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Tag Archives: Perseus 3

Porto Cervo Hosts Perini Navi Yacht Charter Race & Regatta

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The Race and Regatta

The 6th edition of the Perini Navi Cup has concluded.  Once again, several Perini Navi yacht charter boats  have participated.  They made a strong showing. Perini Navi NEVER disappoints.

COMPETITORS

Competing in this year’s event were Perini Navi yacht PERSEUS 3, MALTESE FALCON, and Perini yacht SEAHAWK.  In conclusion, this year’s winner, is sail yacht ROSEHEARTY.  The great news?  All are currently available for rental through 1-800 Yacht Charters Private Luxury Yacht Charter Brokers.  We provide The Superyacht Experience™ to discriminating clients worldwide.

 

SPECTATOR YACHTS

There were multiple PN yachts in attendance as spectator yachts. For instance,  motor yacht EXUMA.  sailing yacht FIDELIS, and sail yacht MELEK.

Private yacht Maltese Falcon sailboat racing Perini Navi

 

 

THE PERINI NAVI CUP

This year’s race held September 2 through 5 in Porto Cervo at the Yacht Club Costa Smeralda.  The 2015 Perini Navi Cup featured three days of spirited racing along challenging courses through the islands of the La Maddalena archipelago.  The intense sailing competition was wonderful.  After which, social gatherings and nightly soirees occurred.  Lastlly, a gala dinner with entertainment by Andrea Bocelli in conclusion.

 

View of marina at night

WHO IS PERINI NAVI?

Italy’s Perini Navi shipyard is renowned for the massive dimensions of the yachts they produce.  In addition, their commitment to cutting edge technology and luxurious finishes.  They are unrivaled as charter yachts in terms of deck space and interior amenities.

 

A sampling of beautiful Perini Navi yachts for hire from 1-800 Yacht Charters, your superyacht charter specialists since 1976

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Superyacht Builder Takeover of Perini Navi

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PERINI NAVI ON THE ROPES

Milano Finanza, Italy’s financial newspaper, reports yacht builder Perini Navi has filed for bankruptcy protection.

The move is hardly surprising, or unexpected.  The company has negative EBITDA of €25 million.  Debt between banks and suppliers is estimated at €55 million.

What is a bit of a surprise?  A buyout might be cultivated with rival local yard, Sanlorenzo.

 

ENTER SAN LORENZO

The newspaper states Sanlorenzo seeks a 70% controlling stake in Perini Navi.  To achieve this, the majority shareholder (the Tabacchi family) will dilute their ownership.  Their stake will drop from 74% to 30%

 

THE ARRANGEMENT

To begin with, a new company will be created.  After that, a cash infusion of €40 million will be needed.  Simultaneously,  Sanlorenzo will inject €30 million, and the Tabacchi family will put up €10 million.

 

 

NOT SO FAST

Perini Navi Chairman Edoardo Tabacchi is probably eager to close a deal.  However, there are many hurdles.

First, the Italian courts must formalize the bankruptcy. Second, the deal requires the consent of creditors.  Third, the deal could be challenged as a local monopoly.

Both yards are based in Viareggio.  Local union FIOM Tuscany is concerned about the plan.  In particular, the union questions the impact of such a monopoly within Viareggio.  They want a review of local concessions.

 

THE FUTURE:  SAIL VS POWER

It’s hard to challenge the success of Sanlorenzo.  In 2019, they went public with an IPO.  Year end reports were strong. New motor yacht sales up 39.3% compared to 2018.  EBITDA up 73.4% compared to fiscal 2018.

Even so, can Sanlorenzo succeed in the sailing yacht sector?  Consider Perini Navi is ranked #1 in the top 5 sailing superyacht builders.  Traditionally, in the superyacht market, 5 times as many motoryachts are built as compared to sailing yachts.

 

THE CHAIRMAN COMMENTS

Even so, Chairman Massimo Perotti remains positive:

“Sailing yachts are the sustainable future…the wind is completely clean and completely free.”

Perotti might be correct.  According to Boat International,

“(in 2019) We also recorded some welcome news for the sailing sector this year, with the numbers of 24-metre-plus sailing yachts ordered or under construction increasing by 15.7 per cent over last year. The number of projects – 59 – is still way down on the 10-year high of 95 in 2014, but any uptick in interest in sailing is welcome.”

 

HISTORY

Perini Navi defines private luxury yacht charter for sailors.  For instance, sail yacht SELENE, and sailing vessel PERSEUS 3, and BRAVO’s Below Deck’s sailboat, PARSIFAL III.  Of course, there is also the most famous sail yacht on the planet, the superyacht MALTESE FALCON.

 

Aerial photo of 3-masted sailboat, Maltese Falcon, underway. Center sail has a black flying falcon logo on it. Hull of yacht is dark against waves lapping at side of yacht. The statue of liberty and Ellis Island is in the backround

 

Hopefully, the name will live on…

 

SAIL OR POWER?  AND WHY!

Do you prefer sail or power?  Why?  Please comment below!

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