Ever since the great recession in 2007, the yachting industry has seen a series of mergers and acquisitions with many smaller yacht businesses being incorporated into the world’s largest yachting corporations. Chinese conglomerates have bought ownership in many of well-known yacht builders, while industry leaders in America and Europe continue to diversify by acquiring other companies. The month of July saw two yacht business acquisitions.
First announced in 2015, the highly anticipated SeaXplorer expedition yacht La Datcha was finally unveiled in the beginning of July. The stunning superyacht won’t be delivered to her Russian billionaire yacht owner, banking mogul Oleg Tinkov, until the end of the summer. However, Damen Yachting officially launched the luxury vessel and will be displaying the La Datcha yacht in its private viewing event in the Netherlands, scheduled for September.
The coronavirus pandemic has affected the global economy and industries across the board. The yachting industry is no different. With travel restrictions in the Caribbean and Mediterranean putting a pause on the season, COVID-19 has had major effects on the industry and those working in it. A few industry professionals and leading influencers have talked about the changes they see happening in the industry due to the global health crisis as well as growing yachting industry concerns.
Europe was hit hard by the coronavirus, with Italy being the epicenter of the COVID-19 pandemic at one point. Hundreds of thousands of cases and thousands of deaths. After the tireless work of healthcare workers, government officials, and citizens following social distancing guidelines, many of these countries are ready to reopen to international tourists.
In response to the coronavirus pandemic, islands across the Caribbean restricted travel and closed their borders to tourism. It wasn’t just the cruise ships either, private vessels were also prevented from entering ports. This swift action helped keep the number of cases in these island nations low.