The Monaco Yacht Show is one of the highlights of the boating calendar
© Valery Hache/AFP via Getty Images
From FT by Ivan Levingston
A group of white yachts — sails down, masts tall — float off the Greek island of Corfu, waiting to dock at the Gouvia marina in the late afternoon sun.
It is the first Friday in September and the weather is perfect for sailing — hot, with an occasional breeze.
The Gouvia marina occupies the site of a former Venetian shipyard, built during an Ottoman invasion in 1716.
It now encompasses circa 200,000 sq m of green-blue waters, protected from the choppier Mediterranean Sea.
Across its pontoons, it can dock 1,300 craft, from small motorboats to multistorey yachts, and today there seem to be almost that number in residence, hardly a spare berth in sight.
“You see each year more and more boats in the Mediterranean Sea, and it is super-tough to build new marinas,” says Oliver Dörschuck, chief executive of D-Marin, which owns the port at Gouvia and more than 20 others in the region.
“We normally have three to four boats inquiring for one berth.”
It is in the same league as the likes of Port Hercule, host of September’s Monaco Yacht Show, and Porto Montenegro.
Port Hercule, venue for the annual Monaco Yacht Show © Alamy
Yet while the number of yachts is flourishing, the number of marinas is not.
This mismatch is turning an overlooked sector into big business.
Earlier this year D-Marin was sold by its private equity owners, CVC, to the French investment group InfraVia for more than €1bn.
The sale auction drew interest from numerous companies, the latest deal to underscore the attraction of the business model.
Industry executives expect further acquisitions.
Marina mania is more than a business play, although it is certainly that.
The market is fragmented, with few large-scale players, and demand has grown from clients around the world.
But what gives the phenomenon its real spice is that it forces the super-wealthy into competition with each other for a defiantly limited, slowly expanding stock of berths.
They may have all the money in the world, but that does not mean they can dock where they please.
Josephine De Luca, who runs an independent consultancy representing boat owners, says that she never had trouble finding a berth at Port Vauban in Antibes for her clients before the pandemic ignited the yacht boom.
“It’s actually about scarcity now, for me that’s really key,” De Luca says.
“Berthing — it’s not just more expensive but because the yachts are bigger and there’s a finite amount of berths, the bigger change is being able to get the berth you want.”
Boating consultant Josephine De Luca says some berthing fees have doubled in 10 years
Difficulty finding ideal yacht mooring risks frustrating owners who are used to having their way.
“The egos are only getting bigger,” she says.
“Unfortunately there are some people in this industry that have come into a lot of money really quickly and perhaps they don’t quite get the nuances of decorum required.”
As the ranks of the ultra-rich have grown in the past decade, swollen by buoyant stock markets, their minds have turned to what they can spend that wealth on.
It never takes long to hit on a yacht.
The total number of yachts longer than 12 metres, which are too big to easily store on land, was set to reach about 210,000 last year, according to data compiled by consultancy McKinsey, rising by about 8,000 per year.
That compared with just 160,000 marina berths for such vessels.
The surge is even more pronounced at the top end of the market.
The global fleet of superyachts — longer than 30 metres — grew around 40 per cent to reach 6,239 in the decade to 2025, according to industry publication SuperYacht Times.
Oceanco and Feadship in the Netherlands and Benetti in Italy are among the top shipyards that have fulfilled orders for the likes of Amazon founder Jeff Bezos in recent years.
The pandemic helped — a cohort of consumers looked to the water for fresh air during government lockdowns — as has the rise of satellite internet.
It is now possible to work from anywhere including the most remote sailing locations, a trend branded “yacht-desking”.
“We’ve definitely seen a lot more younger people buying boats, and especially very big boats,” says Merijn de Waard, founder of SuperYacht Times.
“A lot of people realise now they can work remotely with Starlink, there’s very good internet.
And there’s just enormous wealth being created.”
Of about 6,000 global coastal marinas, 65 per cent are in the US, according to McKinsey.
The remainder are scattered elsewhere in Europe and in the Caribbean, with a nascent industry in Asia and the Middle East.
Meanwhile, about 6,500 yachts are delivered each year and a new marina typically takes between five and 10 years to build, adding on average only about 300 berths, McKinsey said.
“The fact that demand is outstripping supply is unquestionable,” says John Nery, managing partner at Squircle Capital, which owns the superyacht repair group MB92.
“Waterfront land is scarce and, wherever you are, [getting permits] is difficult.
You’ve got high barriers to entry.”
For example, at one marina near Seattle, more than 200 vessels are on the wait-list for berths stretching beyond 20 metres.
Two decades ago, De Luca got her start as a chartered accountant before she found her way to the yachting world, eventually leaving KPMG to work for Lukas Lundin, a Swedish-Canadian mining magnate who had owned the 80-metre superyacht Savannah.
Her first position was as the ship’s purser, an onboard administrative role, before becoming an executive officer — essentially the owner’s representative.
