In this episode we step aboard the remarkable Grey Wolf II (FPB 78-2) to explore a subject that is rarely discussed outside professional circles: MCA Category 0 certification, the highest operational coding available under the UK Maritime and Coastguard Agency.

Owner Peter Watson joins the conversation to explain why he insisted that she be built and operated to this demanding standard, even though it created extra work for the designer, the shipyard, and almost everyone involved in the project.

Grey Wolf II is the only FPB yacht in the fleet to hold MCA Category 0 coding, allowing her to operate commercially anywhere in the world, without restriction to distance from a safe haven. For Peter, however, the motivation was not charter income. The goal was much simpler: safety and capability.

As Peter explains, the MCA code has evolved over decades and incorporates lessons learned about stability, structural integrity, systems redundancy, and operational procedures. Achieving Category 0 status means a yacht has been designed and equipped to meet an extremely high standard of offshore safety.

The discussion also looks at the new MCA coding requirements being introduced for 2027, which significantly raise the bar for vessels seeking or maintaining commercial certification. Grey Wolf II is currently being updated to meet the revised standard, a process that involves both physical upgrades and extensive documentation.

Some of the modifications include replacing existing composite seacocks with custom stainless steel valves, installing additional electrical redundancy to ensure navigation lights remain operational even during total power loss, and adding new system shut-off controls and operational protocols.

Beyond the engineering work, the updated code also introduces new administrative requirements, from cyber security policies to expanded safety management documentation. While the upgrades themselves are manageable for a yacht built with serious offshore capability in mind, the paperwork required to demonstrate compliance is considerable.

Grey Wolf II’s ability to pass the new standards relatively smoothly is also a testament to the original design philosophy behind the FPB series and the work carried out during her construction in New Zealand in collaboration with designer Steve Dashew.

Having already cruised extensively across the Pacific, visited remote regions including Antarctica, and completed long-distance voyages in both tropical and polar environments, she has proven herself as a genuine go-anywhere expedition yacht. Her next adventure: a family holiday, a Mediterranean cruising season, travelling through the islands of Greece with children and grandchildren aboard.

It is a reminder that despite her formidable capability, she remains at heart a family cruising yacht, equally comfortable exploring the polar regions or enjoying relaxed voyages in the Mediterranean.

In a world where many yachts are built for appearance or occasional coastal cruising, she stands apart as a vessel designed, built, and certified to operate anywhere on the planet.

Episode 11. Grey Wolf FPB78-2 Adventures from the Pacific to Antarctica – Building the Ultimate Expedition Yacht - https://www.buzzsprout.com/2528535/episodes/18323395

Inside the FPB 78 GREY WOLF II MCA Category 0 Seacock Refit | Owner Interview - https://youtu.be/t4KlacOkbO4

Inside the FPB 78 GREY WOLF II MCA Category 0 Seacock Refit | Walkthrough Tour - https://youtu.be/reEV2V16IKU

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Spring is approaching in the Northern Hemisphere, and with it the start of another yachting season. In this episode of Inside the Market, we take a closer look at the yacht brokerage landscape as it stood at the end of February 2026.

Joining the conversation is Sophie Kemp, who has recently returned to Berthon after maternity leave and celebrates ten years with the company. Sophie specialises in sailing yacht brokerage and has also been closely involved in launching Berthon Essential, a dedicated platform for yachts under £110,000 designed to give smaller boats their own space in the market.

https://boatsforsale.berthoninternational.com/ 

Together we discuss what we are seeing across Berthon’s five international brokerage offices and what buyers and sellers should understand as the new season begins. Conditions vary widely across the globe. In Newport, Rhode Island, over two feet of snow has made showing yachts a challenge, while changes to tariff structures are forcing some buyers to reconsider the costs of importing yachts into the United States and the wider implications for their businesses.

Despite this uncertainty, the brokerage market continues to move. While enquiry levels remain modest overall, Berthon’s long-standing client base continues to provide stability, with more than half of transactions coming from repeat clients returning to buy or sell their next yacht.

Pricing remains a sensitive issue across the market. There is pressure on values in many segments, particularly where there is a larger supply of comparable yachts available. However, well-presented yachts with strong pedigree, proper service histories, and good overall condition continue to attract buyers without difficulty.

