sanlorenzo yacht ceo

Marco Segato nominated CEO of Sanlorenzo Americas

Sanlorenzo , one of the world's leading yacht and superyacht manufacturers, is delighted to announce the appointment of Marco Segato as the new CEO of Sanlorenzo Americas, the branch that has over the last ten years acted as an embassy for the brand and has aided in the expansion and bolstering of Sanlorenzo in North, Central and South America.  

Marco Segato, formerly Vice President of Sales of Sanlorenzo Americas since 2014, having previously held important positions in the field of strategic consulting and business development and having a great wealth of experience in the boating sector to his name, was additionally chosen to become shareholder of the US company to further build upon and develop the growth achieved by Sanlorenzo Americas. This meeting the new challenges offered by this strategic market.   Sanlorenzo Americas, based in Fort Lauderdale and New York leads a sales network that includes Perù, Venezuela, Brazil, Colombia, Mexico, Panama, Guatemala, Costa Rica, Canada, making itself the only  reference point in the US for shipowners who wish to build their own custom-built Sanlorenzo yacht, the result of unparalleled attention to minute detail and scrupulous selection of materials, in line with local regulations and out of respect for American culture and style, of which Sanlorenzo has an in depth knowledge.   In fact, the Sanlorenzo Americas team of experts follows each customer at every step, from the first concept to the completion of an individual project, perfectly customized, in which the personality, tastes and lifestyle of each owner are clearly visible.

7/17/2019 /

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Sanlorenzo Will Debut Its First Hydrogen-Powered Superyacht in 2024

The zero-emissions 164-footer has been earmarked for the ceo, naturally., rachel cormack.

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There’s been a lot of chatter about hydrogen -powered superyachts, but Sanlorenzo now has a concrete plan to get one to sea.

The Italian yacht builder, which is no stranger to innovation, has announced that it will deliver a 164-footer equipped with hydrogen fuel cells as soon as 2024. Sanlorenzo’s CEO Massimo Perotti is so confident in the design, in fact, that he is backing it himself, as reported by the Superyacht Times .

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Perotti has bought the very first hull in order to fund the development and test the new technology before making it available for Sanlorenzo’s clients. Think of him as a very lucky test pilot. The CEO also confirmed that this will be the world’s first 164-foot motor yacht to feature the emissions-free technology.

Sanlorenzo’s CEO Massimo Perotti has bought the hydrogen-powered superyacht for himself.  Wikimedia Commons

To help with the lofty endeavor, Sanlorenzo has signed an exclusive agreement with Siemens Energy. Together, the duo plan to more widely integrate fuel cells in the 79 to 262 foot (24–80 meter) yachting sector with a new generation hybrid (diesel-electric) propulsion system that will be showcased for the first time in the new superyacht.

So, how does it work? According to the yard, the hydrogen fuel cells will generate electricity from reformed methanol to power the vessel. This means that yachts fitted with this “Net-zero GHG emission” system will be able to produce clean, green energy even when the generators and engines are switched off. In turn, the vessels will rely less on diesel fuel while both at anchor and at sea to lower the overall environmental impact and increase efficiency.

Sanlorenzo’s SL120A—for Asymmetric—divides space differently than similar-sized motoryachts.  Sanlorenzo/Thomas Pagani

It’s worth noting that the hydrogen setup will power the hotel load and not the propulsion system as that’s considered to be the most damaging when it comes to carbon emissions.

Sanlorenzo has not yet shared any details about the superyacht’s design, but the yard has been exploring asymmetrical designs more frequently with models like the SL120A . If this 164-footer is anything like the rest of the fleet, we should be in for a surprise.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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Sanlorenzo Announces Launch of Net-zero Superyacht in 2027

By Heather Collier

In a press conference at the Blue Innovation Dock at boot Düsseldorf, Sanlorenzo's CEO Massimo Perotti took the opportunity to highlight its three-step mission "Road to 2030" that will launch the first net-zero superyacht in 2027.

Major investment in research and development will begin over the course of the next five years, a significant time for the shipyard, which involves the construction of a 50Steel.

The 50-metre model will be the first of three remarkable launches, all of which will include the first practical use of methanol and fuel cell technology on board a superyacht.

