New Hong Kong Superyacht Center

March 22, 2019

Yachting Journal

Kara Yeung, Executive Director of HKCYIA (Third Left) & management of Euroasia Dockyards, Jason Wong, Senior Manager, Business Department of China Merchants Container Services (Fourth Right) at Ceremony. Photo: HKCYIA

There's a new home for Superyacht care in Hong Kong, as China pins its hopes on a strong and growing maritime industry.

Hong Kong Cruise and Yacht Industry Association (HKCYIA) has reached a partnership agreement with the China Merchants Industry Holdings Co. Ltd. for the establishment of the Hong Kong’s first Superyacht Management Services Center in Tsing Yi. Located at the Yiu Lian and Euroasia Dockyards, the center will provide supporting services for superyachts of over 45 meters, including yacht refit, repair and maintenance services.

Speaking at the signing ceremony witnessed by lawyers of Stephenson Harwood, Kara Yeung, HKCYIA Executive Director said “the establishment of a yacht management services center specifically designed for superyachts has marked a major milestone in the development of the yacht industry in Hong Kong. As more yachts are becoming bigger in recent years, the demand for quality superyacht management services is on the rise. However, existing facilities in Hong Kong are lagging behind leaving some very big space for development in this field.”

“Currently the majority of the maritime business in Hong Kong is taken up by commercial and cargo ships, with the repair and maintenance systems being mainly designed for these kind of ships. However, yacht management and maintenance is another service segment which the current system cannot cater to meet their specific needs,” she said.

Yeung remarked that the move is in line with China’s plan to develop the maritime economy. According to the Outline of the 13th Five-Year Plan for the National Economic and Social Development of China, the maritime economy grew by 7.5 percent annually on average in the past five years reaching $1.2B in 2017. Beijing expects the maritime industry to be worth $1.5B by 2020 and account for around 15 percent of her GDP by 2035, showing the bright future of the maritime business.

As Hong Kong is expected to be a “super connector” in the implementation of the Belt and Road Initiative and the strategy to build a 21st century maritime Silk Road, the enhancing of multilateral maritime co-operations and fostering of world-class marine industrial clusters in the Greater Bay Area will be of special significance for Hong Kong.

According to Yeung, the HKCYIA Superyacht Management Services Center will collaborate with international yacht brands and top yacht management companies in providing world-class supporting services, including repair and maintenance, audit and survey, bunkering services, crew administration, logistics support, etc. Exclusive onshore tours with tailor-made itinerary can also be provided for ship owners and their crew.

HKCYIA will also join hands with the Maritime Services Training Institute (MSTI) and RINA Services S.p.A. to develop a superyacht management course, providing hands-on training to young people who have an interest in pursuing their careers in the yacht industry.

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