Netherlands

Ciris Capital BV

In today’s market, finance is not easily available. The biggest ship finance bank, HSH Nordbank, even announced early September that, given the market outlook, it will not finance any new acquisitions of ships. In the yachting market the situation is not much different. Banks are very reluctant to lend money. At the same time in certain segments of the market prices are at an historic low; a good moment, one would say, to step in. But when money is not available, this becomes difficult. Seller’s finance may be a solution. Seller’s finance is a form of finance where the seller lends to the buyer part of the sum the buyer needs for the purchase of the yacht. Part of the purchase price is being paid, and part financed. As concerns that financed part in fact no money passes between the seller and the buyer, as the payments are being set off. The security which a seller will obtain for his loan will be the kind of security a bank would otherwise have: a first preferred mortgage on the yacht, assignment of insurance payments and, in case the yacht would be commercially operated, assignment of income. Finance documentation shall be drawn up to properly secure the interests of the seller. A commercial interest should be charged, which could be a fixed rate or a rate based on for instance EURIBOR (for Euro loans) or LIBOR (for US Dollar loans). There should be an amortisation scheme according to which the loan shall be repaid. The simplest form would be linear repayment over a number of years. Other schemes may be agreed, e.g. a lower repayment over a number of years with a balloon payment at the end. The part of the price which may so be financed can be anything between 0 and 100%, although something between 50 and 70% seems realistic. The part shall never exceed the amount that might realistically be recoverable in case the buyer would appear not to be able to repay the loan. What that amount is, will depend on a number of things, such as: what is the expectation that the market will do during the currency of the loan? Is the yacht a “commodity” in the sense that there will always be a market for such yacht? Where is the yacht expected to be sailing? The buyer shall accept that the relation between the seller and the buyer, where the finance is involved, is an arm’s length, professional relation. The buyer shall promptly and correctly perform all obligations it has as against the seller. It shall advise the seller of any information and it shall provide any documentation required by the seller, as laid down in the loan documentation. Because usually SPV’s are used, this information and documentation shall also concern the beneficial owner. But a seller is not a bank; it has no apparatus (and no appetite!) to monitor the performance of the buyer. The reason it will agree to seller’s finance will be that this facilitates the sale of the yacht, not to become a “bank”. An agent who takes care of these things may bring relief. The tasks of such agent should be (i) to monitor and manage the periodical (monthly or quarterly) payments of interest and principal, (ii) to monitor the movements of the yacht, (iii) to manage the securities provided by the buyer, and (iv) to take action in case of non (timely) payment of the buyer. In short, the agent should take away the whole management of the repayment of the loan. Seller’s finance may be a way to bring some grease in the finance market. It may facilitate the selling of a yacht which otherwise would not be possible. Carel J.H. van Lynden / AKD Advocates Carel J.H. van Lynden is a partner at AKD advocates and civil law notaries in Rotterdam. AKD is a large law firm specialising in among other things shipping and finance. Together with Yachtnote it has developed finance documentation specifically for seller’s finance transactions. Yachtnote Remco Immink +31 30 697 0865 <a href="mailto:info@yachtnote.com?subject=Seller%27s%20Finance%20on%20SuperYachtTimes.com">info@yachtnote.com</a> <a target="_blank" href="http://www.yachtnote.com">www.yachtnote.com</a> AKD Advocates Carel J.H. van Lynden +31 88 253 5000 <a href="mailto:cvanlynden@akd.nl?subject=Seller%27s%20Finance%20on%20SuperYachtTimes.com">cvanlynden@akd.nl</a> <a target="_blank" href="http://www.akd.nl">www.akd.nl</a> By Carel J.H. van Lynden

Superyacht seller’s finance by Yachtnote

One of the most well known superyacht financing companies, Ciris Capital, has just released information on their latest service; Yachtnote, seller finance services. In the following article Remco Immink, one of the directors of Ciris Capital, explains more about this new service. By Remco ImminkSeller finance is when the seller of a yacht allows the buyer to pay back part of the purchase price over time. It is not a new form of financing: In fact, seller finance is the oldest form of lending between individuals. The benefits of seller finance are clear: • Faster price agreement between buyer and seller • Less negotiating pressure on the transaction • Expedites possible sale transaction • Substantial part of the sale proceeds are in liquidities • Monthly money flow from the granted loan • Interesting returns on the granted loan • Short turnaround time and quick realisation of the sale transaction Unlike a ‘bargain and sale’ transaction, taking on a loan comes with a long-term relationship. This is why it is extremely important that any seller finance agreement is professionally set up. And that is where YachtNote comes in. YachtNote is the sole dedicated expert in the field of servicing yacht seller finance transactions, providing the seller of the yacht with a range of risk management services. In our vision, the ideal transaction would look something like this… A seller and a buyer come to a sales and purchase agreement. The buyer is prepared to pay 50% of the agreed purchase agreement in cash. The seller is prepared to give the buyer (subject to approval) a loan for the remaining 50% for a term of 60 months, an agreed interest rate, and an arrangement fee. Securities will be a first priority mortgage on the yacht and the personal guarantee of the buyer. YachtNote will carry out a thorough credit check on the buyer and advise the seller whether or not the risk is acceptable, and whether to ask for additional securities. Based on our advice and input, the seller will take the final decision whether or not to continue. If the buyer is accepted by the seller for the loan, YachtNote will take care of and produce the loan documentation and ensure that all necessary documents and securities are in place. As soon as all conditions are fulfilled the contract can be signed and the yacht delivered to the new owner. During the term of the loan YachtNote will manage and monitor the contract and securities. The end result is a transaction that saves all the involved parties a great deal of time and money. Ciris Capital Remco Immink +31 30 697 0865 <a href="mailto:remco.immink@ciriscapital.com?subject=YachtNote%20Seller%20Finance%20on%20SuperYachtTimes.com">remco.immink@ciriscapital.com</a> <a target="_blank" href="http://www.ciriscapital.com">www.ciriscapital.com</a>

