thesis yacht

Show Recap: The Thesis Yacht Party on September 7, 2023

Fierce performances, surreal moments, luxurious snacks, and a reminder that smoking pot on the portland spirit is not allowed..

Local monthly hip-hop showcase the Thesis has been going strong since December 2014, and in those nearly nine years has become an integral hub for local artists making hip-hop—plus, expanded its circle to include performers in other genres like pop, dancehall, afrobeats, and more.

On September 7, the showcase threw an epic farewell to summer party, chartering the 150-foot Portland Spirit yacht to host a two and a half hour music-filled cruise on the Willamette River. The Thesis had done this once before, in 2015, so we expected a party, but it ended up being more: a representation of that diversity—not just cultural, but diversity of sound. 

Full disclosure, years ago I handled the guest list for the series, and I've attended it since the very beginning. More than once I stepped away from the hot, crowded stage on the yacht's middle deck to take in views of the South Waterfront and bask in the surreal feeling: the Thesis on a summer yacht excursion!

The evening's highlights began before we even boarded, as we could hear DJ Verbz booming on the ones and twos. Sets from Prince Hyph and Izzy Baba Melo followed, with Izzy's afrobeats getting the middle deck lit. During Izzy's last song, Afro-pop singer-songwriter Garbe J joined him onstage, and the two vocalized on a so-far unreleased song, “IDK,” which I can’t wait to play on repeat when it hits streaming platforms. 

Alana Rich ’s bubbly onstage charisma and pop-powered setlist was definitely a cruise high point. She got the crowd dancing early on in the night, with catchy songs like “Light the Way,” “Shangri-La,” and newish single “ Savor .” Portland rapper Chain Taylor joined her to perform their smooth collab “ Something to Remember .”

          View this post on Instagram                       A post shared by Karma Rivera (@karmarivera_)

The evening headliner Karma Rivera performed with extra fierceness, even as the boat docked midway through her set. She opened up by lighting into the crowd for being “too stiff,” or otherwise not hype enough, then rocked everyone out with upbeat danceable songs, from “Like U Did (Me)” and island-infused “Sirens,” to electronic and catchy “Miss Pressure,” and “U So Nasty,” (which we chanted in unison). Special guest Cassow laid down a couple songs as the show’s finale.

It was truly a very cool and unique thing to see the Thesis community at sea—well, at river—mingling with scenesters like Jai Baby, Sotae, Chain Taylor, Donte Thomas, Bocha, Veana Baby, and even my boo Bryson the Alien. And while the tickets started at $50 (easily double the showcase's regular $15-20 door) Portland Spirit lent a feeling of indulgence and a lot of perks.

Drinks were more expensive than at Kelly's Olympian, but the snacks were complimentary and robust: chicken satay skewers, caprese sliders, steak bites, caramelized onion and goat cheese crostini. It was a cut above the typical Thesis dinner of going out to the bar and buying a basket of chicken strips, mac and cheese balls, or tots.

However, speaking of snacks, there were some hiccups to do with the evening's cannabis use—including a moment when the ship's captain came out of the bridge to bellow: “Please don’t smoke marijuana on the boat. Please don’t smoke marijuana on the boat!   The Coast Guard doesn’t allow it.”

The request met limited success, as there were souls aboard still intent on entering the smoked-weed-on-a-yacht club. According to legend, unauthorized weed smoking also caused problems at the first Thesis yacht party. Here's hoping the Portland Spirit will have the showcase back next year—it would be wonderful to celebrate hip hop and local music on the Willamette more frequently than every eight years.

Jenni Moore

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Sustainability in Yacht and Vessel Design Through Smart Spaces: Opportunities Offered by Digital Technologies and New Materiality

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The design and construction of yacht sails

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Description, date issued, collections.

ADAMANTIS | Thesis yacht design

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06/07/2015 08:21:36

Ispirazione Per poter esaudire le richieste del nostro armatore, essendo un possessore di cave diamantifere ci siamo lasciati ispirare dal DIAMANTE. Un elemento naturale proveniente dalla terra che parte dall’essere grezzo e dopo essere stato lavorato diventa una pietra preziosa. È un elemento al quale il nostro armatore si sente legato, per lui non rappresenta solo una fonte di guadagno ma è un elemento fascinoso e prezioso. Ogni diamante possiede 4 PROPRIETA’.

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Taglio Il TAGLIO consente di lavorare la pietra in modi diversi cosi da ottenere delle forme e delle sfaccettature varie.

Purezza La PUREZZA rende alla vista il diamante un elemento delicato e limpido, è data dall’assenza di impuritĂ e questa assenza ci porta a considerarlo puro e trasparente.

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Carato Il CARATO è il peso del diamante. Nonostante alla vista questa pietra possa sembrare leggera in realtà è uno dei materiali più resistenti sul nostro pianeta, resistenza data dalla presenza di innumerevoli sfaccettature.

Rifrazione La RIFRAZIONE è la proprietà del diamante per la quale quando questo viene colpito dalla luce bianca crea uno spettro di colori, ciò significa che quando non è esposto alla luce è trasparente, quando ne viene colpito genera riflessi e colorazioni varie.

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06/07/2015 08:21:39

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Exterior Design Il nostro obiettivo principale è stato quello di trasferire le informazioni acquisite sulla nostra imbarcazione in modo tale che questa potesse rispecchiare effettivamente il nostro armatore. Lo stile che contraddistingue il nostro esterno è l’HIGH TECH, la struttura viene enfatizzata e portata a vista assumendo cosi importanza primaria.

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06/07/2015 08:21:40

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Essendo il nostro armatore un’amante della sportività una caratteristica che contraddistingue l’esterno è l’arretramento dei piani che ci consente di definire l’imbarcazione uno STREM LINE yacht. Altra caratteristica è il taglio che tende verso prua che conferisce un’ idea di slancio o la prua dritta che dà un senso di compattezza al volume. Nella progettazione dell’exterior della barca abbiamo trasferito i valori di concept. Il primo è quello della ROBUSTEZZA data dalla presenza di un fitto esoscheletro che ricorda l’edificio della sede lavorativa del nostro armatore il quale con tutte le sue sfaccettature è un richiamo al diamante.

