We’re under no illusions about how the industry has grown in recent years, with some shipyards at total capacity until the end of the decade, marinas bursting at the seams and a revolving door of constant projects in and out of refit yards.

Naturally, the growth of the new-build sector puts a continuous strain on the rest of the industry to meet the growing demand for talent and services, and few sectors feel this more than refit. Here, the rising tide of yachts is exponentially pronounced, with every aspect of the job becoming increasingly complex and challenging as client demands change. However, despite the mounting challenges, many top yards are stepping up to the plate. 

The importance of refit is something the industry can’t overlook if it wants to continue on its current trajectory. The fleet currently has just over 6,000 vessels, providing a large captive audience for potential refit and rebuild. It’s a pretty straightforward reality to consider: there are more yachts; therefore, they need more places to be maintained and upgraded. Refit provides the opportunity for yachts to receive a new lease of life, being upgraded and future-proofed as technology rapidly evolves and the chokehold of strict regulations tightens.

The growth of the refit sector
According to our data (see below), two main factors make the refit market a compelling and reliable investment. First, there’s an undeniable market resilience, with the sector proven to have weathered previous severe economic decline. The refit market steadily grew yearly as the new-build sector plummeted from its all-time peak in the 2008 financial crisis. This solidifies refit as a relatively safe investment. Plus, with the typical lifespan of a yacht stretching more than 25 years, there’s also usually plenty of lead time before any potential slowdowns.

Annual total refit market vs annual new build count, 1995-2030

The above graph presents the total volume of the global refit market segmented by LOA alongside the annual new-build count, to highlight the speed at which the industry has grown over the past two decades and is predicted to continue growing up to 2030, despite the drop from the 2008 peak in new builds.

Refit market volume by LOA category, 2015-2029 (in five-year increments)

This graph breaks down each LOA category, showing the volume change within each category in five-year increments. It illustrates that, while yachts over 60 metres are occupying an increasing share of the refit market (rising from approximately 7.4 per cent during 2015–2019 to a predicted 9.7 per cent in 2025–2029), each LOA category has shown an upward trend from one five-year period to the next, a trend that is expected to continue over the next five years as well.

The second factor is the growing demand for larger yachts, which has had a transformative impact on the refit market. Yes, the market is growing in number, and there are behemoth yachts in the fleet, but the market is actually increasing in every LOA category. This has subsequently caused associated refit costs to surge.

For instance, refitting a yacht over 90 metres can be five to ten times more expensive than a refit for a 30 to 40-metre yacht, ultimately driving up the market quite dramatically. So this growth isn’t simply about more yachts on the water or getting bigger, but rather about the shift towards vessels with higher complexity and costs, which bodes well for long-term market potential, again marking it as a sector for serious long-term growth. 

This quintessential perfect storm of supply and demand is catching the eye of investors and entrepreneurs alike. In The Superyacht Report: Owners Focus, we presented the preliminary results of Superyacht Intelligence’s CEO Survey. The demographic breakdown of respondents encompasses our industry’s highest echelon, gauging senior leaders’ views from shipyards to brokerages, consultants to service providers.

Almost 30 per cent of respondents were direct CEOs, followed by service companies at 19 per cent and shipyards at 15 per cent, with the remaining respondents hailing from companies within research, consultancy and marketing. Interestingly, a resounding 36 per cent of these industry leaders identified the refit sector as the industry’s most significant growth area (see graphic below). 

Most significant area of growth for the industry

Within this sphere, household names have risen to prominence over the past quarter of a century through constant innovation, evolution and investment, consistently performing the holy trifecta of what it means to be successful in this business. And while they lead from the front, there are also emerging and expanding shipyards worldwide that are rising to the challenge and meeting this ever-growing demand in an increasingly global fleet. These are the refit yards of the future, building along the paths less trodden, and investment in their future is key to sustaining ours.