YachtNote launches superyacht seller finance services

In December Ciris Capital informed us about the current modus operandi in the yacht finance market and the time is now ripe for an update. There is no escaping the fact that the last few months have been challenging ones, both for those looking to secure a yacht finance loan and for the folk working on these applications and cases at the bank. The main sticking point has been uncertainty as to which direction the banks would go. Internal policies seemed to be changing quite literally overnight and that was not making it any easier to get clear guidance from the banks. Some banks had to wait until 2008 was over and a clear strategy and policy for 2009 had been put in place. Others were first seeing how their budget for 2009 would be allocated. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/127492/image/large-aa23af865ac960f553a0178979856264.jpg" data-gid="gid://syiq/Photo/127492">A new look at the market So what have the results of all this been three months into 2009? In a nutshell, we can say that there is still a yacht finance market out there. But it’s not the same as it used to be. A number of institutions have left the market, others have implemented a new credit policy, and some have ambitious growth plans for the years ahead. This does not mean that we are back to business as usual. We see a trend of banks preferring to stay on the smaller side of the market. A €15 million loan is about as high as they are prepared to go and the average transaction is well below €5 million. Moreover, there is a tendency to link loans to more general private banking relationships, the days of yacht finance as a stand-alone business appear to be over. Increasing demand The demand from the market for yacht finance is still there and has become noticeably stronger in the last few weeks. At Ciris Capital we are managing to complete the process of having files approved, documented and closed. It is more time consuming than before but it is also very rewarding to see that our know how and expertise is still making a key difference for banks and clients alike. New applications • We start by getting an overall feeling of the project and issues such as yacht type, investment and build time. • It is crucial to know who the prospects/clients are, have a copy of their passport, understand their general background and business activities, and have an indication of their private means. • Another key issue is to know which other banks the prospects/clients have private or business accounts with. It is especially useful if one of their banking relations is related to a European bank. • With respect to personal wealth, it is useful to know whether the activities of the prospects/clients or part of their wealth are based in Western Europe. • Once these basics have been established, we will decide which banks are best to approach for this project and ask them for an indicative term sheet. • If the conditions of one or more banks that are willing and able to produce a term sheet are acceptable to the client, we will decide together which banks to start the credit process with. • For the credit process (writing up of the application), we carry out an intensive intake of all the information required in order to avoid having to frequently return to the client • After the client has approved the write up, this will be presented to the bank. We will take care of monitoring the process and give any further explanations the bank may require. As we have mentioned above, many banks stipulate the need for a private banking relationship before they will look at a new application. Should the client agree, we will arrange a meeting with the bank and make arrangements accordingly. In general this requires a seven-figure deposit in the newly opened private account. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/127493/image/large-ca11ef36484c159bf13ae0e1b2935a6b.jpg" data-gid="gid://syiq/Photo/126338">Other banks ask for a good faith deposit before they start working. This will be refunded to the client should the application be rejected for any reason. Pricing the transaction Money has become more expensive for banks to loan from other banks. Taking this into account, for a loan in the range of 60% to 70% with a term of max 120 months, we calculate an interest rate of cost of fund, Euribor/Libor plus 2.5% to 3.5%, plus an upfront fee for the bank of 1% to 2% over the loan amount. For our work we sometimes get paid by the bank and sometimes by the client, depending on the involved bank(s) and needs of the client. In return the Ciris Capital team members will use all their in-depth knowledge of how the banking system works to maximise the chance of a positive outcome. Our long-lasting contacts within the banking network are proving especially valuable in these turbulent times. To use a sailing metaphor, the journey may take longer than was previously the case but Ciris Capital knows which route to follow and how to hold a steady course. In doing so we aim to keep the lines of communication as straightforward and open as possible with our clients. Please contact Ciris Capital should you have any questions based on the above, or if they can be of assistance in any other way. Ciris Capital Remco Immink +31 30 697 0865 <a href="mailto:remco.immink@ciriscapital.com?subject=Ciris%20Capital%20on%20SuperYachtTimes.com">remco.immink@ciriscapital.com</a> <a target="_blank" href="http://www.ciriscapital.com">www.ciriscapital.com</a>