Another notable trend is buyer behaviour. A significant number of active leads are currently researching and monitoring the market rather than rushing to commit. With a good selection of yachts available in certain segments, many buyers feel comfortable taking time to evaluate their options before making a decision.

The new yacht market continues to face challenges, although activity remains healthy in parts of the production segment. Major industry developments are also unfolding, including the widely reported bid by Donerail for MarineMax, a move that could have significant implications across the brokerage, marina, and service sectors.

As ever, the fundamentals remain the same. Pricing correctly, presenting yachts well, and maintaining strong service histories continue to be the factors that determine which yachts sell and which remain on the market.

Key Points

• Newport office facing difficult showing conditions due to heavy snowfall, while tariff changes are creating uncertainty for some US buyers.
 • Enquiry rates remain modest, but repeat clients continue to drive activity across the brokerage.
 • Prices are under pressure across much of the market, although well-presented yachts still sell without difficulty.
 • In segments with greater supply, buyers are taking time to research and secure the right deal.
 • A larger number of active leads are monitoring the market rather than committing immediately.
 • The new yacht market remains challenging, although activity continues in parts of the production sector.
 • The proposed Donerail bid for MarineMax is a major development that could influence the wider yachting market.

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Is Sweden the best place to find a proper cruising yacht right now? In this special crossover episode, Berthon Scandinavia join BoatsinSweden to share a practical, buyer-focused guide to the Swedish used boat market, and how to navigate it safely if you are shopping from abroad.

Host Ingus Purgalis from BoatsinSweden is joined by Magnus Kullberg from Berthon Scandinavia, a broker with nearly 15 years in the trade and roughly 400 boats sold. Together they strip away the romantic brochure talk and get into what actually matters when you are wiring serious money for a serious boat.

First, they unpack why Scandinavian yachts earn the “Swedish Gold” reputation. It is not a fairytale. It is often down to storage and environment. Boats spend months ashore each year, many inside heated storage halls, and in large parts of Sweden they live in brackish or even fresh water. That can mean less corrosion, less wear in the places you do not immediately see, and a better chance of finding an older boat that still presents well. As Magnus puts it, “The fact that it is less salt makes a difference. And also the fact that the boats are up on the land for six months makes a difference.”

They also cut through a common assumption about the weak Swedish Krona. Yes, it can help, but Magnus explains that many premium listings are benchmarked against the wider European market anyway. In other words, the buyer does not always get a miraculous discount just because of currency headlines. The real advantage is often condition, provenance, and a sensible seller. When owners push prices beyond reality, the market responds fast. “If we put the price too high… we don’t get any enquiries.”

If you are buying internationally, the most valuable section is the step-by-step process: broker versus private sale, what legal protections apply when buying from a company, and why a proper survey is still the best investment you can make. Magnus is blunt about doing the work early: “If you do the work good from the beginning… we don’t have this type of problems.” In his experience, issues after completion are rare, and the goal is simple: no surprises, no drama, no long-distance arguments.

They also tackle paperwork that can quietly wreck resale value later, especially VAT evidence and registration. If you plan to cruise across borders, you want clean proof from day one. “If you don’t have the paper, but you know that it is paid, then you cannot prove it. And then you have a problem.” It is not glamorous, but it can save you from years of friction when you move countries, change flag, or try to sell.

Finally, they talk about how deals actually get done in the real world: deposits, time limits, exclusivity, escrow handling, and how brokers can hold funds back until launch and sea trial if a boat is sold while in winter storage. It is the unsexy machinery that keeps buyers and sellers safe when the numbers get big.

And for anyone dreaming of bluewater cruising, there is a reminder that cuts through years of over-planning and refit procrastination: “Just buy a boat… and go.”

Audio pulled from the original BoatsinSweden video published Jan 9, 2026.

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Our first Inside the Market episode of 2026 sees Sue joined by Tim Carbury, newly appointed Head of Sales at Berthon Spain, for a wide ranging and timely discussion on yacht sales, buyer behaviour and the realities of trading at the start of a challenging but active year.

Tim joined Berthon on 1 January after more than a decade working at the sharp end of the Mediterranean superyacht sector. His background spans offshore sailing, yacht deliveries, yacht management and brokerage, with extensive experience based in Palma. In this episode, Tim shares his journey into the industry, what drew him ashore, and why Berthon’s collaborative, team led approach stood out in a brokerage world that can often feel competitive and siloed.

