Green Yard Kleven (GYK), the Norwegian shipyard that specialises in the use of hybrid propulsion systems, has set out its aim to re-enter the superyacht market by signing an agreement with YPI. Having already delivered two superyachts in the form of 107.4m Andromeda and 116m Ulysses, it is hoped that by leveraging YPI’s experience and contacts, this agreement will signal a more permanent move into the superyacht market.

“As a broker, it is possible to work on both sides of the equation, either for the owner or for the shipyard,” starts Peter Thompson, managing partner – yacht sales at YPI. “In this instance, we are working on behalf of the shipyard. There have been many successful examples of shipyards working closely with brokerage houses and in GYK we feel that we have found a shipyard that resonates with our own sustainable values and initiatives.”

GYK is widely recognised for quality and reliability across a variety of commercial sectors and its limited experience within the superyacht market has highlighted how such expertise can be transposed into the yachting world. Crucially, according to Thompson, it is GYK’s experience with hybrid-propulsion, as well as its various other green credentials, that attracted the businesses to one another.

“We know of various examples from within the superyacht world where hybrid systems have caused serious issues for new build projects. By contrast, GYK has been putting hybrid propulsion on vessels that are required to withstand the most brutal sea conditions every day. This is GYK’s stock in trade,” continues Thompson. “We recently went on one of the Hurtigruten expedition vessels that ply their trade from the North Pole to the South Pole and were so impressed. This level of quality and knowledge of hybrid systems is not a mystery to them, unlike certain other industry players.”

While it will likely have a lesser impact on GYK’s yachting operation, the business has already proven its commitment to the environment, notably through its recycling systems. Commercial vessels that are built by the yard are now recycled with a high factor of efficiency, steel is used for rebar, engines and machinery are sold on, cables are stripped out for their materials, lifesaving materials and products are sold in their outlet store and the list goes on. Given that superyachts tend to live many lives as they go on to new owners, refits and so on, recycling is perhaps less relevant, nonetheless, it is a clear indication of GYK’s commitment.

Given the scale of GYK’s facilities, the business will be focussing on building 80m-plus custom projects. Additionally, with the superyacht industry in the midst of a booming period of new-build activity, with order books now stretching into 2025 and in some instances beyond, it could be argued that the timing of GYK’s re-entry to the superyacht market could hardly be better, given the potential delivery dates that the business is able to offer for even some of the market’s largest projects. Furthermore, with GYK’s various products already being proven with the world’s toughest sea conditions, such a reliable vessel may also be of interest to some of the market’s more adventurous owners.

“GYK not only build their ships efficiently, but they also make damn sure that they work and that there are sufficient levels of redundancy for extended periods of cruising in incredibly difficult conditions," says Russel Crump, who consulted on the agreement. “Redundancy, reliability and safety are top of every owner’s priority list. While Norway may not have one of the cheapest labour forces in the world, they certainly have one of the most efficient and they take a great deal of pride in what they do.”

“We view the construction of large yachts, aka superyachts, as a highly topical market for us. The yacht brokers from YPI are experienced and have a huge network in the industry. A collaboration with them means that we can get in touch with yacht brokers, representatives and direct clients all over the world in a completely different way than if we were to do this alone,” says Hans Jørgen Fedog, CEO of Green Yard Group.

At this juncture, GYK brings a variety of potential benefits to the table for potential buyers. Indeed, whilst unable to provide any great deal at this point, both Thompson and Crump both suggest that the first significant project since GYK’s re-entry is not far off materialising, nor indeed future projects. For an owner looking to build big in a reasonable period of time, there are probably few better opportunities available today.

Photo from left: Rune Gamlem, Sales Manager Green Yard Kleven, Peter Thompson and Russell Crump, YPI and Hans Jørgen Fedog, CEO of Green Yard Group.

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