Italy

Tecnomar

The 30.48-metre <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> yacht&nbsp;<a data-gid="gid://syiq/Yacht/3468" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gioe I30.48m (100'0&quot;)Tecnomar2009">Gioe I</a> is for sale with Michel Chryssicopoulos of <a data-gid="gid://syiq/Company/244" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IYC (Company)">IYC</a>. Delivered in 2009, the <a href="https://www.superyachttimes.com/yachts/motor/for-sale" rel="noopener noreferrer" target="_blank" title="">motor yacht for sale</a> has undergone a refit in 2022 and has been maintained in excellent condition by her current owner.<img src="https://photo-assets.superyachttimes.com/photo/359216/image/large-59027472ace262754bd2f1f69333999c.png" data-gid="gid://syiq/Photo/359216">She offers a contemporary design featuring Zebrano wood and neutral tones. <a data-gid="gid://syiq/Yacht/3468" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gioe I30.48m (100'0&quot;)Tecnomar2009">Gioe I</a>’s expansive windows on both sides of the yacht allow plenty of natural light to flow throughout the interior. Additionally, the layout of the <a href="https://www.superyachttimes.com/yachts/tecnomar/for-sale" rel="noopener noreferrer" target="_blank" title="">Tecnomar yacht for sale</a> is ideal for families or groups of friends.<img src="https://photo-assets.superyachttimes.com/photo/359225/image/large-fc69e848b82de503884c14d6a30f7f1b.png" data-gid="gid://syiq/Photo/359225"><img src="https://photo-assets.superyachttimes.com/photo/359227/image/large-bf13022fc62e4cf0e2e2e31059580c31.png" data-gid="gid://syiq/Photo/359227"><a data-gid="gid://syiq/Yacht/3468" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gioe I30.48m (100'0&quot;)Tecnomar2009">Gioe I</a> can host up to 12 guests across five upscale staterooms, while further accommodation is provided for five crew members. Her full-beam master suite, VIP stateroom and additional guest suites all come with ensuite facilities.<img src="https://photo-assets.superyachttimes.com/photo/359218/image/large-2e9eb9193b5f2b8456ab701c9cdb7b92.png" data-gid="gid://syiq/Photo/359218"><img src="https://photo-assets.superyachttimes.com/photo/359221/image/large-9540f144bbec9025879be03bd5709f52.png" data-gid="gid://syiq/Photo/359221">Moving outside, guests onboard the yacht&nbsp;<a href="https://www.superyachttimes.com/yachts/gioe-i" rel="noopener noreferrer" target="_blank" title="">Gioe I&nbsp; for sale</a> are invited to relax on the spacious sundeck with sunbathing lounges, enjoy a meal at the shaded alfresco dining and take pleasure in the panoramic scenery.<img src="https://photo-assets.superyachttimes.com/photo/359209/image/large-ca235635a81fdc0870cb109fcde1b783.png" data-gid="gid://syiq/Photo/359209"><img src="https://photo-assets.superyachttimes.com/photo/359205/image/large-cd3bd402e5d66cb645ad2e740a261614.png" data-gid="gid://syiq/Photo/359205"><img src="https://photo-assets.superyachttimes.com/photo/359208/image/large-c9d7501b6365f7025203f3a46a883e8f.png" data-gid="gid://syiq/Photo/359208">Her outdoor areas are carefully designed to ensure comfort and privacy, creating the perfect setting for unwinding and hosting social gatherings.<img src="https://photo-assets.superyachttimes.com/photo/359214/image/large-dda14a7a4ba1bb6117bcd89bef3b6f3b.png" data-gid="gid://syiq/Photo/359214">The <a href="https://www.superyachttimes.com/yachts/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht for sale</a> also features a convenient swim platform, offering guests effortless access to the sea and entertainment with a selection of water toys on board. Performance-wise, she reaches a cruising speed of 21 knots and a top speed of 28 knots.<img src="https://photo-assets.superyachttimes.com/photo/359215/image/large-510b099ccd51736b079309d955a2da5a.png" data-gid="gid://syiq/Photo/359215">

30m Tecnomar yacht Gioe I for sale

The 35.1-metre Alloy yacht My Star is now on the market with Matthew Lester of Fraser Yachts.

CS Yacht Design has shared the renderings and details of the 85-metre superyacht concept Haven, described as “a state-of-the-art sustainable superyacht, designed for 2035,” by student designer Felix Chapman-Sheath. <img src="https://photo-assets.superyachttimes.com/photo/357965/image/large-d1965746674b97ed212dba1c6419050f.jpg" data-gid="gid://syiq/Photo/357965">With a design that aims for net-zero carbon emissions through green methanol power, Haven sports a sleek, speedform-inspired exterior profile. Exhibiting a contoured, tiered silhouette, the yacht pays homage to <a data-gid="gid://syiq/Company/29" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Feadship (Company)">Feadship</a>’s superyacht concept Dunes. <img src="https://photo-assets.superyachttimes.com/photo/357968/image/large-5ec43630e4cf74cb57cf4772b68792d9.jpg" data-gid="gid://syiq/Photo/357968">Additionally, the inclusion of floor-to-ceiling panoramic glass across the outside ensures that Haven’s indoor living spaces are bathed in plenty of natural light, while the maritime surroundings never feel far.&nbsp;“For the interior I was inspired by a futuristic and alternative approach challenging the norms of yacht design similar to that of <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> catamaran <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a>,” Chapman-Sheath explained. <img src="https://photo-assets.superyachttimes.com/photo/357966/image/large-a36fd62020b9fc49cd72c9eb8ea3decf.jpg" data-gid="gid://syiq/Photo/357966">At an estimated volume of 2,500 GT, Haven is capable of hosting as many as 12 guests across a six stateroom layout, including a master suite. Further accommodation is available to support a crew of up to 25 members in the form of 13 cabins.<img src="https://photo-assets.superyachttimes.com/photo/357962/image/large-ff3073852c57faf487b757c2e39e04b1.jpg" data-gid="gid://syiq/Photo/357962">Among Haven’s most notable features are her double-height saloon and her standout Zen garden – a unique sanctuary seldom seen on superyachts. The garden is equipped with transformable bulwarks that drop down, a skylight and gullwing tender doors at the bow, while sofas allow guests to unwind or socialise in the presence of rich vegetation. <img src="https://photo-assets.superyachttimes.com/photo/357964/image/large-1b92ca147088c5f256799e595c7a92e8.jpg" data-gid="gid://syiq/Photo/357964">Serving as a centrepiece of the saloon is a see-through staircase accompanied by a modern lightning fixture resembling a planet's ring system. Inside this hub, those onboard are invited to dine or socialise across pale-coloured furnishings paired with light-tone wood flooring.<img src="https://photo-assets.superyachttimes.com/photo/357963/image/large-7236b6180e6a53b7ddc65a4e8e9353e6.jpg" data-gid="gid://syiq/Photo/357963">Moving to the master suite, this stateroom benefits from floor-to-ceiling windows, a dressing area, a study area, a sofa and a bed with a built-in bedside table, all of which display organic, curved shapes and a neutral colour palette of grey, ecru, blue and beige. &nbsp;<img src="https://photo-assets.superyachttimes.com/photo/357961/image/large-4d710547cf05b90079b8735f6633c601.jpg" data-gid="gid://syiq/Photo/357961"><img src="https://photo-assets.superyachttimes.com/photo/357960/image/large-70bacc8bf1c6d41fc1a0ce2f690c98a1.jpg" data-gid="gid://syiq/Photo/357960">Regarding her performance, Haven reaches a cruising speed of 12 knots and a top speed of 18 knots. The yacht is powered by green methanol stored in fuel cells driving an azipod dual propulsion system. <img src="https://photo-assets.superyachttimes.com/photo/357967/image/large-05f40ac9e613279b80387a79ec873f50.jpg" data-gid="gid://syiq/Photo/357967">

85m yacht concept Haven by CS Yacht Design

CS Yacht Design has shared the renderings and details of the 85-metre superyacht concept Haven.


