Cecil Wright Magazine Issue 8

INSPIRATION British artist Jeremy Houghton’s career trajectory is as graceful as his artwork.

TRIP OF A LIFETIME Norway is a natural wonderland ripe for adventure.

Issue 8

www.cecilwright.com

CONTENTS

10 LOOKING SHARP Winch Design Dart Project

The majority of global wealth is centred in the United States and when UHNW Americans spend, the rest of the world feels it.

This is particularly true now, as the dollar is strong and the general mood seems positive. Is it the Trump Effect or something more meaningful?

Consider the euro-based yacht charter market. Since the 2008 slow down, clients have been waiting for last minute deals; but with the euro so weak that’s no longer the case. Most of our current charter enquiries are coming from the US and they are booking well in advance.

One of the newest yachts to be offered for charter is the 70m JOY, a wonderfully original design from Bannenberg and Rowell, built in 2016. Its American owner is the youngest person ever to own a Feadship and is completely new to the industry. As in politics, there are new players in yachting – many with radical perspectives.

16 WITH FLYING COLOURS British artist Jeremy Houghton

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I do hope you enjoy this issue,

TRIP OF A LIFETIME Norway, Naturally

2 – 5 CHARTER NEWS Planning your perfect charter 6 – 7 BROKER NEWS A look at the current market 10 – 11 LOOKING SHARP Winch Design Dart Project 12 – 13 MODEL IN THE MAKING David Fawcett model making 16 – 17 WITH FLYING COLOURS British artist Jeremy Houghton 18 – 19 THE CECIL WRIGHT VIEW Price and Value 20 – 21 TRIP OF A LIFETIME Norway, Naturally 24 THE MARKET Overview of the market 25 MEET THE TEAM Get to know Liz Cox

PRODUCTION Publisher: Cecil Wright & Partners Ltd Editor: Stephanie Drax Design & Production: strattons.com Email: chris@cecilwright.com Front Cover: On Tour 2013, Jeremy Houghton

GO 43.00m Feadship (2010 / 2015) 10 guests Mediterranean From EUR 180,000 per week GO features all the latest design and technology of her larger counterparts, with dimensions that allow her to tuck into all the best berths and anchorages.

Beautiful cascading decks are topped with elegant sail canopies, and below deck, four of the guest cabins can be opened up to create two superb VIP cabins. In the galley is a fabulous chef who has worked with both Heston Blumenthal and Gordon Ramsay. GO is a 43 metre package of yacht heaven.

HURRICANE RUN 53.50m Feadship (2009) 12 guests Mediterranean From EUR 245,000 per week HURRICANE RUN has a loyal charter following thanks to her excellent captain who has been onboard since the build; one charterer commented, “I've never witnessed a better group effort on behalf of our family�. An award-winning layout lends itself perfectly to entertaining and many areas are multi use; the gym converts into a cabin and the foredeck converts from sun lounge to cocktail area. A true pedigree, just like her racehorse namesake.

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ANNA 67.00m Feadship (2007) 12 guests Mediterranean From EUR 500,000 per week When you step onboard ANNA you get the feeling that everything is just right; she is designed and crafted to ensure optimum pleasure and fun. Special features include an aft deck seating area which converts into a huge sun lounge, Dynamic Positioning which means you don’t necessarily need to drop anchor, and something everyone wants these days – a giant (9 metre!) water slide.

HANIKON 50.00m Feadship (2004) 12 guests Mediterranean, Caribbean From USD 225,000 per week Reputedly one of the quietest yachts on the water, HANIKON was designed with exceptionally low noise and vibration levels in mind. HANIKON’s crew love creating bespoke experiences – they recently organised a cycling tour of the Greek Islands for some very sporty guests. The chef, with his background in Michelin-starred restaurants and 3 Rosettes, turns out refined, inspired dishes to please any palate.

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© Matt Knighton/SoftBank Team Japan

First contested in 1851, the America’s Cup is the oldest trophy in international sports and yachting’s most prestigious prize.

On 26th May 2017, Bermuda will host the 35th edition of the race. The drama will unfold in the turquoise waters of the Great Sound, framed by lush islets and pink beaches of crushed coral.

Contact Cecil Wright to charter one of three superb yachts available during the America’s Cup, and absorb the energy of this extraordinary nautical duel.