Financing update by Ciris Capital

SuperYachtTimes.com recently spoke with Remco Immink of Ciris Capital about the influence of the credit crunch on the finance of superyachts. Ciris Capital is a company that primarily exists to provide clients with access to loans and other financial arrangements, the current situation obviously has their full attention. In this interview Remco clarifies the position of the banks and explains how business can still be done with the right preparation and know-how in place. SYT: What is the current position of the banks involved in yacht finance? Are they still active? <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/126338/image/large-8fa25cc325656ee000180c4a9dfdda40.jpg" data-gid="gid://syiq/Photo/126338">Remco Immink: These are good questions and like all good questions there is no simple answer. What we have seen over the last six to eight months is that all banks continue to claim that they are open for new business and have received no internal instructions to do otherwise. The only change that they publicly admit to is that turnaround times are a little longer. The reality is that the banks which do respond to applications will surprise you with questions that you have never thought of before or set conditions that cannot be fulfilled. At the end of the day this means banks can deny saying no to an application. “We were willing and able to complete the transaction but the client could not fulfill the requirements.” Don’t blame the banker, in other words. With the limited number of banks and leasing companies that are still related to yacht finance we are in active contact regarding outstanding applications. It seems that these banks are the serious remaining players, although they are also making slower progress than they used to. SYT: How does Ciris Capital approach new projects? Remco Immink: We start by getting an overall feeling of the project and issues such as type of yacht, investment and build time. It is crucial to know who the prospects/clients are, have a copy of their passport, understand their general background and business activities, and have an indication of their private means. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/126339/image/large-4572323cf0d7b00714878e5fb261f528.jpg" data-gid="gid://syiq/Photo/126339">Another key issue is to know which other banks the prospects/clients have private or business accounts with. It is especially useful if one of their banking relations is related to a European bank. With respect to personal wealth, it is useful to know whether the activities of the prospects/clients or part of their wealth are based in Western Europe. Once these basics have been established, we will decide which banks are best to approach for this project and ask them for an indicative term sheet. If the conditions of one or more banks that are willing and able to produce a term sheet are acceptable to the client, we will decide together which banks to start the credit process with. For the credit process (writing up of the application), we carry out an intensive intake of all the information required in order to avoid having to frequently return to the client. After the client has approved the write up, this will be presented to the bank. We will take care of monitoring the process and give any further explanations the bank may require. Beforehand they will look at a new application, some banks stipulate the need for a private banking relationship. Should the client agree, we will arrange a meeting with the bank and make arrangements accordingly. In general this requires a seven-figure deposit in the newly opened private account. Other banks ask for a good faith deposit before they start working. This will be refunded to the client should the application be rejected for any reason. SYT: Have the interest rates and the upfront fees changed? Remco Immink: As mentioned above, applications are a time consuming process in the current environment where bank policies can change by the hour. It is also difficult to obtain clear directions with regard to pricing the transaction. This is mainly due to the fact that money has become more expensive for banks to loan from other banks. Taking this into account, for a loan in the range of 60% to 70% with a term of max 120 months, we calculate an interest rate of euribor/libor plus 2.5% to 3.5%, plus an upfront fee for the bank of 1% to 2% over the loan amount. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/126340/image/large-d18b00a31cff19da2e2e3a80d0ca4099.jpg" data-gid="gid://syiq/Photo/126340">SYT: Who pays Ciris Capital for their work? Remco Immink: For our work we sometimes get paid by the bank and sometimes by the client, depending on the involved bank(s) and needs of the client. In return the Ciris Capital team members will use all their in-depth knowledge of how the banking system works to maximize the chance of a positive outcome. Our long-lasting contacts within the banking network are proving especially valuable in these turbulent times. For any further questions about yacht finance contact Remco Immink at: <a href="mailto:remco.immink@ciriscapital.com?subject=Article%20SuperYachtTimes.com">remco.immink@ciriscapital.com</a> / +31 30 697 0865

How to stay on course with yacht finance in the current economic conditions

Ciris Capital held a special training day in Monaco and Fort Lauderdale for Fraser brokers from Europe and the United States. This all-day training was designed to help the brokers of Fraser Yachts feel more comfortable discussing yacht finance with their clients. The main focus was orientated around the complexities of the issue and how best to advise clients. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/126094/image/large-20d9aca246f8e975cee81733d7fb0d71.jpg" data-gid="gid://syiq/Photo/126094">During the training, Remco Immink, Commercial Director of Ciris Capital, explained the market, the different types of products, the problems the brokers might have in getting yacht finance and how to solve them. The training days were a great success and Hein Velema, Commercial Director of Fraser Yachts, was full of praise to Ciris Capital: “Remco and Hans have a tremendous amount of knowledge on the market and practical experience to match. The turbulence of the finance business, as new trends and parties come and go and the credit crunch bites deeper, gives Ciris Capital a priceless overall understanding that transcends time. In addition to yacht finance, they also know a great deal about clients, boats and shipyards. Let's be honest, to many people yacht finance is so much 'abracadabra', they want to stay out of it. The fact that Ciris Capital understands the market and the way yachts are priced puts in a very strong position. Moreover, during the training Remco proved both the value of preparation and the ability to communicate. "Both are very important in his everyday work as the commercial person at Ciris Capital because educating clients is a crucial aspect.”

