Buoyant vessel builders on crest of a wave

By Shi Jing (China Daily) Updated: 2015-05-07 07:29

"These new aluminum-alloy pilot boats are not only more environmentally friendly but also more efficient. Ports have been seeking new ways to revive their businesses and by introducing these aluminum-alloy boats, efficiency is greatly improved, allowing more ships to be berthed."

With few 10 million-yuan-plus ($1.6 million) super luxury boats on display this year, organizers of the Shanghai boat show, who set aside an area highlighting official boats used over the past 20 years in China's waters, reported a 43 percent rise in the number of smaller yachts less than 8 meters in length being presented at the event.

According to the China Association of the National Shipbuilding Industry, yachts shorter than 8 m make up 94 percent of market share in the United States, the world's biggest. Yachts with length ranging between 8m and 13m account for 4 percent of US market share, while luxury vessels represented less than 2 percent of sales.

"People in the US do not buy yachts to show off their wealth," said Thom Dammrich, president of the National Marine Manufacturers Association of the US, who was in Shanghai recently.

"More often, the middle class and richer people consider yachts as a means of family recreation. The growing number of smaller boats on show here (in Shanghai) demonstrates how the yacht market is now developing in China."

Navico (Suzhou) Trading Co Ltd, a specialist in marine electronics and a leading supplier to the recreational fishing, power boating and sailing sectors, was exhibiting at the show, and officials said it had witnessed a 50 percent rise in demand in China.

Huang Xiaodong, its business development manager, called the current market sentiment "extremely good".

"There were already 90 million fishing aficionados in China as early as 2004, but that number has multiplied over the past decade.

"We think at least 10 percent of these people have bought their own fishing yachts, priced around 200,000 yuan for general water fishing, or 500,000 yuan to 1 million yuan for deep sea fishing," said Huang.

"Most of them could be categorized as belonging to the rising Chinese middle class."