Superyacht sales surge prompts fresh calls for curbs on their emissions
The rising fortunes of the world’s billionaires during the pandemic helped fuel a record £5.3bn in superyacht sales last year, prompting calls for new curbs on their emissions.
New figures reveal that 887 superyachts were sold in 2021, an increase of more than 75% compared with the previous year. Yachting brokers say some of the demand has been from wealthy clients seeking a secure refuge from the pandemic.
Sam Tucker, head of the superyachts team at VesselsValue, the maritime and aviation data firm which compiled the report, said: “It has been the strongest year on record for the number of transactions and the money spent.” He said low interest rates and rising stock markets had meant more disposable income for the world’s richest people.
A superyacht is typically defined as a privately owned vessel 78 feet (24 metres) or more in length. According to industry data, there are more than 9,300 on the seas worth a total in excess of £50bn.
While maritime construction yards are keen to promote the green credentials of many superyachts, they are major polluters. It has been estimated a superyacht with permanent crew, helicopter pad, submarines and pools emits about 7,020 tonnes of carbon dioxide a year, more than 1,500 times higher than a typical family car.
Paul Stretesky, a professor of social sciences at Northumbria University and co-author of a 2019 report, Measuring the Ecological Impact of the Wealthy, said more financial levies were needed on the superyacht industry.
He said: “The damage done by this conspicuous consumption is incredible. It’s not something we should aspire to, it’s something we should stop.” Stretesky’s report found that the annual fuel costs of a superyacht can be about £300,000.
A report last year by the
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