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MARIE 54.90m Vitters ketch (2010) 8 Guests, 8 Crew USD 250,000 per week

MALTESE FALCON 88.00m Perini Navi (2006) 12 Guests, 18 Crew EUR 440,000 per week

MONDANGO 3 56.40m Alloy ketch (2014) 10-11 Guests, 10 Crew EUR 224,000 per week

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THE MARKET It would appear that the large yacht market is back with a bang! Eight yachts have sold since August 2016 with an LOA of 70m+. The largest of these was the iconic 115.00m Lürssen PELORUS (2003) that was sold off market. The in-build 98.00m Lürssen ‘PROJECT GRANDE‘ (to launch in 2020) was sold at the end of September 2016, SOLANDGE was sold at the end of March 2017 on the open market asking EUR 155,000,000, and the 71.85m Golden Yachts O’PARI 3 (2015) sold in mid-December asking EUR 70,000,000. The 66.00m Lürssen ESTER III sold last November asking EUR 79,500,000 and one of Heesen’s speculative 55.00m builds sold at the end of March asking EUR 37,000,000.

Whilst a number of large yachts have been sold, a healthy selection has come onto the market in their place; the largest of which is the phenomenal 110.00m Oceanco JUBILEE. Asking EUR 275,000,000, she was launched in March and holds the title of the largest yacht ever launched from Holland, overshadowing both the 101.50m SYMPHONY (2015) and the 99.00m MADAME GU (2013). JUBILEE is a remarkable turnkey opportunity and a rare chance to acquire a yacht of this size and pedigree with zero waiting time. The formidable 75.50m Amels BOADICEA (1999/2016) asking EUR 59,500,000 came onto the market in September, and was joined in March by the 77.40m explorer LEGEND (1974/2016) asking EUR 46,500,000.

For more information contact Henry Smith on henry@cecilwright.com or call +33 6 40 62 01 51 Central Agency for: ENCHANTRESS SILVER DREAM TURQUOISE Central Charter Agency for: ENCHANTRESS TEMPUS FUGIT

From August 2016 to March 2017 there have been 299 sales, of which 269 were motor yachts. In the same period last year we saw 312 sales, of which 283 were motor yachts. This would suggest a slight contraction in the motor yacht market and stability within the rather meagre sailing yacht market, a segment that has struggled to recover from 2008.

The number of motor yacht sales may have dropped slightly, but the average value of the sales has increased across the board, particularly in the brackets of 60.00m-70.00m (up 40%) and 70.00m-80.00m (up 20%). The flight to quality continues and the ‘branded’ Northern European yards are again proving to be the most popular ‘go to’ yards in the brokerage market.

SYMPHONY

FAITH

JUBILEE

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NEW PEDIGREE YACHTS The three to five year build process cannot quench the current thirst for instant gratification in this modern world. Thankfully, for those who don’t like the idea of being the second owner of a yacht, there are several pedigree yards with yachts in varying sizes that are on the cusp of being launched.

As well as JUBILEE and the two 90.00m+ Feadships I mention later in this article, there is another substantial Dutch offering from Oceanco which is due to launch in 2018. There are two Amels yachts on offer with deliveries scheduled for 2018 – the 57.70m 188 Series and a 55.00m 180 Series which are both POA. If we consider downsizing a little, Heesen have a 50.00m all-aluminium yacht called AYLA (due for launch in 2018) asking EUR 32,900,000 and the 47.00m Project RUYA, paused at four weeks before delivery to allow any final substitutions for the owner’s supply. Protected within the yard in Oss, project RUYA is pictureperfect and asking EUR 27,900,000.

Last, but by no means least, is the 45.00m Heesen AMORE MIO asking EUR 25,900,000. This yacht is capable of a 30-knot top speed thanks to her smart semi displacement hull form.

There are many more yachts available in addition to those mentioned here, and the team would be delighted to take you through the opportunities both on and off market.

FEADSHIP MARKET The last seven months have proved to be very successful for the Feadship market, continuing their list of astonishing achievements. Seven sales have completed, including the iconic 60.55m KINGDOM COME (1979/2016) asking EUR 14,950,000, which I am delighted to say was sold by CW&P. This sale followed the June sale of the 62.00m POSITIVE CARRY (2005/2014) asking USD 49,750,000, meaning that CW&P were responsible for two of the three largest Feadship sales of 2016. The other sales of the past six months were as follows:

The 50.28m BROADWATER has come on to the market – she launched in 2000 and is not to be confused with the similar looking 1990, 49.80m BROADWATER, another Feadship of the same name. The former was sold in May 2016 as DÉJÀ VU (asking EUR 17,950,000) and following a massive interior and exterior refit is back on the market asking USD 28,900,000.

