The Italian yacht builder Codecasa has a lengthy history, tracing its roots all the way back to 1825, when it was founded in Viareggio by Giovanni Battista Codecasa. In the beginning, the yard built sailing boats, while it later moved into the construction of workboats. In the early 1970s, the yard started building yachts. As of today, the yard is still owned and managed by the Codecasa family. The company has several production locations in Viareggio, in addition to a hull construction facility near Pisa airport.
Today, Codecasa specialises in the construction of large steel-hulled motor yachts over 40 metres length up to about 65 metres, although the yard has the capability to build larger yachts than that. In the past, the company has also built a number of aluminium-hulled motor yachts, including the fast “S” models, six of which were built between 2004 and 2013. To date, Codecasa has delivered 55 motor yachts and one motor sailer over 30 metres. These yachts have a combined total length of 2,496 metres, an average length of 44.6 metres and an average volume of 491 gross tonnes (GT). Photo: Charl van Rooy / SuperYacht Times
Of the 55 30-metre plus Codecasa yachts in operation, 14 of them are currently yachts for sale, which represents 25.5% of the Codecasa fleet in operation. These Codecasa yachts for sale have lengths between 32.3 metres and 65 metres. Looking at the entire fleet of operating motor yachts built in steel or aluminium between 30 and 65 metres, we find that 23.9% of them are listed as yachts for sale, which is a slightly lower share than we see for Codecasa yachts for sale in this range. The total length of Codecasa yachts for sale is 647 metres with an average length of 46.2 metres and an average volume of 545 GT. The average price of a used Codecasa yacht for sale right now is €13.5 million or €25,000 per GT.
On average, Codecasa yachts for sale have been on the market for 705 days. The most recent Codecasa yacht for sale is Gazzella II delivered in 2015, while the oldest one is Casabella from 1979. The average age of the Codecasa yachts for sale over 30 metres is 18 years.How do the numbers for these yachts for sale compare to similar yachts for sale built by other yards? Codecasa yachts for sale are larger on average compared to the market for similar steel or aluminium-hulled motor yachts for sale in the 30-to-65-metre size range. The average length of the fleet in this size range is 42.8 metres per unit for an average volume of 417 GT, against 47.1 metres and 572 GT on average for the used Codecasa yachts for sale. The average asking price for used Codecasa yachts for sale is also higher than the average in the 30-to-65 metre size range. The average used Codecasa yacht for sale is listed for €14.3 million or €25,000 per GT against €9.9 million per yacht or €24,000 per GT for the market of similar sized yachts. In terms of average days on market, used Codecasa yachts for sale have been listed for a shorter time than the average similar-sized motor yacht for sale, at 684 days for Codecasa yachts for sale versus 827 days on the market for the size range as a whole.
Comparison with other yacht builders
How do used Codecasa yachts for sale compare with similar used yachts for sale from a selection of other well-known yards also building Steel or Aluminium-hulled motor yachts with a length of between 30 and 65 metres built from 2000 onwards?
Dutch yard Heesen is currently represented on the used yacht market in this size range by 17 Heesen yachts for sale. They have an average asking price of €16.5 million per yacht or €38,000 per GT and an average volume of 440 GT. These Heesen yachts for sale have been on the market for an average of 837 days. On average, these Heesen yachts for sale are ten years old.
One of Codecasa’s Italian competitors is the Baglietto yard. There are 12 used Baglietto yachts for sale within the size range we determined. Their average asking price €9.8 million per yacht or €25,000 per GT, at an average volume of 397GT. On average, these Baglietto yachts for sale have been on the market for 817 days. Their average age is 13 years.
The American yard Trinity Yachts was also active in this segment, making its last delivery in 2016. There are currently 11 Trinity yachts for sale. Their average asking price per yacht is €15.7 million or €30,000 per GT with an average volume of 519 GT. These Trinity yachts for sale have been on the market for 464 days on average. Their average age is 12 years.
Italian giant Benetti is also active in this market segment with 11 used yachts for sale. These 11 used Benetti yachts for sale built from 2000 onwards have an average asking price of €21.1 million with an average length of 54 metres and an average volume of 804 GT. Their average asking price per GT is €26,000 and they have been on the market for an average of 738 days. On average, these Benetti yachts for sale are 13 years old.
We conclude our review of competing yards with a look at used Amels yachts for sale. There are currently seven Amels yachts for sale in this category, with an average asking price per yacht of €30.6 million or €40,000 per GT. The average volume of these Amels yachts for sale is 759 GT and they have been on the market for an average of 349 days. Their average age is nine years.
New yachts for sale on the market per year
In the last two and a half years, up to four used 30-metre-plus yachts built by Codecasa came on the market per quarter for a total of 13 yachts put on the market during that period of time. The second and third quarter of 2018 saw the highest number of used Codecasa yachts coming on the market with three and four units respectively.Photo: SuperYacht TimesThe most recent Codecasa yacht to be listed was the 65-metre Double Down, which came on the market in early June 2019.
In the past 2.5 years, a total of nine used Codecasa yachts for sale were sold. In 2017, four used Codecasa yachts were sold, while two were sold during 2018. The first two quarters of 2019 already saw the sales of three used Codecasa yachts. Photo: SuperYacht TimesIf we look at the used Codecasa yachts sold in the last 2.5 years, they were on the market for an average of 650 days. For the total used motor yacht fleet with steel or aluminium hulls sold in this time period in the size range of 30-65 metres, this average stood at 764 days.
The nine Codecasa yachts sold in the last 2.5 years represented a total value of €100 million in final asking prices. Their average last asking price was €11.1 million per yacht or €16,800 per GT. The latest Codecasa yacht to have been sold is the 36-metre Mesufish Patrol IV in early June 2019, while Double Down was the highest priced Codecasa yacht, sold in September 2018 asking $44.5 million.Photo: Edmiston
The top five Codecasa used yachts for sale right now are:
Double Down – 65.0m - 1,278 GT - 2010 - $38,000,000 ($30k per GT)
Apogee – 62.0m - 1,126 GT - 2003 - $24,950,000 ($22k per GT)
Regina d’ Italia II – 51.0m - 640 GT - 2006 - €15,500,000 (€24k per GT)
Emelina – 51.0m - 630 GT - 2008 - $19,950,000 ($32k per GT)
Gazzella II – 49.9m - 849 GT - 2015 - €29,000,000 (€34k per GT)
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