South Korea (Republic of Korea)

GHI Yachts

Yacht brokers of Hong Kong have had a phenomenal couple of years as the local appetite for superyachts has grown. There has been a boom in “demand for anything between 15-metres through to 45-metres, and around 500 yachts have been sold in Hong Kong in the last two years,” Eric Noyel, Founder of <a data-gid="gid://syiq/Company/5504" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Asia Marine (Company)">Asia Marine</a> &amp; Managing Director of <a data-gid="gid://syiq/Company/158" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fraser (Company)">Fraser</a> Asia, told SYT. <img src="https://photo-assets.superyachttimes.com/photo/223285/image/large-af2e2abb128e9080583b34b18780bff1.jpg" data-gid="gid://syiq/Photo/223285">While the appetite has predominantly been satisfied by European builds, local yacht builders have also been kept extremely busy. <a data-gid="gid://syiq/Company/282" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kingship Yacht (Company)">Kingship</a>, for one, currently has multiple projects underway, Managing Director, Roger Liang confirmed. “We are currently building a 45-metre motor yacht designed by <a data-gid="gid://syiq/Company/4364" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Horacio Bozzo Design (Company)">Horico Bozzo of Axis studio</a>, and have just delivered a 24-metre catamaran to a buyer who’ll navigate around one of the largest lakes in Southern China.” <a data-gid="gid://syiq/Company/282" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kingship Yacht (Company)">Kingship</a> built six steel displacement yachts, that are full class and adhere to MCA standards, in the last 10 years. The yard also delivered three high-speed catamaran to clients in Southern China.<img src="https://photo-assets.superyachttimes.com/photo/219565/image/large-22ced79efd4b0eddc1bc720fe5be70a9.jpg" data-gid="gid://syiq/Photo/219565">Across the Taiwan Strait, <a data-gid="gid://syiq/Company/1394" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ocean Alexander (Company)">Ocean Alexander</a> and <a data-gid="gid://syiq/Company/119" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Horizon Yachts (Company)">Horizon Yachts</a> are churning out yachts with great tenacity, securing owners for each one. Last year <a data-gid="gid://syiq/Company/1394" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ocean Alexander (Company)">Ocean Alexander</a> delivered 13 yachts in the above 24-metre category and have a further 12 penned in to be launched this year. Whereas eight yachts built by <a data-gid="gid://syiq/Company/119" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Horizon Yachts (Company)">Horizon</a> made their first splash last year, and the Taiwanese builder expects to put another 15 in the water before this year’s through. The bulk of these yachts aren’t destined for Asia though, “<a data-gid="gid://syiq/Company/119" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Horizon Yachts (Company)">Horizon Yachts</a>’ main market is Australia, the States, and Europe” Suzy Rayment, Executive Director of the <a data-gid="gid://syiq/Company/7320" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Asia-Pacific Superyacht Association (Company)">Asia-Pacific Superyacht Association</a>, explained. The lower number of Asian sales compared to other regions was confirmed after a quick call to the European office of <a data-gid="gid://syiq/Company/119" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Horizon Yachts (Company)">Horizon Yachts</a>. The same is true for <a data-gid="gid://syiq/Company/1394" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ocean Alexander (Company)">Ocean Alexander</a>.<img src="https://photo-assets.superyachttimes.com/photo/214509/image/large-fc13dc58f4b69787fce9940344e59784.jpg" data-gid="gid://syiq/Photo/214509"><img src="https://photo-assets.superyachttimes.com/photo/111186/image/large-210aa4300e3261200ed50c1e362c0d7d.jpg" data-gid="gid://syiq/Photo/111186">“Shipyards in Taiwan and Mainland China have been exporting yachts around the world for many years and there is now a growing market in mainland China for locally built yachts,” Mike Simpson, Founder &amp; CEO of <a data-gid="gid://syiq/Company/1011" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Simpson Marine (Company)">Simpson Marine</a>, commented. “Local builders are learning fast from their more established western counterparts and the quality is improving, but Asian buyers have come to expect cutting edge design, innovation and build quality – and throughout Asia they generally prefer to buy yachts from more established western shipyards. The ‘Designer Label’ is as important for yacht buyers as it is for buyers of cars, watches or handbags.”&nbsp;<img src="https://photo-assets.superyachttimes.com/photo/177088/image/large-42d416153cf207aa10a7e8215e7f1371.jpg" data-gid="gid://syiq/Photo/177088"><a data-gid="gid://syiq/Company/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jinlong Mega Yacht (Company)">Jinlong Mega Yacht</a> is one such shipyard that is developing quickly. The yacht builder is owned by the conglomerate that recently acquired <a data-gid="gid://syiq/Company/434" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Balk Shipyard (Company)">Balk Shipyard</a>, Zhongying Int’l Holding Group Ltd. The Dutch shipyard will soon be working closely with <a data-gid="gid://syiq/Company/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jinlong Mega Yacht (Company)">Jinlong Mega Yachts</a>, as the Chinese shipyard rolls out its expansion plans. Daan Balk confirmed this when the initial announcement was made, stating that his team will support the training activities at <a data-gid="gid://syiq/Company/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jinlong Mega Yacht (Company)">Jinlong Mega Yacht</a>.European or American-built yachts are more than just a status symbol for many though. Quality is one thing, but &nbsp;“there also isn’t the same level of aftercare with Chinese-built boats,” Rayment said. So while these yachts might be cheaper, they still come with a price: a lower guarantee that clients know and expect from superyacht manufacturers. This may not be the case for long though; it seems we’re at a pivotal turning point.