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Looking at the 25 Feadship yachts that are available on the open market, there are a few that particularly stand out as being of key interest (some of which have had substantial asking price reductions):

TROYANDA – 49.99m, 2004/2016, asking EUR 25,000,000 BROADWATER – 49.80m, 1990/2014, asking USD 17,450,000 CHARISMA – 46.63m, 1985/2013, asking USD 11,900,000 MAHOGANY – 43.30m, 1987/2008, asking USD 7,800,000 CENTINEAL IV – 41.80m, 1982, asking USD 6,900,000 CASUAL WATER – 33.50m, 1987/2015, asking USD 4,950,000

Only two Feadships have entered the market, but these are in addition to two in-build projects that have been delivered and are available for this summer season. The 92.00m AQUARIUS (delivered December 2016, asking USD 215,000,000) and the 96.00m FAITH (delivered March 2017, asking POA) are evenly matched in volume – both a little under 3,000 Gross Tons – but are varied in style and general arrangement.

The most recent addition is the 60.35m ROCK.IT (2014, POA). She is a very interesting option, filling the void in the Feadship market for a contemporary vessel of her size.

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MADSUMMER – 55.50m, 2005/2012 asking USD 32,500,000 HUNTRESS – 55.00m, 1997/2013, asking USD 19,975,000 KISSES – 53.30m, 2000/2014 asking USD 24,900,000 LADY MAY – 46.40m, 2014, asking EUR 31,000,000 KISS – 46.22m, 2015, asking EUR 29,500,000 BELLA VITA – 44.60m, 2008/2014 asking USD 26,900,000

As ever, there are some off market opportunities in both the Feadship market and the wider market, details of which are available on request.

ROCK.IT

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RUYA New 47 metre (154.20ft) steel displacement with the interior designed by the award winning Bannenberg and Rowell, RUYA is the sister ship to LADY PETRA and ELENA. Type Length Beam Draft Gross Tonnage Builder Engines

Naval Architect Exterior Designer

Motor 46.70m / 153ft 8.85m / 29ft 2.91m / 10ft 499 Heesen Yachts 2x MTU 8V 4000 M63 Heesen Yachts Omega Architects

Interior Designer

Built Max Speed Cruising Speed Guests Cabins Crew Hull Hull Colour

Bannenberg and Rowell 2017 15 knots 12 knots 12 5 9 Steel White

Sales Price

EUR 27,900,000

LOOKING SHARP When Winch Design is at the drawing board of your dream yacht, the possibilities are myriad. The DART Project is a visionary concept created to give clients a steer into the future of yachting – a vessel that is cleaner, leaner, and more in sync with its marine environment.

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Inspired by the sleek profile of a leaping dolphin, DART makes a break from the traditional concept of a yacht. For Winch Design - one of the world’s leading design firms that has been behind some of the boldest yachts built over the last 30 years – it’s an exploration of a more contemporary and understated aesthetic. For Royal Huisman, the Dutch shipyard renowned for its sailing yachts and responsible for building the DART, it’s an opportunity to focus their skills on a modern motor yacht that exists in perfect harmony with the ocean.

AT ONE WITH NATURE Both organizations have a shared vision of a vessel that is closer – and kinder - to nature. As Andreas Iseli, Head of Exteriors at Winch Design, explains: ‘The DART is a revolutionary design with singular and sinuous lines. The DART’s terraced aft deck steps down to the water’s edge and encloses a fresh water infinity pool; fold-out balconies allow uninterrupted views from the upper

deck and enhance the extraordinary outdoor living space and full height windows create an open, light-filled environment,’ he says, adding: ‘DART is also designed to consume less energy - to be a more energy efficient and environmentally friendly yacht of the future.’ There are three DART variants on one innovative hull platform – a 65.00m and an 80.00m motor yacht and an 80.00m sailing yacht – and each adheres to these principles.

The DART also presents unsurpassed efficiency and performance. These benefits are achieved using Royal Huisman’s pioneering technological expertise and are implemented without compromising the DART’s outstanding lifestyle experience. ‘At Winch Design we want to design more environmentally friendly, cost-efficient and energy efficient yachts, and DART is representative of that,’ Andreas says.

NO PLACE LIKE HOME POWER GENERATION The DART range was conceived with the next era of yacht owner in mind, a group that values innovation and efficiency, comfort and simplicity. These individuals choose to enjoy their yacht as their home, spending more time onboard with their families. For this purpose, Winch Design has given the DART a relaxed, ‘beach club’ ambience. ‘Unique to the DART 65 in particular, lounges are situated on all three levels together with interior and exterior dining areas,’ explains Andreas.

