q2 2017 - boats group · q2 2016 power sail q2 2017 q2 2017. sea ray bayliner catalina grady white...
TRANSCRIPT
M A R K E TI N D E X
Q2 2017
Our reports of European and U.S. yacht brokerage markets
in this edition of the YachtWorld Market Index describe slightly
lower quarterly volumes than in 2016. This was due primarily
to the fact that both sides of the Atlantic reported declines in
the sale of small boats, although they were offset by gains in
other market segments.
We also offer a special study on Florida brokerage sales.
While brokers in the Sunshine state reported a similar decline
in small-boat sales, overall they made volume gains compared
to the second quarter of 2016. They also continued to sell
boats for an aggregate price that came close to the total sales
value produced by brokerage sales in the rest of the U.S.
In addition to our usual quarterly reporting of the top-sold
classes and brands on each continent, we provide a special
report in this edition comparing the rate at which boats of
different ages were being listed with the rate at which boats
of different ages were selling. The variation between power
and sail markets is thought provoking. We’d be happy, as
always, to hear what you think of the report, as well as the
rest of the Index.
JOHN [email protected]
YachtWorld Managing Editor
G L O B A L P E R S P E C T I V E
3
All sales data in this edition of YachtWorld Market Index
is derived from SoldBoats, the proprietary database of
YachtWorld member brokerages.
$1.78 BILLION12,119 BOATS
$1.27 BILLION9,740 BOATS
$509 MILLION(€457 MILLION)2,379 BOATS
Q2 2016
Q2 2016
Q2 2016
Q2 2017
Q2 2017
Q2 2017$1.82 BILLION11,798 BOATS
$1.26 BILLION9,434 BOATS
$562 MILLION(€494 MILLION)2,364 BOATS
U S & E U B R O K E R A G EC O M B I N E D S A L E S
U S & E UT O T A L S
U ST O T A L S
E UT O T A L S
E U R O P EQ 2 M A R K E T R E V I E W
The European yacht brokerage market paused on its
otherwise upward path during the second quarter of 2017
with the sale of 2,364 boats reported, 1 percent fewer than in
the second quarter of 2016. Yet the total price paid increased
8 percent during the period, according to YachtWorld
member brokerage reporting in SoldBoats, their proprietary
database.
Powerboat sales declined by 20 boats compared to the
second quarter a year earlier, a drop of 1 percent. The
superyacht segment at 80 feet and longer enjoyed positive
gains, particularly with total price paid increasing from
€162 million to €216 million. The result was a gain for the
powerboat market from €353 million to €388 million. Other
segments experienced lower sales; for example, sales of
boats 56 to 79 feet were down 14 boats, with 131 sold, and
the total price paid dropped by €8 million.
E U R O P E O V E R A L L S A L E S
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
2,379€457 MILLION€192,238347
2,364€494 MILLION€209,026351
Q2 2016 Q2 2017COMBINED
5
The sailboat side of the market finished the quarter virtually
even, with 1,046 boats sold compared to 1,041 in the second
quarter of 2016. The total price paid and the average sold
price were slightly higher. The average days that each boat
was listed before selling increased by 30 days—to more than
a year’s time.
By market segment, sales volumes of boats under 26 feet and
boats 56 to 79 feet were off by 10 percent or more. Boats
36 to 55 feet sold at about the same pace as the previous
period, while other than superyachts, the top performing
segment was boats 26 to 35 feet, with 831 boats sold, an 8
percent increase over the second quarter of 2016.
E U R O P E P O W E R & S A I L
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
1,338€353 MILLION€263,867345
1,041€104 MILLION€100,172348
1,318€388 MILLION€294,048329
1,046€107 MILLION€101,895378
Q2 2016
Q2 2016
POWER
SAIL
Q2 2017
Q2 2017
U N I T E D S T A T E SQ 2 M A R K E T R E V I E W
The U.S. brokerage market for boats and yachts shifted in the
second quarter of 2017. Fewer smaller boats were sold and
overall volume was lower, yet final prices were generally level
and often higher. A decline in the volume and total price paid
for superyachts over 80 feet prevented total market value
from growing, but all other segments reported more dollars
exchanged than in the first quarter of 2016.