New investment by established industry leaders
The more firmly established refit players are all too aware of the growth in demand. As the new-build market significantly diminished, the refit sector shouldered the burden, keeping the gears of the superyacht industry in motion. Investments, acquisitions, breakthroughs in technology – it’s the sector that took up the mantle as the rest regained its footing.

However, as it did, leaders in this space had to grow their facilities and offerings in tandem as more and more yachts continued to hit the water. Yards bought up more space and built more docks, sheds and infrastructure. By adapting to evolving client demands and expanding their capabilities, they’ve ensured they can handle an ever-growing pipeline of projects. In fact, we can see how they have grown over the years.  

MB92: Take MB92, for instance. The company has grown beyond its origins as Marina Barcelona 92 to a specialised superyacht refit group with several sites across the Mediterranean – and with plans for further expansion. In 2018, the company acquired Compositeworks and Blohm+Voss La Ciotat to found its first site in France. Since then, the shipyards have continued to grow, launching a 4,800-tonne shiplift in Barcelona and a 4,300-tonne shiplift in La Ciotat.

Operational space across the two sites has expanded over the past decade to cover more than 150,000 sqm, including three dry docks, berthing and haul-out options for the world’s largest superyachts, and the firm has now further expanded its operation to Golfe-Juan in the South of France, a 9,000 sqm facility.  

Adriatic42: Moving slightly eastwards, the likes of Adriatic42 have become a vital part of the refit landscape despite only being established in 2022. Based in Bijela, Montenegro, the refit facility has instead fittingly given a new lease of life to the former Bijela shipyard, providing clients with a 180-metre floating dock capable of lifting 10,000 tonnes to accommodate some of the most significant sectors of the fleet.  

Rybovich: On the other side of the Atlantic, Rybovich has grown its capabilities to keep pace with demand in North America. In 2006, the company opened its 14-acre Rybovich North facility in Riviera Beach, Florida, expanding its service capacity to handle larger vessels. By 2015, Rybovich had improved its West Palm Beach location by deepening the marina to accommodate yachts up to 90 metres.

Safe Harbor Marinas: The company’s growth then took a major leap in 2021 when Rybovich was acquired by the world’s largest marina operator, Safe Harbor Marinas. This acquisition set the stage for further expansion, and the yard is currently expanding its Riviera Beach site into a 23-acre refit centre.

Savannah Yacht Center: Similarly, Savannah Yacht Center was bought by Safe Harbor in 2023, meaning the shipyard is poised to continue adding to the investments it has made in recent years, such as its 3,240-tonne ship lift and 140-metre dry dock, added in 2018 and 2017, respectively. 

Rising to the challenge
However, the challenge now lies in the fact that available space is becoming increasingly scarce. As the market grows, even the most established refit yards may need help to keep up with demand. With limited land and physical constraints, the pressure to accommodate a continuous influx of projects could make it difficult for these facilities to maintain their current level of service and expand further to meet the rising expectations of their clients. 

But there’s no reason to be fearful – at least not yet. Yachting is abundant with entrepreneurial industrialists who know an opportunity when they see one. And with the ever-growing fleet and cruising focus shifting from yachting’s homeland in the Western Mediterranean, we’re starting to see more and more shipyards establishing themselves. Some are extensions and satellite yards from the industry’s key players, and others are upstart innovators in their own right. All, however, are keeping the industry afloat in their very capable hands. 

KRM Yacht: Take KRM Yacht, for example. Founded in 2010, the yard quickly became a refit leader in Istanbul’s Tuzla district. Initially focused on motoryachts over 30 metres, KRM has completed more than 200 projects and steadily expanded its capabilities, launching Turkey’s largest 900-tonne travel lift to service yachts up to 70 metres, with 120 metres in-water maintenance capacity.

