The business of superyachts

Owners and successful businessmen, Harry Vafias and Kim Vibe-Petersen, speak to The Superyacht Report…

In the upcoming edition of The Superyacht Report, we feature two owners who use their innate business knowledge to journey through the market and manage their multiple vessels.

Danish owner and technology tycoon Kim Vibe-Petersen explains the reasoning behind his recent acquisition of 52m Q (ex-Mondango) to Bryony McCabe. Q joins Parsifal III, the family’s 54m busy charter vessel, “We wanted a faster boat with similar space, and we like the sporty style that Q has,” he remarks.

Vibe-Petersen made the purchase in the hopes that Q would follow in the successful wake of Parsifal III on the charter market. Following the investment, she went through an extensive refit inspired by Scandinavian minimalism, a direct contrast to the previous owner’s oriental style interior. With her first season fully booked already, it is clear that Vibe-Petersen is certainly proficient in understanding what clients want from a vessel. Unlike many owners, he explains how he is happy to limit his own family’s use of the vessel in favour of charter clients, admitting that the family have only used Q for a few weeks.

Felix Sowerbutts enjoys a conversation with owner of 47m Feadship X and 57m Benetti AE Cap d’Antibes, Harry Vafias. The Greek magnate is a lover of the yachting market, but for a slightly different reason than most, “I just love negotiating. I love the whole process of inspecting boats, doing the sea trials, speaking to the naval architects and going into the engine room and speaking to the engineers – all the processes that most owners hate, I love,” he explains. “I prefer doing all of that and negotiating to actually using the boat. That’s what I do in my business and it’s what I like to do for a hobby too.”

As the head of a commercial shipping empire, it is not surprising that Vafias can bring a wealth of expertise to the yachting market. Within the article, Vafias details the many negotiations he has handled over the years, including with the famed Lord Alan Sugar. “Look, Lord Sugar is famous for his negotiating skills, and he is also famous for not wanting to go through brokers but negotiate directly with the owners. But I’m a negotiator too, so it was a fair, thorough and polite process, and I think we were both happy with the result – it was a win-win,” he reveals.

These interviews join a guest column from Katherine Ellis, Boston Multi Family Office, which details the importance of a family office in all aspects of owner negotiations and an in-depth analysis of 'Yachts Engaged in Trade', the new initiative from The Republic of the Marshall Islands.

Don’t miss all this and more in The Superyacht Report, issue 180. To apply for your VIP subscription, click here.