Total volume for the quarter was 9,434 boats, down 306
boats from the previous year, according to broker reports in
SoldBoats, the proprietary database of YachtWorld member
brokerages. The total value of sales declined slightly, from
$1.267 to $1.263 billion.
Sailboat sales of 1,573, which were 17 percent of all
transactions reported, were level with the previous year. The
total value of sailboat sales rose 10 percent, to $137 million,
pushing the average price up to $87,000, an 11 percent gain.
U N I T E D S T A T E S O V E R A L L S A L E S
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
9,740$1.27 BILLION$130,121270
9,434$1.26 BILLION$133,864262
Q2 2016 Q2 2017COMBINED
7
Powerboat sales declined 4 percent, with 7,861 boats sold.
Although the average price paid rose 2 percent, to $143,000,
total value for the segment was off 2 percent at $1.13 billion.
Two market segments increased incrementally in volume –
boats 36 to 45 feet and 46 to 55 feet, which were up 1 and 2
percent, respectively. Sales of boats 26 to 35 feet declined 6
percent, with 3,598 boats sold, and boats under 26 feet were
off 4 percent, with 2,888 boats sold.
For the first six months of the year, total volume was 1
percent lower than 2016, with 15,147 boats changing hands.
The total value of boats sold was 10 percent higher, at
$2.17 billion.
U N I T E D S T A T E S P O W E R & S A I L
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
8,162$1.14 BILLION$140,031260
1,578$124 MILLION$78,866324
7,861$1.13 BILLION$143,207250
1,573$137 MILLION$87,175322
Q2 2016
Q2 2016
POWER
SAIL
Q2 2017
Q2 2017
F L O R I D AQ 2 M A R K E T R E V I E W
Yacht brokers in Florida continued to report positive results in
the second quarter of 2017—in contrast to most other areas
of the U.S. While national results were lower, Florida brokers
registered 3 percent gains in both volume and total price paid
for the boats they sold.
According to reports in SoldBoats, the proprietary database
of YachtWorld member brokerages, 1,930 boats were sold in
Florida, up from 1,866 in the second quarter of 2016. Total
value climbed from $562 million to $576 million.
Compared to the U.S. as a whole, Florida brokers sold 20
percent of all the 9,434 boats sold. Even more impressive,
Florida’s share of the total price paid for the boats sold was
46 percent of the national total of $1.26 billion.
F L O R I D A O V E R A L L S A L E S
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
1,866$562 MILLION$300,987209
1,930$576 MILLION$298,292224
Q2 2016 Q2 2017COMBINED
9
Some 88 percent of all sales in Florida are powerboats, and
sales of that type rose by 2 percent in the quarter, with 1,690
boats sold. Limiting volume growth was the 9 percent decline
in sales of boats under 26 feet.
Sailboat sales in the second quarter enjoyed a 17 percent lift,
from 205 to 240 boats sold. The boats were more expensive
than many on the market elsewhere; the average final price
for a sailboat was $132,000, which was $45,000 more than
the average reported by brokers of sailboat sales across the
country as a whole.
Florida sales volume for the first two quarters of 2017 was
3,581 boats, an increase of 5 percent over 2016. Total value
of sales was $1.04 billion, an 11 percent gain.