Times have changed over recent years, however. Just five years ago, Turkey was primarily seen as a budget-friendly refit destination, offering nearly the same quality as its European competitors at a lower cost. But recent inflation has brought Turkey’s pricing closer to matching that of the more established European yards. Despite this, KRM continues to grow and attract clients through investments such as a new 2,000 sqm interior workshop and leveraging its tax-free location to deliver cost-effective services.

Its location has come with some challenges though, with clients often citing regional political instability as a core concern, which KRM balances with its ‘View Your Yacht’ feature for round-the-clock monitoring.

Mengi Yay: Finding a dedicated, budget-friendly space tailored for yacht refits has become a pressing challenge for another Turkish refit yard, Mengi Yay. Nevertheless, the custom yacht builder is actively addressing this by exploring further expansion options with a vision over the next three years to establish Mengi Yay as a key refit hub for the Eastern Mediterranean and nearby waters. With an outfitting hangar that can accommodate yachts up to 95 metres, the builder can handle any gross tonnage provided the displacement does not exceed 1,450 tons.

Port Denia: On the other side of the Mediterranean, Port Denia has carved out a niche focusing on servicing sailing yachts. However, its facilities are fully equipped to handle all types of vessels. The shipyard can accommodate yachts up to 65 metres on the land and up to 135 metres in the water, with a lifting capacity for boats up to 1,200 tonnes. For a yard in Spain, one of the main challenges faced by Port Denia is visibility compared to more renowned hubs such as Palma de Mallorca. To address this, it highlights its specific benefits, such as its location near Formentera and Ibiza, more than 300 days of sunshine per year and a well-protected harbour ideal for yacht servicing and maintenance. 

The shipyard is also actively investing in its future, going toe-to-toe with its more established regional peers. In September 2023, the shipyard underwent a major expansion, increasing from 27,919 sqm to 50,030 sqm. This €5.5 million investment included a complete refurbishment of the facilities and the addition of a new 620-tonne ASCOM travel lift. Generalitat Valenciana, the local government, has also launched two projects to improve harbour access and navigability, including dredging to remove 60,000 cubic metres of sediment and upgrading pedestrian and road infrastructure around Moll de la Pansa, where Port Denia is based.

Lusben Livorno: On the other hand, some more established players have launched satellite facilities as they’ve grown. In Italy, Lusben Livorno has made a name for itself, equipped to handle motor and sailing yachts. With an 18,000-ton dry dock, a 2,500-ton syncrolift and a 300-ton travel lift, the shipyard can service yachts up to 180 metres, while its expansive 125,000 sqm onshore work area allows for further operations.

Recent investments include a newly announced keel pit for sailing yachts. However, as many in the region thought, the shipyard noted that the increasing demand for skilled labour, fuelled by the surge in new builds, has pressured the local workforce. In response, Lusben Livorno works alongside the Azimut| Benetti Group Corporate Academy, a higher education training facility aimed at developing technical expertise and ensuring craftsmanship standards remain high. 

Atlantic Refit Center: Maintaining a highly skilled workforce is also a challenge for another European yard, but this time on the Atlantic coast. Atlantic Refit Center (ARC) in La Rochelle has built a strong reputation for servicing both motor and sailing yachts ranging from 50 to 140 metres. But ARC also says it benefits from the concentration of marine trades along France’s west coast, which supports commercial and naval shipbuilding, giving the yard the right talent for its projects.

Sustainability has become a critical challenge, too, given the yard’s location. As a zero-carbon European-labelled territory, ARC adheres to strict environmental regulations, recycling 90 per cent of its waste and thoroughly treating wastewater before discharge, with continuous monitoring and a commitment to an air-filtration system for paint operations.

Despite these hurdles, with a maximum beam of 21 metres and no restrictions on gross tonnage, ARC can handle some of the industry’s most sizeable projects and has made substantial investments over the past five years, totalling around €4 million. These upgrades include safety equipment, a waste-water treatment plant, new shore power connection berths and specialised concrete blocks for yacht blocking in dry docks. The shipyard plans to invest a further €5 million over the next five years, adding a 300-ton lift and trailer, a new 6-ton crane and eventually build-ing a permanent cover over the large dry dock.