“I absolutely loved it.
You have to be a special type of person to enjoy living out of a suitcase, but it was a home,” she says.
The Savannah was the world’s first hybrid-engine superyacht when it launched in 2015, and includes an onboard pool, gym and elevator.
Its weekly charter fee was about €1.2mn, De Luca says.
During her time working with the yacht — she left in 2025 — the price of docking it had surged to about €3,500 per night during the peak summer months at top locations, De Luca estimates.
“It approximately doubled in the 10 years, specifically in the premier locations,” she says.
“That is scarcity pricing. You’re a yacht owner, you own a new 80-metre yacht, you want it sitting in the south of France.”
Bob Hoogendoorn, who led McKinsey’s yacht practice before this year becoming a founding partner of the marina group Balmaris, compared finding a good berth to getting seats at a top sports event.
“It’s almost a bit like Wimbledon, and then there isn’t even a shortcut,” he says.
“When you own a yacht, the last thing you want to compromise on is your boating spot.”
Bob Hoogendoorn, former head of McKinsey’s yacht practice and co-owner of marina group Balmaris
A regular yacht — up to about 50 metres in length — is unable to cross the Atlantic or other oceans.
Such boats might pay for berths on an annual or even multiyear basis while roaming around their local region.
The largest superyachts can travel the world, by contrast.
A typical one might spend the summer in the Mediterranean, then head across the ocean to winter on a Caribbean tour.
In between, there can be a few weeks at a port for repairs and to give the crew a break.
They do not often dock — the point of owning a yacht is to be out on the water — so there is a premium on location and access to amenities, both for guests and crew, when they do.
At a marina, superyachts will often have their own quay, with restricted access.
At Port Vauban, its 1,500-berth marina has 18 for superyachts over 54 metres on their own quay, with tighter security including drone surveillance.
Customers can arrive by helipad and spend time in the new yacht club, while there is a dedicated crew centre for staff including a gym.
The crew — dozens on the largest yachts — are important in determining where yachts dock.
“You want the crew to have access to gyms, culture, sport etc,” says Tim Clarke, who runs the yacht staffing agency Quay Group.
“You don’t want to be in a location where the nightlife is too good because that can cause problems as well.”
For instance, docking in Ibiza raises the chance the crew will get into trouble at nightclubs or become victims of crime, as has happened in Barcelona.
Such stopovers must be planned at least three to four months in advance, says former superyacht captain Chris Durham, who piloted the Savannah for several years.
Even that may not be enough lead time.
“If it’s a really special trip like the Monaco Grand Prix or Cannes Film Festival, you’d need to think much more in advance,” he says.
“Relationships still are really important and the way in which you conduct yourself, the crew conduct themselves, and the way in which you operate still goes a long way . . . It’s a small industry.”
It might be a small industry, but it is a desirable one for investors.
“There are two factors that make the industry so attractive.
The first one is fundamental growth in demand for yachts, full stop.
And berthing space is characteristically limited,” says Squircle Capital’s Nery.
“You put all this together and it’s turning marinas into an infrastructure asset class; people didn’t think of it that way 10 or 20 years ago.”
Indeed, marinas appear to have all the traits of a strong business model suited to private capital investors — rising demand, constricted supply, recurring revenues, fragmentation ripe for consolidation.
The industry is a $15bn market that will grow about 8 per cent annually to 2030, said McKinsey.
A marina investor notes: “If an asset can continuously increase its prices and keep its occupancy high, that usually suggests that it is a defensive asset, so we thought the marina sector demonstrated those.”
In a major deal that underscored this investment desirability, Blackstone paid $5.7bn last year for Safe Harbor Marinas, the largest marina and superyacht servicing business in the US.
Then, this August, Blackstone’s Safe Harbor agreed to acquire MarineMax for $1.5bn, paying nearly a 100 per cent premium for the company’s share price before the disclosure of takeover interest in the group.
The big money comes with plans for expansion, through both further acquisitions of independent, often family-owned, marinas and investment in areas such as technology.
D-Marin’s story is a good illustration of the boom.
It was founded in 2003 by a Turkish conglomerate, with its first location on the Bodrum peninsula, and over the past five or six years has expanded to become one of the leading marina operators in the Mediterranean, with its nearly two dozen premium ports.
Chief commercial officer Matthias Gehring touts the ability to book berths online — a contrast to the analogue operations at most marinas — and other innovations such as remote monitoring of vessels’ heat, water intrusion and battery voltage, and augmented reality directions for how to navigate to a specific berth.
D-Marin’s model “enables us to build a platform and scale”, says COO Andrea De Santis.
D-Marin, owner of Gouvia marina in Corfu, was sold this year for more than €1bn
© Getty Images
© Getty Images
There is a risk, industry figures acknowledge, that the investment boom and constant premiumisation might cause these businesses to lose their charm or personal feeling.
The arrival of serious investment has coincided with the hyper-gentrification of marina spots.
