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MYS Series: The Superyacht Broker

by:
02/09/2021

Key to the success of the Monaco Yacht Show are the guys that shake down the deals and act as the bridge between the buyer and the seller – The Brokers.
Patrick Coote is Managing Director, Europe, for the yacht broker firm Northrop and Johnson. With 25 years in the business, he has headed up operations at Fraser Yachts, the Azimut Benetti Group, Blohm+Voss and Vripack. He’s also been involved in initiatives such as setting up The Superyacht Show, Superyacht TV and the Explorer Yachts Summit.
Coote is upbeat and realistic as the Monaco Yacht Show (MYS) 2021 looms into view. “The MYS has become an annual celebration of the latest and greatest yachts and innovations from across the superyacht world,” he tells Monaco Life. “It brings together brokers, shipyards, designers and suppliers for four intense days of networking and socialising. This year, more than ever, we can sense that there is a strong appetite among the industry players to get out and about again and interest levels from professional visitors seems high. Conversely, we don’t really expect to see hordes of buyers on the quayside. Travel restrictions and health concerns are still a big factor and unnecessary trips are not exactly high on people’s priorities at the moment. That said, I think we’ve all pretty much given up trying to second-guess things given the current state of world affairs!”

Da Vinci will be presented by Northrop and Johnson at this year’s Monaco Yacht Show

For the professionals involved in the sector, the MYS is always a good opportunity to catch up with industry colleagues and strategic partners from other luxury sectors. The yachts are like honey, attracting interest from various fields such as wealth management, private aviation, automotive, high end jewellery and real estate. “The show effectively becomes the global epicentre for UHNW advisors for four days. It’s therefore a hive of activity for a wide range of stakeholders from the luxury world,” says Coote.
The last 18 months have seen record numbers of yacht sales and it is fast becoming a seller’s market. Good quality, well-priced yachts are not staying on the market for long at all. According to Coote, if marketed properly, yachts really should sell relatively fast. “The inventory we are promoting at the moment is extremely high quality and will not be available for long,” he reveals. “We are bringing a good number of qualified buyers to Monaco in September and have no doubt that a number of sales will be achieved.”
That said, Coote expects footfall to be lower than previous years, not only because of the pandemic restrictions, but a general lack of good quality second hand yachts will not draw the big crowds. Northrop and Johnson, however, have several yachts for sale this year and are expecting  very strong interest, particularly in the Feadship Gitana (48m) as well as Liberty (50m) by shipyard ISA.
Inside Gitana, which will be presented by Northrop and Johnson at the MYS

For obvious reasons, the Covid era boosted interest and sales in superyachts and ignited a Carpe Diem attitude among new buyers with a thirst for escape, adventure and good times, all of which a yacht can deliver in abundance. Coote adds, “The charter world has battled with its own frustrations due to travel problems, re-scheduling and positive cases among crew and guests but many charter yachts have still been booked and busy this summer.”
On the whole, shipyards are busy and order books are filling fast, so for the majority of key industry players the last 18 months could have been a lot worse. Beyond the horizon Coote believes there are strong signs that demand for large yachts will stay high through 2022 and possibly into 2023. Nothing suggests a major slow down at the present time. “Life is short and we’re living in uncertain times. If you’re thinking of buying a boat, why wait?”
The 48-metre Feadship Gitana

A stronger interest in new builds is gratifyingly matched with an increased interest in sustainability and green technology. Power generation systems are the big focus these days. “Large yachts are designed to travel the globe, give their owners access to every corner of the world’s oceans. It makes sense therefore that all stakeholders in the industry want to ensure the marine environment both above and below the water is maintained to be as clean and healthy as possible,” says Coote. Owners are also becoming more adventurous and there’s a rise in expeditions to the Artic or Antarctic regions and extensive world cruises becoming increasingly popular too.
A keen focus on super-responsible cruising is the key to the oceans’ fragile future.
 

