Superyacht Singapore Association's 2010 mid year superyacht traffic report
In stark contrast to the first 2 quarters of 2009, the first half of 2010 has been amazingly encouraging in numerical terms. 80 was the prized target the SSA was aiming at for superyacht traffic growth this year. And we have proudly registered a total of 54 unique superyachts (including locally-based ones) within the first 6 months, comfortably surpassing the halfway mark by 14 units and more than doubling the 26 vessels that were registered in the same period last year.
From January 1st to June 30th, 39 new superyachts visited Singapore, equivalent to a 260% increase from last year’s achievement of 15. These visiting superyachts represented 4,642 of total footage, versus 1,931 in 2009, equivalent to a rise of 295%.
Average foot-run of superyachts
Strangely, although the number of superyacht visits have grown by 260%, the average foot-run for visiting vessels in the first 6 months of 2010 have seen a drop from 129 feet for the same period last year to 119 feet.
The first half of 2010 saw an incredible 11 regional superyachts visiting Singapore, as opposed to only 1 in the same period from Jan – June 2009. The rise in the number of regional superyachts visiting is evidence that not only is the regional economy recovering strongly but the superyacht industry in this region is growing by leaps and bounds. The Singapore-based fleet of superyachts also saw an increase from 14 to 15 vessels with the addition of an 84footer early this year.
The main reasons behind the overall increase in traffic include:
1) Strong recovery of the global and regional economy
2) Business optimism translating into more and higher quality charters, cruises undertaken by superyacht owners that travel further.
3) Trust in the security measures undertaken by government bodies of the cruising routes in the South-east Asia region.
4) An increase in public education of the vast richness and beauty of the cruising routes and destinations in this region.
Superyachts under construction in Singapore
There are currently 2 superyachts being built and targeting for completion by latest the beginning of next year. It is surely evidence that increasingly more companies have embraced the vision and belief in Singapore’s potential to become a superyacht hub and destination one day
In conclusion, although it was inevitable that the superyacht traffic growth was hard hit last year, it appears that this year, it is not only back on track but growing at a rate better than we expect. Going forward, the region is hopeful for a greater jump in the third and fourth quarters of 2010, especially with the upcoming F1 Grand Prix in September.