F L O R I D A P O W E R & S A I L
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
BOATS SOLDVALUE OF BOATS SOLDAVG BOATS VALUEAVG DAYS TO SALE
1,661$537 MILLION$323,126202
205$24.9 MILLION$121,605265
1,690$544 MILLION$321,873214
240$31.7 MILLION$132,246295
Q2 2016
Q2 2016
POWER
SAIL
Q2 2017
Q2 2017
SEA RAYBAYLINERCATALINAGRADY WHITECARVERBOSTON WHALERBENETEAUCHAPARRALFORMULAHUNTER
TOTALS
1,064231230225222203190170162149
2,846 232M 81,460 250 32’ 2002
86.8M10.1M14.5M17.2M24.9M9.29M33.7M8.82M17.4M9.08M
81,54343,87662,94676,502
111,96345,781
177,58651,907
107,71160,965
262269244129347144286194239351
32’30’34’27’39’21’38’26’34’35’
2002200019962004199820052003200820051998
T O P B R A N D S O V E R A L L
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
$TOTAL
AVG PRICE ($)
T O P B R A N D S & C L A S S E S : U N I T E D S T A T E S
Selling twice as many boats as in the first quarter of 2017,
Power Cruisers overtook Center Consoles as the top-sold class
in the U.S. with 1,222 boats sold in the second quarter. Center
Console sales increased from 712 to 1,010 boats sold. Express
Cruisers also experienced a surge in second-quarter sales,
moving up to 4th place behind Saltwater Fishing boats. Racing/
High Performance boats also sold better in the quarter, moving
into 9th place ahead of Sail Cruiser/Racers and Trawlers.
Sea Ray remained the top-selling brand in the U.S. with 1,064
boats reported sold. Compared to the first quarter, Bayliner
(#2), Grady-White (#4), Carver (#5), and Chaparral (#8) moved
higher in the rankings for most boats sold by a brand.
11
SEA RAYFORMULABAYLINERFOUR WINNSREGALRINKERCHAPARRALCRUISERS YACHTSCARVERMAXUM
BOSTON WHALERGRADY WHITEROBALOREGULATORSEA HUNTEVERGLADESKEY WESTTIDEWATERCONTENDERSAILFISH
TOTALS
TOTALS
418847550494844383528
75674238333029282423
1,222
1,010
95.0M
74.1M
77,711
73,410
257
171
31’
25’
2003
2008
30.8M10.2M2.12M2.62M3.26M2.24M2.65M3.23M3.12M912K
3.64M4.38M1.98M5.88M1.40M2.43M717K
1.24M2.56M1.76M
73,675121,44728,33052,41866,58046,58760,22684,88089,07532,602
48,56965,34347,199
154,68742,56781,03324,75844,359
106,47576,455
253253297203260230230269379258
147124214153112238204205103153
32’35’28’29’32’31’29’34’38’30’
21’26’22’28’22’26’21’22’29’26’
2003200520012004200420042006200319962001
2003200420092011201120112011201520062013
P O W E RC R U I S E R
C E N T E R C O N S O L E
BOATSSOLD
BOATSSOLD
AVG DAYSTO SALE
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANLENGTH
MEDIANYEAR
MEDIANYEAR
$TOTAL
$TOTAL
AVG PRICE ($)
AVG PRICE ($)
T O P B R A N D S & C L A S S E S : U N I T E D S T A T E S
GRADY WHITEBOSTON WHALERPURSUITKEY WESTSCOUT BOATSROBALOCONTENDERWELLCRAFTPARKERHYDRA-SPORTS
SEA RAYTIARACRUISERS YACHTSREGALRINKERBAYLINERMAXUMCHAPARRALFORMULAWELLCRAFT
TOTALS
TOTALS
71575730262020191918
258654940302424201816
748
732
50.0M
89.5M
66,902
122,278
167
331
26’
34’
2006
2001
5.59M2.83M6.31M528K
1.59M1.05M2.38M1.18M968K968K
23.1M9.52M9.16M4.85M1.30M621K914K979K
1.42M423K
78,77749,654
110,74917,60760,96452,358
119,20061,86850,92753,767
89,547146,482186,981121,25543,30725,85438,09648,94079,08326,472
14311717489
155190131214138148
304286461368316278476275350310
27’23’29’21’23’24’29’28’23’25’
35’35’40’35’30’28’32’29’34’33’
2004200520062012201120102012200620082007
2000199920042006200220002001200420021995
S A L T W A T E R F I S H I N G
E X P R E S S C R U I S E R
$TOTAL
$TOTAL
AVG PRICE ($)
AVG PRICE ($)
BOATSSOLD
BOATSSOLD
AVG DAYSTO SALE
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANLENGTH
MEDIANYEAR
MEDIANYEAR
T O P B R A N D S & C L A S S E S : U N I T E D S T A T E S