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06/07/2015 08:21:41

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Il valore della LEGGEREZZA tradotto attraverso la presenza di vetrate che consentono di avere un contatto con il mondo esterno, il valore dell’ANTITESI presente sia grazie a contrasti cromatici che materici e il valore della FLESSIBILITÀ dato dalla presenza di forme uguali che assumono configurazioni diverse in base alla loro collocazione.

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06/07/2015 08:21:43

Essendo per il nostro armatore fondamentale poter

ampi spazi a prua e a poppa per i TOYS e per le attrezzature acquatiche con le quali può

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adrenaliniche

svolgimento

mozzafiato.

06/07/2015 08:21:44

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06/07/2015 08:21:46

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06/07/2015 08:21:47

Una vista notturna dell’imbarcazione ci consente di capire come il nostro diamante del mare brilli anche al buio. L’esoscheletro viene enfatizzato dalla presenza di un’illuminazione che ne valorizza le forme e gli consente di essere sempre visibile e riconoscibile

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06/07/2015 08:21:48

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06/07/2015 08:21:49

Come rendere tutto ciò SOSTENIBILE ? Grazie ad un’applicazione esterna di una vernice fotovoltaica che garantirà all’incirca un guadagno di 36000 Kw/h all’anno. Attraverso invece l’utilizzo di un vetro a controllo solare si ha la capacità di lasciar passare la luce e allo stesso tempo di evitare il surriscaldamento degli ambienti interni.

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Abbiamo sfruttato il Bridge Deck per l’applicazione di 84 pannelli fotovoltaici per la produzione di 10000 Kw/h all’anno di energia elettrica. brochure emozionale finale.indd 20

06/07/2015 08:21:50

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Inoltre sempre nello stesso deck è stato inserito un impianto minieolico all’interno della struttura del mast, posizione ottimale per sfruttare i venti grazie ai quali produrre energia elettrica.

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06/07/2015 08:21:52

Main Deck Nel Main Deck, abbiamo predisposto un’importante sky lounge esterno, con una piscina infinty a poppa per il relax e un bar. Il materiale utilizzato per la pavimentazione è il bamboo con finitura liscia, un’essenza sostenibile che grazie alle sue caratteristiche tecniche ed estetiche risulta essere perfetta per l’impiego.

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06/07/2015 08:21:53

Main Salon Le caratteristiche principali che contraddistinguono questo ambiente sono la preziosità , la luminosità ed il contrasto. Sono presenti due differenti stili, si parte dal classico e si arriva al moderno cosi da poter rispettare l’eclettismo del nostro armatore.

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Molto importante è il valore della luminosità, ragion per cui sono state inserite importanti finestrature che consentono di avere un contatto diretto e costante con il mondo esterno. Per aumentare la presenza di luce naturale all’interno di questo spazio è presente anche un’apertura a celino. Il tutto rende il salone perfetto per momenti di convivialità e relax con gli ospiti. Formalmente l’ambiente si caratterizza per l’accostamento di linee geometriche e squadrate con linee più morbide e dinamiche. brochure emozionale finale.indd 27

La scelta dei materiali è stata dettata dalla volontà di ricreare all’interno dell’ambiente un’idea di contrasto sia materico che cromatico per cui

le due essenze impiegate nella

pavimentazione,ovvero, la quercia e il wengè presentano delle caratteristiche molto differenti. La quercia è di colore chiaro ed ha delle venature molto evidenti mentre il wengè è di colore scuro e quasi privo di venature. Altro materiale presente a pavimento è l’onice che grazie alla sua composizione cristallina nel momento in cui viene illuminato ha un’ottima resa estetica.

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Per l’apertura del celino è stato utilizzato un materiale duttile e sostenibile che si presta ad essere modellato: il ductal. La decorazione

geometrica creata impreziosisce

lo spazio ed una volta illuminata diventa ancor piĂš evidente .

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06/07/2015 08:21:54

Al centro del salone è presente un ampio divano circolare perfetto per momenti di convivialità e relax. Si caratterizza per l’utilizzo di una pelle nappa al naturale che sia visivamente che al tatto dà un’idea di calore. Per creare una sensazione di contrasto sono stati inseriti dei cuscini dai toni e dalle texture molto vivaci .

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Una seconda area del salone è quella dedicata a cene e pranzi formali tra l’armatore ed i suoi ospiti. E’ presente un importante tavolo circondato da sedute in pelle nera e struttura in legno bruciato , pezzi unici ed inimitabili.

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Ampie vetrate consentono di illuminare naturalmente lo spazio. I vetri utilizzati sono a controllo solare e consentono

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un notevole risparmio energetico.

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L’ultima area del salone è destinata a momenti di relax. Qui l’ armatore può accogliere i propri ospiti ed organizzare eventi. E’ stato inserito un bancone si distingue per un moderno

trattamento innovativo. caratterizza

che si trova nel foro a celino e rappresenta uno dei fili conduttori degli interni. Il disegno è dato da una serie di forme geometriche casuali ed è retroilluminato da oled.

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Owner’s Deck Passando

all’Owner’s

innanzitutto una dining esterna, ideale per pranzi informali o in famiglia

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06/07/2015 08:21:56

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La Master Cabin è stata situata in posizione strategica tra i suoi due ambienti prediletti: Spa e Gym. All’interno di quest’ultima abbiamo voluto portare alcuni valori per noi importanti: luminosità, contatto con la natura e decorazione. Subito é evidente, anche in questo spazio, il contrasto stilistico dato da una prevalenza di classico a celino con questa apertura e i cassettoni e a pavimento con la presenza del decoro; in contrapposizione con le pareti in stile più moderno ad eccezione della porta per la master cabin. La presenza dell’illuminazione naturale è un altro elemento fondamentale di questo spazio.

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06/07/2015 08:21:57

A pavimento troviamo un parquet di rovere decappato che contribuisce alla pulizia e alla luminosità dell’ambiente contornato da un mosaico in vetro decorato a greca. Il materiale scelto per il celino della porta è il compensato marino, un materiale apparentemente povero ma arricchito da una finitura semilucida. L’apertura sul fondo è un elemento fondamentale perchè mette in comunicazione i due spazi dedicati al nostro armatore: Gym e Spa, la scelta di trattarla con del vetro serigrafato e satinato è derivata dal fatto di voler mantenere in parte un contatto visivo tra i due ambienti. Le attrezzature sportive sono tutte dell’azienda della Technogym e in parte possono essere alimentate dal moto di chi le utilizza, permettono all’armatore un allenamento completo.