With the DART philosophy as the template – and by harnessing the combined expertise of Winch Design and Royal Huisman - clients will be encouraged to customize the concept and build their perfect home afloat. One of the team at Cecil Wright would accompany the client to the Winch Design studio where together they would ignite the imagination and finesse ideas and requirements. The result would be a fully bespoke DART that embodies a leap into the future of yachting.

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Editor’s note: Sadly, David Fawcett died shortly before the publication of this newsletter. The work at his eponymous company will continue in the hands of his dedicated staff. 'We've lost one of the great craftsmen of this industry,' says Chris Cecil-Wright, 'but David's incredible work and talent will never be forgotten.'

MODEL IN THE MAKING David Fawcett has carved a career in model making, crafting some of the world’s finest yachts in miniature. He is arguably the best in the business, and explains why it’s the little things that count. www.davidfawcett.com

‘When I joined the industry, the models to have made were always David Fawcett’s models,’ says Chris Cecil-Wright, ‘He’s one of the quintessential figures of the industry – the Feadship of model yacht building – and the fine detail of his work is extraordinary.’ Chris owns three of David’s pieces, each one commemorating a yacht deal brokered: namely HAMPSHIRE II, MADAME GU and TANGO. ‘I have them in my office and at home because they are such beautiful things in themselves.’

SMALL STEPS When David Fawcett turned his childhood hobby into a profession, he knew he had his work cut out for him: ‘I wanted to know if my quality was good enough, so in 1982 I made a model of a boat called MOONBOOTS – a Contessa 35 that I had fitted out and raced around the Irish Sea – and I took it to all the designers at the time,’ he says. The model attracted the attention of Edward Dubois, founder of Dubois Naval Architects, who commissioned him to create a model of Victory ‘83 for Peter de Savary’s America’s Cup bid. After all, David was a boating man himself, and his knowledge of the technical side of the design helped to set him apart from the competition. ‘It’s a niche market and it was tough to start with,’ he admits, ‘but once I got my first substantial order I knew I was in it for the long haul.’

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PRACTICE MAKES PERFECT David Fawcett’s eponymous company makes numerous boats per year, with a wide variety of scales and levels of detail from concept models to exhibition standard. He works with all the major yacht designers to produce a tangible object for the client during the build process – a confidential prototype that inevitably becomes a keepsake. Each model includes as much information as the client requires, such as the deck and bollards, furniture, logo, flag and radar equipment – even full interior lighting is possible.

Though a model can take between 50 and 1000 hours to complete, David insists it mustn’t become a labour of love: ‘The key to model making is the textures and finish,’ he says, ‘I want them to look as real as can be, but as a business we are always working to a tight deadline.’

CARBON COPY The company, based in North Wales, now employs five people all of who have been working with David for over twenty years. ‘The greatest change we’ve seen in the industry is the technology,’ he explains, ‘All my staff can make models by hand from line drawings, but we now use a CNC machine, a 3D printer and use the same 3D file they make the real ships from.’

Traditionally, David used a supple wood called jelutong and handmade all the fittings in metal and wood, but now the materials are synthetic.

Despite the advances in technology the work is still meticulous, and as labour intensive as it was twenty years ago. After a part has been made by hand or machine, the model is cleaned, sanded, spray-painted and hand-polished. Fittings are sprayed in lacquer for lustre, then applied using tweezers and adhesive.

David struggles to choose a favourite over the years: ‘Each model will have a Rolls-Royce finish with absolutely no imperfections,’ he emphasizes, ‘and that’s why I’m proud of every model we make.’

“ David Fawcett produces exactly what a model should be – a replica of the finished article."

Chris Cecil-Wright

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MM510 Project MM51, the latest innovative design to be revealed by the Malcolm McKeon Yacht Design studio, is for sale.

Type Length Beam Draft Mast air draft Gross Tonnage Builder Naval Architect

Exterior Designer

Sail 51.00m 10.00m 4.75m to 7.20m 68.50m 335 GT Vitters Shipyard Malcolm McKeon Yacht Design Malcolm McKeon Yacht Design

Interior Designer

Built Max Speed Cruising Speed Guests Cabins Crew Hull Colour

Malcolm McKeon Yacht Design 2019 12 knots 16 knots 10 5 8 Silver

Sales Price

POA

WITH FLYING COLOURS British artist Jeremy Houghton’s career trajectory is as gracefully ascending as the flamingos in flight of his paintings. With artistic residencies at Windsor Castle, Highgrove and Goodwood behind him – and a current commission as the official artist for Ben Ainslie Racing - Jeremy’s horizons couldn’t be broader.

