San Diego refit surge post America’s Cup
Within two weeks of the final America’s Cup race that declared the U.S. Team Oracle winners, California shipyards Marine Group and Fifth Ave Landing welcomed over a dozen superyachts from San Francisco.
“We’d like to credit it to years of consistently having yacht owners and reps seeing our capabilities for themselves, believing in Marine Group’s ability to perform complicated and technical work lists; and then approving of the high quality work that we’re able to produce,” said Todd Roberts, vice president of Marine Group Boat Works and Fifth Avenue Landing. “Instead, we’re thanking Larry Ellison and congratulating Team Oracle.”
Unlike the refits prior to 2012, the scopes of work at the Marine Group yard have gone beyond the basic haul and maintenance items. The 665-ton travelift facility saw a quadrupling the number of full paint jobs and a tripling of the number of superyacht haul outs over last year. Revenues attributed to full paint jobs will equate to over $4 million, according to the yard.
“This year, scopes of work included several extensive structural modifications including hull extensions compared to the zero from last year,” said a representative of the yard. “Marine Group’s superyacht division is showing a revenue stream valuing over $20 million, more than double the value last year.
The average yard period last year was 45 days—average yard period this year is 90. There is much more builder involvement compared to years past. Marine Group hosted builders from Alloy Yachts, Pendennis Shipyard, Baltic Yachts and Delta where we assisted with warranty repairs on several newbuilds.”
Earlier this year, Marine Group acquired the former Knight & Carver refit facility one mile away from its headquarters. The new location has been the site of several refits of superyachts over 65 meters (+200 feet).
“Our sister company, Fifth Avene Landing—a superyacht marina in downtown San Diego—is and will be at capacity for at least the remainder of this year, according to the yard. Some of the vessels docked there have either just completed a yard period at Marine Group, are preparing for a yard period with Marine Group or have contracted Marine Group to perform soft work items remotely.
Last weekend, Marine Group and Fifth Ave Landing hosted a customer appreciation party at one of the rooftop nightclubs in downtown. “We had approximately 200 captains and crew from over 20 different superyachts attend this Superyacht Social Hour,” said Leah Yam, director of communications for Marine Group Boat Works and its sister companies. “Captains reunited with their former deckhands who turned officers from ten years ago. Stews reunited with other stews they met in Alaska. Engineers reunited with former chefs they worked with on other boats. It was neat to see so many of them all bond over San Diego.”
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