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La Spa, posizionata subito dopo la gym consente di creare un percorso completo per il benessere psicofisico dell’armatore. I valori che abbiamo voluto portare all’interno di questo sapzio sono: riservatezza, calore e matericità. Anche qui è evidente il contrasto stilistico dato da un trattamento classico a celino e pavimento e un trattamento moderno alle pareti. I colori e l’illuminazione sono caldi e danno un’idea di relax e accoglienza . Al centro dello spazio è stato inserito un vaporizzatore di aromi per completare l’esperienza sensoriale del nostro utente.

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06/07/2015 08:21:58

costituita da una serie di docce emozionali che con getti d’acqua differenti rilassano

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cromoterapia e

La seconda zona è costituita da una doccia orizzontale, contornata da una decorazione che richiama quella presente nel main salon e nella gym, che permette di rilassare i muscoli dopo un intensa attività fisica.

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L’ultima zona, quella di maggior relax, è costituita da una jacuzzi rivestita di marmo, la quale permetterà tramite i suoi getti d’acqua di riattivare la circolazione sanguigna.

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06/07/2015 08:21:59

All’esterno della master cabin si trova un’area dedicata esclusivamente all’armatore, si tratta di una jacuzzi che all’occorenza può trasformarsi tramite

questo lo sport prediletto dal nostro armatore.

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06/07/2015 08:22:00

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Tesi: Adamantis A.A: 2014/2015 Docenti: Enrico Lumini, Antonio Romano Assistente: Jole Lombardini Coordinatrice: Antigone Acconci Stefano Liberti - Alessandro Monolo - Luca Paviglianiti - Antonella Silvestri

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Yacht Design

November 2024

20.100 € Find out the current facilitations

The Master in Yacht Design offers the ideal educational path to become a Yacht Designer

The Master in Yacht Design offers the ideal educational path to become a Yacht Designer, by giving the necessary skills to deal with every stage of the design process – from the initial research and development of the concept to the actual construction of the interiors and exteriors and the validation of production processes in the boatyard. 

In recent years, the nautical sector has expanded constantly, confirming its role as one of the drivers of Made in Italy design. Furthermore, and the new classic approach, based on naval architecture, is taking on an automotive oriented edge, which introduces new working standards and technical and style solutions borrowed from car design.

The vocation of the Piemonte area, which boasts a number of style centres and renowned companies in the land and sea transport sectors, as well as one of the world’s largest shipyards, combined with the short distance from the coast of Liguria, makes Turin the natural setting for a training course founded on the growing process of osmosis that links the yacht world and the automotive industry.   

Information to decide

Methodology and structure.

The course is planned in levels, which begin with providing students with essential knowledge of the nautical sector, in terms of both cultural aspects and basic techniques. From there, students gradually acquire the skills connected with yacht design. 

Starting from a study of the history and current scenarios of the nautical sector, students will go on to study the market and obtain more detail knowledge of the different types of boats. They acquire significant knowledge of materials, technologies and production methods, including through hands-on experience in a shipyard. They are provided with technical drawing and design tools, as well.

A further strength of this Master course is the fact that is delivered on two campuses, Turin and Venice. This offers participants a dual scenario, in which both cities represent an important aspect of the themes the course is focused on: the tradition of the automotive industry on the one hand, and the maritime vocation on the other. 

The training course ends with a Thesis Project, developed on a brief given by a boatyard or a design studio.

Who is it for?

The admission of the Master is open to graduates in Architecture, Engineering and in the field of Design (Transportation, Interior, Product), as well as professionals in the sector seeking to apply their skills in this specific area.

Master's Programs and Master of Arts Scholarships Competition

Seize the opportunity, 142 scholarships available.

Federica Bertolini

Style Manager - Azimut Yachts Thesis Supervisor

Course Coordinator

Lorenzo Ciuffatelli

Transportation Designer - Pinifarina

Andrea Sculati

Founder and Director - Sculati & Partners

Luca Sordelli

Marketing and Communication Manager - Harken Italy, Journalist - Wired, Barche, Nautech

Nicola Scopelliti

Freelance Yacht Designer & Co-founder - Scopelliti Rasia Architetti

Lorenzo Penato

Camilla Pierucci

Naval and Nautical designer

Stefano D'Adamo

Style Coordinator - Azimut Yachts

Roberto Tarozzo

Engineering Office Manager / Project Manager - Azimut-Benetti

Sergio Cutolo

Founder and Owner - Hydro Tec

Alessandra De Luca

Training & Development Manager - Azimut-Benetti

Umberto Maria Fossati

Founder and Director - Fossati design Bureau

Website LinkedIn

88 Dragon - Sport Fly

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Ethics and values, education, and product, for a design respectfully responding to changes and needs. We will be present in New York City Design Week with different events and content: Wanted Design at ICFF, Istituto Italiano di Cultura and our event with Salotto, where a group IED alumni will discuss their vision on studying design in Italy and working in USA. 

Phygital design. Design technology in practice: from digital spaces to physical experiences

On the occasion of the launch of the Official Master's Degree in Spatial and Digital Environments Design at IED Barcelona, the third event of the “Mastering your brain” series analysed the relationship between technology and design in the design process.

25 April 2024

Revolutionising rest through design

Martin Y. Tsankov, Founder of Studio Buenacasa and IED Barcelona alumnus, tells us about his experience at the Stockholm Furniture Fair, where he launched The Power Nap Chair, a chair that stimulates productivity and well-being.

23 April 2024

IED Social: Solidarity through design for Sant Jordi

For the third year in a row, IED Barcelona students have collaborated with ASTE Barcelona on the initiative 'Rosas de Sant Jordi', delivering roses and prints designed in-house to elderly residents in three care homes in the district of Gracia.

22 April 2024

The Glitch Camp: What an experience!

Students from over 30 nationalities brought the first free urban campsite to life for Milan Design Week

16 April 2024

Second Sketching Marathon

Fifty-five Transportation Design students from IED Barcelona were invited to the second edition of this marathon dedicated to sketching vehicles. The event saw the presence of Alessandro Riga, Senior Interior Designer for PEUGEOT AUTOMOBILES.

