The Italian shipyard Construzioni e Riparazioni Navali (CRN) was founded in 1963 by Sanzio Nicolini and began building yachts from 15 to 20 metres. During the 1970s, the shipyard moved into construction of yachts over 30 metres and went on to deliver larger yachts of up to 61 metres during the 1980s to Greek and Middle Eastern owners, among others. Then, in 1999, CRN became part of the Ferretti Group and built GRP hulled motor yachts based on two models and steel-hulled motor yachts. In recent years, the yard has focused on large steel-hulled motor yachts. The largest CRN yacht built to date is the 80-metres Chopi Chopi delivered in 2013.
According to the SYT database, as of today, the Ancona-based yard has completed 68 motor yachts over 30 metres. These yachts have a combined total length of 3,268 metres with an average length of 48.1 metres and an average volume of 633 gross tonnes (GT). In the last decade, the Italian shipyard has completed a total of 20 motor yachts measuring over 30 metres.
Photo: Charl van Rooy / SuperYacht TimesUsed Market
Of the 67 30-metre plus CRN yachts in operation, 14 are currently available as yachts for sale, which represents 20.9% of the CRN fleet in operation. At the moment, the biggest CRN yacht for sale is the 59.9-metre Blue Eyes London. Currently, 23.6% of all motor yachts between 30 and 60 metres are listed as yachts for sale, which is a higher share than the data relevant to the CRN fleet over 30 metres. The total length of the CRN yachts for sale is 617 metres with an average length of 44 metres and an average volume of 469GT.
The average price of a used CRN yacht for sale on the market right now is €11.2 million, or €24,000 per GT. Focusing only on the three CRN yachts for sale that have been built since 2010, the asking price per GT comes to €32,000.
How do the numbers for these CRN yachts for sale compare to similar yachts for sale built by other yards? CRN yachts for sale have higher averages compared to the market for similar sized yachts. The average motor yacht for sale with a length of between 30 and 60 metres length completed from 2000 onwards measures 38.4 metres and has an average GT of 313. For CRN yachts for sale built from 2000 onwards, these average numbers are 48.7 metres and 642GT respectively.
Meanwhile, used CRN yachts for sale seem to be priced higher than the market average for similar used yachts for sale, at €19.7 million per yacht and €29,000 per GT versus €8.9 million per yacht and €28,000 per GT for similar used yachts for sale. Used CRN yachts for sale have been on the market for an average of 944 days on the market versus 735 days for the total fleet of comparable used yachts for sale.
Photo: Merijn de Waard / SuperYacht TimesComparison with other builders
How do used CRN yachts for sale built from 2000 onwards compare with similar used yachts for sale from a selection of other well-known yards also building motor yachts with a length of between 30 and 60 metres?
Photo: SuperYacht TimesDutch shipyard Heesen built yachts has currently 16 used Heesen yachts for sale in this category. These 16 units have an average asking price of €15.7 million per yacht, an average volume of 435GT and an average asking price per GT of €36,000. These Heesen yachts for sale have been on the market for an average of 889 days.
Moving to an Italian competitor in the same category, buyers can choose from six used Codecasa yachts for sale. Their average asking price per yacht is €13.3 million with an average volume of 492GT and an average asking price per GT of €27,000. These six Codecasa yachts for sale have been on the market for 733 days on average.
In this category of yachts for sale, data for Feadship shows that there are currently five used Feadship yachts for sale in this size range built from 2000 onwards. Their combined averages are the following: asking price of €25.3 million, volume of 576GT and asking price per GT of €44,000. These Feadship yachts for sale have been on the market for an average of 435 days.
The Turkish shipyard Turquoise, also active in this market segment, currently has four used yachts for sale in this size range built from 2000 onwards. These Turquoise yachts for sale have an average asking price of €16.4 million and an average volume of 714GT. Their average asking price per GT is €23,000 and Turquoise yachts for sale have been on the market for an average of 1,506 days.
Photo: Merijn de Waard / SuperYacht TimesUsed CRN yachts new to market
In the last 2.5 years, 12 used CRN yachts came on the market with up to three used yachts for sale have been listed per quarter in the 30-meter plus category. The third quarter of 2018 saw the highest number of used CRN yachts for sale come on to the market with three units. During the first two quarters of 2019, a total of four used 30-metre plus CRN yachts were listed as new yachts for sale. The most recent CRN yacht for sale listed was the 60-metre Blue Eyes London, which came on to the market in June 2019.Photo: SuperYacht TimesYachts sold
Photo: SuperYacht TimesIf we look at the used CRN yachts sold in the last 2.5 years, they were on the market for an average of 720 days. For the total used motor yacht fleet sold in the last 2.5 years in the size range of 38-74-metres, this average stood at 726 days.
The eight CRN yachts sold in the last two years and a half represented a total value of €140 million in terms of final asking prices. Their average last asking price was €17.1 million per yacht or €21,760 per GT. The largest listed CRN yacht for sale sold in this time period was the 74-metre Cloud 9 (now known as Odyssey), sold in March 2019, which was also the highest valued CRN yacht for sale that was sold with a final asking price of €84,500,000.
The five largest used CRN yachts for sale right now are:
Light Holic - 59.5m - 998GT - 2011 - €36,000,000 (€36k per GT)
Blue Eyes London - 59.5m - 920GT - 2009 - €27,500,000 (€29k per GT)
Maraya - 54.2m - 885GT - 2007 - €26,000,000 (€29k per GT)
Dr No No - 49.77m - 629GT - 1998 - €7,950,000 (€12k per GT)
Lady Ellen II - 48.2m - 543GT - 1996 - €7,500,000 (€13k per GT)
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