As an Official Olympic Artist for London 2012, Jeremy was able to immerse himself in the business of the athletes. ‘At the Games, spectators might see a five minute race to the finish line, whereas I saw the blood, sweat and tears that go into creating an Olympic person - the reality of their day-to-day lives and the training,’ says Jeremy, ‘It’s an interesting narrative, and sport is a global religion; by painting pictures that have a captive audience, I’ve got a match.’

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“ A photo captures everything. With painting, I see how much I can leave out without pushing it into abstraction."

Jeremy Houghton

BEHIND CLOSED DOORS The royal homes of Windsor Castle and Highgrove, and Lord March’s estate at Goodwood, are iconic British establishments steeped in history. During his several months as Artist-in-Residence at each property, Jeremy would observe from the shadows, sketching and photographing before taking those visual notes into the studio. ‘I want to find the reality behind the perception, so I try to find a theme with each residency. At Windsor Castle, I wanted to see the Queen as Mrs Windsor – beyond the barriers and protocol. The Queen still rides every day – the stables are the heartbeat of the place – so that became the essence of the narrative.’

THE ARTISTIC APPROACH Jeremy chooses to eliminate detail and reduce colour in order to focus on the essence of movement and speed – a technique that works particularly well in sport and flight. His flamingo paintings – one of which Chris CecilWright has hanging in his home in Keyhaven – capture the spontaneity of birds taking wing. It was these aerodynamics that caught the attention of the team at Land Rover Ben Ainslie Racing and secured Jeremy’s post

as Artist-in-Residence on the BAR journey to the America’s Cup in 2017. ‘Those boats don’t just sail, they fly,’ explains Jeremy, ‘so because of my flamingos, I got the gig.’

BRING THE CUP HOME The artist grew up sailing in the UK and was especially drawn to the sport during his work for the 2012 Olympics.

When Sir Ben Ainslie CBE announced he was launching a bid to win back the trophy for Britain – where the competition began in 1851 – Jeremy immediately put himself forward to document it. Now part of the BAR journey, Jeremy spends time on the Solent with the team and travels to their races, most recently on the Hudson River in New York.

In an effort to unravel the intricacies of the challenge and depict their intense motivation, Jeremy finds himself digitally photographing the sailing first, often from hairraising vantage points, ‘Out at sea we’re doing 45 knots and I’m holding on for dear life,’ Jeremy says, ‘It would be impossible to do a Turner and strap myself to the mast!’ www.jeremyhoughton.co.uk

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THE CECIL WRIGHT VIEW PRICE & VALUE

For more information contact Matthew Ruane on matthew@cecilwright.com or call +44 7797 722 024

FAITH – Launched 2016

As a three-dimensional object, a yacht’s volume, rather than length, defines its size. Hence we refer to a yacht’s value using its price per Gross Tonne or “GT”. We utilise this measurement as estate agents and property developers use price per square metre or square foot. Matt Ruane So what price should we expect to pay per GT? The cost of building a superyacht in excess of 500GT today varies from ¤30,000 per GT to over double that figure. This begs the question: why would anyone entertain paying more than double for the same size of yacht?

‘Quality’ is too simplistic an answer. One would expect something nearing perfection from shipyards at the highest price point in the market. However, the more value-focused shipyards are constantly striving to enhance their build processes and improve on quality and finish, often using the same suppliers of engines, generators, exhaust systems, air conditioning, water treatment, coating systems and so on. By combining familiar design formulae, standardising build processes and appropriately specifying materials, build costs may be controlled while still maintaining the demanding

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standards of quality and finish required by both clients and industry (Benetti’s standardised engine room layout being a classic example).

Therefore, an owner with a good build team including a skilled designer and an experienced project manager – should be able to build an attractive, well-finished and solidly engineered yacht at a more reasonable price point.

So where is the additional value at the top end? Many would argue that it’s in the detail.

Just close a beautifully finished cabin door on a yacht from a high-end shipyard and feel it hung to the finest tolerance with its impeccably flush hinges and perfectly aligned screws. Note all the chequer plate lining up in a breathtakingly presented engine room, or take care to inspect the flawlessly laid teak. At the highest level, clients expect this to represent a build philosophy that extends from their yacht’s

over-engineered construction to its meticulously detailed finish. It is this ‘no compromise’ approach that delivers the ultimate feeling of owner confidence and satisfies those with a true passion for craftsmanship.