12 April 2024

10 years designing for economic, social and environmental sustainability

A decade has passed since the Challenge Based Innovation programme first allowed hundreds of students from IED Barcelona, the UPC and Esade to create innovative responses to humanity’s challenges by taking advantage of CERN’s technology and knowledge.

11 April 2024

Talent Day IED Torino

The recruiting event dedicated to the designers of Alisea, the concept Hypercar made by students of the Master Course in Transportation Design IED Turin

09 April 2024

IED at Fuorisalone 2024

Events in the city: from exhibitions at via Sciesa to the Fabbrica del Vapore and the Diocesan Museum.

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22 May 2024 - 22 May 2024 • New York City

Is creativity enough?

We organize a conversation with a selection of our alumni based in NYC to share their vision on their educational background in Italy and discuss how their journey has been making a difference while working on the NYC creative industry.  

• Thesis: Yacht Interior Design
• Internship: Yacht Interiors by Shelley
• Healthcare Design
• Corporate Design
• Residential Design
• Hand Rendering
• Construction Documents
• Watercolor Studies
• Inhabitable Environment
• Commercial Design
• Architectural Drafting

Thesis: Yacht Interior Design.

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Stephens Waring Yacht Design

Spirit of Tradition Yachts Designed In Maine

Home » News » SWD News & Stories » Boat Renovations and Restorations 101

Boat Renovations and Restorations 101

Posted on March 8, 2022 and filed under SWD News & Stories

There’s an intangible, but visceral feeling we get when we hear the rumble of the engine and smell the exhaust of a Porsche 911 2.7 Carrera RS or view the way the bow of 1962 Riva Aquarama cuts through the water. It’s almost hard to put into words other than to say it’s magical.  And despite the best efforts of the modern design world, there’s just something about the classics that can’t be replicated or replaced. Some things simply can’t be improved upon.

This mighty 1937 Purdy commuter yacht, Aphrodite , was completely restored at Brooklin Boat Yard with design support from Stephens Waring. Her rehabilitation shows how traditional design and technological innovation each have their place on the water. With redesigned propulsion and steering systems, new tanks and plumbing systems, and completely revamped interior, she offers a thrilling glimpse at what yachting was like in the 1930s—with all the comforts of today. Photo credit: Benjamin Mendlowitz

And in the fast-fashion world we live in, where it seems like half of what we buy has been replaced with a newer version before we leave the store, it gives us a good feeling to keep something old going, or better yet, to bring something from the past back to life.

Stephens Waring worked with the owner of this classic 45’ Huckins, called Northern Spy ,  to rebuild the hull structure to accept the most modern of power plants: twin Volvo IPS drives. In the classic Huckins QuadroConic hull form, the IPS performs marvelously, boosting speed, cutting fuel consumption, and increasing maneuverability. Photo credit: Alison Langley

But for every unicorn rebuild project, there are plenty of renovation and restoration disasters along the way. Conversely, there is a mountain of smaller, less illustrious restorations and renovations, implemented successfully, which didn’t require the net worth of a Saudi Sheik to accomplish, but still extended the life and enjoyment of an old and beloved boat.

Big or small, iconic or sentimental, the key to any successful restoration project is figuring out how to identify the right fixer-upper and arming oneself with the knowledge to enter into a rebuild project with a clear understanding of the challenges, costs, and risks along the way.

Renovations vs. Restorations

The terms renovation and restoration are often used interchangeably. And while they may be close cousins, the goal and outcomes of a renovation or restoration project can be quite different in terms of objective, scope, and cost.

What is Restoration?

The bridge of Aphrodite was restored to match the original materials and controls of the vessel. Materials including varnished mahogany were carefully matched and rebuilt based on the original design specifications. Right image photo credit: Benjamin Mendlowitz

The primary objective of a restoration project is to bring a boat back to its original design and construction as closely as possible.  Good restoration experts put significant time into researching the origins and background of the original build including understanding the history of the designer, construction techniques of the time, design philosophy, parts suppliers, and material sources.

In 2014, French & Webb and Kurt Hasselbalch, curator of the MIT (Massachusetts Institute of Technology) Hart Nautical Collections, began restoration of Marilee originally built in 1926. In early winter 2014 they began with a 3D scan of the existing hull. This, combined with a CAD drawing created from the original Herreshoff plans, enabled the team to accurately examine Marilee’s current shape and compare it with the design from 1926. Photo credit: Alison Langley

Restoration experts often embark on a difficult treasure hunt as they scour the world for rare and comparable historical parts. This process can almost be as time consuming as the construction work itself.

During the restoration process, original materials are matched, and methods of construction are reused.  Modifications from the original design are generally limited to changes necessary to bring a project up to modern codes and standards including electrical and life-safety. Stepping aboard a fully restored vessel should be like taking a step back in time.

What is Renovation?

Renovation is a much broader term.  Generally speaking, it’s the process of renewing a boat or structure by fixing what’s present and adding something new or modern. This includes the integration of new materials, technologies, and even major structural design changes. We often think of a renovation as being built on the “spirit” of the original design while leaving the door open to new opportunities for creativity and innovation.

The owner of Marilee (built in 1926) had the bold vision to create an interior that reflected the yacht’s century-long provenance while creating an open space below. However, he wanted to get away from the dark “cigar room” interiors typical of so many classic yachts. The team worked with Paul Waring of Stephens Waring Yacht Design, to create a traditional and properly constructed interior with an updated layout for relaxed, modern day use. Photo credit: Alison Langley

Renovation can include adding new engines, propeller systems, updated electronics, efficient keels and hulls, and electrical systems.  It can also include a refresh of the interior design elements and decor.

In some cases, renovation can be cheaper than restoration, especially for very old or historic boats where access to original parts and materials are rare or don’t exist at all.

Often renovations are completed in conjunction with restoration.   In architecture we often see this with an old home or building where great lengths are taken to restore the exterior facade back to the original design, while inside, cutting-edge kitchens and bathrooms are installed. The effect is a blend of classic elegance with creature comfort and modern living.