Close Quarters with Patrick Coote:

What’s your advice to someone looking to break into a career like yours?
Any and all experience in the yachting industry is valuable. It doesn’t matter whether you work as crew, in a shipyard or as an office intern for a broker, just get started as it is all valuable.
Your worst career moment?
I have little or no regrets.
Most difficult part of your job?
Juggling both work and family life. They just seem to blend into one these days.
Best part of your job?
Seeing smiles on the faces of yacht owners and their children having the time of their lives onboard.
What are you most proud of?
Pursuing and realising my childhood dream of doing what I do today.
Favourite meal?
I’m making a sincere effort to become vegetarian but my favourite meal is still a juicy steak!
A figure you admire?
Nobody more than my own father.
If you weren’t a yacht broker what would you be?
A property developer
Hobbies?
Polo and riding motor cycles.
Favourite Monaco restaurant?
Quai des Artistes.
What’s yours called?
MY If Only!
 
 
Photos courtesy Northrop and Johnson
 
 

Rosberg X Racing lose out in thrilling Arctic X Prix

by: Luke Entwistle
02/09/2021

Nico Rosberg’s X Racing (RXR) team’s efforts at securing a third consecutive Extreme E victory were foiled by technical issues in a thrilling spectacle. The Arctic X Prix, the third race in the novel Extreme E series and the first motorsport event to take place in Greenland, saw victory for the Andretti team, with RXR finishing last.
RXR came into round three of the inaugural Extreme E series with high expectations, thanks to victories in both of the previous rounds which took place in Senegal and Saudi Arabia. This most recent installment saw the environmentally-conscious electronic rally series head to Greenland. The racing took place against the breathtaking backdrop of the ever-retreating Russell Glacier in Kangerlussuaq, Greenland. Whilst enthralling, it also sought to raise awareness of the impact of climate change on the Arctic region.

Arctic X Prix final. Molly Taylor (AUS)/Johan Kristoffersson (SWE), Rosberg X Racing Catie Munnings (GBR)/Timmy Hansen (SWE), Andretti United Extreme E Mikaela Ahlin-Kottulinsky (SWE)/Kevin Hansen (SWE), JBXE Extreme-E Team. Photo credit Colin McMaster

Former F1 driver Nico Rosberg’s team got off to a promising start after coming through a difficult semi-final race in difficult, sodden conditions. Having taken the lead early on, things quickly changed for RXR, with driver Johan Kristoffersson picking up a 10-second time penalty for taking out a flag on the first lap, putting them firmly on the back-foot. Kristoffersson, a two-time FIA World RX champion, managed to keep pace with the leaders and on the approach to the pit interval took the lead thanks to some brave late braking. Molly Taylor, taking over on lap two, managed to match the pace of the impressive Andretti team, finishing only a second behind, but with the added 10 second time penalty. The result was, however, sufficient to take them through to the final.
Weather conditions improved for the final race, with the persistent rain and thick mist of the semi-final rounds giving way to slightly clearer skies. Fans can be grateful, for this greater visibility allowed us to witness the enthralling, topsy-turvy battle that ensued. Legendary French rally driver Sébastien Loeb, racing for Lewis Hamilton’s X44 team, quickly opened up a large lead. By the pit interval, he had opened up the gap to over 15 seconds on the nearest driver. It was, however, during this pit interval that disaster struck for the X44 team, with a puncture and subsequent tyre replacement costing them their lengthy lead and demoting them to the back of the field in fifth position. The second lap was closely contested by RXR and the Andretti team, with some breathtaking wheel-to-wheel racing. RXR’s chances of victory were thwarted though when Kristoffersson’s car launched into the air on a bumpy section of track. The subsequent landing was heavy, and the damage sustained relegated them to last place, where they ultimately finished.
Molly Taylor (AUS), Rosberg X Racing crashes. Photo credit Colin McMaster

The Andretti team took the chequered flag, and in doing so claimed their first victory of the Extreme E series. This moved them up to third in the championship and closes the gap to the leading teams. RXR, despite a disappointing weekend, still lead the championship with 93 points, and Hamilton’s X44 team are close behind on 84 points. Hamilton and Rosberg’s respective Extreme E teams have so far mirrored their on-track rivalry, with only a fine margin separating them.
The official RXR twitter account said that the weekend was “a bittersweet experience”, adding that they were “proud of the team for overcoming extreme challenges”. They also vowed to “come back stronger for Sardinia” – the next round, which takes place on 23rd to 24th October. Despite the inevitable disappointment, Rosberg was notably upbeat on social media. Following the result, he sought to point out that RXR are still in P1 in the championship, despite what he described as a “rollercoaster weekend”.
Rosberg was understandably in high spirits having received the European Culture Award for Environment prior to the race. He revealed the receipt of the award in a video posted on Twitter in support of his RXR team, where he wished the team good luck ahead of the race. The award highlights the importance of the RXR team both on and off the track. Whilst they continue to entertain and amaze on-track amidst these harsh, extreme environments, they also continue to inspire and inform off track, through raising awareness about the environmental issues that pose an existential threat to our planet.
 