13
CARVERSEA RAYSILVERTONBAYLINERMERIDIANCRUISERS YACHTSHATTERASTIARAMAINSHIPCHRIS-CRAFT
TOTALS
99974845383218161414
695 350M 503,190 374 48’ 1999
14.5M18.8M4.67M4.32M7.43M5.47M6.39M5.43M740K675K
146,969193,81497,29896,084
195,487171,024355,250339,39052,89348,243
395304341414258381416181804968
41’44’39’40’40’42’58’41’38’43’
2000200219991994200720031985200619941982
M O T O R Y A C H T
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
$TOTAL
AVG PRICE ($)
CATALINABENETEAUHUNTERISLAND PACKETPEARSONJEANNEAUSABREPACIFIC SEACRAFTCAPE DORYMORGAN
TOTALS
104919028201914131111
635 58.6M 92,246 337 36’ 1994
7.26M10.5M6.53M3.50M512K
3.26M1.35M1.11M277K543K
69,795115,35972,519
124,86625,620
171,58996,10085,26925,23649,405
264309399322253328265189397259
34’39’36’36’33’41’36’30’30’42’
1997200419991995198220081992199119821985
S A I L C R U I S E R
$TOTAL
AVG PRICE ($)
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
T O P B R A N D S & C L A S S E S : U N I T E D S T A T E S
SEA RAYCHAPARRALCOBALTHURRICANECROWNLINEBAYLINERFOUR WINNSREGALMONTEREYSTINGRAY
VIKINGOCEAN YACHTSHATTERASGRADY WHITEBERTRAMPURSUITWELLCRAFTBOSTON WHALERTIARALUHRS
TOTALS
TOTALS
127604536282626222012
25201818141110888
578
355
24.5M
92.0M
42,386
259,201
174
319
23’
36’
2008
2000
4.82M3.53M3.02M898K
1.02M306K680K797K838K300K
30.0M4.14M9.35M1.59M1.54M1.98M348K766K
1.35M428K
37,95458,90567,14124,95236,44811,79626,16236,23541,94525,058
1.20M206,838519,38988,514
109,857179,51134,87095,874
169,18853,550
15916026811417599
20738340462
413361505124316182424151152305
23’25’25’21’25’19’22’23’25’21’
54’48’50’29’37’32’30’26’34’35’
2007201120102010200820072005200920102011
2003199519912003198520081995200520031992
B O W R I D E R
S P O R T F I S H I N G
$TOTAL
$TOTAL
AVG PRICE ($)
AVG PRICE ($)
BOATSSOLD
BOATSSOLD
AVG DAYSTO SALE
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANLENGTH
MEDIANYEAR
MEDIANYEAR
T O P B R A N D S & C L A S S E S : U N I T E D S T A T E S
15
MALIBUAXISMASTERCRAFTFORMULASUPRAFOUNTAINDONZIBAJACOBALTCENTURION
TOTALS
39272017111010998
289 19.4M 66,975 174 25’ 2007
3.06M1.71M920K949K406K864K560K293K689K243K
78,44863,51546,04455,85036,90486,39055,98032,51176,59830,413
151159189160104232406157398119
23’22’22’34’22’39’31’30’24’22’
2013201620071999200620022001199820162005
P O W E R R A C I N G
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
$TOTAL
AVG PRICE ($)
CATALINABENETEAUC&CJ BOATSHUNTERTARTANPEARSONJEANNEAUSABREO’DAY
TOTALS
53471816151310986
276 20.1M 72,988 316 35’ 1994
3.98M4.35M680K
1.63M562K
1.16M267K
1.63M600K71K
75,13892,47337,786
102,10937,48788,98126,650
181,05675,00011,867
240257305310280228322239244439
34’37’34’36’33’35’34’42’37’31’
1998200019861999199419921984200619911984
C R U I S E R / R A C E R
$TOTAL
AVG PRICE ($)
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
T O P B R A N D S & C L A S S E S : U N I T E D S T A T E S
BENETEAUJEANNEAUBAVARIAPRINCESSSEALINEFAIRLINESUNSEEKERBAYLINERHALLBERG-RASSYDUFOUR
TOTALS
1941759579706362564740
881 168M 190,580 328 38’
14.8M15.2M7.51M39.1M8.60M13.4M58.7M1.55M6.00M3.13M
76,10186,77179,007
495,315122,895212,140946,37327,660
127,67278,126
323292333309261397384326340436
34’35’38’51’36’41’59’23’36’37’
T O P B R A N D S O V E R A L L
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
€TOTAL
AVG PRICE (€)
T O P B R A N D S & C L A S S E S : E U R O P E
Beneteau moved ahead of Jeanneau in the second quarter of
2017 as the most sold brand by European yacht brokers reporting
in SoldBoats, the proprietary database of YachtWorld members.