Haven: The 85m yacht concept with a Zen garden 

Project Metamorphosis, one of two 72-metre sister ships in-build at <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>’s superyacht facility in Tuscany, is the first superyacht designed inside and out by <a data-gid="gid://syiq/Company/558" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Armani/Casa (Company)">Giorgio Armani</a>. We visited the yard to catch up with the project leaders as the yacht prepares for her technical launch in April.<img src="https://photo-assets.superyachttimes.com/photo/191275/image/large-967f6db1fa63591ac112767b3d80b7de.png" data-gid="gid://syiq/Photo/191275">The idea of inviting <a data-gid="gid://syiq/Company/558" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Armani/Casa (Company)">Giorgio Armani</a> to create a custom design for the <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> brand came to Giovanni Costantino, CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a>, when he was walking past the Emporio Armani store, a vast building that occupies a whole block in Milan’s city centre. Armani was no stranger to <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> having twice refitted his own yacht, 65-metre <a data-gid="gid://syiq/Yacht/585" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Main65.0m (213'3&quot;)Codecasa S.p.A.2008">Main</a>, at the group’s <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>facility. It took another six months for the two men to meet in person, but it didn’t take long for the famous fashion designer to take up the challenge.&nbsp;Working to a heavily revised concept platform, the collaboration required constant back-and-forth between Armani’s creative team and the shipyard’s engineers. Armani would sketch ideas, which were then transformed into detailed blueprints by the shipyard’s engineering team, who made adjustments for practicality while staying true to the original design intent. The dynamic ensured that the 2,070GT superyacht would embody the designer’s signature style that blends discreet aesthetics with functional luxury, but also meet the required performance and technical parameters. <a data-gid="gid://syiq/Company/244" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IYC (Company)">IYC</a>'s global managing partner Michel Chryssicopoulos quickly found a buyer for what became Project Metamorphosis and her sister ship, Project Visionary, sold a few months later.&nbsp;<img src="https://photo-assets.superyachttimes.com/photo/355528/image/large-8a4b93215ae955bd3c6e3ff8ebdd3974.jpg" data-gid="gid://syiq/Photo/355528">“The challenge was to craft a bold visual statement without relying on unnecessary ornamentation,” says Costantino. “The yacht had to be practical to operate, but also a piece of modern design that conveys timeless beauty."<img src="https://photo-assets.superyachttimes.com/photo/355529/image/large-b643b1d774300160ee340d3b049fcd1d.jpg" data-gid="gid://syiq/Photo/355529">Heart of GlassArmani’s minimalistic aesthetic makes ample use of glass, both externally and internally, &nbsp;with full-height panoramic windows on multiple decks. In fact, there are 310 square metres of external glass windows supplied by Sedak GmbH amounting to 15.5 tonnes in weight (in addition to 230 square metres and 4.5 tonnes of decorative interior glass). The windows on the main deck and bridge deck are also cantilevered outboard – these glass panes are not only massive, they also had to be able to withstand extreme weather conditions at sea without compromising the overall aesthetic.<img src="https://photo-assets.superyachttimes.com/photo/355530/image/large-db369a0e0d47bfa6a727a9e75a6da96d.jpg" data-gid="gid://syiq/Photo/355530">“One of the first things we did was a feasibility study and FEM analysis to make sure the structure could take the stresses the yacht would be subjected to during her life,“ says project manager Davide Santagostino. “This analysis had to take into account not only the weight of the glass, but also the stresses caused by water movement and the external forces in high wind-load conditions. Further engineering was required with regard to weight distribution and stability, and we had to find creative ways to place internal structural pillars without disrupting the open-plan layout.”<img src="https://photo-assets.superyachttimes.com/photo/312192/image/large-a079f18cc169d0cb84f162aa0ec17172.png" data-gid="gid://syiq/Photo/312192">The cantilevered glass further provides for an angled skylight above the main window pane in the guest cabins and bathrooms on main deck, which noticeably increases the amount of natural light entering the interiors. The sky lounge on the bridge deck, designed as an versatile cinema area for year-round use in summer and winter, has electrically operated floor-to-ceiling glass panes on three sides. The panes measuring up to 1.8 metres in diameter can be stacked in the open position to provide a plein air space in warmer weather or a more enclosed, sheltered environment when cruising colder climes. Forward of the very spacious wheelhouse is a deep Portuguese bridge that can be used as a relaxation area for the crew. <img src="https://photo-assets.superyachttimes.com/photo/355526/image/large-0256e54a228047749d1b844444d87f7a.jpeg" data-gid="gid://syiq/Photo/355526">Going the DistanceIn the spring of 2024 Project Metamorphosis found a new owner in a sale brokered by Darrell Hall of <a data-gid="gid://syiq/Company/1317" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Yachtzoo (Company)">Yachtzoo</a>. The change of ownership, just three months before the projected launch, presented further challenges for both the shipyard and the new owner’s team.“When I came on board, we were already at a stage where we realised there would be several adjustments necessary to meet the new owner’s requirements for personal use and with a view to charter," says Captain David Pott, who joined the project shortly after the resale. "Sustainability was not a prime motivator for the owner, but he was keen to integrate eco-friendly measures into the design as much as possible. He wanted a yacht that was able to go the distance – both literally and figuratively – and do so responsibly in full compliance with environmental regulations.” <img src="https://photo-assets.superyachttimes.com/photo/355533/image/large-341ae86dd47ae434d5d75d1fcf1b1a95.jpg" data-gid="gid://syiq/Photo/355533">The owner's desire to explore high latitudes – the Northwest Passage is just one item on a planned multi-year circumnavigation – meant uprating the yacht to Polar Class 1C certification, the lowest ice classification based on first-year ice in the Baltic Sea and Arctic Ocean. Although the hull was built with an ice belt of 12mm steel plating to withstand some ice conditions, the former owner had not opted to pursue formal certification. The shipyard team got to work to make the modifications required to meet the requirements. Amongst other measures, this involved upgrading the rudderpost, pintles, steering gear and propellers, installing freeze-protection valves, making new stability calculations that take into account ice accretion, and addressing environmental protection requirements.<img src="https://photo-assets.superyachttimes.com/photo/355523/image/large-fca67b5ef0751f76a062767500463ad7.jpg" data-gid="gid://syiq/Photo/355523">The latter led to an owner’s request for enhancements to the yacht’s SCR (Selective Catalytic Reduction) system by increasing the urea storage capacity. Injected as a water-based solution, the urea undergoes hydrolysis to produce ammonia, which reacts with NOx in the catalytic elements, effectively converting the harmful pollutants into harmless water vapor and nitrogen gas. Under Tier III diesel emissions regulations, in theory a vessel is required to carry only enough urea to run the SCR within a NOx Emission Control Area (ECA), but the owner wanted to use the system regardless of where his yacht is in the world – a prescient decision given that the list of ECAs will expand to include the Mediterranean as of May of this year. Besides neutralising NOx emissions, the SCR system also reduces exhaust noise and helps trap soot particles so they don’t find their way onto the deck, into the swimming pool and into the water around the yacht.