Shipyards are still suffering from a distinct lack of demand. New yacht projects are being sold but nowhere near the maximum capacity level that the yards would like. Interestingly, there is evidence that speculators are stepping in, predicting better times ahead. Some shipyards have managed to find investors who want to build yachts on a speculative basis. Their reasoning for these investments is that, in three years time, when these yachts are finished and ready to be launched, the market will have recovered to such an extent that the value will have risen in line with the renewed demand. Only time will tell. One thing that is particularly interesting to note is that the majority of these speculative projects are based on very conservative designs. Conversely, new construction projects commissioned directly by the owners tend to be much more innovative and customised builds.