What to Know Before Embarking on a Restoration or Renovation Project

There are no two ways about it, a major restoration or renovation can be costly and time consuming. They can also be extremely rewarding. The most successful projects are born from a sentimental and emotional objective rather than a purely economic consideration (although there are times when the economics pan out as well).  Key to success is starting a restoration or renovation project with the right foundation. This may includes several of the following principles:

  Starting with the Right Boat

Not all boats make good restoration projects.  In fact, most don’t. The ones that do have that special something that may be referred to as being a “classic”.  A good restoration candidate should have a historical or emotional value, or simply, a unique “wow” factor that makes it worthy of a second life.

Building on Good Bones

Zingara was originally designed by Bill Peterson, conceived to participate in the 1990 BOC-British Oxygen Company Challenge, a solo event ‘round-the-world yacht race. By the time we met her, the yacht was a long way from finished. Our renovation made the best use of her potential as a solid sailing yacht: the thoughtful design of the sailing platform, deck arrangement, and cockpit were to be functional in blue water; and down below her interior was to be spacious and comfortable, safe and relatively simple.

When possible, find a boat in which the problems are more cosmetic in nature than major costly systems repairs or replacements. At some point deterioration of major structures such as stringers and bulkheads may make restoration impractical. You should consider consulting with a professional designer like Stephens Waring to get an accurate assessment of major structural components and systems to fully understand the scope and resources necessary for a restoration or renovation.

Set a Realistic Budget and Timeline to Complete the Job

It is said that God created the world in seven days. That’s probably because he didn’t have to clean up anyone’s mess first. Realize that restoration and renovations are often as time and resource consuming as the original build itself. It takes time to undo the bad and rebuild with the good.  Sweat equity can only carry your project so far and there are many hard costs and professional skillsets you’ll need to complete a big job. Working with a professional can help to set a realistic budget and define clear expectations and goals.

Size Does Matter

It’s easy to want to bite off more than you can chew.  However, as a boat gets bigger the complexities of the systems become exponentially larger.  The difference between a 30’ and 40’ boat can be immense.  Experts generally recommend that no one attempt to restore a boat bigger than 35’ without professional support.

Where to Make Your Money Go the Distance

When done correctly, there are a number of benefits to upgrading and renovating rather than buying new. The key is to identify where to get the most bang for the buck.  Finding a project where cosmetic repairs are the main problem is the best place to get a strong ROI.  Renovations such as replacing upholstery, fixtures, refinishing surfaces, and painting can do wonders to make an old vessel feel new and increase the economic value.

Where to Start

Whether looking to renovate a boat you currently own or looking to purchase a used fixer-upper, we strongly suggest starting with a professional evaluation.   Engaging an expert to inspect the hard to reach structures and systems can save a lot of money in the long run.  A renovation expert like Stephens Waring can also help determine a solid triage strategy for what to discard, repair, and replace.  For bigger projects, having a design expert create a detailed design and engineering plan, complete with 3D renderings, can provide a way for owners to better conceptualize the scope, cost, and outcome of the renovation and finished product.

Further Reading:

The Renovation of Marilee

The Renovation of Zingara

site by: slickfish studios

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Sanlorenzo – $SL.MI

Sanlorenzo in vestment thesis in a nutshell.

SanLorenzo ( $SL.MI ) is an Italian company dedicated to the designing and manufacturing of custom-made luxury yachts. SanLorenzo is specialized in the segment of 30-40 meters in length in which they have been the global leaders during the last decade. SL has been expanding its range of yachts continuously, competing in the yachts segment over 40 meters (the most lucrative one).

Since the IPO in 2019, SL has delivered impressive growth with improving margins favored by the tailwinds of the strength of the sector which up to this moment has not been affected by the possible recession. On top of that, the company has great revenue visibility for the following years thanks to its massive backlog. SanLorenzo capacity is fully booked until 2027.

SanLorenzo is an owner-operator company led by the CEO with more than 60% of the shares, a repurchasing program in progress, and the perspective of increasing sales by a large double-digit with a further expansion on margins and diversification of revenue streams.

On 30 th September, with a net cash position of 91.9 million with a gross backlog of 1,651 million, it is well positioned to capture the booming moment of the yacht industry. Currently, their market capitalization is around 1,300 million euros.

Sanlorenzo History

SanLorenzo started its operations in 1958 manufacturing high-end motor yachts in La Spezia. Since its beginnings, the company has built only a limited number of made-to-measure and fully customized yachts per year for sophisticated clients.

In 2005, Massimo Perotti, the CEO, Chairman, and maximum shareholder with 60.82% of shares, acquired San Lorenzo and took the company to another level. Since he took charge, the company has continuously grown and invested in the development of new yacht lines (SD, SX, SP) and segments (superyachts (+40 mt yachts) and sportive yachts (Bluegame)).

In 2007, they inaugurated a second office in Viareggio, starting the production of superyachts. Nine years later, a new office was opened in La Spezia dedicated to the production of metal superyachts.During the great financial crisis, the company showed the strength of its business model, maintaining the revenues in a context in which many of its competitors were forced to shut down.

This is even more impressive if we talk about the magnitude of the financial crisis for the sector, in which the sales of nautical products dropped from 6.2 billion euros in 2008 to 250,000 million in 2014, a 94% decrease.

In December 2019, in the context of the high demand for luxury yachts and with many opportunities ahead, the company went public. With this funding, the company has invested in:

• Increasing their operating capacity.
• Acquiring companies to ensure the highest quality in their value chain.
• Increase the portfolio of yachts, with a focus on increasing the length of the yachts and sustainability.

Since Mr. Perotti acquired the company, the evolution of the top line was fantastic, compounding at a 17.9% CAGR between 2004 and 2021, with accelerated growth during the last years derived from the strength of the luxury yacht segment.

Date: 15th Jan 2023

Capital Structure

Main shareholders.

Massimo Perotti (CEO)     60.82%. 

Free float (rest)  

Earning Metrics

*MORAM estimations; **Gross

Stock Information

Sanlorenzo Business Model

SanLorenzo is an Italian shipyard dedicated to the design and production of customized high-end yachts. Due to the nature of the company, around 70 yachts will be delivered in 2022, this number has increased from 32 in 2017 and will continue to increase thanks to the CAPEX investment during the last years.