&nbsp;The forthcoming developments at <a data-gid="gid://syiq/Company/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jinlong Mega Yacht (Company)">Jinlong Mega Yachts</a>, for one, but also with headway being made at <a data-gid="gid://syiq/Company/2561" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Heysea Yachts (Company)">Heysea Yachts</a>. “<a data-gid="gid://syiq/Company/2561" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Heysea Yachts (Company)">Heysea</a> was established in 2007 and is currently the leading shipbuilder in mainland China,” Godfrey Zwygart, Managing Director at Marevisio Co. Limited, said. &nbsp;“They have a whole range of boats up to 43 metres, and their quality has been improving considerably in recent years – they are a serious competitor to western shipyards.” <img src="https://photo-assets.superyachttimes.com/photo/100071/image/large-0bf6bfc76339c8dfc6a3125a232f0ff0.jpg" data-gid="gid://syiq/Photo/100071"><img src="https://photo-assets.superyachttimes.com/photo/95551/image/large-7b41d18fc1e4817669080c0f3bf96c0b.jpg" data-gid="gid://syiq/Photo/95551">The other big player in China is <a data-gid="gid://syiq/Company/3780" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pride Mega Yachts (Company)">Pride Mega Yachts</a>, located in the Yantai Shandong province. <a data-gid="gid://syiq/Company/3780" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Pride Mega Yachts (Company)">Pride</a> is the yard that handled the construction of one of the largest Chinese-built superyachts: the 88.5-metre motor yacht <a data-gid="gid://syiq/Yacht/5634" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Illusion Plus88.5m (290'4&quot;)Pride Mega Yachts2018">Illusion Plus</a>. Currently all three shipyards are predominantly geared for export, they all have scope to expand their facilities if local demand grows – which it could.“China is completely closed off from Hong Kong at the moment, but this could change as Hong Kong is now part of the Greater Bay Area,” Reyment said. “The yachting infrastructure is waiting to happen in China – it’s just not there yet. Hong Kong is a great role model in that respect.”<img src="https://photo-assets.superyachttimes.com/photo/95547/image/large-edbb1299c84f04ecc42f83a57c880e5e.jpg" data-gid="gid://syiq/Photo/95547">“Hong Kong has been doing well with superyacht sales these last few years and has had a fair bit of success with the 40-45-metre category,” Joe Yuen, Chief Representative, Hong Kong and Macao at <a data-gid="gid://syiq/Company/159" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Burgess (Company)">Burgess</a>, told SYT. “It’s been a slightly different story in the mainland and the market for imported superyachts is a lot slower. There is a demand for locally built superyachts, production boats and smaller yachts in the region, but not for those imported.”Yuen continued, “A lot of local owners want superyachts, but because of local restrictions there is a reduced appetite for larger pleasure vessels. We see a lot of smaller Chinese-built yachts going out fishing and day cruising around Southern China, but larger yachts aren’t a common sight.”Tax and flagging regulations are two issues. While there may be much lower tax imposed if an owner wants to fly a Chinese flag, it comes with restrictions. “Local yachts with a Chinese flag have limited access to domestic waters and need to apply for special permits to go abroad, so boats willing to sail globally would have to be registered as commercial,” Zwygart explained. <img src="https://photo-assets.superyachttimes.com/photo/208973/image/large-f6e2669d736b89cd112f3eb0d442eaed.jpeg" data-gid="gid://syiq/Photo/208973"><img src="https://photo-assets.superyachttimes.com/photo/208974/image/large-b4a17d98ee52c159c2a131cb2bb91edd.jpeg" data-gid="gid://syiq/Photo/208974">This explains the strong focus on export. It also provided an opportunity for other Asian shipyards to tap into the market. South Korean builder <a data-gid="gid://syiq/Company/2478" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GHI Yachts (Company)">GHI Super Yachts</a> "Phoenix Model Yachts", for one, supplies superyachts to its Chinese clients with an availability of flags and without an export tax. The largest yacht currently in-build at its facilities is the 39.6-metre motor yacht Legacy 135.Amidst heavy restrictions, there’s a lot of potentials. The market is maturing but the infrastructure needs developing and legislation needs lifting. There's also an issue with limited berthing available. Nonetheless, Roger Liang reports a growing number of “yachts on Hainan Island,” while this is positive the numbers “will take time to catch up” with the numbers of other affluent countries. If legislation is passed, there could be an upsurge – but, really, it’s difficult to tell.&nbsp;