Jeanneau boats were slightly newer, longer, and sold for a higher
average price.
Bavaria and Princess remained ranked in third and fourth, but
Sealine moved up from eighth in the first quarter to fifth in the
second. Bayliner and Hallberg-Rassy also made gains in the
rankings.
Among Sail Cruisers, generally the top-selling class on the
European brokerage market, Beneteau edged ahead of Bavaria
while Hallberg-Rassy made strong gains, more than doubling the
first-quarter sales of the brand.
2004
2004200520052003200420002005200719962005
MEDIANYEAR
17
T O P B R A N D S & C L A S S E S : E U R O P E
BENETEAUBAVARIAJEANNEAUHALLBERG-RASSYWESTERLYDUFOURHANSEMOODYHUNTERSOUTHERLY
JEANNEAUBENETEAUPRINCESSSEALINEFAIRLINEBAYLINERCRANCHIFOUR WINNSBAVARIASEA RAY
TOTALS
TOTALS
78716434242323211911
39252321201810887
586
394
51.1M
50.5M
87,117
128,064
354
296
36’
35’
1998
2002
5.54M5.01M5.21M3.72M505K
1.68M2.53M2.18M717K
1.55M
3.74M2.51M7.83M2.81M3.22M452K890K404K784K307K
71,06970,52181,394
109,47621,05672,850
110,025103,92237,752
141,053
95,945100,297340,457133,922160,93325,14789,09050,45697,98643,943
373337343323427392313435359375
246218316238279233247241365277
38’39’37’35’30’37’37’41’31’36’
32’32’46’37’36’26’40’29’35’27’
2002200520021997198320042009199319982004
2010200819992004199820012003200620072004
S A I L C R U I S E R
P O W E R C R U I S E R
BOATSSOLD
BOATSSOLD
AVG DAYSTO SALE
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANLENGTH
MEDIANYEAR
MEDIANYEAR
€TOTAL
€TOTAL
AVG PRICE (€)
AVG PRICE (€)
SUNSEEKERPRINCESSSEALINEFAIRLINEAZIMUTPERSHINGBENETEAUCRANCHIELLINGJEANNEAU
BENETEAUX-YACHTSDUFOURHANSEDEHLERJEANNEAUELANNAUTORJ BOATSBAVARIA
TOTALS
TOTALS
41292212876555
24151410996644
288
169
224M
17.1M
778,449
101,401
374
419
52’
38’
2003
1999
45.9M17.5M2.61M3.52M3.92M3.91M1.04M549K
1.97M691K
1.20M2.05M1.24M1.13M953K531K470K
4.05M376K309K
1.12M603,210118,542293,439489,375558,571173,257109,830394,000138,200
50,126136,91888,601
113,397105,89859,05678,375
674,16794,21377,284
292188253649470368379826170479
361519518202132295241703197523
62’56’36’48’61’57’36’35’48’38’
33’40’38’42’36’53’34’55’35’43’
2007200620062003200720052009200620112007
2000200120082008200420032008198920072005
M O T O R Y A C H T
C R U I S E R / R A C E R
€TOTAL
€TOTAL
AVG PRICE (€)
AVG PRICE (€)
BOATSSOLD
BOATSSOLD
AVG DAYSTO SALE
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANLENGTH
MEDIANYEAR
MEDIANYEAR
T O P B R A N D S & C L A S S E S : E U R O P E
19
SEALINEFAIRLINESUNSEEKERBAYLINERPRINCESSBENETEAUCRANCHIJEANNEAUBAVARIAMONTEREY
TOTALS
1915109777764
139 16.2M 116,722 383 34’ 2004
2.54M3.08M1.12M319K
2.34M339K301K470K620K129K
133,573205,447112,46835,512
333,68148,47643,01467,200
103,34432,155
337293626256539211387112210273
35’40’44’27’49’26’34’27’35’28’
2005200319972003200720091998200920072006