We discuss the wider market, informed by normal trading activity across Berthon’s UK, Spain, USA and Sweden offices, and by time spent together at boot Düsseldorf. While the Show was positive overall and clearly more active on power than sail, one of the strongest takeaways was its increasingly regional feel. International attendance was noticeably down, with fewer UK and US visitors than expected, suggesting buyers are prioritising local and regional shows rather than long distance travel.

In Spain, Berthon’s service, refit and repair operation continues to be busy, driven largely by smaller assignments rather than large scale upgrades. Budgets are clearly under pressure, and this extends well beyond the sub 24 metre market into the superyacht sector. Owners are focusing on repairs rather than enhancements, with price sensitivity increasing as local authority and operational costs continue to rise.

On the brokerage side, high quality new listings are joining the Berthon fleet across multiple territories. Sweden, in particular, is seeing strong early season activity, with yacht sales performing well despite heavy winter conditions and the fact that the traditional selling cycle has barely begun.

American buyers remain active in brokerage, but a clear shift is emerging. Increasingly, they are purchasing yachts for use in Europe, for bluewater cruising or for global programmes, rather than for domestic US use. This is mirrored by increased transatlantic travel and growing American presence in Mediterranean cruising grounds.

In a harder market, some suppliers of brokerage marketing platforms continue to raise prices, adding pressure at a time when careful cost control matters more than ever.

Within the US domestic market, pricing remains challenging. Some buying brokers are advising offers around 20 percent below asking, irrespective of underlying value. This contrasts sharply with European norms and reinforces the importance of accurate, realistic pricing from the outset.

What remains consistent is that recent, well known brands continue to sell when yachts are well maintained, correctly marketed and survey well. Buyers are cautious, but they are still decisive when quality, transparency and value align.

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What does it take to build a yacht capable of crossing the Pacific, riding out 100 knots at anchor, refuelling from 45-gallon drums on remote islands, and cruising among drifting ice and orca in Antarctica? In this episode of the Berthon Podcast, Sue Grant sits aboard FPB 78-2 Grey Wolf II with owner Peter Watson to talk through one of the most extraordinary private cruising programs of the last decade.

Peter’s FPB story began with Little Grey Wolf, an FPB 64 he bought in New Zealand. Instead of shipping her home, he made the bold decision to drive her across the Pacific. “I looked at shipping the boat back,” he says, “and then thought, no, let’s drive it back.”
The resulting three-month journey carried a crew of five, including a retired MOD naval architect and two apprentices, through Tahiti, the equatorial countercurrents, Panama, the Azores and on to the Channel Islands. It was on this voyage that Peter learned the practical truths that would shape his next FPB: carry the spares you may need, because help is thousands of miles away, and make sure everything on board is accessible.

While the 64 was crossing oceans, Grey Wolf II was under construction in New Zealand. The design was a collaborative process between Peter, fellow FPB owner Pete Rossin, and Steve Dashew himself. “It was very much a group effort,” Peter explains. “Steve designed the hull, but we all worked together to refine how she should be equipped and laid out.” He even spent nine months in the yard during the build, ensuring the systems, access and fit-out met the standard needed for high-latitude cruising.

Safety was at the core of the project. Peter insisted the yacht be built to MCA Category Zero. “I wanted the boat to be as safe as it possibly could be. The MCA standard is one of the best internationally,” he says. Grey Wolf II is the only FPB 78 coded to that level.

Once completed, she took the long route home. New Zealand to Tahiti, then the Gambier Islands, where fuel was hand-pumped aboard from 45-gallon drums. Past Pitcairn and Christmas Island, then into Chile. From there she and FPB 78-3 Iron Lady II travelled south together and spent three unforgettable weeks in Antarctica. “The wildlife was extraordinary,” Peter says. “Orca, penguins, seals. By the end I was almost penguined out.”

The conditions, of course, were real. Charts were unreliable, ice drifted unpredictably and anchoring required constant vigilance. “You might put the anchor down and be fine, then the wind shifts and suddenly the ice is coming at you. You have to decide whether you can push it off or lift the anchor and move.”

Between Little Grey Wolf and Grey Wolf II, Peter estimates he has logged close to 100,000 FPB miles. The capability, he says, is what keeps drawing him back. “You do not go looking for bad weather,” he explains, “but you know the boat can handle it. We had 100 knots on the nose in Chile and everything held without a problem.”

