The global luxury yacht market is an expanding market place, owing primarily due to the growth in high net worth individuals and growth in yacht tourism where there has been a continued increase in the private chartering of yachts.
Luxury yachts are typically categorised by size segment and cover small, medium and large yacht sizes - they are often constructed from high quality composite materials and are inherently different to the maritime sector, with more of a focus on quality of material and luxury than functionality and practicality. Asset values in the super yacht sector are linked to size and the quality of outfitting, with the highest end of the market costing hundreds of millions.
This market is an expanding part of the Idwal business primarily due to our exposure to the market from our flag administration support contracts whereby Idwal has been inspecting yachts for British Red Ensign Group flag administrations, including the Cayman Islands, British Virgin Islands and the Isle of Man Ship Registries, for many years.
Owners and financiers in the commercial yacht sector have been subject to more stringent regulations in recent years which has increased the focus towards preservation of asset condition and transparency of reporting. There has also been an increase in sale & purchase activities in the private yacht sector which has driven an increasing demand for a clear and accessible inspection service, which can be understood and interpreted at all levels.
Idwal has yacht surveyors located in key locations for this market, including; Palma de Mallorca (Spain), Antibes (France), Miami, Florida (USA), Phuket (Thailand), Brisbane (Australia) and Dubai, (UAE) and many more locations worldwide.
Leading brokers, shipowners, banks and financiers use our Pre-purchase inspection services to fully understand the condition of their intended acquisitions, on a global scale.
Leading banks, funds, lessors and financiers use our global condition inspection services in order to fully understand the condition of their assets.
Idwal works with a number of the International Group P&I Clubs, to deliver quality, comprehensive and objective P&I surveys to the international P&I Market on a global scale.
If a physical inspection is not an option, then our Remote Asset Review reports, which are universally accepted across the industry, can help you make those critical decisions without the need to set foot on a vessel.
The single biggest expenditure for any owner, investor or financier after buying a vessel is the cost of dry-docking. Idwal provides a comprehensive dry dock management service which has been proven to save our clients time and money.
Utilising the latest technology combined with a skilled team of passionate shipping professionals, engineers, surveyors, and developers, we are revolutionising ship inspections around the world and changing the way our clients manage fleet condition.