They are the global leaders in the 30-40 meters yachts, which constitute their main revenue contributor, with a market share of around 18% for yachts of this length. Moreover, they have two other divisions that expand their range upwards and down in length (Superyacht and Bluegame). The portfolio of the three segments has been expanded to satisfy different needs and to adapt to market trends.

When selling the yachts, the company sells directly (90% of sales) and through brokers (10%) which means a low percentage compared to some competitors like Benetti  is sold through dealers. Even if this supposes a bigger effort by the company, they are comfortable with this and according to the US experience (we will develop this point later), they will continue with this sales strategy.

An important remark of the business model is the flexibility in the cost structure; with 2,600 people working on the activities of the group, only 580 are directly employed by SanLorenzo. Although most of the steps in the value chain that involves quality are internally produced and the company has a clear route to being more vertically integrated through partnerships and minority equity investments, there is also a part that relies on suppliers. In fact, the company counts 1,500 suppliers.

Due to the nature of the company, SL has very efficient working capital management, with a structural negative Net Working Capital. This is thanks to the advanced payments realized by the customers as the shipyard reaches the agreed milestones, the limited inventories, and the power SL has to establish the terms of payment on their suppliers. This management efficiency provoked great cash-flow generation during the last years, especially in 2022.

To manage the increase in the price of raw materials, the company has a clause by which they can ask customers for an increase in price after 2023 if inflation is higher than expected, the customer has the chance to cancel the contract. Up to this moment, the company has perfectly managed this situation, transferring the increase in prices plus a margin to their clients which is translated into higher margins. Moreover, they have a fixed contract with their main supplier for the next three/ four years, so the inflation in the inputs is being well resolved.

Business lines and geography

Due to the increase in the LOA of their yachts and the great market demand, the company is increasing its visibility for the next years, making it even more resilient to turndowns. As explained since the IPO, SanLorenzo has a clear strategy to enlarge the average boat length and develop the APAC and Americas markets where they anticipate the increase in the number of UHNWI will concentrate. As TISG, they have also detected the will of clients for larger boats.

In more detail, the divisions of the company are the following:

The flagship division of the group and the most developed segment as it covers a great diversity of yachts. The length of these yachts goes from 24 to 40 meters.

SL Range: The range includes six models (SL78, SL86, SL90A, SL96A, SL106A, SL120A) with lengths from 24 to 38 meters. It´s the historical range of SanLorenzo.

SD Range: SD90, SD96, SD118 and SD126. The series offers models in composite material from 28 to 38 meters in length. Launched in 2007.

SX Range: SX76, SX88, and SX112. SX line is a revolutionary project that covers a new and transversal market segment. It´s between the SL and SD lines. Launched in 2017.

SP Range: It is the newest division and is focused on efficient consumption. It was launched in 2022.

Asymmetric models of the SL and SD lines are the segment’s main drivers of revenue growth within the Yacht segment.

Superyachts

We talk about Superyachts for boats over 40 meters. They are fully made to measure. 2021 was their best year in this division, delivering seven superyachts. At the beginning of the year, they had 23 of these vessels under construction (assuming six deliveries per year, they have filled out all the orders until 2026. This information comes also from management discussion).

Alloy Range: Alloy. It includes a 44 meters yacht fully in aluminum. Launched in 2007.

Steel Range: 52Steel, 57Steel, 64Steel, 68/73Steel. Most of the sales of superyachts come from this range which has a length between 52 and 72 meters. Launched in 2010

Explorer Range: 500Exp. 47 meters. Launched in 2015

X-Space: X-Space will be launched in 2023 (495GT). They have already signed six contracts for this line. It is a “small” superyacht.

This is the newest division and the one focused on smaller yachts. This segment is the only one not sold under the SanLorenzo brand. The growth of the division has been exponential.

BG 2018, 42-72 feet (13-22 m). Most affordable and smallest boat. It includes walk-around yachts.

BGX  2019, 60-70 feet (18-21m). Introduced in 2019. It includes two models (BGX60 and BGX 70). It takes the SX range of Yachts to a smaller scale.

BGM 2023, 75 feet. It will be launched next year and already has one sale.

*Bluegame started its operations in 2018

Here, we see one of the main drawbacks of the thesis. We believe that larger yachts mean larger margins. Although it´s true that the superyachts are each time larger and that the Net Revenues from new yachts in 2019 were 150M and for the nine months of 2022 are 138M, which means a surely increase for the year-end, this increase is not as great as in the other divisions. One of the company’s objectives is to strengthen this division, but they are sold out until 2026/2027. So, we will have to look carefully at the evolution of sales.

We guess that Superyachts do not account for a larger share of revenues for the lack of operating capacity. They are making a considerable investment to increase the operating capacity during the last quarters. We will follow how these acquisitions are integrated and the rapidness with which they can start their operations, and what they mean in terms of manufacturing capacity for Superyachts.

The company targets a sales distribution of around 50% in Europe and the rest shared by the Americas and APAC, plus some residual from MEA.

By regions, the % sales of SanLorenzo were:

The main highlight of the table is the large increase in the Americas. This is mainly driven by the opening of a direct distributor in this area and the highest growth in the number of UNHWI in the Americas.

Apart from the Americas market, SanLorenzo is focused on developing and exploiting the APAC market. One target for this region is to make the Bluegame division stronger in which they see a big potential. Therefore, it is probable to see them establish a direct seller as they did with the US. When we talk about APAC, we are referring mainly to Hong Kong because in mainland China there is a 50% tax on luxury products, and 0% in HK.

