will be carried out by the <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a> brand of the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG Group</a> and supervised by the yacht's Captain Danilo Lo Bianco.<img src="https://photo-assets.superyachttimes.com/photo/75784/image/large-4f8cbe4b1e57bc12b078447b794c3fb7.jpg" data-gid="gid://syiq/Photo/75784">"I am very proud to have here today an icon of <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> history, the 53-metre Jasali II is an important return to the territory and a tangible sign of continuity," says Giovanni Costantino, Founder &amp; Ceo of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>. <img src="https://photo-assets.superyachttimes.com/photo/21679/image/large-b8d6907f4773cc7ffac7bed2be8d7073.jpeg" data-gid="gid://syiq/Photo/21679">After the brand acquisition late last year, it was announced that the production of the 60-metre sailing yacht Katana had also resumed. The build has proceeded quickly in accordance with the Group's high-quality standards.Read: <a data-gid="gid://syiq/Article/54336" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi purchased for €80 million by TISG (2021-12-22 18:15:00 +0100)">Perini Navi purchased for €80 million by TISG</a>"In 2023 we will complete the refurbishment and rebranding of this site by completing the TISG 4.2 investment plan, which also includes the expansion and renovation of the Marina di Carrara headquarters and the La Spezia site, where the <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 63 production has been completely transferred," concluded Giovanni Costantino.<img src="https://photo-assets.superyachttimes.com/photo/247953/image/large-52ed050862780371930312b85088405b.png" data-gid="gid://syiq/Photo/247953">The Viareggio site will also see the return of the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> brand with the production of the Gentleman's yacht fleet, &nbsp;in addition to the facility's production capacity for <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> orders.&nbsp;Read:&nbsp;<a data-gid="gid://syiq/Article/55685" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group relaunches Picchiotti brand with a new Gentleman yacht line (2022-08-03 12:00:00 +0200)">The Italian Sea Group relaunches Picchiotti brand with a new Gentleman yacht line<img src="https://photo-assets.superyachttimes.com/photo/247951/image/large-00fcee0e26fb50fd899d54f87f5061f9.png" data-gid="gid://syiq/Photo/247951"></a>The final details are also being finalised on the new <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini</a> fleet in line with the plan for the continuity and development of sailing yacht production at the Viareggio site. The new fleet will be innovative in terms of both style and sailing and will be made official in February 2023.

Jasali II: The first Perini Navi sailing yacht to be refitted at the Viareggio site

The 53m sailing yacht Jasali II is the first Perini Navi yacht to be refitted at the Viareggio site with all production activities also resuming.

Production restarts at Perini Navi as it welcomes 53m sailing yacht Jasali II for refit

<a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> has sold not one but two of its all-new 49.5-metre Project Panorama superyachts, during the third quarter of 2022. <img src="https://photo-assets.superyachttimes.com/photo/240783/image/large-462b908866a5c00273535348730cb6ba.jpg" data-gid="gid://syiq/Photo/240783">The new model, designed in collaboration with <a data-gid="gid://syiq/Company/6288" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Piredda & Partners (Company)">Piredda &amp; Partners</a>, was unveiled only two months ago, and marks a new trajectory for the Italian brand: serial yachts – something <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> hasn’t focused on since the early 2000s.&nbsp;Giovanni Costantino, founder and CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, previously stated, “With Project Panorama, <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, like <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, also enters the serial production segment, always maintaining the highest quality and obsessive attention to the details when it comes to systems and interiors. Serial production will allow us to expand sales while avoiding the involvement of the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a>'s engineering capacity dedicated to large custom-made yachts. Despite the seriality, we remain faithful to our strategy, that is the production of each single yacht is started only on the sold and without exchanges.”<img src="https://photo-assets.superyachttimes.com/photo/240784/image/large-e9ca51d27176676abfa1498d7510cae4.jpg" data-gid="gid://syiq/Photo/240784">The 499 GT Project Panorama features exterior and interior design by Piredda &amp; Partner, and naval architecture by <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>. She is said to have been designed without barriers, to create a flow between the interior and exterior spaces of the yacht.“The key to Panorama's success lies in the perfect combination of an impeccable, modern and well-balanced aesthetic with the strength of a courageous concept that guides every design choice,” Nicolò Piredda, Creative Director of Piredda &amp; Partners, previously explained. “This was possible thanks to the collaboration and visionary approach of The Italian Sea Group.”Project Panorama will offer accommodation for 12 guests and 10 crew. The owner's area will be situated on the upper deck, and graced with panoramic views from the suite and a private upper foredeck foredeck. Her VIP suite, located on the lower deck can be transformed into a comfortable TV room, conjoined with a perfectly equipped gym area. The remaining four guest staterooms are large, bright and situated on the main deck.<img src="https://photo-assets.superyachttimes.com/photo/240769/image/large-b3d71de28af8a1ddaf1754928e66048e.jpg" data-gid="gid://syiq/Photo/240769"> The Project&nbsp;Panoramas&nbsp;are being constructed with steel hulls and aluminium superstructures. The two units are expected to be equipped with twin <a data-gid="gid://syiq/Company/1408" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Caterpillar Inc (Company)">Caterpillar</a> engines. We can expect to see the first unit hit the water in 2024.

Admiral has sold two 50m Project Panorama superyachts

Admiral has sold two units from its all-new 50m superyacht series, Project Panorama. The first unit is expected to be delivered in 2024.