Cluster Yachting Monaco gathered around 100 industry professionals at the Yacht Club de Monaco on Thursday 8th October for its seasonal Winter Pop-Up, examining global market shifts, local economic data, and the evolving place of sailing superyachts in a rapidly changing sector.
Opening the event alongside a YCM Marina Open Day featuring nine vessels, Bernard d’Alessandri, Director and General Secretary of the YCM, welcomed the strong presence of younger industry figures, framing generational renewal as essential to the sector’s future.
Geopolitical realities and shifting geographic focus
A panel led by Rachel Fisher of JMS Yachting opened the morning assessing current market pressures, including international sanctions, tariff adjustments, compliance burdens, and inflation. Omer Malaz, founder of Numarine, highlighted emerging interest in the Red Sea across Saudi Arabia and Egypt, whilst emphasising that Europe and the US remain primary markets. Addressing Saudi Arabia’s infrastructure investments, Maxwell Andrews, Executive Advisor at Monaco House Saudi Arabia, explained that developing a functional regional ecosystem remains a 10 to 15-year project.
“Monaco holds a crucial advantage by concentrating much of this industry know-how and serving as a point of convergence for expertise, experience, and investment,” Andrews said.
Manufacturing geographies are also shifting. As Turkish shipyards improve their quality, the price gap with European yards is closing. “In the near future, shipbuilding will move to the East,” Malaz said, citing Turkey, Dubai, and Poland as key emerging hubs for future construction.
Economic impact: Monaco’s yachting sector outpaces broader economy
Official 2025 figures presented by Pascal Ferry and Benjamin Cauquil from IMSEE revealed substantial growth across the Principality’s maritime economy. Monaco’s yachting sector generated €659.7 million in turnover (excluding financial and insurance activities), marking a 16.3% increase compared to 2022 and significantly outperforming the broader national economy. The sector now encompasses 475 local establishments and accounts for 1,495 direct jobs. Wholesale trade led overall performance at €361 million in turnover, while professional, scientific, and technical services expanded by more than 30% in operating businesses over three years.
The dilemma facing sailing superyachts
Moderated by Carlo Torre, Managing Director of MYT, the final discussion addressed why sailing superyachts remain a small minority compared to motor vessels. German Frers Jr (Frers Naval Architecture), Burak Akgül (Turquoise Yachts), and Captain Pascal Berger of the SEA Index-certified S/Y Atmosphere identified escalating costs, particularly advanced rigging systems, as a primary barrier.
Evolving owner preferences have also driven design changes, with demand shifting toward volume, stability, and direct sea access. “The owner of S/Y Atmosphere lives onboard for at least five months a year and would like to stay onboard all year round,” said Captain Berger, reflecting how level-deck comfort has become a decisive factor.
Despite technical and financial hurdles, the emotional appeal remains strong. “It’s a matter of sensation, pleasure, and adrenaline, a shared journey that deeply involves crew, guests, and family alike, creating a voyage you do not forget,” said naval architect German Frers Jr.
Closing the panel, Burak Akgül highlighted the lasting demand for custom historic replicas, saying: “It must be sustainable because it is extraordinary.”
Looking ahead
Founded in 2014, Cluster Yachting Monaco now represents nearly 100 member companies across the Principality’s maritime industry. The organisation will hold its next General Assembly on Wednesday 9th December.
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Photo Credit: Cluster Yachting Monaco