Ciris Capital trains yacht brokers of Fraser Yachts

The first major yacht show of the year, Boot Düsseldorf took place from the 19th until the 27th of January. Boot Düsseldorf is known throughout the industry as Europe's biggest watersports and active leisure event. Based at the Messe Center on the banks of the Rhine, more than 1650 exhibitors from 55 countries displayed their products and services across 17 exhibition halls. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123947/image/large-1524ca387effa49076c324f37a4abe4d.jpg" data-gid="gid://syiq/Photo/123947">The Lürssen stand with a model of the 68m <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/113">Kismet</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123948/image/large-851e526571c78f79297ea22484d1f69b.jpg" data-gid="gid://syiq/Photo/123948">Michael Breman of <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/23">Lürssen Yachts</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123949/image/large-a17c5f9b0f75741b255f2e80951290c5.jpg" data-gid="gid://syiq/Photo/123949">Charter yachts available through Dahm International<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123950/image/large-b49d6b9c727bceec5896de3e7fbbcaa6.jpg" data-gid="gid://syiq/Photo/123950">The <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> team with from left to right: Monique, Remco, Vrony &amp; Katja<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123951/image/large-3c6523a865b6733beb35f176ae0b9760.jpg" data-gid="gid://syiq/Photo/123951">The stand of Royal Huisman<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123952/image/large-3629c107632d47868988731542fe129f.jpg" data-gid="gid://syiq/Photo/123952">Model of the 32m Royal Huisman <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1233">Gliss</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123953/image/large-5d82b71b5116da41445501cfdef76890.jpg" data-gid="gid://syiq/Photo/123953">A new concept by Briand &amp; Royal Huisman<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123954/image/large-5e9cde09d78fbe1aa69d884ae35509db.jpg" data-gid="gid://syiq/Photo/123954">Close up of the flybridge of the Briand 180<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123955/image/large-f123c98f4b62a83ecc2d4e14cc621519.jpg" data-gid="gid://syiq/Photo/123955">Vulkan Shipyard exhibited for the first time in Düsseldorf<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123956/image/large-024a5be1986aecfa444c64123c9fa0af.jpg" data-gid="gid://syiq/Photo/123956"><a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1602">VK_1</a> is currently under construction at the Vulkan Shipyard for a German client<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123957/image/large-b62aebfcb7f4bd965b7ea0850fc59adb.jpg" data-gid="gid://syiq/Photo/123957">Three models by SanLorenzo: <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/YachtModel/1960">40 Alloy</a>, SD122 &amp; 44 Steel<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123958/image/large-6235dbbd3e7c0df46e8c81ec5b1b908c.jpg" data-gid="gid://syiq/Photo/123958">Two new Pershing yachts with the Elegance 98 in the background<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123959/image/large-29293e34e27d6b38d4daa8b6e774e922.jpg" data-gid="gid://syiq/Photo/123959">The huge stand of Jongert with on the right the <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/YachtModel/1588">Jongert 3800MY</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123960/image/large-03bf69be40908f6f7dbd1749868d1c98.jpg" data-gid="gid://syiq/Photo/123960">Model of the <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/YachtModel/376">Jongert 5200M</a>, on which the recently signed Jongert 5000M was inspired <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123961/image/large-e78fad8f6e638d04fead30d68d8d31d4.jpg" data-gid="gid://syiq/Photo/123961">Hydromar - supplier of marine hydraulic systems<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123962/image/large-58ad45f420765d2ebbeca26b2ededc52.jpg" data-gid="gid://syiq/Photo/123962">Yacht brokers Timo Kütenbaum &amp; Alexander Reinsch of <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/444">Dahm International</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123963/image/large-cfb470f3f72b51e0d09c73037ea0491a.jpg" data-gid="gid://syiq/Photo/123963">Christoph Schöning the head of services and refit for Dahm International<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123964/image/large-83bc67903e1e6eedd63fa8b0f3d13b5b.jpg" data-gid="gid://syiq/Photo/123964">The team of Nahema - builders of super catamarans<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123965/image/large-e335771065dbb7dda8eda870bb387f5d.jpg" data-gid="gid://syiq/Photo/123965">Three models by Miss Tor Yacht Series<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123966/image/large-59ca64bc190c970d15396380d0a9ba09.jpg" data-gid="gid://syiq/Photo/123966">Model of M/Y <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1768">Royal Barbarosa</a> by Miss Tor Yacht Series<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123967/image/large-80bfab26543806601135f3ba9e456ac6.jpg" data-gid="gid://syiq/Photo/123967">AB Yachts &amp; Maiora - part of the FIPA Group<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123968/image/large-13e453c35421adef5906090d3936f294.jpg" data-gid="gid://syiq/Photo/123968">Model of the new Technema 120<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123969/image/large-ce97eca1c11eaee8fb99a76b89069a2a.jpg" data-gid="gid://syiq/Photo/123969">Ivan Soza of NCP showing a model of the 62m Sea Warrior of which the conversion will start soon<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123970/image/large-7009900ae018d490915425eecf215728.jpg" data-gid="gid://syiq/Photo/123970">Model of the CNB 105 Idle<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123971/image/large-0ec1a83d2a9c0166eab56d9ba3bfbcbd.jpg" data-gid="gid://syiq/Photo/123971">The 30m <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/734">Chrisco</a> by CNB<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123972/image/large-672f88412a7ab2fe76ce4fd220460d3f.jpg" data-gid="gid://syiq/Photo/123972">The Bandido 75 on display by Drettmann<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123973/image/large-0fb079db86f770d44719e65f36878baf.jpg" data-gid="gid://syiq/Photo/123973">The Elegance 98 was the biggest yacht on display<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123974/image/large-4bbc67ac5411be60c28cfe43b6f928a0.jpg" data-gid="gid://syiq/Photo/123974">The Sunseeker standBy Merijn de Waard &amp; Maarten Janssen