“This was a major modification as we had to rework the tankage to include more urea storage, which impacted the yacht’s fuel capacity,” says Andrea Bigagli, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> Corporate Strategic Director. “In the end we were able to add more urea tankage without compromising the yacht’s cruising range of 6,000 nautical miles.”“We took the view that emissions regulations are getting stricter all the time, so why not try to reduce as much as possible our environmental impact from the outset?” adds chief engineer Sam Needham. “We asked the shipyard to investigate the possibility of having the SCR units running all the time and they were happy to do that, which is a big improvement from our side. Basically, the yacht will run out of fuel before it runs out of urea.”<img src="https://photo-assets.superyachttimes.com/photo/355531/image/large-278f6ff9f27edee7ce605f5f5ef9e8a4.jpg" data-gid="gid://syiq/Photo/355531">Future ProofIn line with the owner's desire for a tech-savvy and future-proofed yacht, the AV/IT systems underwent substantial upgrades. Working alongside AV/IT integrator Pibiesse, four Starlink antennas were added to the spec and cabling was augmented to ensure high throughput, redundancy, and future scalability for data-heavy applications like live video feeds, conferencing, and multimedia entertainment.&nbsp;“Given the rapid advance of high-bandwidth systems, this upgrade was designed to future-proof the yacht’s AV/IT capacity in years to come,” says Bigagli. “The idea is that as new tech emerges, it can be seamlessly integrated into the existing infrastructure without requiring a complete system overhaul.” <img src="https://photo-assets.superyachttimes.com/photo/355536/image/large-f2ca65aa498b52f2bb9742375ddbad61.jpg" data-gid="gid://syiq/Photo/355536">Another important upgrade came in the form of an integrated bridge system from Furuno. This high-end addition improves the yacht’s navigation and operational capabilities, but also extends the vessel's usability in far-flung and possibly uncharted locations. The new bridge equipment includes FLIR thermal cameras and a WASSP multibeam sonar for mapping the seabed in high-resolution 3D. Using a tender in advance of the mothership, the system’s wide-angle sonar transducer maps the seafloor to find the safest passage and anchorage. The yacht also features telescopic wing stations with floors that pop up flush with the deck when extended, and a pantographic mechanism for the console controls inside the bulwarks.Other modifications include the addition of an ice bath next to the hottub on the sundeck, stacked storage for four jet skis in the forward tender garage with their own lifting gear, and a much bigger transom hatch that hinges down into a recess in the swim platform for flush access to the beach club. A unique feature and testament to the high level of detailing is the design of the handrails. Curved to follow the shape of the bulwarks, each stanchion is slightly different and the rails themselves, although capped with teak on the inside, present a polished stainless-steel profile on the outside to complement the crisp exterior styling. <img src="https://photo-assets.superyachttimes.com/photo/312648/image/large-0aaba726a90db74276874e072ae95030.jpg" data-gid="gid://syiq/Photo/312648">Customisation and CollaborationProject Metamorphosis is due for delivery in June and is expected to be a showstopper at the <a data-gid="gid://syiq/Event/271" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2025">Monaco Yacht Show</a> in September. The late change of ownership and subsequent customisation requests inevitably meant delays, but enthusiastic collaboration between the owner’s team and the shipyard has been key to ensuring a successful result as the project enters the home straight.&nbsp;“We’ve been able to tweak a few things, but we could see right from the start that the shipyard had put together a solid package and the foundations for a strong vessel were already there,” says chief engineer Sam Needham, who reviewed the design and specifications before the resale. “Now it’s just a question of supporting the shipyard as much as we can to help them get across the finish line.”-----------------------------------------------------------------------------------------<img src="https://photo-assets.superyachttimes.com/photo/355534/image/large-b088dcaf6076bd870356fa7cb6deb74f.jpg" data-gid="gid://syiq/Photo/355534">Digital twinsShortly after the yacht changed hands, the owner’s team brought in Paul Shersby of Film360 Ltd to create a complete ‘digital twin’ of the project during construction using a Matterport LiDAR camera to capture spaces in high-resolution 3D. Working at night when the yacht was empty and progressing from tank deck to top deck, at the time of going to print Shersby had scanned the entire yacht four times (a complete 3D picture takes 500 scans or more) at intervals of six to eight weeks. While the system has been used to provide navigable interiors of finished yachts and residences for commercial purposes, the technology also allows the owner’s team to remotely track the construction as it progresses.&nbsp;“It’s been a really useful tool that I think will be picked up by others,” says Captain Todd. “For example, we can see all the cable and piping runs, where wi-fi routers are located, the black and grey water routes – basically everything below the deckheads or behind the walls before they’re covered up. It means if there’s a leak or other issues later on, we have a better idea of where the problem might be without having to take the interior to pieces.”<img src="https://photo-assets.superyachttimes.com/photo/355527/image/large-20cef72894db9111d27266d505e3308f.jpg" data-gid="gid://syiq/Photo/355527"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>Owner of the <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, Picchiotti, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, and <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini brands, the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> headquarters in Marina di Carrara has two of the largest private dry docks in the Mediterranean: a 200-metre long basin and a second 147-metre dock inaugurated in 2021. There is second <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> facility in Viareggio and a third one in La Spezia for a combined area of more than 244,000 square metres, 18 production sheds, over 1,500m of berthing, a 3,300-ton floating barge, and a keel pit in La Spezia used by <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a> that manages the group’s maintenance and refit services. In addition, the group operates two leased facilities in Antalya and Yalova, Turkey, for the production of its steel hulls and aluninium superstructures. It also has its own furniture manufacturing company, Celi Srl.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> was listed on the Italian stock exchange in 2021. Excluding the <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 63, at the beginning of 2025 it reported 22 active new-build projects across its portfolio of brands for a total length of 1,356 metres. These projects include Project Titanium, currently the largest yacht under construction in Italy at 100 metres and 3,800GT.&nbsp;This article was first published in <a href="https://www.superyachttimes.com/magazine/how-to-build-it-issue-7" rel="noopener noreferrer" target="_blank" title="">Issue 7 of &nbsp;</a><a href="https://www.superyachttimes.com/magazine/how-to-build-it-issue-7" rel="noopener noreferrer" target="_blank" title=""></a><a href="https://www.superyachttimes.com/magazine/how-to-build-it-issue-7" rel="noopener noreferrer" target="_blank" title="">How to Build It</a><a href="https://www.superyachttimes.com/magazine/how-to-build-it-issue-7" rel="noopener noreferrer" target="_blank" title=""></a><a href="https://www.superyachttimes.com/magazine/how-to-build-it-issue-7" rel="noopener noreferrer" target="_blank" title="">magazine, which can be downloaded here</a>