If you are interested in real world ocean crossing capability, practical design lessons, or what it means to run a family expedition yacht to some of the most remote places on earth, this conversation is not to be missed. Grey Wolf II is a remarkable platform, and Peter’s miles prove the point.

Listen now and step aboard one of the most capable private cruising yachts afloat

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In this final Inside the Market of 2025, Sue Grant is joined by Berthon motorboat broker and lifelong yachtsman, Hugh Rayner, to unpack what is really happening across sail and power as we head into 2026.

They start with a striking datapoint from the USA. For brokerage yachts over 500,000 dollars, 1,893 motorboats have sold in 2025, against just 149 sailboats including multihulls. As Sue says, it is a sobering statistic. Hugh sees it every day as experienced sailors quietly move to semi displacement and long range motor yachts. As he puts it, many are discovering that “straight line sailing is quite nice because you can sit inside, put the heating on and avoid a face full of salt water every fifteen minutes”.

Multihulls are another clear growth story on both sides of the Atlantic, sail and power. Deck space, comfort and performance are drawing in new owners. At the same time, more mature and heavier designs must now be priced very keenly to compete with rapidly evolving new models and materials.

New yacht sales remain challenging overall. Confidence, not capital, is the limiting factor. Yet truly new designs in the quality segment still cut through. From serious blue water sailing yachts to long range motorboats, the best of the new launches are selling off the drawing board in both Europe and the USA.

Across the group, buyers are asking Berthon to act for them in growing numbers. They want accurate, unvarnished advice on values, VAT, build quality and where a yacht really sits in the market. As Hugh says, “you are not just buying a boat, you are buying what that owner has done with that boat”.

Correctly priced, well marketed recent yachts with good pedigree, strong service history and sensible specification are still finding buyers readily. Berthon goes into the holiday period with more yachts under contract for early 2026 than we would normally expect.

None of this hides the fact that 2025 has been a bruising, turbulent year and that 2026 is likely to be similar. Reading the market accurately and telling owners the truth about price and presentation is critical. Overpriced, badly marketed yachts will not sell, however cheap the commission deal.

The episode closes with a look at the Berthon Fleet itself. The marketing team in all territories is busy, with an unusually high volume of new listings joining the fleet for the time of year. If you want a clear, honest view of where the market really sits at the end of 2025, this is the place to start.

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Inside the Market returns for November 2025 with a straight talking look at what is really happening in the yacht world right now. In this episode, Berthon International’s Sue Grant is joined by Alan Baines, Managing Director of Berthon USA, to unpack refit trends, pricing reality, and why some yachts are quietly selling while others sit and gather dust.

They begin in Palma, where Berthon’s refit and service operation is busier than ever, but the profile of work has shifted. The focus now is on seaworthiness, safety and essential maintenance, not teak decks and shiny cosmetics. Owners are spending to keep boats safe and moving, not to win beauty contests.

Across the Atlantic, the US brokerage market is surprisingly active, helped by one key factor: realistic sellers. Alan explains that where owners accept genuine market value, yachts are changing hands. Where they cling to 2022 pricing, they simply do not. Overpriced yachts remain a major drag on the market, often the result of brokers over promising to secure the listing in the first place.

That leads to one of the central themes of this episode. The market is more diverse and specialised than ever, and no broker can credibly be an expert in every segment. Choosing someone who truly understands your type of yacht may not support an over optimistic asking price, but it dramatically improves the chances of a sale within a sensible time frame.

Price remains the main driver of deals. Extra equipment and long option lists rarely raise the headline number. They make a yacht easier to sell, not inherently worth more. In a cautious, cost conscious environment, buyers reward value, not gadget count.

Presentation also matters. With a good choice of yachts on the market, buyers are deeply project averse. Cluttered interiors, obvious deferred maintenance and “fixer upper” listings are sticking. Clean, de personalised, well prepared yachts are the ones that get serious viewings and offers.

Location is the final, often overlooked, factor. As winter bites and charter flights shut down, anything parked in a hard to reach corner of the Med or Caribbean becomes difficult to show. If a visit involves multiple connections and an overnight stay, most buyers will simply not go. Until flight schedules resume in spring, badly located yachts are at a real disadvantage.