Boot Düsseldorf 2008

Saturday January 19 Boot Düsseldorf will open its doors for the public. The show will run until January 27 and like last year there is a special “superyacht show” in hall 7A. Lürssen Yachts For many years German superyacht builder Lürssen have been exhibiting at Boot Düsseldorf and this year will be no exemption. Lürssen has built some of the most impressive superyachts and this year will deliver no less than 5 superyachts ranging in size from 60m to well over 150m. For more information contact <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/23">Lürssen Yachts</a> or visit them at stand B07.Ciris Capital Last year yacht finance and leasing specialists Ciris Capital opened an office in Florence (Italy) from where they can offer their ever increasing clientele with specialist leasing solutions. Ciris Capital is one of the few specialized yacht finance and leasing companies and with their in-depth knowledge of the market, they will get you the best possible deal. For more information contact <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> or visit their stand (E25) in hall 7A.<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123899/image/large-60dcc93cce10b8d1ab09e92ce3267c6f.jpg" data-gid="gid://syiq/Photo/123899">Dahm International Herbert Dahm is one of the founders of Boot Düsseldorf and his company Dahm International is a long time exhibitor. Last year they sold, among others, the 35m Benetti <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1488">If</a> and she is now available for charter through Dahm International. With more than 40 years of experience in the yachting business, Dahm and his team will be able to help you with the purchase or charter of your dream yacht. Contact <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/444">Dahm International</a> to make an appointment or visit them at stand F26. Other exhibitors at the “Superyacht Show” in hall 7A:<ul> <li> <div>Baltic Yachts – C08</div> </li> <li> <div>De Birs Yachts – B09</div> </li> <li> <div>Deutsche Yahcten (Abeking &amp; Ramussen, Newcruise, Pantaenius, Oldenburger, Merrill Stevens Yachts and other companies) – E7</div> </li> <li> <div>Dutch Yacht Builders – D22</div> </li> <li> <div>Fipa Italiana Yachts – E13</div> </li> <li> <div>French Nautical (H2X, CNB, JFA and other companies) – B11</div> </li> <li> <div>Hydromar – F29</div> </li> <li> <div>Jongert – F22</div> </li> <li> <div>Lewmar North – C01</div> </li> <li> <div>Moravia – E17</div> </li> <li> <div>Nahema – C26</div> </li> <li> <div>Nautor Swan – B17</div> </li> <li> <div>Orucoglu – D29</div> </li> <li> <div>PR Marine – F32</div> </li> <li> <div>Reckmann – D23</div> </li> <li> <div>Rizzardi – D06</div> </li> <li> <div>Rodriguez Group – B08</div> </li> <li> <div>Rondal – F07</div> </li> <li> <div>Royal Huisman – F19</div> </li> <li> <div>Schnaase – F02</div> </li> <li> <div>Seven Star – E29</div> </li> <li> <div>Shama Yachts – C09</div> </li> <li> <div>Southern Wind – E23</div> </li> <li> <div>Tecnomar – B29</div> </li> <li> <div>Vulkan Shipyard – B20</div> </li>
</ul>The Superyacht Times team will visit the boat show on Tuesday January 22, please feel free to <a href="http://www.superyachttimes.com/pages/contact/">contact us</a> if you would like to meet us.

Preview of Boot Düsseldorf 2008

Yacht finance specialist Ciris Capital has recently launched a new website, <a target="_blank" href="http://www.ciriscapital.com">www.ciriscapital.com</a>. Designed to provide clients and business relations with a wealth of relevant information, the portal includes an extensive Q&amp;A section on three key subjects: Italian lease, yacht finance and purchasing a yacht. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123724/image/large-aec4c5bbc50bcd0db339accac9684f6e.jpg" data-gid="gid://syiq/Photo/123724">Meanwhile, the company had further strengthened its team with the appointment of Marieke Verbree, who will be improving the documentation trajectory and accompanying legal issues. “The ongoing growth of <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> can in part be attributed to our stability and professionalism within a turbulent industry,” says managing director Remco Immink. “We have a license from the Netherlands Authority for the Financial Markets and have passed the most stringent inspection regimes. The results of these tests have proven that we place the interests of clients first.” The company’s newly established branch in Milan, Ciris Capital S.r.l., is also fully licensed. “We have been granted an Italian Lease license by the Italian Foreign Exchange Office (Ufficio Italiano dei CAmbi, UIC) meaning that Ciris Capital meets all its requirements. Ciris Capital S.r.l. has already provided some very attractive Italian Lease packages to clients, offering major savings on VAT. We aim to be the leading Italian lease company in this field in the very near future.” Ciris Capital will be present at Boot Düsseldorf Hall (7a stand nr E25).

New Ciris Capital portal offers wealth of information

Following an extensive and thorough audit by external auditors, Ciris Capital has been awarded the Quality Mark Financial Services Certificate. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123676/image/large-d0bbdc63f693dc9651394ac6fcc5b60f.jpg" data-gid="gid://syiq/Photo/123676">The Quality Mark Financial Services was founded in 1998, following an initiative of the Dutch Association of Home Owners and various organisations of mortgage intermediaries. Since specialized mortgage advisors are developing more and more into “all-finance” service providers and following the introduction in the Netherlands of the Financial Services Law (FSL), the area of operations of the Quality Mark has been expanded to all forms of financial services. As a result of this all FSL activities such as insurance, mortgages, consumer finance and so forth are brought under the supervision of the Quality Mark. The Quality Mark (“Keurmerk Financiële Dienstverlening”) is the severest hallmark to obtain and retain in the Dutch Financial Services industry. The standards of the Quality Mark are much higher than the legal requirements, including the new Law of Financial Services which has already caused a landslide in the Financial Services Industry in Holland. The Quality Mark does not only look at persons but at the company as a whole (like an ISO certificate). Moreover, the Quality Mark awarded offices are audited on a regular and frequent basis by independent experts. Based on the audit report the Quality Mark Financial Services decides whether an office can continue to bear the Quality Mark. The continuous and intensive monitoring makes the Quality Mark Certification a unique certification authority the Netherlands. If your Dutch is good, you can find more info on the website <a target="_blank" href="http://www.kfdkeurmerk.nl">www.kfdkeurmerk.nl</a> <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> is the only marine mortgage intermediary in The Netherlands bearing the Quality Mark. “ We are very proud of this Quality Mark. It’s not some cheap diploma you can buy on the market or anything like that. This was a very severe and intensive audit dealing with every aspect of our services, our internal organisation, the quality of the advices we give to clients and banks, and we even had to go back to study to get some specialized mortgage diploma’s in the field of home-financing”, says managing director Hans Groen.