RELATED STORIES:
Nico Rosberg receives European Cultural Award
 
 
Top photo: Catie Munnings (GBR)/Timmy Hansen (SWE), Andretti United Extreme E , 1st position, race winners in front of the Russell glacier. Credit Sam Bagnall
 
 

MYS Series: The Superyacht Captain

by:
31/08/2021

With the Monaco Yacht Show less than a month away, Monaco Life is launching a new MYS Series, talking to the people behind the world’s most prestigious yacht show and those who work within the multi-billion-euro superyacht industry.

To kick off the series, we catch up with Gabriele Carniglia, captain of the newly built explorer yacht RJ, due to be presented at this year’s Monaco Yacht Show.

Even before he left school, Captain Gabriele Carniglia was preparing for a life at sea, studying for and completing his first examinations and certificates. 

This superyacht captain was born and grew up in Sestri Levante between the iconic Mediterranean villages of Portofino and Cinque Terre. His love of the sea stems from the years that, as a boy, he spent fishing and boating with his grandfather and father. “I loved being by the water, visiting military ships, watching the commercial ships or the yacht launches at the nearby Fincantieri headquartersin Riva Trigoso,” he tells me.   

Carniglia began work on a large vessel as first mate on a 35m sloop. He has been a master for 12 years and has followed the construction of five new launch boats from Italian shipyards, all for the same owner who he met 10 years ago.

His most recent build project, MY RJ, launched in January 2021 and was built by Italian shipyard Cantiere delle Marche. It will be presented at this year’s Monaco Yacht Show.

Captain Gabriele Carniglia in front of MY RJ, photo by Gabriele Carniglia

MY RJ is a 40m steel and aluminium yacht with interior design by Francesco Paszkowski and naval architecture by Hydro Tec. She sleeps 12 guests and accommodates seven crew in four cabins. She’s an explorer yacht with top speeds of 14.5 knots and a range of 5,500 nautical miles at nine knots.  

As commander of this new launch at the Monaco Yacht Show (MYS), Captain Carniglia looks forward to relishing the splendour of the Monaco Yacht Show this year, the sense of celebration and fun that characterised the event before the pandemic.

“I see the show as an expression of all that is great about the industry and I look forward to everyone involved getting together and expressing themselves particularly expansively this year,” says the captain. “I am also hoping that Cantiere delle Marche is recognised for the commitment and dedication it put into the MY RJ project and that the presentation of the yacht at the show will act as solid proof that the yard builds exceptional super yachts.”

Inside MY RJ, which will be presented at this year’s Monaco Yacht Show, photo by Guilaume Plisson

Carniglia is a man who loves his job for the contact it brings him with the sea, the cruising, discovering new places and re-visiting old favourites. “And I love getting together with new people or long-time friends and sharing our sea-time experiences to learn something new or just have a laugh,” he says. “I am especially passionate about sail and motor yachts, so being able to work on board a performance boat is a great pleasure.”

So where would he choose to go to mess about on a boat? Says Carniglia, “You will think I am biased, but the Mediterranean is for me the most beautiful, comfortable and varied place in the world. It offers extremely varied enchanting places, a mild climate and a generally cooperative weather. The cuisine is excellent, with welcoming populations and very different cultures. Moreover in recent years, the services offered for yachting throughout the Med are truly excellent.”

His favourite cruising route begins at his home in the Gulf of Tigullio, Liguria then heads down south to the west coast of Corsica, across to Sardinia, over towards the Aeolian Islands, then Greece and her Ionian Islands, the Saronic Islands, then up to Antalia and back to Tigullio.

Explorer yacht RJ, photo by Guilaume Plisson

A key challenge for captains of superyachts is anticipating, organising and managing the requests and ever higher expectations of guests on board. The management and scheduling of weather dependent cruise itineraries can be tricky too. “This summer is a typical example where the weather is increasingly bizarre and at times violent and difficult to predict, especially for us because we don’t use the safe haven of marinas,” says Carniglia.