Port 32 Fort Lauderdale: On the other side of the Atlantic, Port 32 Fort Lauderdale is already making an impact, officially opening in June 2023. Conveniently located adjacent to Marina Mile on the New River and just minutes from downtown, this yard is designed to accommodate a range of vessels, from sport fishing boats to cruisers and yachts up to 46 metres. Port 32 supports a maximum in-water yacht length of 55 metres with an 11-metre beam, while out-of-water projects can handle vessels up to 38 metres with an 8-metre beam.

The facility recently opened in-water service slips, and an upland boatyard for vessels up to 36.6 metres is currently under construction, set to feature a 150-tonne travel lift. Although no major changes are planned for this new facility, the company says it is investing in the future with the ongoing redevelopment of Port 32 Palm Beach Gardens.

Marine Group Boat Works: Moving to the US West Coast, Marine Group Boat Works (MGBW) is stepping up with a multi-million-dollar modernisation project at its 15-acre San Diego Bay in Chula Vista facility. At the heart of this ambitious upgrade is an 820-tonne mobile telescopic boat hoist, the first of its kind on the West Coast and the largest in the United States, currently being built. The yard can accommodate vessels up to 70 metres, making it one of the most capable facilities in America. MGBW’s Foreign Trade Zone status also gives it a rare advantage, allowing foreign-flagged yachts to undergo refits and repairs without immediate import duties.

IMM Yachting: As the global fleet expands and cruising trends evolve, the refit sector has adapted to meet these changes, with facilities such as IMM Yachting in Puerto Rico and Guadeloupe exemplifying this evolution. IMM has been a staple in the Caribbean for 15 years, making significant investments to bring in skilled technicians to train local staff. Its facilities are equipped to handle all types of yachts, with some specialisation in sailing boats and multihulls.

When it comes to vessel capacity, Guadeloupe can accommodate up to 700 tons, while Puerto Rico has no tonnage limit. The presence of an expert rigger, deep-water draft access and large cranes bolsters Guadeloupe’s specialisation in sailing yachts, while the width of the graving dock makes it well-suited for multihull refits. With further investment expected in logistics, crew services and workshops, and a strong focus on sustainability, along with plans for green energy production at the Puerto Rico site, the facility is poised to host the world’s largest vessels in the near future.

Similarly, the Middle East is fast emerging as a favoured cruising ground, necessitating a greater presence of refit services. Recent investments have been substantial, with a vast amount of resources allocated to site development and construction, with excitement surrounding Sindalah and the region’s potential as a new superyacht hub. Household names such as MB92 and Gulf Craft have already begun to make their mark here.

MB92: MB92 has the Red Sea facility, tailored to the needs of the region’s growing yachting community. With a travel lift capacity of 300 tonnes, the yard can accommodate yachts up to 45 metres out of the water and up to 150 metres for in-water servicing. The maximum yacht beam for out-of-water projects is 12.5 metres, while the 10,000 sqm onshore work area includes hardstanding space for up to 25 yachts. The site also features a dedicated paint shed, various workshops, offices, warehouses and a crane capable of handling smaller yachts between 5 metres and 20 metres.

The facility primarily services motoryachts, in line with the preferences of local yacht owners, but is also fully equipped to handle sailing yachts with drafts between 3.5 and 4 metres. One of the regional-specific challenges faced by the Red Sea facility is the need for advanced logistical planning. Unlike the established infrastructure in Europe, the remote location requires precise timing and efficiency to manage operations smoothly. The weather in the region presents exceptional challenges for refit operations, including extreme heat, humidity and high salinity. But with more than 40 years of experience in yacht manufacturing in this climate, Gulf Craft says it has developed effective systems to maintain year-round productivity while prioritising a clean, yacht-friendly shipyard environment.