Across the conversation, Sue and Alan keep circling back to seven simple truths that define this market right now:

1.Refit demand is strong, but focused on safety and seaworthiness.
2.In the USA, deals are happening where sellers accept true market pricing.
3.There are still too many overpriced yachts, often the result of over promising to win listings.
4.Specialist brokers who know a segment deeply give owners the best chance of a timely sale.
5.Yachts are selling on price. Extra kit helps them sell, but does not add real value.
6.Poorly presented yachts are being left behind. Buyers do not want projects.
7.With winter here, remote locations make yachts hard to show and harder to sell.

If you want an honest view of where the market really sits at the end of 2025, this one is worth a listen.

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What really makes a motor yacht safe, comfortable and capable of crossing oceans, not just surviving them? 

Sue sits down with legendary designer and lifelong cruiser Steve Dashew to talk about FPB explorer yachts, and why not every metal boat in the anchorage is created equal.

Now retired from full time yacht building, Steve and Linda have swapped FPB commissioning for land yachting in Arizona, photography, and a very serious Ford truck and camper project. But Steve is still studying hulls, watching the America’s Cup, advising quietly in the background and thinking deeply about what makes a truly capable long range cruiser.

Drawing on hundreds of thousands of sea miles, including Greenland, the South Pacific and long upwind slogs that most of us try to avoid, Steve explains why their approach was always “cruisers first, designers second” and how that changed the shape of FPB.

A core theme in this episode is the importance of consistently high average speed at sea. Many boats can post an impressive top speed in flat water, but very few can maintain meaningful pace through crossing sea states, head seas, or long downwind passages. Steve explains why average speed, not peak speed, is the fundamental pillar of safe passagemaking.

 A yacht that can reliably deliver consistently high average speeds unlocks shorter passage times, the ability to ride or outrun weather systems, and, most importantly, a calmer, more predictable experience for the crew. Comfort and safety are not separate ideas; they are linked directly to whether a boat can keep moving fast while keeping motion under control.

In this conversation, we dig into:

• Steve explains how maintaining 10–11 knots in real ocean conditions lets you stay with favourable systems, avoid the worst of storms, and dramatically reduce fatigue on passage. As he says, “If you can keep your average up, the weather works for you. If you can’t, it works against you.”
• Why explorer style yachts have exploded in popularity, and why many look like FPBs but do not behave like them when the barometer falls.
• The idea of yacht design as a zero sum game, where every interior gain, hull tweak or fashion line has a direct impact on motion, steering control and safety.
• How to evaluate an explorer yacht if you are planning serious miles: why you should sea trial in ugly weather, insist on going out when the broker would rather stay alongside, and look closely at the people behind the design.
• The difference between a boat that “can take it” and a crew that actually wants to keep going. As Steve puts it, successful cruising is about being mentally and physically comfortable, not just structurally safe.
• The story behind FPB 83 WIND HORSE. Steve and Linda staked their own money and miles on a radical concept that many experts said would not work. Tank testing, CFD and ratios got them part of the way, but the real proof came after 15,000 to 20,000 miles at sea.
• Why steering control is everything offshore. FPBs are designed to surf safely at speed, why many owners are initially afraid to do so, and how average speed around 10 to 11 knots lets you work with weather systems instead of being punished by them.
• The trade off between interior volume and true seagoing ability.

If you care about long range cruising, motion comfort, or are quietly shopping for an explorer yacht that can really cr

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Tom Cunliffe joins us for a proper cup of tea and a wide-ranging conversation about boats, books, and why real seamanship still matters. A merchant seaman turned delivery skipper, Yachtmaster Examiner, columnist and broadcaster, Tom has spent a lifetime at sea—from engine-less beginnings on the Norfolk Broads to long ocean passages on traditional gaff craft and a Colin Archer to South America, the Caribbean and back. He shares the formative moments that shaped his philosophy: sailing without an engine, learning to think like a sailor (not a motor-boater with sails), and why how you recover from a mistake tells you more than whether you make one.

We talk navigation then and now. Tom argues that modern electronics are brilliant—but can diminish us if we forget the craft. He explains why raster charts and analogue plotting still earn a place on an iPad, and how his AngelNav approach lets you keep navigating if GPS goes dark. Starlink, he says, has changed cruising beyond recognition—useful, yes, but it dilutes the old solitude that bred self-reliance.