Passion is the key for a job like this: “It’s not for everyone. It takes a great spirit of adaptability and sacrifice. You have to be prepared to invest continuous energy in exams to obtain qualifications.”

His advice for a young gun considering a career such as his is to treasure all that happens in a day, good or bad, because every day at sea is different. “Try your best,” he says, “and show that you are ready to learn, have respect for the job, the workplace and your colleagues, and above all remember we are guests of the sea and she also must be feared, loved and respected.”  

“On tough days when homesickness kicks in, remember,” says Carniglia, “that it will simply make the homecoming all the sweeter.”

And when that day comes, his welcome home dish will feature the Ligurian cuisine of his roots: trenette pasta with pesto, octopus salad and fried breaded anchovies.

 
 
Photo by Gabriele Carniglia
 
 

Nico Rosberg receives European Cultural Award

by: Stephanie Horsman
31/08/2021

Former F1 World Champion and Monaco resident Nico Rosberg has been given the European Cultural Award for his work in the fields of the environment and climate protection.
Nico Rosberg is the latest recipient of the European Cultural Award, which he received in a ceremony at the European Cultural Forum on 29th August in Bonn, Germany.
“What an honour to receive the award after Arnold Schwarzenegger and Prince Albert II. Very proud moment,” 36-year-old Rosberg shared in a post on social media.
Nico Rosberg was shortlisted for the award for his dedication to the environment, notably choosing to invest only in green technologies or companies that promote sustainability.
“For years, Nico Rosberg has supported numerous initiatives that are the most urgent challenges of our time. As co-founder of the Greentech Festival, he gives innovation a stage and brings experts together with start-ups,” said CEO of the European Culture Forum Bernhard Reeder.
Rosberg humbly responded, “I am delighted that my work inspires other people and companies to also commit to climate protection. We can only do it together, and I am proud to have strong partners and a team by my side that will continue to actively work to find sustainable solutions that make our future better.”
The European Cultural Award, which was launched in 2012, is designed to recognise individuals and companies that work to positive common goals on the continent. Environmental protection, peace and cultural work are amongst the categories they reward.
 
 
Photo: Nico Rosberg Instagram
 
 
 

Cyclist Chris Froome joins Board of Factor Bikes

by: Stephanie Horsman
27/08/2021

Monaco-based professional cyclist Chris Froome has joined with Point King Capital and Skip Capital to invest in premium bicycle brand Factor Bikes, and in the process has signed on to the company’s Board of Directors.
Factor Bikes and its parts and accessories subsidiary Black, Inc. now have a bona fide cycling superstar on their Board in the form of Chris Froome. The Monaco-based racer has joined up with two investors, Sam McKay, Co-Founder of Point King Capital, and Scott Farquhar, Co-Founder of Skip Capital, to invest in the company’s future.
Froome and McKay will sit on the Factor/Black Board of Directors, and CEO Rob Gitelis will keep his position as majority shareholder.
“We are genuinely excited to bring on new capital partners who will help Factor realise its potential,” said Gitelis in a statement. “With Chris, Point King Capital and Skip Capital we have the ideal team to support and advise us on every aspect of our business as we enter a new, growth-oriented chapter. They all understand and support our mission to push boundaries and challenge the status-quo, which is critical.”
The new influx of capital will help the company in its global growth strategy. The focus will be on continued investment in the products, innovation, talent and global channel expansion.
Factor/Black had recently announced its intention to open a new retail shop in Melbourne as part of improving on their direct-to-consumer experience. They have also signed on for another year as the sponsor for the UCI World Tour professional cycling team, Israel Start-up Nation, who Froome races for.
This will be Froome’s first foray into investments in a bicycle company and he intends to play an active role in strategic direction, product development and marketing and sponsorship decisions.
The Brit has won seven Grand Tours including four editions of the Tour de France, one Giro d’Italia and the Vuelta a España twice. He has also won several other stage races, and the Velo d’Or three times. He has also been awarded the Oder of the British Empire (OBE) for his achievements.
Speaking from Monaco, Froome shared his excitement about the new venture, saying, “I’m really excited to be joining the Factor/Black Inc team. Over the past year, I’ve had a first-hand look at Factor/Black Inc’s technical and development prowess. I truly believe that they’re building something special, and I can’t wait to bring my racing experience and product understanding to help the company continue to bring ground-breaking innovations to cyclists all over the world.”
Factor CEO Gitelis is equally happy about Froome’s involvement, saying, “As much as his physical abilities, Chris’ obsession with extracting every last ounce of performance from his equipment has played a key role in his becoming one of the greatest cyclists of all time. The fact that he chose to make his maiden bicycle company investment in Factor/Black Inc. after just one season of racing on our products speaks volumes about his belief in what we’re doing. We will benefit greatly from his knowledge of both the product and the peloton.”
 
