Finance

Ferretti Opts to Pursue Dual Primary Listing in Milan

Italian yacht maker Ferretti said on March 20 it decided to proceed with a potential dual primary listing on Euronext Milan a year after it joined the market in Hong Kong.The luxury yacht group said in a statement the deal is subject to a number of conditions, including getting the green light from regulatory authorities and stock exchanges both in Hong Kong and Italy.The company added it planned to amend its by-laws to effect the changes to allow its shares to be traded in European Union venues.

Shares of Italian Yacht Maker Ferretti Set to Rise in Hong Kong Debut

Shares in Italian luxury yacht maker Ferretti are set to open higher in their Hong Kong debut after raising $244 million at a time when the Asian financial center has seen a sharp drop in the value of IPOs raised this quarter.The stock set to open at HK$23.05 per share, up 0.7% from the offering price of HK$22.88. That compared to a 0.1% gain in the benchmark Hang Seng Index.($1 = 7.8273 Hong Kong dollars)(Reuters - Reporting by Donny Kwok; Editing by Muralikumar Anantharaman)

The Italian Sea Group Sets Mid-range IPO Price

Luxury yacht builder The Italian Sea Group said on Friday it completed its initial public offering (IPO), setting a price of 4.90 euros per share, and that its shares would start trading on the Milan Bourse on Tuesday.The price is in the middle of the 4.15-5.66 euros per share range the group had set out and gives it a market capitalization of some 260 million euros.

The Four Dominant Criteria of Yacht Insurance

It is generally understood that the insurance coverage of a luxurious Yacht can be a headache for her owner, not having the necessary knowledge and sufficient information to make an educated decision with confidence, especially in a changing and challenging international insurance market.Yacht insurance traces its roots in an official sense back to the 17th century and falls within a special category, specifically Marine Insurance, which requires advanced knowledge and experience…

New Online Marine License Insurance Program

Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…

Yacht Maker Ferretti to List on Milan Bourse

Italian yacht maker Ferretti is looking to list 30-35% of capital in an initial public offering expected to take place in the autumn, a source close to the matter said on Thursday.The company, which makes speedboats under several brands including Riva and Pershing, aims to launch its IPO in Milan in October, the source said.The offer will involve the issue of new stock as well as the sale of existing shares, the source said.Reporting by Francesca Landini and Elisa Anzolin

Helikon Shipping Embraces Voyager Money

Bulk carrier operator Helikon Shipping has adopted Voyager Money, an innovative way to reduce onboard cash holdings, improve operating costs, and increase security.Voyager Money is provided by leading maritime data solutions provider Global Navigation Solutions (GNS) in partnership with international payments solution provider Caxton FX and is being adopted by shipowners who want to take the complexity out of cash management.Voyager Money provides an international payments and…

Ferretti's Owner Aims to List Yacht Maker

Chinese conglomerate Weichai Group, which owns a near 87 percent stake in Ferretti, plans to list the luxury yacht maker but has still to decide a timetable for the deal, the Italian firm's chief executive said on Tuesday."The listing is an opportunity," Ferretti CEO Alberto Galassi said. "Our Chinese investor sees it as a natural evolution of its investment."He added that the formal process for the initial public offering had not yet started, and that it could be difficult to complete the deal by year-end."It is up to shareholders to decide…

Marine Insurance: Protect Your Yacht, Yourself

All my life, I grew up around boats. My dad was a captain for 23 years, and I would travel on his ships throughout the Gulf of Mexico, the Atlantic Ocean and the Great Lakes. My first job out of college was in San Francisco, so naturally I bought a 30-foot sailboat and lived on it on the San Francisco Bay. In more recent years, I have enjoyed yachting with my family on the inland lakes of Virginia. No matter where you have launched your yacht, boating is an exhilarating experience. It can also be dangerous and fraught with risks.

Dutch Superyacht Builders Propelled by Rising Economic Tide

With three lounges, three dining rooms, an open-air jacuzzi, a bar and six luxury cabins, the 50-meter "Aster" is one of Dutch shipyard Heesen's more modest superyachts.The Netherlands, which amassed huge wealth through the technical superiority of European shipbuilders during its 17th century Golden Age, is continuing its maritime tradition by carving out a prominent place in the luxury yacht industry."It's a big year for us," Johan Kaasjager of Heesen Yachts told Reuters at his shipyard in Oss. "We'll have delivery of three yachts this year and still a lot to come.

Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia

A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.

Sealegs Rolls Out 8.5m All-alloy Amphibious Craft

Sealegs International Ltd. has released the latest addition to its range of amphibious craft at the Sydney International Boat Show. The 8.5m all-alloy amphibious cabin boat is the result of a 12-month development project that focused on market feedback from Australian owners and their specific requirements.The new 8.5m Alloy Cabin is the top of the all-alloy Sealegs range, which includes the walk-around center console 7.7m and 6.1m D-Tubes.“The 8.5m all-alloy amphibious cabin craft is a completely new model,” says Sealegs CEO David McKee Wright.

ADIBS Primed as Gateway to $60mln Industry

The changing face of the Middle East’s marine industry and the immense potential of Abu Dhabi’s marine sector will be thrown into the spotlight as the Abu Dhabi International Boat Show (ADIBS) gets underway from October 17-20, 2018. Organized and hosted by Abu Dhabi National Exhibitions Company (ADNEC), ADIBS will be a gateway to the unlimited market potential and opportunities of the country’s marine sector, which is currently estimated at US$ 60 billion.Humaid Matar Al Dhaheri…

Ainslie in Hunt for Cash to Fulfil America's Cup Dream

When Ben Ainslie is not out sailing with his crew, he is busy inside Land Rover BAR's futuristic headquarters raising the money he needs to make his America's Cup dream a reality. Ainslie, the most successful Olympic sailor and a winner of the "Auld Mug" with Oracle Team USA in 2013, is racing to secure at least 100 million pounds ($141 million) needed to design, construct and race the latest version of America's Cup boat. "We are on that funding trail right now ... Land Rover have been fantastic as title partner and some of the other partners are coming back in…

BDRY: First Freight Futures ETF Debuts

Breakwave Advisors, in partnership with ETF Managers Group (ETFMG), launched the Breakwave Dry Bulk Shipping ETF (NYSE Arca: BDRY), the first freight futures exchange-traded product focusing exclusively on dry bulk shipping. BDRY is designed to provide investors direct access to an instrumental part of the global commodity market, that historically has been uncorrelated with other major asset classes. BDRY provides long exposure to the dry bulk shipping market through a portfolio of near-dated freight futures contracts on dry bulk indices.

Heesen Sells Biggest Yacht to Date

Heesen has sold YN 19480 - Project Cosmos – an 80.07-meter all-aluminium FDHF motor yacht for delivery in April 2022. This is the second contract sealed by the pioneering Dutch shipyard in 2018, reaffirming the positive trend that began last year with the sale of no less than six yachts. Project Cosmos is the largest yacht to date to be built by Heesen, and follows on from its existing major triumphs in the 60-meter plus market segment with the revolutionary 65-meter Galactica Star in 2013…

Luxury Yacht Seized in Money Laundering Probe

Indonesian police on Thursday questioned the captain and crew of a luxury yacht in Bali at the request of U.S. authorities, probing alleged money laundering at a Malaysian state fund, they said. The yacht was impounded in Bali on Wednesday amid a multi-billion dollar corruption investigation launched by the U.S. Department of Justice (DOJ) and tied to Malaysian state fund 1Malaysia Development Berhad (1MDB). Police seized the yacht, Equanimity, after receiving a letter on Feb. 21 from the U.S.

SKY Perfect JSAT to Invest $4.5 Mln in KVH

KVH Industries, Inc., announced today that its longtime satellite capacity partner SKY Perfect JSAT Corporation (SJC) has agreed to invest $4.5 million in KVH as part of the two companies’ ongoing commitment to deliver next-generation maritime broadband services. KVH and SJC intend to collaborate on value-added services in the area of shipping digitalization and improved broadband access at sea. SJC agreed to purchase $4.5 million of KVH common stock in a private placement at a purchase price of $11.95 per share…

Superyacht Refit Dispute Illustrates Danger of Acting Outside Contract

International Transport Intermediaries Club (ITIC) has warned against the dangers of marine service providers informally offering advice which falls outside the scope of their contracts. ITIC cites the case of a yacht manager contracted to provide crew management and ISM consultancy for a superyacht. Although the manager was not contracted to provide technical management, the owner sought its advice on two refits. The manager reviewed the scope of works and the budgets from the refit yards as a favour to its client. Unfortunately…