China Zhongwang invests in SilverYachts

SilverYachts, the high-performance superyacht builder based on the West Coast of Australia, has announced that its founder, Guido Krass, and renowned yacht designer, Espen Øino, have formed a new strategic partnership with Hong Kong-based China Zhongwang.

China Zhongwang Holdings Limited is the world’s second largest aluminium extrusion company and is listed on the Hong Kong Stock Exchange. It is now also the majority shareholder of SilverYachts, an all-aluminium yacht builder. However, the shipyard’s day-to-day operations will remain unchanged.

“Having China Zhongwang on board will allow us to continue to create and build innovative aluminium superyachts for the world market,” Krass explained. “China Zhongwang’s strong backing will enable us to accelerate our rate of expansion and broaden our market reach.”

The yard will be looking to expand both its team in Australia and its presence in China, with the latter forming the crux of Krass’ interest. Thus, SilverYachts is seeking to establish an additional shipyard in China to build superyachts or commercial vessels, customised for the growing Asian market.

In issue 181 of The Superyacht Report, Krass had explained that he was content with SilverYachts remaining a small-scale shipyard, however the yard, under China Zhongwang’s auspices, will undoubtedly retain its mantra of ‘quality over quantity’.

“China Zhongwang’s strong backing will enable us to accelerate our rate of expansion and broaden our market reach.”

Krass said his primary SilverYachts client is "a successful, young, Asian entrepreneur who is already aware of this world [yachting] but still likes their own lifestyle". These clients have typically been well-educated abroad and have travelled extensively, but enjoy home comforts and retain many cultural elements.

China Zhongwang has invested in SilverYachts due to its aluminium hull design, and marine expertise and shipbuilding capability which will be beneficial to their aluminium deep processing business.

“We are delighted to join hands with SilverYachts to navigate the high-end marine sector at full speed,” said Mr. Lu Changqing, president and executive director of China Zhongwang.

“SilverYachts is one of the pioneers in building large-sized, all-aluminium ultra-luxury superyachts. It has an international reputation for producing visually striking, aerodynamic, high-performance, and fuel-efficient luxury superyachts; widely known as the ‘sports cars of the ocean’.”

The yard has delivered four yachts to-date, all of which feature unique exterior styling by Espen Øino: 73.3m Rabdan (2007), 73.3m Dragonfly (2009), 77m Smeralda (2012) and 77m Silver Fast (2015). The yard is currently busy completing the 85m Silver Loft; a fast, world exploring yacht, with the construction of its sistership also imminent.

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