Grand Harbour Marina, a joint enterprise between Maltese investors and the internationally reputed yacht services company Camper & Nicholson, is competing in the international market for super-yacht berths.
“Super-yachts don’t have to be tied to a particular part of the world when it comes to home-berthing, like the Caribbean or the Mediterranean. They operate on charter the world over, so home berths are chosen fulfilling other criteria like security, efficiency and convenience,” said Anthony Demajo, a director of Grand Harbour Marina.
Last year, the marina netted one of the most high profile super-yachts in existence, the Maltese Falcon, owned by American venture capitalist Tom Perkins. As it lay moored under Fort St Angelo, it drew crowds of sightseers and photographers.
Grand Harbour Marina is selling 25-year leases on its 33 super-yacht berths for up to 4 million euros, with the price worked out on the basis of how many square metres of water surface area are taken up by the yacht.
Owners of super-yachts pay a capital sum to buy the lease and also pay berthing and service fees at the beginning of each year. The marina obtains other revenue from the 200 berths for smaller boats, from the provision of ancillary services, and from yachts visiting the harbour briefly and need to rent temporary berths.
Super-yachts are defined as yachts more than 25m long and the marina has berths for yachts up to 100m. Super-yacht berths are in short supply the world over, but especially in the Mediterranean. One of the reasons is that there are specific geographical requirements for these berths, including water of a certain depth, as some of these yachts are the size of small ships, and a favourable coastline.
“Environmental and security considerations rule out much of the Mediterranean coast for the development of super-yacht marinas. In an urban environment, the only super-yacht moorings are usually in the industrial setting of commercial ports. It’s not easy to get all the favourable factors to coincide, as they do in the spectacular setting under Fort St Angelo,” Mr Demajo said.
Yet the main reason why there is a shortage of berths is the recent explosion in the number of super-yachts being built. Burgeoning stock markets and the trend set by billionaires like Roman Abramovich, who is having his third and largest super-yacht built, have led to this extraordinary phenomenon. In 1984, there were just 200 super-yachts in the world. Now there are 2,800, and another 700 being built. Meanwhile, the established super-yacht marinas are full to capacity. Increased demand over the next few years is expected to force up the price of leases on berths. “We have been holding back on the sale of leases because of this,” Mr Demajo said, “Our prices are still on the low side when compared to those of other super-yacht marinas in the Mediterranean. The leases are sold for 25 years, so if we sell the majority at present-day rates, we will be unable to sell them again before the lease is up. We are very pleased with developments so far; the fact that we have full EU-mandated security certification has helped enormously. It’s one of the first things our clients look for.”