Gulf Craft Services: Gulf Craft Services has always provided specialised support across its new-build fleet. However, in the past two years, the yard has expanded its scope, offering refit and repair services for all types and brands of yachts throughout the region. Equipped with a 108,000 sqft onshore work area and a 600-ton and 75-ton travel lift, the yard can haul boats up to 60 metres out of the water, with in-water servicing available for vessels up to 80 metres. The shipyard is set to open its service centre by mid-2025, focusing on expanding its support services in the Maldives.

Phuket Superyacht Shipyard: We’re also seeing further growth in the East, and Phuket Superyacht Shipyard is at the forefront of servicing the expanding fleet in Southeast Asia. The yard can accommodate vessels up to 62 metres long, supported by an 820-tonne travel lift. However, one of the primary challenges faced by the yard is establishing itself as a trusted refit hub. To overcome this, the shipyard is committed to delivering superior services that instil confidence in yacht owners and captains.

Investing in better infrastructure will play a key role in doing so and, over the next three years, plans include doubling the size of the hardstand area to increase storage and maintenance capacity. A dedicated paint shed is also in the pipeline, offering a controlled environment to achieve better results. 

The refit market in Oceania is also experiencing unprecedented growth, driven by increasing investment and expansion at critical facilities such as Orams Marine in New Zealand and Gold Coast City Marina & Shipyard (GCCM) in Australia.

Orams Marine: The yard remains a standout in the South Pacific, welcoming all types of yachts and offering facilities that can handle vessels up to 100 metres, supported by an 820-tonne travel lift.

Recent investments include two 60-metre superyacht work sheds that create controlled environments for high-quality refit work. Orams has developed seven new 92-metre, fully serviced marina work berths to further enhance its offerings. The shipyard also features a treatment facility, filtering wash water and stormwater run-off to prevent contaminants from entering the local waterways.

GCCM: GCCM is also making waves with its ambitious expansion. This development will introduce two powerful straddle carrier lifts: an 820-tonne lift and a colossal 1,800-tonne lift capable of hauling yachts up to 90 metres. Once completed, the expansion will increase GCCM’s shipyard size by 150 per cent, with new sheds designed to accommodate vessels up to 100 metres. GCCM recently expanded its facility and is already a hive of activity, with 700 tradesmen on site daily. It recently demonstrated its new and improved capabilities, having handled the lift of Australia’s newest Super Maxi racing yacht, Wild Thing 100.

Future opportunities in less traditional locations
These yards are the ones to watch, stepping up to ensure that the global fleet continues to thrive, and despite the mounting complexities and challenges, the refit sector remains an essential and ever-evolving pillar of the industry, meeting demand with innovation. As the fleet expands, the pressure on refit yards has never been greater. This growth strains the wider industry, demanding more talent, advanced services and facilities capable of meeting increasingly complex client expectations. But amid these pressures, stand-out refit yards from every corner of the globe are rising to the occasion. 

There are challenges within that, too, whether that be asserting best operational practices in a new climate or navigating the intricacies that come with supply chains crossing over borders rife with geopolitical turbulence. But where there’s demand, there’s opportunity, and where there’s opportunity, you can be sure to find someone from the superyacht industry attempting to innovate. The core hubs of the Mediterranean and North America remain powerhouses, thriving on continuous development and investment. However, as trends shift, the emergence of refit facilities in less traditional locations signals an industry evolving beyond its established boundaries.

These rising hubs don’t just mark where the industry is headed. They pose a question about the future of our industry: how far will innovation take us and which unexpected corners of the world will become the next epicentres of the sector?

10 years of expansion
The following Google Earth images illustrate the investments made by a number of established and emerging yards over the past decade.

This article first appeared in The Superyacht Report – Refit Focus. With our open-source policy, it is available to all for a limited period by following this link, so read and download the latest issue and any of the previous issues in our library. Look out for the New Build issue coming in February!

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