Quality Mark Financial Services awarded to Ciris Capital

More prestigious than ever, the Cannes International Boat and Yacht Show adorned itself for its 30th anniversary with all its finery to invite its 65.000 visitors (up 19% compared to 2006) to dream and escape. With more than 200 new models on display for the first time ever, Cannes has confirmed its position as Europe’s leading in-water show. Hosting, for the 2nd consecutive year, ever more magnificent boats, Port Pierre Canto met with great success, both among the visitors and the brokers, who represented the majority of the exhibitors. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123221/image/large-2006c5ebff188f8cc1fba2603c08dbc2.jpg" data-gid="gid://syiq/Photo/123221">An International Exhibition The show welcomed the key players in pleasure boating and luxury yachting from all over the world: Europe, United States, Asia, Middle East &amp; Oceania. In all, 26 nations were present at the event now known worldwide. Close to 70% of the exhibitors and 87% of the boats on display came from abroad. The visitors, trade professionals and private individuals alike, also appeared to be increasingly cosmopolitan, with a significant rise in the presence of foreigners –close to 50% compared to 30% in 2006, 13% in 2004 and 6% in 2000– with the Eastern European countries, particularly Russia, strongly represented. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123222/image/large-dc882f8e5e86deebfa3874757292ded3.jpg" data-gid="gid://syiq/Photo/123222">Port Pierre Canto, a second year marked by success Appearing for the first time at the 2006 show, the brokerage section seems to have found its place, as shown by the satisfaction expressed by all the Port Pierre Canto exhibitors: the customers were there in numbers and business was negotiated. Reminder of the figures for the 30th Cannes International Boat and Yacht Show: - 585 boats in water (Vieux Port + Port Canto), 87% came from abroad - 200 new models - 480 exhibitors, 70% were from abroad - 80,000 m² of exhibition space<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123223/image/large-c6ec47cee2f462340545287de076a660.jpg" data-gid="gid://syiq/Photo/123223">The Mangusta Fancy One and the CRN <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/768">Kanaloa</a>, both showed by Camper &amp; Nicholsons<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123224/image/large-0fd913ae4525b607dd584fd22f3bb27a.jpg" data-gid="gid://syiq/Photo/123224">Toby Maclaurin of Cavendish White<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123225/image/large-b0404770ba5d680791402e643a2f698f.jpg" data-gid="gid://syiq/Photo/123225"><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123226/image/large-e070c6c9958686ff27886d190e1cb90e.jpg" data-gid="gid://syiq/Photo/123226">Martin Bott of Yachting Partners International<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123227/image/large-26e2eab0df3f11c6491821035575155f.jpg" data-gid="gid://syiq/Photo/123227">The new CRN 43 <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/540">Emerald Star</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123228/image/large-a56b43d696af2dc224241f6a8122e9ec.jpg" data-gid="gid://syiq/Photo/123228"><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123229/image/large-860817e90ffecabb89d13a9da54d121e.jpg" data-gid="gid://syiq/Photo/123229">Remco Immink of <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123230/image/large-fff926f661ba1aac57de594c66840edf.jpg" data-gid="gid://syiq/Photo/123230">The new Maiora 38 <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1299">Melina C</a> and the new Baglietto <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/572">B-17</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123231/image/large-eafdc5434600621ac5e253ac5faacdc5.jpg" data-gid="gid://syiq/Photo/123231">David Price of BCR Yachts onboard <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/539">Wally B</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123232/image/large-0180aae0993d784821ba7302678a71e9.jpg" data-gid="gid://syiq/Photo/123232"><a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1212">Gaja</a>, <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/1253">Waverunner</a> and the Lazzara LSX<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123233/image/large-d4060294e0117927efdc5e29cbcd0c47.jpg" data-gid="gid://syiq/Photo/123233"><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123234/image/large-061a2d4aaabc6292fc4c8e479f838919.jpg" data-gid="gid://syiq/Photo/123234">Luca Sbisa of Fraser Yachts onboard the San Lorenzo Atlantica Atlantica<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123235/image/large-27f31d1df4f46e617822ad50442e2182.jpg" data-gid="gid://syiq/Photo/123235">The new Ocea Commuter 108 <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Yacht/753">Marhaba</a><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123236/image/large-e1e62fb7da4c8ab16a93e808d35f868c.jpg" data-gid="gid://syiq/Photo/123236"><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/123237/image/large-6571deefd0dca0431cad308ba9a734e9.jpg" data-gid="gid://syiq/Photo/123237">Photo credit: <a target="_blank" href="https://www.superyachtphoto.com">Merijn de Waard / Yacht-Images.com</a>

The Cannes International Boat and Yacht Show 2007

Yacht owners turn to <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> for four main reasons: To purchase a new or second-hand acht, to cover the costs of a refit, to finance a new purchase while the current yacht is being sold, and to re-finance a yacht already owned (an increasingly popular option). We can play a central role in every part of the financial transaction, from the actual formulation of the loan agreement to issues such as appraising the yacht, the sales agreement, registration, insurance, crew, VAT and ownership structures. Each finance plan is based on the value of your yacht and personal liability, allowing you to keep real estate and business interests at your disposal. As more and more astute investors see the sense of freeing up their capital, it is no surprise that over 50 percent of all yachts are now financed through loans. Another increasingly popular alternative is the leasing options available in countries like Italy, which offers owners attractive VAT savings. With this in mind, we have established a new company called <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> Leasing S.r.l. in Milan. In general, the amount you save depends on the length of the vessel and whether it is a sailing or motoryacht. On a 20-metre motor-yacht, for example, only 8% VAT has to be paid on the cost price. <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> Leasing S.r.l. is now ready to make proposals on all purchases of more than 500,000 euros. For more news about <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> and to read what Maarten ten Holter of Vripack and Mark Haendle of Ocean Independence think of Ciris, please have a look at their <a target="_blank" href="https://www.superyachtphoto.com">latest newsletter</a>.