Metamorphosis yacht build report

We visited the yard to catch up with the project leaders as the yacht prepares for her technical launch in April.

home-htbi#1

The Italian Job: Building the 72-metre Armani-designed Metamorphosis at Admiral

Yachts attending the Dubai International Boat Show 2025 

SuperYacht Times takes a look at yachts attending the upcoming Dubai International Boat Show 2025. 



The 37.49-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> motor yacht <a data-gid="gid://syiq/Yacht/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Safe Haven37.49m (122'12&quot;)Admiral2014">Safe Haven</a> is on the market with Hannah Wolstenholme of <a data-gid="gid://syiq/Company/124" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Edmiston (Company)">Edmiston</a>. <img src="https://photo-assets.superyachttimes.com/photo/229791/image/large-44401fb2de1a8be0e760a48f5b661af3.jpg" data-gid="gid://syiq/Photo/229791">Delivered in 2014 and having undergone a refit in 2023, the <a href="https://www.superyachttimes.com/yachts/safe-haven/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht Safe Haven for sale</a> features exterior design by <a data-gid="gid://syiq/Company/58" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Luca Dini Design & Architecture (Company)">Luca Dini Design &amp; Architecture</a>, interiors styled in-house by <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, and naval architecture crafted by <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>.<img src="https://photo-assets.superyachttimes.com/photo/229796/image/large-076bd9b48b473871c6603ebc011b08c9.jpg" data-gid="gid://syiq/Photo/229796"><img src="https://photo-assets.superyachttimes.com/photo/229778/image/large-cbef089ebfb86b8ee8314e39bb2a7d7d.jpg" data-gid="gid://syiq/Photo/229778"><img src="https://photo-assets.superyachttimes.com/photo/229777/image/large-bea0a1ebb7e4099f0d0c70ec1666abc9.jpg" data-gid="gid://syiq/Photo/229777">At a volume of 284 GT, the <a href="https://www.superyachttimes.com/yachts/motor/for-sale" rel="noopener noreferrer" target="_blank" title="">motor yacht for sale</a> is able to sleep as many as 11 guests across a five stateroom layout, including two capacious, full-beam master suites and a full-beam VIP suite. <img src="https://photo-assets.superyachttimes.com/photo/229784/image/large-a76fe8dd49a993252516e61560015d75.jpg" data-gid="gid://syiq/Photo/229784"><img src="https://photo-assets.superyachttimes.com/photo/229781/image/large-2bde8104b53d67bf5956f382bfb4ca95.jpg" data-gid="gid://syiq/Photo/229781"><img src="https://photo-assets.superyachttimes.com/photo/229785/image/large-2c3fbf41c06e14140728f25d29fe5018.jpg" data-gid="gid://syiq/Photo/229785">The <a href="https://www.superyachttimes.com/yachts/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht for sale’</a>s interiors showcase touches of stainless steel, warm wooden finishes, a grey-toned colour palette, while floor-to-ceiling windows flood the living spaces with an abundance of natural light.<img src="https://photo-assets.superyachttimes.com/photo/229795/image/large-cdbee0e515de0a0368eeda6415d673e0.jpg" data-gid="gid://syiq/Photo/229795"><img src="https://photo-assets.superyachttimes.com/photo/229780/image/large-64d2073d1658f8e7027af6cc7ac1adc5.jpg" data-gid="gid://syiq/Photo/229780"><img src="https://photo-assets.superyachttimes.com/photo/229786/image/large-e6e9ddab1eea4b8df0a85506d14bf6d0.jpg" data-gid="gid://syiq/Photo/229786">Moving outside, <a data-gid="gid://syiq/Yacht/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Safe Haven37.49m (122'12&quot;)Admiral2014">Safe Haven</a>’s wide-open sundeck is home to a generous, rectangular Jacuzzi, a bar, a grill, an alfresco dining area, and sun loungers. Meanwhile, the bow area forward boasts a secluded sunbathing area that can be transformed into a lavish outdoor cinema. &nbsp;<img src="https://photo-assets.superyachttimes.com/photo/229797/image/large-5fb8aacf679c9fc7c37b9f19e4b6af61.jpg" data-gid="gid://syiq/Photo/229797"><img src="https://photo-assets.superyachttimes.com/photo/229798/image/large-8594c69996590492cedc95ff9ab44c64.jpg" data-gid="gid://syiq/Photo/229798"><img src="https://photo-assets.superyachttimes.com/photo/229801/image/large-2d6456e7aeb623372045119ab86e19d1.jpg" data-gid="gid://syiq/Photo/229801">Performance-wise, the <a href="https://www.superyachttimes.com/yachts/admiral/for-sale" rel="noopener noreferrer" target="_blank" title="">Admiral yacht for sale</a> is powered by twin <a data-gid="gid://syiq/Company/1408" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Caterpillar Inc (Company)">Caterpillar</a> engines that propel her to a top speed of 28 knots. When cruising at a speed of 16 knots, <a data-gid="gid://syiq/Yacht/4788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Safe Haven37.49m (122'12&quot;)Admiral2014">Safe Haven</a> has a range of 1,530 nautical miles. Fitted with <a data-gid="gid://syiq/Company/2255" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="CMC Marine (Company)">CMC</a> stabilisers, she ensures a comfortable journey onboard.<img src="https://photo-assets.superyachttimes.com/photo/229803/image/large-dc87db9ed1c68d9935d3259568d2b673.jpg" data-gid="gid://syiq/Photo/229803"><img src="https://photo-assets.superyachttimes.com/photo/229799/image/large-565038299ef790d1d21d6d0c92efe1f9.jpg" data-gid="gid://syiq/Photo/229799"> <img src="https://photo-assets.superyachttimes.com/photo/229794/image/large-f8eee1d50752420f01943245c4c6f73c.jpg" data-gid="gid://syiq/Photo/229794">

38m Admiral yacht Safe Haven for sale 

The 37.49-metre Admiral motor yacht Safe Haven is on the market with Hannah Wolstenholme of Edmiston. 


38m Admiral motor yacht Safe Haven on the market 

The 42.4-metre <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> superyacht <a data-gid="gid://syiq/Yacht/3620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Condor A42.4m (139'1&quot;)Tecnomar2009">Condor A,</a> previously named Condor, is for sale with Efthimis Karalis of <a data-gid="gid://syiq/Company/6" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Camper & Nicholsons International (Company)">Camper &amp; Nicholsons International</a>. The yacht for sale recently underwent a refit at <a data-gid="gid://syiq/Company/5214" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Atlas Shipyards S.A. (Company)">Atlas Shipyards</a> in 2024, which included installing a new deck and outdoor dining area, as well as upgrading saloon facilities.<img src="https://photo-assets.superyachttimes.com/photo/345104/image/large-b4eebdfeb752a5ff648674ca46c3f4ae.png" data-gid="gid://syiq/Photo/345104"><a data-gid="gid://syiq/Yacht/3620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Condor A42.4m (139'1&quot;)Tecnomar2009">Condor A</a> was delivered in 2009 featuring both exterior and interior design by <a data-gid="gid://syiq/Company/2168" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Theofanis Bobotis Architects (Company)">Theofanis Bobotis Architects</a>, with naval architecture by <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>. The 372 GT <a href="https://www.superyachttimes.com/yachts/motor/for-sale" rel="noopener noreferrer" target="_blank" title="">motor yacht for sale</a> can accommodate up to 10 guests across five staterooms, as well as six crew members, including the captain. <img src="https://photo-assets.superyachttimes.com/photo/345122/image/large-5f53c4c26310297da0dd2f2d8feb5c2b.png" data-gid="gid://syiq/Photo/345122"><img src="https://photo-assets.superyachttimes.com/photo/345123/image/large-3e7fb49f9c9e7f3b9048750dc6546a6f.png" data-gid="gid://syiq/Photo/345123"><img src="https://photo-assets.superyachttimes.com/photo/345125/image/large-7cb162b2c59ec52aeb1cf2221ed82db6.png" data-gid="gid://syiq/Photo/345125">The interior of <a data-gid="gid://syiq/Yacht/3620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Condor A42.4m (139'1&quot;)Tecnomar2009">Condor A&nbsp;</a>is designed to offer serene spaces suitable for relaxation and socialising. The main deck houses a spacious salon, ideal for unwinding or entertaining. At the bow, there is a separate indoor dining area. The upper deck features a newly added saloon characterised by a contemporary design with light, fresh finishes that complement the yacht’s overall aesthetic.<img src="https://photo-assets.superyachttimes.com/photo/345110/image/large-77e172988d665b310fa94a026bb0517c.png" data-gid="gid://syiq/Photo/345110"><img src="https://photo-assets.superyachttimes.com/photo/345109/image/large-578a050fa9d815f650a1a7c222425da5.png" data-gid="gid://syiq/Photo/345109">Regarding accommodations onboard <a data-gid="gid://syiq/Yacht/3620" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Condor A42.4m (139'1&quot;)Tecnomar2009">Condor A</a>, the Owner’s stateroom is located at the fore of the lower deck and spans the full beam of the yacht, featuring a spacious ensuite with separate facilities. Additionally, the lower deck includes four guest staterooms: two doubles and two twins. <img src="https://photo-assets.superyachttimes.com/photo/345115/image/large-2cc1782de51214e9b93e054c41bfe43e.png" data-gid="gid://syiq/Photo/345115"><img src="https://photo-assets.superyachttimes.com/photo/345116/image/large-f1e8b5bad8b811539caa4453a0aa04d9.png" data-gid="gid://syiq/Photo/345116"><img src="https://photo-assets.superyachttimes.com/photo/345117/image/large-927a4b575e14ae716a56407080a24f1f.png" data-gid="gid://syiq/Photo/345117">Exterior features onboard the <a href="https://www.superyachttimes.com/yachts/condor-a/for-sale" rel="noopener noreferrer" target="_blank" title="">yacht Condor A for sale</a> include spacious al fresco dining and relaxation areas. The main deck offers a large dining area suitable for entertaining guests. Following a 2024 refit, an additional upper deck was added, which includes a shaded al fresco dining area that can accommodate up to 10 guests, enhancing the outdoor experience. The open flybridge features extra sun pads for sunbathing, complemented by a hardtop that provides optional shade.<img src="https://photo-assets.superyachttimes.com/photo/345106/image/large-ce378d996326cda8a8f9cced1bbcb926.png" data-gid="gid://syiq/Photo/345106">The <a href="https://www.superyachttimes.com/yachts/tecnomar/for-sale" rel="noopener noreferrer" target="_blank" title="">Tecnomar yacht for sale</a> has a GRP hull and superstructure. Performance-wise, she is powered by twin <a data-gid="gid://syiq/Company/1409" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MTU (Company)">MTU</a> engines, which give her a cruising speed of 22 knots and a top speed of 24 knots.&nbsp;

