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Peter Bennett confident the market will improve

With the Monaco Show being held shortly please give your assessment of the current market and whether you feel it is progressing, stable or still remains uncertain.
The current brokerage market is very active. Many yachts are being offered for sale, shipyards have plenty of new product on offer, and the second hand sales is lively. Prices are lower than pre-crisis levels, but this is only encouraging potential buyers to enter the market. We are confident that sales will continue to improve throughout 2013 and into 2014.
What do you anticipate the outcome of the Monaco Show will be in terms of the state of the industry?
Monaco Yacht Show is the Industry showcase, and it will continue to exhibit the best of the industry product in the most beautiful of locations. Yacht Owners, Potential Yacht Owners, and Wanabee Yacht Owners will be in Monaco in significant numbers. And the trade will have their individual salesforce on site to present to the interested clientele. Monaco Yacht Show will as every year proves, be a hive of activity, and I hope will result in a few sales as well.
With the recent burst of pre-owned sales do you think this reflects a revival in the market or do you think it will be a short-lived period of increased transactions?
Owners with yachts for sale are getting bored with the inactivity, this has resulted in a rush of price reductions, and therefore increased transactions. This trend will continue.
What do you see as the reasons for the sudden increase in sales?
As above
What impact do you think the recent run of sales might have on prices? Do you feel that sellers will hold out for firmer prices and that we will see a fall in asking price reductions?
The market remains challenging, but there is always demand for quality product at the correct price.
How is your own business fairing in the current market? For example how does 2013 compared with 2012?
We at bluewater continue to buck the trend, because of our young independent sales team, who are passionate about the industry and the product they sell.
What do see as the strongest influences on the market at present?
Quality industry employees who know what they are talking about!
Which, in your view are the strongest markets?
USA and Russia.
Looking ahead to 2014 what is your longer-term view of how the market will perform?
Super yachting remains the ultimate goal to the discerning rich. It will continue to show growth.

About the author

Managing Director
I built bluewater from the ground up, preliminary as a crew placement and recruiting agency, before quickly expanding to incorporate yacht charter, brokerage, management and crew training divisions. With nine offices in seven countries, bluewater is able to offer a personal service with a global vision, consistently delivering excellent service to a large and diverse client base.