Another justification for high build costs is freedom of expression for both owner and designer – the ability to push boundaries of technology, design and materials in order to achieve something truly special.

The automotive industry uses budget and competition to drive innovation that trickles down from cars like the Mercedes S Class to an average family saloon, and so do the leading shipyards drive innovation in the yacht sector.

Developments in the recent use of glass, particularly by Feadship, highlight this. FAITH’s 11.50m glass-bottomed pool floods light into the

beach club below while its teak capping rails float on glass bulwarks – a flowing design by Redman Whiteley Dixon that cleverly maximises floor to ceiling views from the interior spaces.

VENUS features an entire deck surrounded by toughened glass, the award-winning SAVANNAH has a stunning semi-submerged “Nemo lounge”, and HAMPSHIRE II entices its guests to “float” through its engine room via a spectacular glass conduit. All these examples exceed previously conceived limits of technology and application, above and below the waterline.

Stepping aboard any of the yachts built on Lürssen’s 85.00m platform in recent years (KISMET, SOLANDGE, PHOENIX II, to name but three) also provides a perfect illustration of a marriage of technology and craftsmanship.

All bear totally unique interiors and exteriors while being exquisitely finished throughout. As Lürssen’s Michael Breman explains: ‘Lürssen is truly “the difference" – these are yachts that are engineered and built to last a lifetime.’

But let us drag ourselves away from pondering the magic possible for those lucky enough to build at one of the world’s finest shipyards, and take a cooler, more commercial view. Which price

point is the smarter investment? Our broad view is that buying at a higher cost per GT is a better investment, and here are two reasons why: Resale. The highest quality brands sell themselves. Not only do they retain better value, but they generally attract and retain the best crew, enhancing the overall desirability and condition of the yacht. Bas Nederpelt from Feadship has said: “Resale values of our recent yachts are historically higher than any other brand. There is always demand for a pre-owned Feadship.” Having sold two of the three largest Feadships last year, we agree with Bas! The flight to quality. Looking at the Russian 80m+ market alone from 2011 to 2015, the 2016 Superyacht Intelligence Annual Report tells us that 35% chose to build at Lürssen, 15% at both Feadship and Blohm + Voss and 10% at both Oceanco and Fincantieri. Those that can afford to build in the upper echelons, do.

It’s also worth considering the pricing of those builds further downstream when they come to the brokerage market. At CWP we deem it essential not to overvalue: it’s detrimental to owners’ objectives and the market as a whole.

We believe value should never be based on a “finger in the air” or “gut feel” judgement. Pricing by length must be disregarded in favour of GT. Then age, specification, condition and build pedigree all factored in. Naturally, we look at all comparables from the same shipyard but we also take into account how that shipyard prices and approaches its contracts and what was additional to that contract price (design fees, for example). Were significant changes made to the design during the build process resulting in change order penalties? Most buyers would not wish to pay for additional costs associated with an owner’s change of heart in respect of the original design or specification while in build as they do not normally add tangible value.

At CWP we remain adamant that a logical, measurable understanding of value by all parties at the outset is essential to efficiently achieving our client’s objectives. This is borne out by looking at our recent sales successes - they reveal a pattern of faster turnaround from listing to sale while achieving closer to asking prices than many larger competitors.

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For more information contact the Charter Team on charter@cecilwright.com or call +44 20 7408 1001 +377 97 98 76 60

Tromsø

Bodø

NORWEGIAN SEA

Ålesund NORWAY Haugesund

Oslo

Stravanger NORTH SEA

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Kristiansand

NORWAY, NATURALLY Blessed with dramatically steep-sided fjords, rocky coastal islands, grand glaciers, tumbling waterfalls and jagged cliff edges, Norway is a natural wonderland ripe for adventure.

From the serenity of cruising sheltered waters, to hiking, cycling and skiing its mountainous terrain, this awe-inspiring landscape promises year-round action. Duck into the hustle and bustle of some of the many picturesque and historic ports and savour the fresh local produce of salmon, shrimp and cod in traditional wooden taverns. Renowned for their friendliness, the Norwegians are ready to lavish you with Scandinavian hospitality.

