Multihulls take off
More and more boaters want to sail on two hulls. If the report is not new, it is not denied. Buoyed by the dynamism of the charter market and the development of a clientele of wealthy owners, multihull construction projects are showing strong growth. During the presentation of their results for the first half of 2017-2018, the Catana and Fountaine-Pajot groups, specialists in catamarans, announced an increase in turnover of 43% and 51.6% respectively. They amount to 44,1 M € for Fountaine-Pajot and 26,5 M € for Catana. Market leader through the Lagoon brand, the Bénéteau group does not detail in its results the multihull's share, but the recent development of new catamaran factories testifies to the importance of this boat niche. Robertson & Caine, South African manufacturer of the Leopard catamarans and charter fleet of The Moorings, not listed on the stock exchange, does not communicate any information on its turnover. The appetite of new entrants like Dufour Yachts, Allure or Alubat testifies to the attractiveness of the market.
A contrasting monohull market
While yachting seems to be recovering from the 2008 crisis, the optimism of the major world yachting groups, excluding multihulls, remains moderate. The safeguarding of Bavaria Yachtbau, the second European player before the acquisition of Dufour Yachts by Fountaine-Pajot, has just reminded us of the difficulty for manufacturers to maintain a strategy of increasing production volumes, without the support of long-term investors.
Sea Ray star
Brunswick, the American and world leader in yachting, announced a 7% increase in its yachting sales (excluding marine engines) in the first quarter of 2018. During the reorganization phase, the manufacturer announced the separation of the marine sector from the rest of its activity and the sale of the Sea Ray motorboat brand.
The Bénéteau Group, Europe's leading yachting group, posted 7.5% revenue growth in its yachting division in the first half of 2017-2018. It reached ?378.1 million.
Variable investor enthusiasm
All shipyards expect growth in activity in 2017-2018. While the main monohull builders are aiming for an increase in turnover of between 7 and 10%, multihull builders are betting on increases of around 20% or even more. The effect on the stock market quotation of nautical companies is revealing. Fountaine Pajot and Catana Group shares rose by 56% and 78% respectively in six months, while Bénéteau was satisfied with 9.18% and Brunswick with 21% over the same period. It remains to be seen how long the euphoria will last...