Tom also lifts the lid on the writing life: columns on both sides of the Atlantic, the decision to leave certain magazines over copyright, and the long road from textbooks and history to fiction. That leads to his new novel, Hurricane Force—a 1970s Caribbean sailing thriller with rave reviews (Alexander McCall Smith calls him “the Dick Francis of yachting thrillers”). We explore why he set it pre-GPS, how real people and places inspire composite characters, and why plotting a thriller sometimes needs an old roll of wallpaper more than a fancy app.

Stories abound: a teenage initiation on a 25-foot gaff sloop with no engine; beating for days into current off Venezuela; sharing an anchorage (and a mishap) with Don Street; ship-handling lessons from the merchant service that still apply to tying up a 45-footer with two people and no drama. Throughout, Tom keeps circling one idea: seamanship is joyful competence—clear thinking, tidy lines, and the confidence to make landfall by the stars if you must.

If you love traditional craft, bluewater problem-solving, or just a well-told sea story, this one’s for you. We cover:

• Learning under canvas: why starting engine-free rewires your seamanship
• The philosophy behind analogue-first navigation on digital tools
• The romance and reality of long passages then vs. now
• How Hurricane Force was born, shelved, and reborn—plus hints at the sequel
• Practical ship-handling tips yacht owners forget (and examiners notice)


Pour a brew, settle in, and let one of yachting’s great raconteurs remind you why we go to sea in the first place, and why the best safety gear lives between your ears.

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In this October Market Insights episode, Sue is joined by Andrew Fairbrass from Berthon Spain to discuss the global yacht market as the team returns from the Annapolis Boat Show. Across all Berthon offices, activity remains steady, but the way buyers are engaging, researching, and making decisions continues to evolve. The conversation explores changing buyer behaviour, the challenges facing yacht manufacturers, and what’s driving momentum across new yacht sales, brokerage, and refit sectors as 2025 heads toward its final quarter.

This month’s insights:

1. The day of the boat show is waning. With more localised events, digital walkthroughs, and access to detailed online specifications, most buyers are viewing, assessing, and deciding outside traditional exhibition settings. The autumn shows have seen busy docks and halls, but fewer committed buyers as organisers prioritise visitor numbers over qualified clients.

2. Multihulls are hot. Interest continues to rise, led by production models linked to charter opportunities. Alongside these, there is strong demand for semi-custom, well-engineered, high-quality designs offering performance, comfort, and long-range capability. These are yachts that combine speed, seakeeping, and liveability, true bluewater cruisers appealing to experienced sailors and newcomers alike.

3. New yacht sales remain challenging. Long-standing American builder Catalina announced the suspension of production – a significant indicator of wider pressures in the sector. Rising costs, cautious buyers, and stock overhangs have slowed the pace of new orders. More announcements of this kind are expected into 2026.

4. Production yacht and motor yacht builders are struggling to reduce stock levels. As 2025 draws to a close, unsold stock remains high, a concern as unsold boats cross into a new model year. Many manufacturers are expected to delay or scale back production rather than discount heavily, in order to preserve pricing integrity.

5. Refit and service demand remains strong at the top end. Berthon’s service and refit operation in Palma has a full order book stretching into 2026, largely from yachts 100 feet and above. However, activity in the 60–100 foot range has slowed, impacted by high berthing costs and market hesitation. Palma’s berth prices have begun to soften again after sharp increases last year, and brokers are now negotiating attractive winter deals to keep yachts local.

6. Buyer confidence remains fragile. Levels of buyer remorse are high, with some clients stepping back at the final moment. Global uncertainty and economic caution are feeding a wait-and-see approach, particularly among first-time buyers and those upgrading into larger yachts. Brokers across all offices report that their role now involves more reassurance, education, and managing expectations throughout the process.

7. Market sentiment expects prices to fall, but stability continues. Some buyers remain convinced that brokerage prices will drop sharply over the winter, but this appears unlikely. The price delta between new and brokerage yachts remains wide, and builders are far more likely to slow or pause production than to sell below cost. For now brokerage values are holding steady, with well-presented, sensibly priced yachts still finding serious buyers.

Across the group, the message is consistent: while confidence wavers and decision-making takes longer, the market remains active, disciplined, and value-driven. Multihulls are a clear growth story, refit work continues strongly at the large-yacht end, and owners who price realistically are seeing results. The final months of 2025 look set to close on a stable footing, as the yacht industry continues to balance global caution with a steady appetite for quality and adventure afloat.

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