Please select your home edition
Edition
RS Sailing 2021 - LEADERBOARD

Visiting superyachts contribute over $100M to the Australian economy in 2020

by AIMEX 18 May 2021 21:52 PDT
Keri Lee III 55m (left) and Pangea (right) - Foreign flagged vessels now in Australia © AIMEX

Data released today at the Australian Superyacht, Marine Export and Commercial Industry Conference (ASMEX) by Superyacht Australia, the peak body for the superyacht industry, shows that foreign flagged superyachts stayed an average of 128 days in 2020 compared to an average of 73 days in 2019 representing a 75% increase in the length of stay.

The economic impact of this was just over $100M and represents a 58% increase on 2019's already impressive economic impact of $63M.

The passage of the Special Recreational Vessel Act in December 2019 by the Federal Government now allows foreign flagged superyachts to charter in Australian waters. As a result, Australia saw its first charter client in December, with Hollywood actor Will Smith chartering a superyacht out of Cairns. With the passage of these laws it is expected that Australia will see a further 300% increase of visitation over the coming three years.

In 2020, Queensland saw the highest number of visiting vessels along with the longest duration of stay generating an 84% increase compared to the previous year.

"The Queensland state government has supported the industry through their Superyacht Development Strategy. The state government established a fund that helped Queensland businesses attend overseas events and for shipyards to meet international compliance standards required for this high level of work. This type of government support has certainly paid off in visitation and encouraged significant private investment in the refit and maintenance industry in Queensland, which in turn means substantial jobs for marine trades." stated David Good CEO of Superyacht Australia.

After Queensland, the highest visitation was seen was in NSW, followed by Western Australia and Victoria. The Northern Territory had the largest size visiting vessel, with a length of 107 metres M/Y Andromeda.

Superyacht Australia, who has been working in partnership with Tourism Australia, has actively promoted Australia to showcase the signature experiences that Australia can offer visiting superyachts.

"With an estimated tripling in visiting foreign flagged vessels visiting our waters, 11,800 jobs will be created for Australians in servicing these vessels." added Good.

Related Articles

Special Sunday brunch & learn
Women on the Water: The History of Female Sailors on the Great Lakes On Sunday, May 18, join us for a special Bunch & Learn event, Women on the Water: The History of Female Sailors on the Great Lakes. Posted on 11 May
NMMA testifies in support of Pennsylvania boating
The hearing focused on the economic impact of the recreational marine industry in the Commonwealth On May 6, NMMA Northeast Government Relations Manager, Sam Romano, testified before the Pennsylvania Senate Game and Fisheries Committee in strong support of the state's recreational marine industry. Posted on 10 May
Molabo & Team Malizia 48v Hybrid Propulsion System
A pioneering step toward zero-emission offshore performance Lightweight, fuel-efficient, and safe-to-maintain: A pioneering step toward zero-emission offshore performance. Posted on 9 May
Bulwarks and Bulldust – watch Episode One
Episode One - Wes Moxey, CEO of Riviera Motor Yachts - is now up and running Episode One - Wes Moxey, CEO of Riviera Motor Yachts - is now up and running Posted on 8 May
Newport International Boat Show gives back
Premier northeast boat show announces support for local nonprofits The Newport International Boat Show, presented by BankNewport announced today it will be giving back to the local community. Posted on 8 May
TowBoatUS Pittsburgh ready to assist boaters
New owners for TowBoatUS Lake Anna, VA The 24/7 on-water towing and assistance service for recreational boaters with ties to nationwide fleet of more than 600 towboats has come to Pittsburgh's Three Rivers. Posted on 8 May
MasterCraft reports fiscal 2025 Q3 results
Net sales for the third quarter were $76.0 million, down $8.0 million, or 9.5% MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2025 third quarter ended March 30, 2025. Posted on 8 May
Demand slows as market watches economic indicators
NMMA's Monthly Recreational Boating Industry Data Summary report New data from NMMA's Monthly Recreational Boating Industry Data Summary report paints a complex picture—defined by ongoing retail softness, cautious optimism, and a watchful eye on economic indicators that continue to shape consumer behavior. Posted on 8 May
VMAR files electric marine powertrain patent
For advanced software-based overload protection The patent introduces smart software within the Company's E-Motion™ HV Electric Marine Powertrain that continuously monitors electrical conditions of the cooling-pump motor. Posted on 7 May
American Sportfishing Association urges action
A summary of news relevant to marine businesses across North America ASA President Glenn Hughes sent a letter to Trump Administration expressing support for its efforts to address global trade imbalances and strengthen U.S. competitiveness, while urging swift action to provide greater certainty and relief for ASA members. Posted on 7 May
Maritimo 2023 M600 FOOTERSelden 2020 - FOOTERRS Sailing 2021 - FOOTER