STAVANGER Stavanger's old centre has some of the most beautiful and best-preserved wooden buildings anywhere in Norway, many dating back to the 18th century. It is chocolatebox pretty, with a bustling waterfront from which to savour the long summer evenings.

Stavanger is the perfect starting point from which to explore the nearby Lysefjord and for tackling the classic hike to Preikestolen (Pulpit Rock).

BERGEN Bergen welcomes visitors to its narrow, colourful streets and beautifully sheltered harbour. A scenic city with a nautical spirit, it features colourful markets and unbeatable seafood. The wharf side area of Bryggen is particularly charming, lined with bright warehouses and quirky restaurants, cafés and artists’ workshops.

ALESUND The home base for Norway's largest cod-fishing fleet, Alesund sits on a narrow, fishhook-shaped sea-bound peninsula.

Despite its primary source of income, this is no regular Norwegian port. After a devastating fire in 1904, the city was rebuilt in curvaceous Jugendstil – art nouveau – style and today remains Scandinavia's most complete and harmonious example of the era. Alesund is also known for its panorama, which counts 222 peaks!

GEIRANGERFJORD Cruising through the Geirangerfjord takes you past incredible mountain farms and the majestic Seven Sisters waterfall.

UNESCO placed Geirangerfjord on its World Heritage list in 2005 and it’s easy to understand why such beauty needs to be preserved. Along the fjord, there are many activities available.

You can trek the spectacular Jostedalsbren glacier that is easily reached via helicopter or go summer skiing in Stryn.

You can canoe your way up the fjord in total peace and tranquillity, stopping along the way to fish for salmon.

For another perspective on the landscape, hire an old vintage car and drive the stunning 7km of the Rv63 country road from Åndalsnes to Geiranger. As the road twists down the almost sheer slope in 11 hairpin bends, each one gives a yet more impressive glimpse along the narrow fjord.

WHEN TO GO? For the adventure enthusiast, June and July are ideal due to the very long days (sometimes only a couple of hours of dusk, depending how far north you are). For the nature enthusiast, September offers the best chance of seeing the Northern Lights.

WHICH YACHT? LEGEND 77.40m Icon (1974, refit: 2016) 26 guests & 19 crew EUR 460,000 per week

MOLDE Molde, hugging the shoreline at the wide mouth of Romsdalsfjorden, is known as the 'Town of Roses' for its fertile soil, rich vegetation and mild climate. But the town's chief claim to fame is its annual jazz festival, held in July.

Modern Molde, though architecturally unexciting, is a pleasantly compact place wtih coastal landscapes that recall New Zealand or Seattle's Puget Sound. To test the comparison, drive or take the one-hour signed walking trail up to the Virden overlook, 400m above the town.

Undoubtedly a must-see destination because of its jawdropping beauty, Norway also tantalises with the prospect of catching the Aurora Borealis or Northern Lights – a natural phenomena that’s a once-in-a-lifetime experience.

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TURQUOISE Designed by Dubois Naval Architects and launched in 2011 by Proteksan for the owner of the yard, TURQUOISE was a finalist at the 2012 World Superyacht Awards. She subsequently underwent an extensive refit in 2014 which further enhanced the yacht with a luxurious, contemporary interior conceived by the award winning team at H2 Yacht Design Type Length Beam Draft Gross Tonnage Builder

Engines

Naval Architect Exterior Designer Interior Designer

Motor 55.40m / 181ft 9.30m / 30ft 3.20m / 10ft 755 Proteksan Turquoise 2 x Caterpillar 1500hp Dubois Dubois H2 Yacht Design

Built Max Speed Cruising Speed Guests Cabins Crew Flag Classification Hull Hull Colour

2011 / 2014 17 knots 14 knots 12 6 13 Isle of Man Lloyd's Register Steel Metallic silver

Sales Price

EUR 24,950,000

Also available to charter, from USD 210,000 per week

THE MARKET

501 17.4KM 3.9

YACHTS SOLD IN THE LAST 12 MONTHS

TOTAL LENGTH OF YACHTS SOLD

I’ve been researching the evolution of the superyacht for a presentation I’ll be giving soon, and I’ve been fascinated by my findings. The most striking statistic I’ve read so far is that there are currently approximately 70 yachts over 70m under construction.

It’s extraordinary when you consider that there are 202 yachts above 70m floating in today’s global fleet. I always suspected that the size of yachts would plateau at around 65m, but now even larger yachts are becoming standard.