Production activities are carried out at four shipyards within about 50 kilometers radius at the heart of the Italian nautical sector which ensures qualified personnel and facilitates good operation through the value chain between the different facilities:

• Dedicated to the outfitting of yachts of less than 100 feet(≈30 meters) in the Yacht and Bluegame division.
• La Spezia. This facility is dedicated to the outfitting of superyachts.
• Development of new models and production of semi-finished products for outfitting the Yacht division.
• Used to outfit larger Yachts +100 feet and some superyachts

According to management discussion and the diverse conferences and presentations, to cement future solid growth, the company has developed a plan that we can sum up in the next points:

• Increase the production capacity. During the IPO process, the CEO targeted an increase in revenues by around 8-9% per year. But reality has been much more favorable and to face this expansion, the company needs further production capacity. As an example of this point, they have added over 10,000 sqm of production areas during Q2-Q3 and in Q4 there have been further acquisitions. According to the management, 2023’s budget can be covered with 90% of the production capacity, which does not offer a lot of margin for further revenue growth.
• Focus on the higher length of yachts and portfolio expansion. As we have already commented, SanLorenzo as well as other competitors have observed a strong increase in the demand for yachts of larger lengths. A big proof of it is that they have already sold out all the superyachts until 2026/2027. There is still a price gap to Nordic builders in superyachts in terms of euros paid per gross tonnage that SL is closing. The increase in the average length would improve the margin contribution and ensure a higher coverage of the backlog. Nevertheless, they are not accomplishing it. According to the information retrieved from articles Boat International Global Order Book, the average length in meters of the yachts was 35,9 in 2020 and 35,8 in 2022. Again, they have been investing to have the operating capacity to house the production of superyachts.
• Develop SanLorenzo services. What they call Timeless should give them a more recurrent revenue stream with higher margins. By now, we don´t know much about the strategy to follow and the financial impact it will have.
• SanLorenzo academy was launched in 2018 to ensure the quality and quantity of personnel. (80-100 target graduates per year)
• Timeless : Refit, restyle, and lifetime care.
• Leasing/ Financing
• Charter fleet program : SL wants to establish the first single-brand charter program in the yachting sector. This is a fleet to rent, usually per week. As the company has commented to us, it will be a fee-based business in which SanLorenzo will act as an intermediary between SanLorenzo yacht owners willing to rent out and people willing to rent them. Financial targets will be disclosed on 14 th What we like about this program is that it does not use production capacity does not involve inventory risk and can earn good margins. At the end of 2022, they acquired Equinox, a company specialised in chartering services.
• Sustainability : According to the management, it will be one of the central points in SanLorenzo’s strategy for 2030 together with technology development. It is developing innovative sustainable solutions with Siemens for the generation of electricity on board a 50-meter Superyacht and with Rolls-Royce to combine this onboard electricity generation with methanol also in the Superyacht division.
• Develop Americas and APAC.  Americas and APAC will be in the near future the geographic areas with more UHNWI and thus, with more sales potential for the company. They have already attacked the Americas market with a subsidiary and the result has been a 30.4% increase in sales in the first nine months of 2022 in comparison to the same period in 2021. APAC is well positioned to be a main location of the yacht sector due to the large coastline and the higher rate of growth of these economies. During the next few months, the company will open a direct distributor in APAC.

We will be closely following the next It will conference on 14 th March, where they will disclose the business plan for the next years (23-25). Here, we would like to know more about the economics of the Charter program, the plan for the expansion of the operating capacity, and how this relates to the Superyacht division. It would be also interesting to know the plan for the refit division.

Sector & competitors

The evolution of the industry and thus of SanLorenzo is closely tied to the variation in the number of UHNWI (net wealth above USD 50 million) and the rate of UHNWI that own a luxury yacht (penetration rate).

UHNWI Evolution

During the last decade, the number of UHWNI has sharply increased from 98,700 in 2012 to 264,200 in 2021 (Boat International). Right now, there is a penetration rate of around 4,5%.

According to the Credit Suisse Global Wealth Report 2022, it is expected an average annual increase of around 24,000 new UHNWI per year (2021-2026). Thus, there will be around 385,000 UHNWI for 2026.

If we focus on UHNWI, the projections of the Credit Suisse Global Wealth report, the data is the following:

Visually, we can observe how North America will continue to be the clear land where more UHNWI exists, with the sharp increase of China, which will surpass Europe.  

Penetration rate

The penetration of the yacht industry is only of approx. 4,5%. After covid, this rate has increased by a percentage point. This is a big increment, although there is still room for a further increase as we believe that the trend of demanding more peaceful and relaxed holidays will persist on time even after the post-covid effect.

According to some managements such as Azimut-Benetti, TISG, or SL, UHNWI are looking for the privacy, tranquillity, and security of being able to spend a relaxing time without worries. This is bringing so much demand from first-time buyers. However, it is a challenge for the sector to maintain the level of attraction and take care of new clients.

In this new generation of customers, we see younger clients demanding sustainable yachts with the same demand for exclusiveness and uniqueness. Each time the decision to buy a yacht relies more on a family in contrast with a one-man decision that was more common in the past.

Competitors

In the luxury yacht industry, most of the players develop their operations on a worldwide basis. Thus, some of the competitors of SanLorenzo are the following:

For 2022, 1,203 yachts were in production, this is a 17.5% increase compared to the 1,024 projects in 2021.

During the period between 2012 and 2018, the number of shipyards delivering superyachts declined from 107 to 59 (-45%). The shut down in shipyards was even more accused in the US. This is another reason why all the analyzed competitors see big opportunities here.

In the superyacht segment, there is an increasing concentration in the number of shipyards that can build a yacht of this measure. We consider that this market trend will continue due to the barriers to entry of the industry and the probable disappearance of the weaker shipyards unable to manufacture at the needed scale.

For +55 meters there is a very limited offer and a very high demand for UHNWI. So, if SL can strengthen this division, we could see further increases in prices and thus in margins. According to TISG management, demand is 3x the production capacity.

Some trends to mention in the luxury yacht industry are the following:

According to BOAT International, “there is a growing domination of semi-custom yachts, which are getting bigger all the time, as well as the record low number of ´spec´ projects (manufacturing a yacht without having a customer but with the expectation of finding one when work is completed). It speaks to an impatient superyacht client base that wants boats as soon as possible”.

We see that checking also at the information provided by competitors like TISG and Azimut-Benetti. The three companies have plans to expand their operating capacity and integrate vertically the value chain.

The luxury yachting sector suffered a strong crisis in 2008 after a booming expansion in the previous years. We could be facing the same scenario nowadays. If this occurred, SL is well positioned to surpass it thanks to the sound backlog and balance sheet. It could also open the opportunity to acquire other businesses.

Structurally, the industry has high entry barriers due to the high investment necessary to start operations and the great operational scale needed to make it profitable, the difficulty to own operating capacity, and the knowledge and trust needed from high-wealth clients to make such a large buy.