By the Rybovich marina in Florida’s West Palm Beach, not far from US President Donald Trump’s Mar-a-Lago resort, one superyacht captain fondly remembers an affordable café outside the marina which crew members frequented.
However, in recent years that café has been transformed into an upscale restaurant with valet parking.
“It was all really reasonably priced and it was a really nice place for everyone to meet and mingle and socialise, but sadly that has been turned into a swanky, very expensive restaurant, which is not very accessible to crew,” the captain says.
Crew guide a superyacht into its berth at a D-Marin marina
© @VangelisPaterakis
© @VangelisPaterakis
The marina investor says: “These are neighbourhood businesses, particularly in the US and southern Europe . . . When you have big money, private equity or big brands come in, that creates a lot of backlash and that’s something a lot of the platforms struggle with.”
For example, regulars who previously used the marinas feel disenfranchised.
Port Vauban, Antibes with the GeoGarage platform (SHOM raster chart)
The large marina groups are going up against the likes of Port Vauban, owned by the local municipality, which has a focus on making its economic impact benefit the broader region.
“We are a public entity, which makes quite a difference, because we operate not to maximise returns for shareholders but for our city and our region,” says Olivier Astolfi, director of the region’s ports.
“We have a more long-term vision for sustainable development.”
“Hotspots in yachting change very slowly,” says SuperYacht Times’s de Waard.
“A wealthy person in Singapore or Hong Kong might still want to go boating in the Mediterranean or Caribbean.”
But as yacht owners proliferate across the globe, in the long term the superyacht industry may no longer prize the Mediterranean alone.
Locales in Asia and Central and South America are gaining popularity either for their existing marinas or as sites for new ones, since it remains so challenging to build them in the Mediterranean.
Hong Kong is creating a 500-berth port for superyachts, part of its airport bay development, that will open by late 2028, while Japan’s Kobe Marina is finalising its site for the country’s first dedicated marina hub for superyachts.
Emirati developer Aldar is building Abu Dhabi’s largest yacht marina on Saadiyat Island.
“In the Mediterranean, at least, and in the US and Caribbean, you can’t build new sites.
It is pretty rare,” says the investor in the marina industry.
“Asia and the Middle East — Turkey, for example — are where you’re starting to see new assets being created.” 
“We are a public entity, which makes quite a difference, because we operate not to maximise returns for shareholders but for our city and our region,” says Olivier Astolfi, director of the region’s ports.
“We have a more long-term vision for sustainable development.”
“Hotspots in yachting change very slowly,” says SuperYacht Times’s de Waard.
“A wealthy person in Singapore or Hong Kong might still want to go boating in the Mediterranean or Caribbean.”
But as yacht owners proliferate across the globe, in the long term the superyacht industry may no longer prize the Mediterranean alone.
Locales in Asia and Central and South America are gaining popularity either for their existing marinas or as sites for new ones, since it remains so challenging to build them in the Mediterranean.
Hong Kong is creating a 500-berth port for superyachts, part of its airport bay development, that will open by late 2028, while Japan’s Kobe Marina is finalising its site for the country’s first dedicated marina hub for superyachts.
Emirati developer Aldar is building Abu Dhabi’s largest yacht marina on Saadiyat Island.
“In the Mediterranean, at least, and in the US and Caribbean, you can’t build new sites.
It is pretty rare,” says the investor in the marina industry.
“Asia and the Middle East — Turkey, for example — are where you’re starting to see new assets being created.”
‘You wouldn’t want to take your Lamborghini or Ferrari to a truck stop’
© Tanya Cooper
© Tanya Cooper
But marinas that can accommodate superyachts are still not available everywhere, meaning that captains must sometimes look for other options in more remote locations, such as docking at a commercial port.
These tend to come without amenities and include potential hazards, such as the risk that metal filings could damage the paint job or that VIP guests could be exposed to unwanted publicity.
“As soon as you go outside the Mediterranean and Caribbean, and the odd place like Costa Rica, Thailand and the Seychelles that have a superyacht marina, they’re few and far between in most countries,” says Durham, the former captain.
“You wouldn’t want to take your Lamborghini or Ferrari to a truck stop.”
The generation of younger yacht buyers is also driving the industry to new frontiers, says Quay Group’s Clarke: “We’ve definitely seen owners being much more adventurous, and they’re more interested in seeing things that maybe they haven’t seen, as opposed to just doing St Tropez, Monaco, Capri.”
He suggests Central and South America and the Pacific Islands are more popular than Asia.
St Tropez © Getty Images
But while the marina industry is globalising, ultimately superyachts are constricted the world over by the same factor that makes them unique: their size.
“It’s certainly becoming more challenging, especially with the larger yachts,” says one captain.
“I’m captaining a 100-metre yacht at the moment and there are only a finite amount of places you can put one of these.”
But not if the marina industry has its way.





$The Polish passenger ship 'Pilsudski' at Gdynia, 1935.

