Multihulls on the rise
More and more boaters want to sail on two hulls. This is not a new phenomenon, but it is not going away. Buoyed by the dynamism of the charter market and the development of a clientele of wealthy owners, multihull construction yards are showing strong growth. During the presentation of their results for the first half of 2017-2018, the Catana and Fountaine-Pajot groups, specialists in catamarans, announced an increase in their respective revenues of 43% and 51.6%. They stand at 44.1 Meuros for Fountaine-Pajot and 26.5 Meuros for Catana. Market leader through the Lagoon brand, the Bénéteau Group does not detail its multihull share in its results, but the recent construction of new catamaran factories testifies to the importance of this niche market. Robertson & Caine, the South African builder of Leopard catamarans and the charter fleet of The Moorings, which is not listed on the stock exchange, does not communicate any information on its sales. The appetite of new entrants such as Dufour Yachts, Allure or Alubat testifies to the attractiveness of the market.
A contrasting market for monohulls
While the yachting industry seems to be recovering from the crisis of 2008, the optimism of the major groups in the world yachting industry, excluding multihulls, remains moderate. The bankruptcy of Bavaria Yachtbau, the second largest European player before the takeover of Dufour Yachts by Fountaine-Pajot, is a reminder of how difficult it is for manufacturers to maintain a strategy of increasing production volumes, without the support of long-term investors.
American Brunswick, the world leader in recreational boating, announced a 7% increase in sales of its boat business (excluding marine engines) in the first quarter of 2018. In a reorganization phase, the industrialist announced the separation of the marine sector from the rest of its business and the sale of the Sea Ray motorboat brand.
The Bénéteau Group, Europe's leading player in the yachting industry, posted a 7.5% growth in sales for its boats division in the first half of 2017-2018. It reached 378.1 Meuros.
Variable investor enthusiasm
All shipyards are counting on business growth in 2017-2018. While the main monohull shipyards are aiming for sales growth of between 7 and 10%, multihull builders are betting on increases of around 20% or more. The effect on the stock market quotation of nautical companies is revealing. Fountaine Pajot and Catana Group shares have climbed 56% and 78% respectively in six months, while Bénéteau has been content with 9.18% and Brunswick 21% over the same period. It remains to be seen how long the euphoria will last...