There is an increase in the price paid by customers per gross tonnage (GT). In 2019, in Italy, that amount averaged around EUR30,000 to EUR34,000 GT for an average shipyard. Sanlorenzo was already around EUR40,000 per GT. The best Dutch and Germans shipyard went around EUR54,000 to EUR56,000 per GT. We do not have exact numbers for 2022 but we are sure there has been an increase and we think SanLorenzo could have signed contracts at around 45,000-47,000 euros per GT for the next years, closing the gap with its competitors.

Management Team

SanLorenzo’s management outstands by its experience. We would like to focus on Massimo Perotti (62 years old) who is the CEO and maximum shareholder (with 60.88% of the shares).

Since he was 24, he has been linked to the yacht industry, working for Azimut Benetti. At the age of 27, he was appointed executive. In the early 1990s, he joined the board of directors and in 1996 he became the CEO of the main Azimut division. The total remuneration for 2021 was 1.8 million.

Other important people on the management team in the company are:

Marco Viti (Executive Director): He has been working for SanLorenzo since 1992. He was the vice chairman of sales until 2011 and is the chairman of the Yacht Division since 2014. Previously, he had experience as a salesperson in other luxury companies. The total remuneration for 2021 was 1.5 million.

Carla Demaria (Executive Director): With more than 35 years of experience. She is the CEO of the Bluegame Division. She has a tremendous experience in different yacht companies such as Beneteau and Azimut Benetti. The total remuneration for 2021 was 0.6 million.

Ferruccio Rossi. CEO of the superyacht division. He has previous experience in the Ferreti group and joined SL in 2014. He is selling a lot of shares.

Attilio Bruzzese. He is the CFO of the group and has previous experience in Beneteau and Azimut Benetti.

Capital allocation

For 2023 and 2024, it is expected a Capex of around € 50M, which will be around 6% of the revenue. So, there will be a great free cash flow conversion. On top of that, the balance sheet position is very solid. That is why it is important to see where the company will allocate these funds.  From this 50M, if market conditions do not change, we estimate around € 35M to enlarge the operating capacity, in line with the previous years.

They have already mentioned that M&A is not a priority although they are open to opportunities that they can easily access with their great financial position and access to liquidity. 

During the last months, they have been repurchasing shares, totaling a 0.35% of the total shares. We can not expect much more due to the reduced free float. We also expect a large increase in dividends for the next year.

Sanlorenzo Valuation

We have used two different approach to value SanLorenzo. Here we present the comparable approach and next 27th January we will include the DCF. We proceed this way as we analysed SanLorenzo to test our investment thesis (and position in the portfolio) in The Italian Sea Group. 

As we see, the ratio of Gross Backlog / Revenue increased in 2021 for SanLorenzo, and presumably, it will maintain for 2022. This can mean either that the average length has increased or that the number of yachts in the pipeline has increased, in both cases, it is great news as it improves visibility.

This number is smaller compared to TISG because the average length of SL yachts is 35,8 mt and 54,7 mt for TISG. We are not worried about the decrease in the TISG ratio as revenues include the selling of Lamborghini 63 which has a payment schedule that does not translate into a big increase in backlog, a 25% Downpayment. That is why the percentage of revenue in TISG is always higher than the percentage of backlog.Both have had superior growth compared to the industry but due to the lower scale of TISG, the company led by Mr. Constantino has grown at an even higher rate. We can also observe a huge expansión of the EBITDA margin (note that super yacht represent a considerable higher percentage of the TISG’s backlog over the SL one).  As we explain in the conclusion, we think that both companies will continue with this growth in the margin but TISG will have a higher expansion. 

• Country risk: Despite the international operations of the company, the fact of being under Italian legislation is a risk due to the instability of Italian politics
• Operating capacity: Specifically in the super yacht segment. Right now, they can cover 2023 with 90% of their capacity. So, assuming a further increase in sales, they need to increase their operating capacity. They are mitigating this risk acquiring facilities close to its shipyards to be able to growth in this segment.
• Adaptation of newly acquired facilities and organization. With the huge experience of the management, this shouldn´t be a problem.
• a) UHNWI are not as sensitive as the rest of the world to recession. Moreover, the current demand is much higher than the production capacity of the shipyards.
• b) Flexible cost base and a wide range of suppliers
• c) Great backlog which allows visibility for the next years and limited risk as yachts are produced as offers come in

Conclusion about Sanlorenzo

We can conclude that the company analyzed is a high-quality business in which we can be calmed in terms of revenues and margins in case of a recession thanks to the impressive backlog, the flexibility in the model, and the sound balance sheet position. 

In the following months, we would like to see a use of cash (apart from the high increase in dividend we expect) to take profit from this market situation, an increase in the weight of Superyachts in the revenue mix, and further development of the service line that can contribute in a more recurrent way.

Despite this, we consider at the current prices The Italian Sea Group represents a bigger market opportunity for the following reasons:

• We think that thanks to the larger yacht production and the recurring revenues from Refit, TISG will have higher resilience to a recession.
• SL market cap is 4x TISG. When SL made 300 million in sales the EBITDA margin was way tighter than TISG´s. Once they benefit from larger economies of scale and thanks to the point abovementioned, we think TISG could close the gap in the EBITDA margin (15,5 vs 17,6 expected in 2022).
• The valuation is less demanding. EV/EBITDA for 2022 is 7,6 for TISG and 9,2 for SL.

Following the comparison with TISG, from SL we appreciate the larger track record from management and the great net cash position of the company led by Mr. Perotti. Although it is worth mentioning that the net debt position for TISG is due to the Perini Navi acquisition (which has been transformational for TISG, and  we suspect that SL could not get due to the commented reduce space within its facilities to build large megayachts as it has TISG). With all, we will continue to look closely at this company and take the chance in case the company trades at a valuation with more margin of safety.

Co-Author: Alexandre Oliver 

Note: Every week we publish investment thesis, macroeconomic articles and comment the market situation in the recently launched blog section. You can follow us to receive an email each Sunday with the publications of the week. 

Note 2: We would appreciate it a lot if you share this investment thesis on social media. Especially, if you are Italian. We have a lot of readers from all over the world, but we are not getting any attention from our Italian neighbours despite publishing several theses about Italian companies.

As always, thank you for reading

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