M O N A C OWe d n e s d a y • S e p t . 2 1 , 2 0 1 1

o o o Sun & Moon WeatherSunset: 19:30Moonrise: 01:11 (Thursday morning); 32.7% illuminatedSunrise tomorrow: 07:17

Today: Mostly sunny, high 27CTonight: Mostly clear; overnight low 18C; 0% chance rainTomorrow AM: Sunny, clear, warming to 21C

For more news and photos, visit www.the-triton.com

Optimism shows inside and outIT’S A WASH: The prep is done; time to shine. Welcome to the 21st annual Monaco Yacht Show. PHOTO/LUCY REED

By Lucy Chabot Reed

It was three years ago this week that one of the biggest investment houses in history filed for bankruptcy.

The collapse of Lehman Brothers began a cascade of failures in the American financial industry, taking with it much of the average yacht buyer’s confidence.

As the 21st annual Monaco Yacht Show took form yesterday, brokers, business owners and even lenders are ready for that confidence to come back. And some say they see the signs.

“It’s going to be a great show,” said Capt. Mark Elliott, a yacht broker with Ft. Lauderdale-based International Yacht Collection, not so much flippant as truly hopeful. “The rich have gotten richer this year as they have the past few years.

“And,” he said, stretching an arm out toward the Mediterranean Sea, “there’s lots of product to choose from.”

Indeed, there’s a second boat show going on outside the harbor, with about a hundred or more yachts at anchor, all for sale.

“There were 110 yachts out there last year – I know because I counted them,” Elliott said. “This year, I think there will be even more.”

IYC has two yachts in the show – the 191-foot (58m) M/Y Carpe Diem and the 164-foot (50m) M/Y Mia Elise – and it has five at anchor.

To reach them most efficiently, the company has hired three small boats to shuttle clients around the bay.

Several business people attending

NetworkingWhen: Tonight, 17:30-19:30 Where: Yacht Club de MonacoMeeting of the Associations wine tasting and reception. Hosted by ISS and PYA.

Captain’s Hide OutWhen: Every day, 10:00-16:00 Where: Fusion Restaurant above Stars N BarsLunch 12:00-14:00; bar opens at 14:00. Free wi-fi.

Griffin Yacht ClubWhen: Every day, 10:00-16:00 Where: Le Saint Benoit restaurantOpen for breakfast, lunch and drinks. Free wi-fi.

About UsTriton Today Monaco is published by Triton Publishing Group. Vol. 2, No. 1. Copyright 2011, all rights reserved.

Things to See/Do

Nautical Trivia1. What’s ‘radar’ an acronym for?

2. At the turn of the century, what was the largest yacht afloat and how big was she?

Watch for answers in this space tomorrow.

SHOW, see page 3

2 | Wednesday • S ept. 21, 2011

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PHOTOS/LUCY REED

Wednesday • S ept. 21, 2011 | 3

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the show agreed that yacht owners have regained some confidence in the markets and have begun spending again.

“Last year was our worst year ever,” said Roger Horner, managing director of E3 Systems, a Mallorca-based yacht electronics company. “This year, we’re on track to have a record year.”

He attributes that to an uptick in the refit market.

“Owners were saving money, so they were only doing essential work,” he said of the past few years. “They were not spending money on luxuries like the latest A/V equipment.

“But now, we’re far enough through the recession that they’re starting to spend money again,” he said.

He held out as proof a jam-packed STP yard in Palma de Mallorca.

“That’s all refit business,” Horner said. “They’re going to be packed all winter.”

Refits are only part of the story, said Gene Sweeney of International Registries, the Marshall Islands flag registry.

“It’s about getting back confidence,” he said. “The mood in the industry is optimistic.”

Sweeney spoke yesterday at the fourth annual Superyacht Finance Forum where the marine finance and support industries talked yacht money, including VAT, financing availability, and the challenges of the Maritime Labor

Convention. “Lending institutions have money,” he

said, “and qualified buyers can get to it.”Lisa Verbit, senior vice president

of national marine lending at Bank of America, pointed out an interesting trend. She said some of her clients – the kind who can and do pay cash for their yachts – are taking cash out of their yachts now, eager to invest it in money-making ventures.

“And clients are looking to build boats,” she said. “They’re thinking and talking about it, and they’re serious. Last year, a client might call once to talk about building a boat. Now, we’re having two or three conversations to talk about how best to do it.”

Recently, Bank of America relationship with Merrill Lynch has enabled it to lend to international clients, and she’s seen interest from Western Europeans, Mexicans and Brazilians.

The prospect has Verbit dreaming of growth in the private wealth management side of her company’s business, even as it struggles at home.

“The bank is moving toward lending, not away from it,” she said.