yacht building in China

With a growing appetite for superyachts in China and Hong Kong, can we expect to see an increased activity in shipbuilding? 

Will there be an upsurge of yacht building in China? 

<a data-gid="gid://syiq/Company/6704" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Legacy Superyachts (Company)">Legacy Superyachts</a> have released new renderings of their 41.15-metre yacht Legacy 135. Construction started on the speculation superyacht in March 2019 with the Korean shipyard <a data-gid="gid://syiq/Company/2478" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GHI Yachts (Company)">GHI Yachts</a>, with the build originally named Phoenix 130. <img src="https://photo-assets.superyachttimes.com/photo/208974/image/large-b4a17d98ee52c159c2a131cb2bb91edd.jpeg" data-gid="gid://syiq/Photo/208974">Read:&nbsp;<a data-gid="gid://syiq/Article/49730" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Construction underway on the 40m superyacht Phoenix 130 (2019-03-27 11:15:00 +0100)">Construction underway on the 40m superyacht Phoenix 130</a>Legacy 135 has been designed and engineered by leading American designers Joe Lazzara and Ian Ombres of <a data-gid="gid://syiq/Company/5073" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lazzara Ombres Architects (Company)">Lazzara Ombres Architects</a>. The team draws on inspiration from generations of innovation to create an impressive aluminium yacht. Legacy 135’s interior is decorated with warm, rich tones by French designer <a data-gid="gid://syiq/Company/5313" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Alexandre Thiriat (Company)">Alexandre Thiriat</a>, who has designed her with industrial and art deco influences. <img src="https://photo-assets.superyachttimes.com/photo/208971/image/large-eb830c3592b31123760974d5ca972d37.jpeg" data-gid="gid://syiq/Photo/208971">Legacy 135 is currently in-build so her interior can be customised to fit the owners requirements. She has an elegant and casual ambiance that runs throughout all her guest areas, with light and reconstituted oak and chenille.<img src="https://photo-assets.superyachttimes.com/photo/208972/image/large-f920b7a0f95b46320be358056f64e1a0.jpeg" data-gid="gid://syiq/Photo/208972">Legacy 135 boasts a large main saloon area with an open plan design and a formal dining area. She has been designed with an impressive headroom of almost nine feet. The room is further enhanced by three large glass sliding doors, which allow for panoramic views.<img src="https://photo-assets.superyachttimes.com/photo/208968/image/large-8ebf75fb3a5352d54556bd7cc00c0790.jpeg" data-gid="gid://syiq/Photo/208968">Legacy 135 is able to sleep up to 10 guests across five sumptuous staterooms. Her full-beam master stateroom is located forward on the main deck which includes an office area with sea views. The master suite also includes a king-size bed, a dressing room and a his-and-hers bathroom. Legacy 135’s further four VIP guest staterooms are located on the lower deck. <img src="https://photo-assets.superyachttimes.com/photo/208977/image/large-432a472ad86b72c94a00defa788c8f90.jpeg" data-gid="gid://syiq/Photo/208977">At 318 GT, Legacy 135 has a spacious flybridge deck that includes a Jacuzzi. Her large beach club area allows for guests to sunbathe while having direct access to the water. She is powered by twin MTU 12V 4000 M93L 3460 horsepower diesel engines that propel her to a cruising speed of 25 knots and a maximum speed of 29 knots.<img src="https://photo-assets.superyachttimes.com/photo/208973/image/large-f6e2669d736b89cd112f3eb0d442eaed.jpeg" data-gid="gid://syiq/Photo/208973"><a data-gid="gid://syiq/Company/6704" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Legacy Superyachts (Company)">Legacy Superyachts</a> have also introduced the Legacy 70, a 21-metre yacht that was originally commissioned as a tender for the Legacy 135. The Legacy 70 is built for performance and versatility with a large open beach deck and the ability to reach eye-watering speeds of 55 knots! The Legacy 70 also comes in a larger model size, Legacy 80 which measures in at 24-metres. Much like the Legacy 135, they are part of the Legacy family with their design also coming from <a data-gid="gid://syiq/Company/5073" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lazzara Ombres Architects (Company)">Lazzara Ombres Architects</a> and <a data-gid="gid://syiq/Company/5313" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Alexandre Thiriat (Company)">Alexandre Thiriat</a>. <img src="https://photo-assets.superyachttimes.com/photo/208976/image/large-45db60696cbb7007dbddba57c458f16e.jpeg" data-gid="gid://syiq/Photo/208976">Legacy 135 is currently in-build and looking for a new owner, and is already at an advanced stage in her construction. The hull and superstructure is already complete and she has an expected delivery date of 2023.