42m Tecnomar superyacht Condor A for sale

The 42.4-metre Tecnomar superyacht Condor A is for sale with Efthimis Karalis of Camper & Nicholsons International.

Following the resignation of Simona Del Re as Chairwoman of the Board of Directors at <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> the company has announced the re-appointment of Filippo Menchelli as the new Chairman.<img src="https://photo-assets.superyachttimes.com/photo/337396/image/large-f73639c0abcbaeec45ac1e165d7b930f.png" data-gid="gid://syiq/Photo/337396">After receiving a favourable opinion from the Appointments and Remuneration Committee, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> resolved to co-opt Filippo Menchelli onto the Board of Directors. In accordance with Article 2386 of the Italian Civil Code, he will be appointed as Chairman of the Board of Directors of the Company during the next Shareholders Meeting.Read: <a data-gid="gid://syiq/Article/61941" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Simona Del Re resigns as Chairwoman of The Italian Sea Group (2024-11-07 17:00:00 +0100)">Simona Del Re resigns as Chairwoman of The Italian Sea Group</a>The Board of Directors co-opted and appointed Filippo Menchelli as Chairman, who had already held the same position from May 2020 to June 2024. In June 2024, as part of the company's strategic growth and organisational evolution, Filippo Menchelli was asked to take a more active role in operational management, given his extensive experience.After improvements in production efficiency, the Board of Directors reinstated him as Chairman. Menchelli was also given specific responsibilities over employee management and workplace safety, officially designated as the company’s Employer. To streamline operations and prevent role overlap, CEO Giovanni Costantino's responsibilities were adjusted accordingly.The announcement was made as part of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>’s financial results for the first nine months of 2024, which revealed another positive quarter for the company. You can <a data-gid="gid://syiq/Article/61993" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group reports 11.4% revenue growth in Q3 2024 (2024-11-13 16:30:00 +0100)">read more about the report here</a>.&nbsp;Filippo Menchelli, who joined the Group in 2012, initially served as Administration Manager for <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>. and <a data-gid="gid://syiq/Company/6243" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Nuovi Cantieri Apuania S.p.A. (Company)">Nuovi Cantieri Apuania</a>. In 2014, he advanced to Chief Financial Officer and Head of Legal Affairs. Later, he became a Director of the Issuer in 2018, a role he held until June 2024, and additionally served as Chairman from May 2020 to June 2024.

Filippo Menchelli appointed as new Chairman of TISG

Filippo Menchelli has been re-appointed as the Chairman of TISG, following the resignation of Simona Del Re

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Filippo Menchelli re-appointed as Chairman of The Italian Sea Group

<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> has approved the financial results for the first nine months of 2024, revealing another positive quarter for the company which encompasses brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> 1920.<img src="https://photo-assets.superyachttimes.com/photo/330852/image/large-f30b583ba740d9f9311d4417a62c6d38.jpg" data-gid="gid://syiq/Photo/330852">Key figures to take away from the first nine months of 2024<ul><li>Revenues equal to €292 million, an increase of 11.4% compared to the first nine months of 2023</li><li>EBITDA equal to €50.1 million, a 16% increase from the first nine months of 2023</li><li>Net Financial Debt equal to €19 million</li><li>Investments for the period equal €7.2 million</li><li>The total value of contracts in progress (order book) is equal to €1.275 million as of September 30th, 2024.</li><li>Filippo Menchelli appointed as new Chairman of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a></li></ul>“Following the excellent response obtained last September at the Monaco Yacht Show with the presentation of superyachts featuring extremely refined aesthetics and an excellent level of quality, we are working to finalise some important negotiations between the end of 2024 and the beginning of 2025, which will give us further momentum to consolidate the 2025 guidance,” commented Giovanni Costantino, Founder and CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>.Below is a full breakdown of the financial results for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> for the first nine months of 2024:<img src="https://photo-assets.superyachttimes.com/photo/278853/image/large-c6f79c6d72278113ba8eaca84ce952e0.png" data-gid="gid://syiq/Photo/278853">RevenuesThroughout the first nine months of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> recorded €292 million in revenues, an 11.4% increase from the previous year’s figure of €262.2 million for the same period. In regards to its operating revenues, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> saw an increase of 12.5% from 2023, for a total of €292.1 million.&nbsp;On top of this, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported a 12.2% increase in shipbuilding revenue for the first nine months of 2024, compared to 2023, with a total of €257.3 million. TISG states that this result is attributable to the regular progress of its existing projects.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> also saw a total refit revenue of €34.8 million for the first nine months of 2024, an increase of 5.8% compared to the same period in 2023.<img src="https://photo-assets.superyachttimes.com/photo/224771/image/large-6c9943bfc855a363fdae0848683c74e8.jpg" data-gid="gid://syiq/Photo/224771">EBITDA<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> has reported an EBITDA equal to €50.1 million for the first nine months of 2024, up by 16% from the €43 million which was recorded for the same period in 2023 – giving them an EBITDA margin of 17.2% overall.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> stated that the increase in operating margin over time is attributable to the company’s strong focus on operating cost management, as well as its improved efficiency in production processes.&nbsp;They added that benefits from its investment strategy in production capacity, with an optimal mix of synergies between shipbuilding and refit activities, had also contributed, alongside economies of scale. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">Backlog<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> announced that the total value of its order book amounts to €1.275 million. This total takes into account the gross value of existing contracts related to new yachts and refit projects, which as of 30 September 2024, have not yet been delivered to clients.The total value of existing contracts for yachts not yet delivered to clients and the net revenues already recorded in the income statement (net backlog) is equal to €544 million.<img src="https://photo-assets.superyachttimes.com/photo/306419/image/large-176fab6ecaa60429a5acce58ec5da4d6.jpg" data-gid="gid://syiq/Photo/306419">InvestmentsDuring the first nine months of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> made investments of €7.2 million, aimed at further internalising the high value-added phases of the production process through the creation of the business unit dedicated to interior steelworks.This also included investments into the general site, as well as the expansion of the sales offices at the Marina di Carrara headquarters. In total, investments made in the third quarter of the year amounted to €2.2 million.<img src="https://photo-assets.superyachttimes.com/photo/278854/image/large-10473eb6d3fdc1c0fbd3a7cdaa4e5d83.jpg" data-gid="gid://syiq/Photo/278854">Net financial debtAs of 30 September 2024, the total net financial debt is equal to €19 million, versus a net financial debt of €1.5 million as of 31 December 2023. This reflects that a cash out of €19.6 million &nbsp;for the payment of dividends was made, alongside investments of €7.2 million for the first nine months of 2024 and a receipt of €21 million for the sale of the Viareggio shipyard.&nbsp;Read: <a data-gid="gid://syiq/Article/60721" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="TISG finalises sale of Viareggio shipyard to Next Yacht Group for €21 million (2024-06-12 13:15:00 +0200)">TISG finalises sale of Viareggio shipyard to Next Yacht Group for €21 million</a>In accordance with IAS/IFRS accounting standards, the net financial position includes the discounted value of the fees due to the Port Authorities for the state-owned concessions of the Marina di Carrara, La Spezia and Viareggio shipyards, which, as of 30 September 2024, amounted to €8.2 million, to be paid according to the duration of the relevant concessions.During the first nine months of 2024, the production activities of ongoing orders resulted in a working capital utilisation of €14 million, which allowed for significant work progress.<img src="https://photo-assets.superyachttimes.com/photo/337396/image/large-f73639c0abcbaeec45ac1e165d7b930f.png" data-gid="gid://syiq/Photo/337396">New chairman of The Italian Sea GroupFollowing the resignation of Simona Del Re as Chairwoman of the Board of Directors at <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> the company has announced the re-appointment of Filippo Menchelli as the new Chairman.After receiving a favourable opinion from the Appointments and Remuneration Committee, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> resolved to co-opt Filippo Menchelli onto the Board of Directors. In accordance with Article 2386 of the Italian Civil Code, he will be appointed as Chairman of the Board of Directors of the Company during the next Shareholders Meeting.Read: <a data-gid="gid://syiq/Article/61992" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Filippo Menchelli appointed as new Chairman of The Italian Sea Group (2024-11-13 16:15:00 +0100)">Filippo Menchelli appointed as new Chairman of The Italian Sea Group</a><img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Business outlook for 2024-2025Following the success achieved last September at the <a data-gid="gid://syiq/Event/224" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2024">Monaco Yacht Show 2024</a>, with the 65.9-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> superyacht <a data-gid="gid://syiq/Yacht/9447" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="JAS65.9m (216'2&quot;)Admiral2025">JAS</a> and the 78.29-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> superyacht <a data-gid="gid://syiq/Yacht/8722" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Platinum78.29m (256'10&quot;)Admiral2024">Platinum</a>, the company is working on several negotiations for large yachts, which it believes will be finalised between late 2024 and early 2025.“The success of the semi-custom lines also continues, including the Panorama project and the <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> Quaranta project; of the latter, at the end of October the keel-laying ceremony of the first motoryacht under construction was held, the sale of which was completed in the first half of 2024 and which marked an important development for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>'s fleet,” added Giovanni Costantino.

