Economic benefits set to flow to NZ from luxury yacht regatta

by Amy Welch on 19 Nov 2012 When a fleet of luxury superyachts sail into Auckland next February they are likely to bring with them a hefty economic boost for both the New Zealand marine industry and the city as a whole.

The palatial superyachts, all at least 30 metres long, will be here for the 2013 NZ Millennium Cup, to be sailed on the waters of the Waitemata Harbour and Hauraki Gulf. They will moor in the Viaduct Harbour in downtown Auckland, their owners and guests enjoying the nearby restaurants, bars and shops. Their captains and crew will also take advantage of our world-class marine industry, ensuring their sophisticated vessels are maintained to the very highest of standards.

And, as international research shows, while here, the fleet will make a very significant contribution to our economy.

Earlier this year, the Superyacht Intelligence Agency produced a detailed, economic impact report on superyacht expenditure. It showed that the average superyacht spend is around $2.6 million a year. More importantly, it showed that superyachts, like those due here next February, have a positive and significant economic impact on the countries they visit.

'The important contribution made by superyachts to New Zealand should not be overlooked,' stresses Ellie Brade, editor of Superyacht Intelligence and Pacific Editor at the highly-respected The Superyacht Group.

'New Zealand has a sterling reputation as a superyacht construction, refit and cruising destination.'

Brade says events like the NZ Millennium Cup produce many benefits. They give the local superyacht industry a platform on which to showcase their work to the world. They also help attract more superyachts here.

According to the NZ Millennium Cup’s Amy Welch, a single yacht undertaking refit work injects an average of $NZ6million into the local economy, while a yacht being built here from scratch will average out at about $NZ40million.

Even those yachts that do not undertake work make a significant contribution.

'Each superyacht generates approximately $NZ1million in economic benefit to Auckland, and to New Zealand, just as a result of being in our waters,' she says.

Planning for the 2013 New Zealand NZ Millennium Cup comes as local superyacht manufacturers bask in the glory of yet more international awards.

At the recent International Superyacht Society (ISS) awards in Florida, the 30–metre sailing superyacht Antares III, built by Yachting Developments in Hobsonville, won the award for the Best Sailing Superyacht in the 24-40 metre category. They also won the Best Refit 2012 Award for their comprehensive refurbishment of the classic 1934 America’s Cup J Class Endeavour.

At the same awards, the world renowned superyacht yard, Alloy Yachts, which is based in Henderson, won the ISS Award for the Best Sailing Superyacht over 40 metres for their 67.2-metre Vertigo. An incredible 19 Alloy Yachts’ vessels have now won international superyacht awards.

Among the yachts confirmed for the 2013 New Zealand NZ Millennium Cup is Ohana, a new yacht built by New Plymouth’s Fitzroy Yachts and a generating huge buzz in the global industry, and Silvertip, winner of both the 2011 and 2012 New Zealand NZ Millennium Cups.


Superyacht facts:

• A single superyacht build project in New Zealand generates around $NZ40million.
• A visiting superyacht injects around $NZ1million to the New Zealand economy, just by being in our waters.
• Superyachts contributed €24bn to the global economy in 2010.
• Jobs created by superyachts globally are worth €5.99bn annually.
• Up to 100,000 contractor/day-worker jobs.
• 33,000 crew employed on yachts worldwide.

[Source: Superyacht Intelligence Agency, Superyacht Economic Impact Report 2012]


The NZ Marine industry:

Currently generates around $1.7b
Exports around 40% of that (approx $640m)
Responsible for 10% of all New Zealand’s manufactured exports
Employs about 8000 people (or Full Time Equivalents)
Trains 450 apprentices annually


The 2013 New Zealand NZ Millennium Cup:

February 14-16, 2013
Begins with a cocktail party and briefing for captains and owners’ briefing on February 14.
Racing on Waitemata Harbour and Hauraki Gulf on February 15-16, punctuated with social events and entertainment.

Platinum sponsor:
Yachting Developments (builder of 2011 and 2012 winner, Silvertip).

Gold sponsors:
Fitzroy Yachts, Waterfront Auckland, Alloy Yachts, Touch of Spice.

Silver Sponsors:
Dubois, Doyle Sails, Smuggler Marine.

Bronze sponsor:
Gurit Asia Pacific

Official Apparel Partner:
Events Clothing

Hospitality Partners:
Mt Gay Rum, Stoke beer

Official Media Partners:
The Superyacht Group, Ocean Media