Legacy Superyachts Yachts yacht Legacy 135

Legacy Superyachts have released new renderings of their 40-metre yacht Legacy 135. Built by GHI Yachts, she was originally named Phoenix 130.

Legacy 135: The 41m in-build yacht from Legacy Superyachts

Built on speculation and with construction already underway, the Korean shipyard <a data-gid="gid://syiq/Company/2478" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GHI Yachts (Company)">GHI Yachts</a> has introduced a 39.6-metre superyacht: Phoenix 130. Created together with <a data-gid="gid://syiq/Company/5073" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lazzara Ombres Architects (Company)">Lazzara Ombres Architects</a>, the first of the Project Phoenix Series is scheduled to be ready during the year 2020.<img src="/uploads/store/photo/69089/image/large-990947546f6c7793bb59c6d0ab4b3b46.jpg" data-gid="gid://syiq/Photo/69089"><img src="/uploads/store/photo/69085/image/large-edd432c718cfafe8a24d64e49df42233.jpg" data-gid="gid://syiq/Photo/69085">The large team of contributors to the five stateroom superyacht includes French interior designer <a data-gid="gid://syiq/Company/5313" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Alexandre Thiriat (Company)">Alexandre Thiriat</a> and <a data-gid="gid://syiq/Company/1502" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bill Prince Yacht Design Inc. (Company)">Bill Prince Yacht Design</a> and <a data-gid="gid://syiq/Company/1541" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Boksa Marine Design, Inc. (Company)">Boksa Marine Design</a>, who were both involved in the naval architecture for the hull design, structural drawings, production and marine engineering. &nbsp;<img src="/uploads/store/photo/69087/image/large-ba8d3d606de69a4b5a042ca5ea041ccb.jpg" data-gid="gid://syiq/Photo/69087"><img src="/uploads/store/photo/69090/image/large-40276cff2f6b92a0fd8fcddd9e816d0b.jpg" data-gid="gid://syiq/Photo/69090"> “We expect Phoenix 130 to be one of few ABS A1 commercial classed yachts certified by ABS Houston in the last five years in this size range, which is difficult for most vessels to meet ABS' stringent engineering standards,” said Ian Ombres.&nbsp;<img src="/uploads/store/photo/69095/image/large-47d18fe4c029f6d2048def5606726836.jpg" data-gid="gid://syiq/Photo/69095"><img src="/uploads/store/photo/69096/image/large-1c1dced30b53bc3bc5132300eb9c11dc.jpg" data-gid="gid://syiq/Photo/69096">"Boksa Marine Design did&nbsp;<a data-gid="gid://syiq/Company/1453" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ABS (Company)">ABS&nbsp;</a>compliance on the systems engineering. The systems were designed by KOMAC (Korea Maritime Consultants) and Nick Boksa brought the systems into compliance with&nbsp;<a data-gid="gid://syiq/Company/1453" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ABS (Company)">ABS</a>&nbsp;rules. Nick also did the machinery arrangement which is a very large task," he added.<img src="/uploads/store/photo/25937/image/large-2b60ba1e4ba87d3681756acfedff933a.jpg" data-gid="gid://syiq/Photo/25937"><img src="/uploads/store/photo/25935/image/large-97fec1e41f67e9e57eddbdd0b10ed8e8.jpg" data-gid="gid://syiq/Photo/25935">In terms of orders volume, South Korea was named as the world’s biggest shipbuilder in 2018. Currently listed as a <a href="https://www.superyachttimes.com/yachts/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht for sale</a> with <a data-gid="gid://syiq/Company/526" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Northrop and Johnson (Company)">Northrop and Johnson</a>, the Phoenix 130 has an asking price of $22,000,000. &nbsp; &nbsp;<img src="/uploads/store/photo/69084/image/large-787711fbf064a677fe874effb0723095.jpg" data-gid="gid://syiq/Photo/69084">