TISG reports 11.4% revenue growth in Q3 2024

TISG has approved the financial results for the first nine months of 2024, revealing another positive quarter for the company.

The Italian Sea Group reports 11.4% revenue growth in Q3 2024

Yachts at anchor at Monaco Yacht Show

SuperYacht Times take a look at the yachts attending the Monaco Yacht Show 2024 at anchor 

Yachts at anchor during Monaco Yacht Show 2024

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has released their half-year financial report. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">In the first half of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>) reported consolidated revenues of &nbsp;€189.4 million, marking a 14.2% increase from €165.9 million in the corresponding period of 2023. Operating revenues also rose to €189.8 million, up 16.8% from the previous year.&nbsp;The breakdown reveals that shipbuilding revenues reached €167.1 million, a growth of 20.1%, driven by steady advancements in ongoing projects. Meanwhile, refit revenues stood at €22.6 million, consistent with the previous year's figures. It is noteworthy that refit revenues typically experience seasonal fluctuations, often accelerating in the latter half of the year.The total value of the order book for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>, encompassing both new yacht constructions and refit projects yet to be delivered, stands at &nbsp;€1.323 billion. This figure represents the gross value of existing contracts in the shipbuilding and refit sectors. Additionally, the net value of contracts for yachts not yet delivered to clients, after accounting for revenues already recognised in the income statement (net backlog), amounts to €611.4 million.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)"><img src="https://photo-assets.superyachttimes.com/photo/306419/image/large-176fab6ecaa60429a5acce58ec5da4d6.jpg" data-gid="gid://syiq/Photo/306419"></a><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported an Earnings Before Interest, Taxes, and Amortization (EBITDA) of €32.4 million in 2024, a 19% increase from €27.3 million in the prior year. The EBITDA margin improved to 17.1% from 16.4% in the previous year. This enhancement in operating margin is attributed to rigorous operating cost management, strategic balancing of shipbuilding and refit activities, and the internalisation of high value-added production processes. These improvements follow the recent establishment of a business unit dedicated to steelworks for interior finishing.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported an Earnings Before Interest and Taxes (EBIT) of €26.8 million this year, reflecting a 23.5% increase from €21.7 million recorded during the same period in 2023 . The margin on revenues also improved, reaching 14.2% compared to 13.1% in the first half of 2023.A net result of €29 million was achieved, marking a substantial increase of 113.4% compared to €13.6 million in the corresponding period of 2023.In terms of strategic projections, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> anticipates revenues to range between €400 million and €420 million, with an EBITDA margin expected to be between 17% and 17.5%.<img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, remarked: “Our positive trend continues and the first half of 2024 marks a significant increase in revenues and EBITDA, with a remarkable growth in Net Profit. We are also very proud of having received the admission to the STAR segment, an important milestone which confirms the company's compliance with stringent requirements in terms of transparency, governance, communication and economic-financial soundness, values that <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has always pursued with determination. This milestone will allow us to strengthen our visibility in the international financial markets, as well as our commitment to shareholders and all stakeholders.”

The Italian Sea Group reports 14% increase in total revenue for H1

The Board of Directors of The Italian Sea Group has officially reviewed and approved the half-year financial report as of 30th June 2024.