S P O R T S C R U I S E R
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
€TOTAL
AVG PRICE (€)
PRINCESSFAIRLINESEALINEJEANNEAUAZIMUTNORD WESTGUY COUACHASTONDOAVAN DER VALKFALCON
TOTALS
181666544322
92 32.1M 348,995 367 48’ 2001
11.4M3.54M604K
1.63M2.11M1.17M941K570K
3.55M850K
632,445221,447100,642270,905422,000291,634235,125190,0001.78M
425,000
437454122359332281279154338331
53’44’38’43’60’39’55’56’72’81’
2003199720002009200520061993200020131996
F L Y B R I D G E
€TOTAL
AVG PRICE (€)
BOATSSOLD
AVG DAYSTO SALE
MEDIANLENGTH
MEDIANYEAR
T O P B R A N D S & C L A S S E S : E U R O P E
G L O B A L M A R K E TA G E O F L I S T I N G S V S . W H A T ’ S S E L L I N G
In a special report for this YachtWorld Market Index, we compared the
age of all boats listed for sale on YachtWorld with the age of boats
reported sold by YachtWorld brokers in SoldBoats. The report includes
all boats on YachtWorld at least a year old in North America, Europe,
and the rest of the world.
Based on data for the 12-month period ending May, 2017, the graphs
compare new listings created, by model year, with the number of boats
sold of the same age. Percentages are shown rather than absolute
numbers to allow for an easier comparison.
We divided the study between powerboats and sailboats, and as the
graphics show, there is a big difference in the two markets. Power
listings and sales is dominated by boats built in the last 20 years. Sail
splits into two markets—boats built before the early ‘90s, when the
market was hot, and those built since then. It can almost go without
saying that sailboat longevity is also influenced by the fact that sails and
small engines can be replaced more cheaply than the engines on
most powerboats.
Based on the percentages shown, we can see that the greater
availability of powerboats of 1 to 20 years old leads to the most-
frequent sales. Perhaps due to lower pricing, the boats 11 years and
older show a higher rate of sales given the new inventory listed.
In the Sailboats graph, we see a diversified marketplace, age-wise.
While the greatest availability of boats is still 6 to 20 years, demand
remains behind supply for boats under 10 years old. In addition, close
to 50 percent of sales are of boats older than 20 years.
21
G L O B A L M A R K E TA G E O F L I S T I N G S V S . W H A T ’ S S E L L I N G
D I S T R I B U T I O N O F P O W E R B O A T S B Y A G E
D I S T R I B U T I O N O F S A I L B O A T S B Y A G E
30%
25%
20%
15%
10%
5%
0%
1-5 6-10 11-15 16-20 21-25 26-30 31-35 36-40 40+
20%
15%
10%
5%
0%
1-5 6-10 11-15 16-20 21-25 26-30 31-35 36-40 40+
NEWLY LISTED BOATS
SOLD BOATS
NEWLY LISTED BOATS
SOLD BOATS
JOHN BURNHAM, MANAGING EDITOR
MICHAEL BANTUG, LAYOUT & DESIGN
COVER IMAGE COURTESY PRINCESS YACHTS
M A R K E TI N D E X
Q2 2017