The demand in boats over 70m proves how financially confident the world is. I’ve been involved in the construction of seven yachts in this size range and we have one very discreet project in that bracket currently under construction at Feadship. We have particular expertise in this area and would add value to anyone wishing to explore a segment of the market that is plainly here to stay.

BILLION

IN VALUE (EUR)

70M+ DELIVERIES

1865 – 1981 – 1991 – 2001 – 2011 –

1980 = 36 1990 = 13 2000 = 14 2010 = 64 2017 = 75

202 YACHTS OVER 70M WORLDWIDE

25 70M+ YACHTS ON THE OPEN MARKET

FEADSHIP FA C T S FEADSHIPS OF 70M+

1991 – 2000 = 0 2001 – 2010 = 4 2011 – 2017 = 13 2017 – 2019 = 6 TO BE DELIVERED LAST 12 MONTHS

15 FEADSHIPS SOLD OF WHICH 7 HERITAGE FEADSHIP YACHTS SOLD

25 FEADSHIPS FOR SALE OF WHICH 7 HERITAGE FEADSHIPS YACHTS FOR SALE

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Figures are as of the 12/04/2017

From tigers and tenders to VAT and VIPs, Liz Cox comes into contact with every aspect of the Cecil Wright business.

She joined the company in 2014 to focus on the numbers, but – given her 25 years of yachting experience – she was delighted to find her own role growing exponentially.

‘My policy has always been to keep the business small and lean, so we all wear different hats at Cecil Wright,’ explains Chris, ‘Liz is particularly versatile. Her wide knowledge of yachting – finance, legal, design and building – is invaluable to me. Having worked closely with her in every business in my yachting career, it was a natural decision to have her join our team.’

CHANGE OF TACK Originally from Staffordshire, Liz fell into the yachting industry as an 18-year old au pair near Antibes in the south of France: socializing with chefs, engineers and captains, she was drawn to their lifestyle and changed her career in 1993 to yacht management.

‘I do the dotting of i’s and crossing of t’s and see the real nitty gritty of yachting!’ Liz laughs, ‘I’ve organized a party onboard a yacht with tigers in cages, I had a grand piano moved from a boat in Germany to one in Spain, and I’ve sorted out logistics for an event for 200 guests in Cannes. I love that I never know what I’m going to be doing tomorrow,’ she says.

Liz had previously worked alongside Chris at larger brokerage houses, but prefers being part of a boutique company, ‘We all have the same goal of offering the

best service possible to the top clients who really appreciate what we do,’ says Liz, ‘We’re a big fish in a little pond.’

A BALANCING ACT Liz is in control of day-to-day company operations and often focuses on the detail of deals. She might look at the VAT implications of a sale, interview captains and crew for a buyer or provide realistic operational budgets for yachts from 30.00m to 130.00m.

Currently she is project managing the company’s 2018 new build project at Feadship. ‘I fly to the Netherlands twice a month to meet with the yard, the architects and designer and I liaise with the sub-contractors for the onboard equipment, such as the audiovisual systems, tenders and toys, crockery and linen,’ she explains, ‘I try to keep things on track and deal with any issues as they arise.’

With so many different people and personalities involved, it’s a challenging role for Liz: ‘I do my best to manage everyone’s expectations, keep the project on schedule and on budget,’ she says, adding: ‘You can’t beat the feeling of having a happy client who gets what they want, at the right price, and with the right crew.’

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THE TEAM Maria Botwright Mobile: +377 6 40 62 01 50 maria@cecilwright.com Chris Cecil-Wright Mobile: +44 7920 557 837 chris@cecilwright.com Liz Cox Mobile: +33 6 72 54 36 82 liz@cecilwright.com Sarah Fraser Mobile: +44 7973 796 467 sarah@cecilwright.com Lucinda Rosen Mobile: +44 7467 136 305 lucinda@cecilwright.com Matthew Ruane Mobile: +44 7797 722 024 matthew@cecilwright.com Henry Smith Mobile: +33 6 40 62 01 51 henry@cecilwright.com Claire Van Der Vorm Mobile: +44 7747 586 642 claire@cecilwright.com

THE OFFICES London Cecil Wright & Partners Ltd 73 St James’s Street London SW1A 1PH UK Tel: +44 20 7408 1001 Monaco Cecil Wright & Partners Sarl Le Mirabel 4 avenue des Citronniers MC 98000 Monaco Tel: +377 97 98 76 60 www.cecilwright.com

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Cecil Wright accepts no responsibility for the opinions or information contained in this publication. While the information in this publication is intended to be accurate no representation or accuracy or completeness is made.