The Italian Sea Group reports 14% growth in total revenue for H1

New images of the futuristic 43.5-metre catamaran, <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a> have been unveiled by her builder <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> and <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>. Currently available for charter with <a data-gid="gid://syiq/Company/244" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IYC (Company)">IYC</a>, the yacht made her world premiere at the <a data-gid="gid://syiq/Event/182" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2023">Monaco Yacht Show 2023</a>.<a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024"><img src="https://photo-assets.superyachttimes.com/photo/322276/image/large-3bd9636a7be1d9e0775a6e6382a75e96.jpg" data-gid="gid://syiq/Photo/322276">This Is It</a> showcases exterior design by <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, with naval architecture by <a data-gid="gid://syiq/Company/5009" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lateral Naval Architects (Company)">Lateral Naval Architects</a>. Her exterior lines are sinuous and soft, drawing inspiration from sea creatures, while her gently arching exterior challenges the benchmarks of what is possible in yacht design.<img src="https://photo-assets.superyachttimes.com/photo/322281/image/large-0e43ecb1acdabe76ba1b119cb76da497.jpg" data-gid="gid://syiq/Photo/322281">The radical multihull features an asymmetric layout, bold exterior design and 600 square-metres of curved glass windows wrapped around her superstructure. Her floor-to-ceiling windows minimise the boundaries between the yacht and the ocean, fostering a greater connection with the natural world while ensuring breathtaking views.Read: <a data-gid="gid://syiq/Article/58788" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Onboard the radical new 44m Tecnomar superyacht This Is It with her designers (2023-10-09 14:30:00 +0200)">Onboard the radical new 44m Tecnomar superyacht This Is It with her designers</a><img src="https://photo-assets.superyachttimes.com/photo/322270/image/large-181bbb32964a88284dfe6d181bebc93d.jpg" data-gid="gid://syiq/Photo/322270">Her curvaceous design becomes clear from the moment you step onboard, with her bold and geometric interior design stemming from the boards of Mattia Piro and Gian Marco Campanino of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>.<a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024"><img src="https://photo-assets.superyachttimes.com/photo/322274/image/large-3d51d8df21cb8a929fd0a421f952c017.jpg" data-gid="gid://syiq/Photo/322274">This Is It</a> features a futuristic and striking design that mirrors her exterior, with a generous volume of 758 GT. Inspired by the automotive industry, she blends Alcantara suede fabrics, metallic surfaces and bronze, platinum and gold metals, with a neutral colour palette and glossy leathers. <img src="https://photo-assets.superyachttimes.com/photo/289234/image/large-cc05371d7ee45df9309e5d0ae25bc7f7.jpg" data-gid="gid://syiq/Photo/289234">The main saloon of <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a> features a dedicated bar and games area, adorned with a rare and bespoke crystal light fixture. This volcano-inspired space flows into her opulent dining area with seating for up to 12 guests around her circular table.<img src="https://photo-assets.superyachttimes.com/photo/322269/image/large-2e7e2fb16fa6e484cc4db09493579147.jpg" data-gid="gid://syiq/Photo/322269">Her dining area provides a perfect opportunity to take in the architectural design integrity of <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a>, with your eyes drawn to her expansive windows and unique and dynamic light fixture with asymmetric lines.<img src="https://photo-assets.superyachttimes.com/photo/289229/image/large-a3f2350ba4b7681005d070db5e0f32f7.jpg" data-gid="gid://syiq/Photo/289229">The innovative <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> yacht combines a fusion of innovative design with tradition seamlessly. Her owner’s suite is located on the upper deck and is reminiscent of a futuristic oasis on the sea, with an impressive ceiling high of 3.3-metres.<img src="https://photo-assets.superyachttimes.com/photo/322279/image/large-df565a9a1aa26e47f9cd94a1b9e86183.jpg" data-gid="gid://syiq/Photo/322279">As well as this, her ceiling features a unique organically-shaped skylight, providing ample light into the room and the opportunity to sleep under the stars. Her owner also remains connected with their surroundings, thanks to an expansive panoramic terrace, overlooking the deck below and giving the illusion of being in a seaview villa.<img src="https://photo-assets.superyachttimes.com/photo/322266/image/large-793df9bef9e279009cbeba823e7198e2.jpg" data-gid="gid://syiq/Photo/322266"><img src="https://photo-assets.superyachttimes.com/photo/322267/image/large-4a35fa41d476d784a155b3afec66c125.jpg" data-gid="gid://syiq/Photo/322267">Her luxurious ensuite bathroom embodies opulence and sophistication, with sleek and modern fixtures that blend seamlessly with the overall aesthetic of the yacht. A sauna and shower are encased in frosted glass, while her identical twin mirrors above her sinks have been positioned at different angles to add depth to her design.<a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024"><img src="https://photo-assets.superyachttimes.com/photo/322271/image/large-48adb0a489ea4175786fc683dd7f980f.jpg" data-gid="gid://syiq/Photo/322271">This Is It</a> is paving the way for modernity with a redesigned wheelhouse design that wouldn’t look amiss in an episode of Star Trek. Providing 180-degree panoramic views, the high-tech wheelhouse of the future contains touch screen panels and mirrors a spaceship aesthetic.<a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024"><img src="https://photo-assets.superyachttimes.com/photo/322280/image/large-5a25cda88ab9f1aa771346dafd035eb1.jpg" data-gid="gid://syiq/Photo/322280"><img src="https://photo-assets.superyachttimes.com/photo/322277/image/large-6361fcfd51c659d24d58b6324b0d156d.jpg" data-gid="gid://syiq/Photo/322277">This Is It</a> boasts a sumptuous vertical garden which spans two decks, as well as a luxurious spa situated on her upper deck, a treatment area, sauna and shower. <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a> is also equipped with all the latest toys and tender including a 15-metre <a data-gid="gid://syiq/Company/5733" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Technohull (Company)">Technohull</a> chase rib, a six-metre <a data-gid="gid://syiq/Company/2027" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Castoldi S.p.A. (Company)">Castoldi</a> tender rib, <a data-gid="gid://syiq/Company/3590" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Seabob Adriatic (Company)">Seabobs</a> and Jet Skis.<img src="https://photo-assets.superyachttimes.com/photo/322275/image/large-bf03b2317bece1b118e3a8d08044cb5e.jpg" data-gid="gid://syiq/Photo/322275"><img src="https://photo-assets.superyachttimes.com/photo/322285/image/large-c51b361bf23e916349d05d0f138c83c3.jpg" data-gid="gid://syiq/Photo/322285">Her hull lines are optimised to enhance hydrodynamic efficiency, significantly reducing fuel consumption and emissions. In compliance with <a data-gid="gid://syiq/Company/4531" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="International Maritime Organization (Company)">IMO</a> Tier III requirements, <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a> is equipped with state-of-the-art exhaust gas treatment technology (SCR – Selective Catalytic Reduction) to reduce nitrogen oxide (NOx) emissions, underlining the yacht's commitment to sustainability. <img src="https://photo-assets.superyachttimes.com/photo/322286/image/large-0ba4e04041ac746e4c7b07f7d0e2b387.jpg" data-gid="gid://syiq/Photo/322286">As well as this, her exterior design pushed the boundaries of weight control, due to the extensive use of glass and her aluminium superstructure's complex curved shape tested the performance of this material, highlighting the engineering brilliance that went into this project.<img src="https://photo-assets.superyachttimes.com/photo/322272/image/large-7542e2e00ab72308e96cf076e31e216d.jpg" data-gid="gid://syiq/Photo/322272">In terms of performance, <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a> is powered by twin <a data-gid="gid://syiq/Company/1409" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MTU (Company)">MTU</a> 16V 2,00 M96L engines, providing her with a top speed of 19 knots, a cruising speed of 17 knots and a range of 3,500 nautical miles at 10 knots.<a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024"><img src="https://photo-assets.superyachttimes.com/photo/322283/image/large-a3592f5747e895c6ca36965dea62a280.jpg" data-gid="gid://syiq/Photo/322283">This Is It</a> was sold in 2020 with Michel Chryssicopoulos, Global Managing Partner at <a data-gid="gid://syiq/Company/244" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IYC (Company)">IYC</a> introducing the client. She is available for charter with <a data-gid="gid://syiq/Company/244" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="IYC (Company)">IYC</a> from €450,000 per week in Greece, between 12-19 August 2024.<img src="https://photo-assets.superyachttimes.com/photo/322284/image/large-564ce549bcf92adeb72e64c3ed62f01e.jpg" data-gid="gid://syiq/Photo/322284">

Onboard the 44m futuristic Technomar catamaran This Is It

New images of the futuristic 43.5-metre catamaran, This Is It have been unveiled by her builder Technomar and The Italian Sea Group.