Ciris Capital opens in Milan

Monique Caminada-Kolkman has joined <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a>, Europe’s leading specialist in yacht-related finance, leasing, registration and VAT issues. She will be responsible for the company’s North European accounts and a range of marketing issues. <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/122806/image/large-7f615d0829ecc7dc65288fbedbd4e4a7.jpg" data-gid="gid://syiq/Photo/122806"> Ciris Capital’s sales crew Remco Immink and Monique Caminada- Kolkman Monique has rich experience in the international yachting industry. After graduating in technical business studies, she joined De Valk International in 1997 and soon became a certified yacht broker. In 2002, Monique took on the position of sales manager at the leading energy system supplier Mastervolt, and later became marketing coordinator. Her new position at <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a>, which she started in June 2007, will see Monique put her sound understanding of yachts and the financial issues related to yacht ownership to good effect.

Ciris Capital team strengthened

Every two months Remco Immink, of superyacht finance company <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a>, will share his views on subjects related to the financing of yachts. He will start by explaining the differences between traditional yacht finance and leasing.<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/122751/image/large-5a4f6ed17e2839d3519ff43a099c50da.jpg" data-gid="gid://syiq/Photo/122751">The season has come to a good start, in both the Netherlands and in the rest of Europe people are enjoying their motor and sailing yachts. For me personally, this always raises the question of “Where do all those beautiful boats come from?”. Mainly, they are here because of the warm interest of their owners in yachting, and the active and good support by shipyards and brokers of the yachts. But one can also look at these yachts from a different angle. How are all these yachts financed and who really owns the yacht; are they private property, chartered for a short or long period, financed or leased? As I said before in the press, financing is a broad term. What do we mean by the term financing? Is the yacht financed from own resources, through liquids of an owner’s company, through a mortgage on real estate, through a payment on stocks, through a traditional yacht finance program or through a lease?Why are yachts financed?When financing your yacht, the most important issue is to keep your own resources liquid. One’s resources can used in different ways to generate a higher output than the purchase of a yacht, on which one won’t always make a positive output. Even now with the rising interest rates at the capital markets the costs of financing do not weigh up against the gains which can be made on other investments, the stock exchange or other funds.How can a yacht be financed?If we speak of the financing of a yacht, we usually mean a traditional yacht financing or a lease. With a financing on a yacht we usually talk about loans of 70-80% of the value of the yacht with a duration of 10 to 15 years. The yacht can sail under most common flags and an owner can sail wherever he wants, off course within the range of the insurance company. Characteristic of a yacht finance is that the yacht is private property or property of a company which belongs to the owner. To protect the interest of the bank a mortgage is secured on the yacht. An alternative for this way of financing is the lease. LeasingIs leasing a useful tool for private individuals who want to buy a yacht? After all, private individuals can’t refund VAT. That’s right, but the Italian lease can be a good alternative for financing your yacht. With an Italian lease the yacht is bought by a lease company which is established in Italy. When the company is established, the yacht is leased to it’s user. The normal term is three years and usually it expires after 120 months. On the monthly terms VAT is being invoiced by the lease company and paid to the tax authorities. The first advantage is that the VAT is not paid at once, but during the term of the lease.However there is one other important advantage. The Italian lease makes a distinction between the VAT which needs to be paid, and the length of the yacht. The bigger the waterline length of the yacht, the bigger the advantage. For yachts bigger than 24 meters the advantage can be that only 6% VAT is paid, instead of the usual 20% Italian VAT. At the end of the term the lessee can make use of the option to buy the yacht and it becomes private property. The yacht can be registered under most of the acceptable registries/flag states.Italian Lease or yacht financing?Both ways have it’s own advantages and disadvantages which are dependent on the situation of the individuals. For this reason we always make a vast inventory on the possibilities and wishes of future yacht owners. Based on these results we can advise every client on the best way of financing. <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a> can offer it’s clients both traditional finance and leasing. The traditional finance program is offered by Ciris Capital BV (based in Zeist, the Netherlands) and the Italian lease is offered by Ciris Capital Leasing srl (based in Milan, Italy).For more information or a personal check up on your situation, please contact Remco Immink of <a href="#managed-by-application" data-legacy="true" data-gid="gid://syiq/Company/291">Ciris Capital</a>.

