Superyachts Sales Down Due to Waiting Lists & Sanction on Russian Oligarchs

According to a recent report, sales of superyachts experienced a significant decline in 2023 due to a combination of factors such as lengthy waiting lists, escalating costs, and sanctions targeting oligarchs.

The SuperYacht Times’ State of Yachting report revealed a 17% drop in sales of new superyachts (defined as yachts over 100 feet long) last year. Specifically, there were 203 new superyacht sales in 2023, down from 245 in 2022 and a record-breaking 313 in 2021.

Ralph Dazert, head of intelligence at SuperYacht Times, highlighted the challenges facing buyers, particularly those ordering yachts exceeding 200 feet, who now face waiting times of three to four years due to pandemic-related backlogs.3

Superyacht (Credits: Fraser)

Additionally, rising labor and material costs have contributed to soaring prices. Dazert anticipates further declines in new superyacht sales this year due to ongoing cost pressures and delays.

The most substantial decline was observed in sales of superyachts over 200 meters (approximately 650 feet), which plummeted by 40%.

The report attributes this drop to a decrease in demand from wealthy Russian buyers following the country’s invasion of Ukraine in 2022.

While Russian buyers previously favored extravagant and large yachts, American buyers are increasingly entering the market, accounting for nearly a quarter of all superyacht sales in 2023.

Moreover, American buyers are opting for larger vessels, with the average length of American-owned superyachts surpassing that of Russian and Middle Eastern buyers.

Superyacht Times

Despite the decline in new sales, the completion of yachts ordered during the pandemic surged by 31% in 2023, with 202 superyachts launched.

This increase in the superyacht fleet reflects a growing demand across the yacht economy, benefiting builders, brokers, marinas, and crew members.

Dazert notes that many new buyers who entered the market during the pandemic continue to utilize their yachts and are now upgrading, suggesting a sustained expansion in the yachting economy.

“The pool of customers has expanded permanently,” Dazert remarked, indicating a positive outlook for the industry.

Josh Alba
Josh Alba
Josh Alba stands at the forefront of contemporary business journalism, his words weaving narratives that illuminate the intricate workings of the corporate world. With a keen eye for detail and a penchant for uncovering the underlying stories behind financial trends, Josh has established himself as a trusted authority in business writing. Drawing from his wealth of experience and relentless pursuit of truth, Josh delivers insights that resonate with readers across industries.
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