Brokers, businesses and crew on the docks in Monaco are eager to see if she’s right. The next four days might provide an answer.

Lucy Chabot Reed is editor of Triton Today Monaco. Comments on this story are welcome at lucy@the-triton.com.

SHOW, from page 1

As the Monaco show signals the end of another season, we wanted to know what these yachts did on their summer holidays.

Unlike last year, when nearly 10

percent stayed at the dock all summer, most yachts saw owner and/or private use. About a fifth were in the shipyard, most of them being launched.

– Lucy Reed

What did you do this summer?

Owner and charter use – 51.9%Owner use only –

22.2%

Shipyard – 18.5%

Charter use only – 7.4%

Where were you this summer?

W. Med – 64%E. and W. Med

– 16%

E. Med – 8%

N. Europe – 8% Worldwide – 4%

IYTFL is the market leader. IYTFL has the highest quality standards in the industry. IYTFL adds training value to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close to over � fty megayacht marinas. IYTFL uses the latest simulators in the class-room. IYTFL is committed to constant improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-tions by our clients. IYTFL uses the lat-est web technology, mobile apps, an

industry. IYTFL adds training value to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close to over � fty megayacht marinas. IYTFL uses the latest simulators in the class-room. IYTFL is committed to constant

needs of its customers. IYTFL is close

We're on the ball at IYTFL.

So, we'll be delivering a rugby ball to every yacht at the Monaco Yacht Show

improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-

improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-tions by our clients. IYTFL uses the lat-est web technology, mobile apps, an

Enjoy the World Cup!

industry. IYTFL adds training value to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close to over � fty megayacht marinas. IYTFL uses the latest simulators in the class-room. IYTFL is committed to constant improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-tions by our clients. IYTFL uses the lat-

We're on the ball at IYTFL.the highest quality standards in the We're on the ball at IYTFL.the highest quality standards in the industry. IYTFL adds training value

So, we'll be delivering industry. IYTFL adds training value

a industry. IYTFL adds training value

a industry. IYTFL adds training value to your CV. IYTFL is adapting to the

a to your CV. IYTFL is adapting to the rugby ball to every yacht to your CV. IYTFL is adapting to the rugby ball to every yacht to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close

rugby ball to every yacht needs of its customers. IYTFL is close at the Monaco Yacht Showneeds of its customers. IYTFL is close at the Monaco Yacht Showneeds of its customers. IYTFL is close

� nding job satisfaction for you. IYTFL encourages and responds to sugges-

industry. IYTFL adds training value to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close to over � fty megayacht marinas. IYTFL

industry. IYTFL adds training value industry. IYTFL adds training value to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close

We're on the ball at IYTFL.the highest quality standards in the We're on the ball at IYTFL.the highest quality standards in the

So, we'll be delivering industry. IYTFL adds training value

So, we'll be delivering industry. IYTFL adds training value to your CV. IYTFL is adapting to the

a to your CV. IYTFL is adapting to the rugby ball to every yacht to your CV. IYTFL is adapting to the rugby ball to every yacht to your CV. IYTFL is adapting to the needs of its customers. IYTFL is close

rugby ball to every yacht needs of its customers. IYTFL is close to over � fty megayacht marinas. IYTFL uses the latest simulators in the class-room. IYTFL is committed to constant improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-

improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-tions by our clients. IYTFL uses the lat-

at the Monaco Yacht Showneeds of its customers. IYTFL is close at the Monaco Yacht Showneeds of its customers. IYTFL is close

improvement. IYTFL is interested in � nding job satisfaction for you. IYTFL encourages and responds to sugges-

VISIT US!Darse Nord

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DYT_Triton_Monaco_Dailiy_09-16-11.indd 1 9/16/2011 3:50:28 PM

4 | Wednesday • S ept. 21, 2011

Air Conditioning& Refrigeration

c h i l l m y b o a t . c o m

ENGINEERINGSERVICE

SALES

OFF THE DOCK: Scenes from one of last night’s parties

Feadship hosted its annual captain and crew party last night, an all white affair at the Monte Carlo Beach Hotel. Dozens of captains and crew enjoyed food, drinks and dancing.

PHOTOS/LUCY REEDFor more photos, visit www.the-triton.com.

@ Feadship

OFF THE DOCK: A new crew lounge has opened

Griffin Yacht Club opened last night with cocktails and hors d’oeuvres. Captains and crew can visit anyday for breakfast (10-noon), lunch (noon-2) or just to hang out (until 4). Find it next to the Port Palace Hotel, down the tunnel and up the elevator. Enjoy the sights from the lovely balcony.

PHOTOS/LUCY REED

@ Griffin