Superyacht Financing: Traditional Financing & Lease

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<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121877/image/large-c690e596355559348a87159668304664.jpg" data-gid="gid://syiq/Photo/121877">
Sylke auf dem Graben of Lürssen Yachts <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121878/image/large-049c1158eae87a0694e9be3cb1bd3b31.jpg" data-gid="gid://syiq/Photo/121878">
Model of Lürssen's latest motor yacht <a data-gid="gid://syiq/Yacht/113" data-legacy="true" href="#managed-by-application">Kismet</a> <img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121879/image/large-42af106157b5a175a0908712addfc937.jpg" data-gid="gid://syiq/Photo/121879">
Profile shot of <a data-gid="gid://syiq/Yacht/113" data-legacy="true" href="#managed-by-application">Kismet</a>'s model 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121880/image/large-da4e6919b5f21dfc3931456a7e5d74a2.jpg" data-gid="gid://syiq/Photo/121880"> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121881/image/large-41570dc0c60931e506952a29efece18c.jpg" data-gid="gid://syiq/Photo/121881"> 
Olga Cornelia &amp; Remco Immink of the yacht finance company <a data-gid="gid://syiq/Company/291" data-legacy="true" href="#managed-by-application">Ciris Capital</a> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121882/image/large-da2274e226a6d349f92890ccd427c579.jpg" data-gid="gid://syiq/Photo/121882">
The latest yacht from Abeking &amp; Rasmussen, <a data-gid="gid://syiq/Yacht/59" data-legacy="true" href="#managed-by-application">Lady Sheridan</a> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121883/image/large-6997c8b8b9535f5e6c0bd1c8e9b69101.jpg" data-gid="gid://syiq/Photo/121883"> 
The CNB 100 with a design by Luca Brenta<a data-gid="gid://syiq/Company/104" data-legacy="true" href="#managed-by-application"></a> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121884/image/large-0c258676c57f1bebb905f9afaa1001de.jpg" data-gid="gid://syiq/Photo/121884"> 
The <a data-gid="gid://syiq/Company/104" data-legacy="true" href="#managed-by-application">Jongert</a> stand at Boot Düsseldorf 2007 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121885/image/large-2d624174af4094c259e0eeaea5d59664.jpg" data-gid="gid://syiq/Photo/121885"> 
Model of the Jongert 3200M with a design by Tony Castro 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121886/image/large-28abb19b289e0a0a1c2bb01d8cc8290b.jpg" data-gid="gid://syiq/Photo/121886"> 
Model of the <a data-gid="gid://syiq/YachtModel/376" data-legacy="true" href="#managed-by-application">Jongert 5200M</a> seen from the bow 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121887/image/large-610dfb1de669eb24146fbd4251147532.jpg" data-gid="gid://syiq/Photo/121887"> 
<a data-gid="gid://syiq/YachtModel/376" data-legacy="true" href="#managed-by-application">Jongert 5200M</a> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121888/image/large-1bfc68712f76f250ef76937ff8e70e04.jpg" data-gid="gid://syiq/Photo/121888"> 
The folding keel of the <a data-gid="gid://syiq/YachtModel/376" data-legacy="true" href="#managed-by-application">Jongert 5200M</a> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121889/image/large-f166f6d3f85df36d1c64e0893e985fc3.jpg" data-gid="gid://syiq/Photo/121889"> 
Katrina Kelshall of Van Peteghem Lauriot Prévost Yacht Design 
<img src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121890/image/large-1d57bc6c93a335909e9455f13098a3a6.jpg" alt="" data-gid="gid://syiq/Photo/121890"> 
Raffaella Yeuillaz of the Southern Wind Shipyard 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121891/image/large-3237a3998f40a797a6a4600d12d91d24.jpg" data-gid="gid://syiq/Photo/121891"> 
Model of the Shama Yachts 116 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121892/image/large-fd40d70c473a16c59b5e84c4f332f4d6.jpg" data-gid="gid://syiq/Photo/121892"> 
Model of the new <a data-gid="gid://syiq/YachtModel/437" data-legacy="true" href="#managed-by-application">Leopard 31M</a> 
<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/121893/image/large-ad3467ad77e46ede015ca88f6b6ace85.jpg" data-gid="gid://syiq/Photo/121893"> 
Gaël Douguet of JFA Chantier Naval 
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Model of the new Elegance 115 to be build by Horizon Yachts in Taiwan 
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Blue hulled model of the Elegance 115 
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The Elegance 130 
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The Elegance 130 seen from the bow 
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The stand of Elegance Yacht with this year 7 yachts on show!
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One of the biggest yachts of the show the Bandido 90 
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New projects by the Rodriguez Group; the Mangusta 148 Open and the Leopard 46 
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Boot Düsseldorf 2007: the people, companies and yachts

Yacht financing specialist Ciris Capital has announced a significant increase in its Global Marine Lending Network (www.globalmarinelendingnetwork.com). The company is profiting from the entrance of an increasing number of banks and other financial institutions into yacht finance, especially over the past two years. “Since each bank has its own focus, it was increasingly difficult for potential clients to assess which bank had the right offer for them,” explains Remco Immink, director of Ciris Capital. “Our role is to match individual yacht financing requirements to the right bank. The Global Marine Lending Network, consisting of numerous partners in Australia, the US and Europe, has allowed us to structure many transactions in a way which suits both the clients’ and the banks’ requirements. Ciris Capital will pursue this winning formula by continuing to seek partners with local knowledge and networks, and matching them with international suppliers.” Ciris Capital has also been instrumental in selecting the right bank for the needs of its existing network of yacht industry professionals, such as yards, brokers, designers, suppliers, dealers and importers. “Our involvement frequently represents the difference between a deal going through or not,” Remco Immink underlines.” We intend to continue building on our expertise and the confidence of our clients to provide them with even better solutions in the future.” Meanwhile, Ciris Capital has finalised its plans to participate in BOOT Düsseldorf from 20 to 28 January 2007. A dedicated crew present at the exhibition will inform customers about the latest evolutions in yacht financing and ownership structures, and about the added value it provides.