Triton today onaco Day 1

MONAC

o o o Nautical Trivia

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Sun & Moon Sunset: 19:30 Moonrise: 01:11 (Thursday morning);

32.7% illuminated Sunrise tomorrow: 07:17

We d n e s d ay • S e p t. 21, 2011

Weather

Today: Mostly sunny, high 27C Tonight: Mostly clear; overnight low 18C;

0% chance rain Tomorrow AM: Sunny, clear, warming to 21C

1. What’s ‘radar’ an acronym for?

2. At the turn of the century, what was the largest yacht afloat and how big was she?

Watch for answers in this space tomorrow.

Things to See/Do Networking When: Tonight, 17:30-19:30 Where: Yacht Club de Monaco Meeting of the Associations wine tasting and reception. Hosted by ISS and PYA.

Captain’s Hide Out When: Every day, 10:00-16:00 Where: Fusion Restaurant above Stars N Bars Lunch 12:00-14:00; bar opens at 14:00.

Free wi-fi.

Griffin Yacht Club When: Every day, 10:00-16:00 Where: Le Saint Benoit restaurant Open for breakfast, lunch and drinks.

Free wi-fi.

About Us Triton Today Monaco is published by Triton Publishing Group. Vol. 2, No. 1.

Copyright 2011, all rights reserved.

IT’S A WASH: The prep is done; time to shine. Welcome to the 21st annual Monaco Yacht Show.

PHOTO/LUCY REED

Optimism shows inside and out

By Lucy Chabot Reed It was three years ago this week that one of the biggest investment houses in history filed for bankruptcy.

The collapse of Lehman Brothers began a cascade of failures in the American financial industry, taking with it much of the average yacht buyer’s confidence.

As the 21st annual Monaco Yacht Show took form yesterday, brokers, business owners and even lenders are ready for that confidence to come back.

And some say they see the signs.

“It’s going to be a great show,” said Capt. Mark Elliott, a yacht broker with Ft. Lauderdale-based International Yacht Collection, not so much flippant as truly hopeful. “The rich have gotten richer this year as they have the past few years.

“And,” he said, stretching an arm out toward the Mediterranean Sea, “there’s lots of product to choose from.”

Indeed, there’s a second boat show going on outside the harbor, with about a hundred or more yachts at anchor, all for sale.

“There were 110 yachts out there last year – I know because I counted them,” Elliott said. “This year, I think there will be even more.”

IYC has two yachts in the show – the 191-foot (58m) M/Y Carpe Diem and the 164-foot (50m) M/Y Mia Elise – and it has five at anchor.

To reach them most efficiently, the company has hired three small boats to shuttle clients around the bay.

Several business people attending SHOW, see page 3

For more news and photos, visit www.the-triton.com

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FINAL TOUCHES: Getting ready for opening day For most yachts, there was nothing left to do yesterday but polish. Crew climbed high and low to get every inch of their yachts shiny and sparkling.

PHOTOS/LUCY REED

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Survey: Yachts active this summer As the Monaco show signals the end of another season, we wanted to know what these yachts did on their summer holidays.

Unlike last year, when nearly 10

percent stayed at the dock all summer, most yachts saw owner and/or private use. About a fifth were in the shipyard, most of them being launched.

– Lucy Reed

What did you do this summer?

Where were you this summer?

Charter use only – 7.4% Shipyard – 18.5% Owner use only – 22.2%

Owner and charter use – 51.9%

N. Europe – 8% Worldwide – 4% E. Med – 8% E. and W. Med – 16%

W. Med – 64%

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Refits up; yards, companies busy again SHOW, from page 1 the show agreed that yacht owners have regained some confidence in the markets and have begun spending again.

“Last year was our worst year ever,” said Roger Horner, managing director of E3 Systems, a Mallorca-based yacht electronics company. “This year, we’re on track to have a record year.”

He attributes that to an uptick in the refit market.

“Owners were saving money, so they were only doing essential work,” he said of the past few years. “They were not spending money on luxuries like the latest A/V equipment.

“But now, we’re far enough through the recession that they’re starting to spend money again,” he said.

He held out as proof a jam-packed STP yard in Palma de Mallorca.

“That’s all refit business,” Horner said.

“They’re going to be packed all winter.”

Refits are only part of the story, said Gene Sweeney of International Registries, the Marshall Islands flag registry.

“It’s about getting back confidence,” he said. “The mood in the industry is optimistic.”

Sweeney spoke yesterday at the fourth annual Superyacht Finance Forum where the marine finance and support industries talked yacht money, including VAT, financing availability, and the challenges of the Maritime Labor

Convention.

“Lending institutions have money,” he said, “and qualified buyers can get to it.”

Lisa Verbit, senior vice president of national marine lending at Bank of America, pointed out an interesting trend. She said some of her clients – the kind who can and do pay cash for their yachts – are taking cash out of their yachts now, eager to invest it in moneymaking ventures.

“And clients are looking to build boats,” she said. “They’re thinking and talking about it, and they’re serious.

Last year, a client might call once to talk about building a boat. Now, we’re having two or three conversations to talk about how best to do it.”

Recently, Bank of America relationship with Merrill Lynch has enabled it to lend to international clients, and she’s seen interest from Western Europeans, Mexicans and Brazilians.

The prospect has Verbit dreaming of growth in the private wealth management side of her company’s business, even as it struggles at home.

“The bank is moving toward lending, not away from it,” she said.

Brokers, businesses and crew on the docks in Monaco are eager to see if she’s right. The next four days might provide an answer.

Lucy Chabot Reed is editor of Triton Today Monaco. Comments on this story are welcome at lucy@the-triton.com.

Tel: +1-954-761-9595 Toll Free: 1-866-746-8872

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OFF THE DOCK: Scenes from one of last night’s parties

@ Feadship Feadship hosted its annual captain and crew party last night, an all white affair at the Monte Carlo Beach Hotel.

Dozens of captains and crew enjoyed food, drinks and dancing.

PHOTOS/LUCY REED

c h i l l m y b o a t . c o m

For more photos, visit www.the-triton.com.

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OFF THE DOCK: A new crew lounge has opened

@ Griffin Griffin Yacht Club opened last night with cocktails and hors d’oeuvres. Captains and crew can visit anyday for breakfast (10-noon), lunch (noon-2) or just to hang out (until 4). Find it next to the Port Palace Hotel, down the tunnel and up the elevator.

Enjoy the sights from the lovely balcony.

PHOTOS/LUCY REED

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9/16/2011 3:50:28 PM