 
 
Photo supplied
 
 
 

Princess’ Foundation details 2020 achievements in annual report

by: Stephanie Horsman
25/08/2021

Despite the pandemic and all the restrictions that it brought, the Princess Charlene of Monaco Foundation was able to move forward with several key projects and programmes centred on water safety and drowning prevention, as well as putting on events, assisting in Covid prevention missions and welcoming a new ambassador.
The Princess Charlene of Monaco Foundation this week released its 2020 activity report, highlighting the programmes, projects and key moments from the previous year, notably several key missions in 17 countries, a mask distribution scheme during the height of the first wave of the pandemic, the Le Mans virtual race, the Monaco Water Bike Challenge and the welcoming of a new ambassador, Peter Sagan.
The main focus of the Princess’ Foundation has always been on water safety, and whilst the majority of the activities were geared for this, the pandemic gave them a chance to offer help in other ways as well.
“2020 was a strange year for the Princess Charlene of Monaco Foundation, as it was for many humanitarian associations and NGOs around the world,” said Gareth Wittstock, the foundation’s General Secretary.“Fortunes changed and swayed, initial disappointments gave way to hope, and missed opportunities quickly turned into brand new ideas for the future. They were trying times for everyone.
“Throughout 2020, we remained strongly committed to fighting for the health and development of all children. We remained strongly committed to the fight against drowning, and we chose to commit to the fight against Covid-19.”
Princess Charlene herself reiterated her goals for the Foundation but acknowledged the limitations that 2020 brought.
“The primary mission of my foundation is to save lives by fighting against drowning, which results in an increasing number of deaths every year,” said the Princess. “Drowning rates continued to be of concern in many countries in 2020. Children had even more restricted access to pools and facilities enabling them to learn how to swim and to protect themselves against water hazards.”
The year in numbers
The Foundation, which was created in 2012, has since sponsored 398 projects in 38 countries around the world benefitting 864,465 individuals as of the end of last year.
In 2020 alone, the Foundation was instrumental in teaching 12,172 people to swim, gave 121,541 water safety skills, and educated 6,915 in the values of sport. The Foundation’s total investment in the projects came to €531,258.
The Foundation increased social media presence and had 7,000 Instagram followers, 21,000 Facebook followers and 19,327 YouTube hits.
Projects
The Foundation hosted drowning prevention and learn to swim missions in several countries, including in Burkino Faso, Bangladesh, Cameroon, Canada, France, Ghana, Senegal, Tanzania, Sri Lanka, Serbia, Greece, Sudan, South Africa, Cambodia and the USA. This was enhanced by the online drowning awareness programme launched in summer 2020, which reminded people of water hazards throughout the summer season and got 34,000 views.
Additionally, The Foundation supported projects centred on Sport and Education to promote well-being and good childhood development. To this end, they hosted ‘Education through the values of sport’ missions in South Africa, Georgia, Madagascar and Monaco.
The Foundation took a different route when the pandemic hit, and distributed masks to institutions and organisations who were in desperate need of PPE in the early days of the first lockdown. Additionally, the Foundation took part in the 24 Hours of Le Mans virtual race with their own team on the roster with team members Francesco Castellacci, Giancarlo Fisichella and Felipe Massa as well as a sim racer, Tony Mella.
The Calvi-Monaco Water Bike Challenge also returned despite the health restrictions, which pitted the Princess Charlene-led Team Serenity against Team Notorious, headed up by Gareth Wittstock.
Finally, the Foundation welcomed a new ambassador in the form of Serbian cyclist Peter Sagan. The three-time road race world champion joined the foundation as a face of the organisation and said at the time of his appointment that it was “an honour and a privilege for me to become an Ambassador of the Princess Charlene of Monaco Foundation and to contribute to its important mission.