New images unveiled of 44m futuristic Tecnomar catamaran This Is It

The 46.57-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> superyacht <a data-gid="gid://syiq/Yacht/4739" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ethos46.57m (152'9&quot;)Admiral2014">Ethos</a>, previously named PetraTara, has been seen taking on water off the coast of Kefalonia, Greece while in the Paleokaravo Bay.<iframe width="640" height="360" src="https://www.youtube.com/embed/sgm7C_kKGc0?&amp;t=1s&amp;wmode=opaque" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe>Videos of the yacht published in the past hours show that she has taken on water to the aft starboard area and is significantly listing, whether she hit a reef, ran aground or experienced other technical challenges, is not yet clear. According to the local news outlet Protothema, <a data-gid="gid://syiq/Yacht/4739" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ethos46.57m (152'9&quot;)Admiral2014">Ethos</a> began taking on water after one of the crew members inadvertently left a side door open.<img src="https://photo-assets.superyachttimes.com/photo/321068/image/large-df80a0d6a2613571c5b277a286d88ab5.jpg" data-gid="gid://syiq/Photo/321068">Read: <a data-gid="gid://syiq/Article/61096" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fires, bankruptcy and build delays: Making sense of new-build yacht insurance (2024-07-26 11:00:00 +0200)">Fires, bankruptcy and build delays: Making sense of new-build yacht insurance</a>Moreover, Protothema further reports that the five tourists onboard have safely disembarked with the crew. A private boat is at the scene with two harbour guards monitoring the situation, while a diver is expected to inspect the local reefs.<img src="https://photo-assets.superyachttimes.com/photo/299472/image/large-aa93ee3dcaf41f4c3cd6791fc9e25d45.jpeg" data-gid="gid://syiq/Photo/299472"> <a href="#managed-by-system" title="Ethos46.57m (152'9&quot;)Admiral2014" data-gid="gid://syiq/Yacht/4739" target="_blank" rel="noopener noreferrer"></a><a data-gid="gid://syiq/Yacht/4739" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ethos46.57m (152'9&quot;)Admiral2014">Ethos</a> was delivered in 2014 and features exterior design by <a data-gid="gid://syiq/Company/58" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Luca Dini Design & Architecture (Company)">Luca Dini Design &amp; Architecture</a>, while her interior was penned by <a data-gid="gid://syiq/Company/6198" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Bergman Design House (Company)">Bergman Design House</a>, with naval architecture by <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>. She can accommodate up to 12 guests across five staterooms. <a data-gid="gid://syiq/Yacht/4739" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ethos46.57m (152'9&quot;)Admiral2014">Ethos</a> underwent an extensive interior refit at <a data-gid="gid://syiq/Company/6089" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Papilas Yacht Yard (Company)">Papilas Yacht Yard</a> in Greece that was completed in January. Read:&nbsp;<a data-gid="gid://syiq/Article/59539" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="47m Admiral superyacht Ethos undergoing extensive interior refit (2024-01-19 14:00:00 +0100)">47m Admiral superyacht Ethos undergoing extensive interior refit</a>

Yacht Ethos sinking Greece

According to news reports, the 46.57-metre Admiral superyacht Ethos was seen taking in water off the coast of Kefalonia, Greece.

Video: 47m Admiral yacht Ethos taking on water in Greece

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>), a leading yacht builder based in Marina Di Carrara and encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has officially reviewed and approved the preliminary consolidated financial results as of May 15th, 2024. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported revenues amounting to €95.6 million, marking a notable increase of 12.2% compared to €85.2 million in the corresponding quarter of 2023. The company also observed a significant rise in EBITDA, which grew by 16.6% to reach €16.1 million, up from €13.8 million in the first quarter of the previous year. The EBITDA margin has shown improvement, stabilising at 16.8%, compared to 16.2% in the same period of 2023.Shipbuilding revenues were particularly strong at €86.7 million, reflecting a 26.2% increase over the prior year, driven by the steady progress of ongoing construction projects and new sales contracts. However, refit revenues slightly declined to €9.1 million due to the higher allocation of production capacity to shipbuilding.The total value of the order book as of March 31, 2024, stood at €1,344 million, with the net backlog (value of contracts for yachts pending delivery net of recognised revenues) reaching €667.4 million.There are 35 projects under construction: 25 yachts and 10 <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 63, with deliveries scheduled until 2027.<img src="https://photo-assets.superyachttimes.com/photo/276845/image/large-89bdd037be0ad035cf382cde4c424bad.jpg" data-gid="gid://syiq/Photo/276845"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> also reported a net financial position of negative €25 million, a significant shift from a positive stance of €2 million as of December 31, 2023. This transition primarily reflects the financial implications of a substantial extension in the state concession for the Marina di Carrara shipyard. According to IAS/IFRS accounting standards, the extension—stretching the concession period from December 31, 2043, to December 31, 2072—necessitated adjustments to the Net Financial Debt, incorporating an additional €8 million for the current valuation of anticipated future fees.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has also entered into an agreement with <a data-gid="gid://syiq/Company/6336" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kitson Yachts (Company)">Kitson Yachts</a>, designating the Yachting Family Office as an "Authorised Sales Agency" for the American market. <img src="https://photo-assets.superyachttimes.com/photo/112607/image/large-8cf16f6fca69e81b2b7760622e8a35c7.jpg" data-gid="gid://syiq/Photo/112607">Following a robust first quarter, characterised by steady progress on ongoing projects and an anticipated increase in order intake for the second half of the year, The Italian Sea Group reaffirms its financial projections for 2024. Initially disclosed during the Capital Markets Day, the company forecasts year-end revenues to be between €400 million and €420 million, with an EBITDA margin expected to be between 17% and 17.5%. Additionally, at the same event on February 7th, The Italian Sea Group presented its strategic vision for 2025. The company projects continued growth, with revenues expected to range from €430 million to €450 million and an EBITDA margin set to expand to between 18% and 18.5%.<img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, commented: “I am very proud of the results we approve today, which confirm the moment of development and consolidation that our Group is experiencing. The increasing appreciation of our superyachts from Owners all over the world and the success of semi- custom lines, which let us optimise our production capacity, allow us to enhance the quality and visibility of our order book. We continue our expansion in the most dynamic areas of the world for luxury yachting, attracting an ever- increasing and more resilient clientele also due to the important partnerships with leading sector brokers.”

TISG reports revenues of up €95.6 million for Q1 2024

The Board of Directors of TISG has officially reviewed and approved the preliminary consolidated financial results as of May 15th, 2024.

TISG reports 12% revenue increase for Q1 2024 to €95.6 million

Yachts attending the Mediterranean Yacht Show 2024

We take a look at yachts attending this eighth edition of the world's largest crewed yacht charter show, which is returning to Greece this year. 

The largest yachts attending MEDYS 2024

The Italy-based builder <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> has unveiled the details of their latest forward-thinking concept: a 40.07-metre superyacht by the name of Tecnomar Cat133 FT, which features an interior and exterior design courtesy of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>.<img src="https://photo-assets.superyachttimes.com/photo/306562/image/large-7112ff3e6f60785137d3b5338a6ceef8.png" data-gid="gid://syiq/Photo/306562">This design by <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> draws inspiration from another one of the company’s creations, namely the 43.5-metre yacht <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is It</a>, and manages to recreate a similar blueprint but for a smaller catamaran in the 499 GT volume class.&nbsp;As many as 10 guests can be accommodated onboard the yacht Tecnomar Cat133, which has been augmented to enhance the exterior spaces so that they are able to reach an impressively roomy 300-square-metres despite the yacht’s 40-metre length. <img src="https://photo-assets.superyachttimes.com/photo/306563/image/large-204e23932dbfba4be2be116e4345beda.png" data-gid="gid://syiq/Photo/306563">One of the most standout upgrades is the decision to elevate the Tecnomar Cat133’s stern by leveraging her two hulls, as well as including two internal wings and foldable side doors in order to construct an expansive swimming platform with the ability to extend to 16-metres if fully opened.&nbsp;Considering the futurism of the yacht’s sleek, athletic appearance, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>’s design also addresses the contemporary issue of sustainability in today’s yachting industry.With a dedication to green technology, Tecnomar Cat133 comes equipped with 70-square-metres worth of solar panels that will be subtly implemented across the swooping arches that cover the sun deck, complimenting the chic black lines that characterise the vessel’s exterior silhouette. <img src="https://photo-assets.superyachttimes.com/photo/306561/image/large-bcc4360c56749ddcd30195fc2df70342.png" data-gid="gid://syiq/Photo/306561">Moreover, Tecnomar Cat133 possesses a beam of 14.35-metres, and is composed of an Alloy hull, while her twin <a data-gid="gid://syiq/Company/1441" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MAN (Company)">MAN</a> engines can reach a cruising speed of 15 knots along with a top speed of 17 knots.&nbsp;

Introducing Tecnomar’s 40m Cat133 yacht concept 

The Italy-based builder Tecnomar has unveiled the details of their latest forward-thinking concept: the 40m superyacht Tecnomar Cat133 FT.