Technological testing and advances are already being implemented by Siemens with the hope of an initial launch in 2025, with fuel cells powering the hotel load only. Perotti views this as the first imperative step in the direction towards net zero.

Working in collaboration with Lloyd's Register, Sanlorenzo will develop a carbon-neutral power generation system, with a major increase in the power developed by the reformer/fuel cell modules, allowing low-speed and wide-range navigation in carbon neutral conditions, all achieved through a hybrid propulsion system.

The framework of this system will overcome a number of the current limitations of systems today, many of which in zero emission mode have to lean on the modest energy capacity of the batteries.

This second step in Sanlorenzo's strategy will mean many technological advancements not only for the yacht's structure, but its plant configuration. Commencing in 2026, Sanlorenzo is set to launch a vessel that has combined fuel cell technology for the hotel mode and hybrid for use when on the move.

The final step in Sanlorenzo's "Road to 2030" strategy is the design and construction of a superyacht powered entirely by green methanol.

Diesel engines will no longer serve as a requirement to sail at maximum speed. Instead, the yacht will be powered by a combination of fuel cells and internal combustion engines, both powered by green methanol.

The project is on course to be launched in 2027, with very little information available at this time. However, the shipyard has revealed it is currently in discussion with the IMO regulatory board regarding the restrictions on the maximum GT of superyachts, particularly those below 499 GT.

Sanlorenzo, with support from the Superyacht Builders Association (SYBAss), is arguing that in order for shipyards to make greener alternatives more desirable to superyacht owners, the board should overlook any additional space needed for this vital fuel cell technology.

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Sanlorenzo’s Asymmetric SL106A Reviewed

• By Diane M. Byrne
• July 1, 2022

Any time a company deviates from “the norm,” eyebrows raise. This is especially true in yachting, which remains a fairly conservative industry in terms of design. Traditional looks still sell, so many builders play it pretty safe, as is evident at any boat show where attendees are incredulous upon seeing a radically different yacht.

Massimo Perotti, the chairman and CEO of Sanlorenzo , knows the feeling. When the shipyard announced the addition of Asymmetric models to its SL series, the news was met with “a bit of skepticism,” he says. These Asymmetric models push usable interior space out to the full beam on one side—and only one side, where there’s no traditional side deck.

Captains and crew accustomed to having two side decks to handle lines and get around the yacht were worried. Customers could have been too, but funny enough, the customers liked it. Then, the captains and crew came around.

“The market has been receiving the Asymmetric idea very well,” Perotti says, adding that acceptance came partly because the side deck isn’t actually removed; it’s just moved. When owners see and feel the difference in the interior, and how much it enhances their connection to the cruising environment, they’re sold.

The idea behind the Asymmetric line dates back several years. Sanlorenzo was wrestling with how to provide owners with more usable interior space. An initial idea was a widebody design, in which the main-deck interior spans the yacht’s full beam. Sanlorenzo quickly decided that wasn’t practical for smaller to midsize superyachts. So, Perotti sought the input of designer Chris Bangle, with whom Sanlorenzo has been working since 2015. Bangle is known for shaking up the designs of Fiat and BMW. He came up with the notion of a widebody to one side to benefit owners along with a full side deck opposite, as well as an over-the-widebody passage from the flybridge to the bow to benefit the crew.

Sanlorenzo then tapped Zuccon International Project and its own design department to make the concept float. The first Asymmetric model, the SL102A, debuted in May 2018, with about a dozen contracts coming in less than a year. After that, customers began asking for a slightly longer aft deck and swim platform, which resulted in the creation of the SL106A.

If you’re still trying to wrap your brain around the asymmetry, rest assured that the SL106A doesn’t look lopsided. In fact, unless you know to look for the difference, you may not even notice it at first.

There is still a side deck to starboard, and the twin stairways leading from the swim platform to the main deck aft are what you’re used to seeing. The same is true when you view the vessel bow-on or in aerial photos. Handrail-lined side decks—truly dedicated passageways outboard of the leisure areas—on the flybridge lend aesthetic balance.

For the remaining skeptics, consider that most flybridge yachts don’t provide a way for the crew to reach the foredeck from up top. The SL106A has a few stairs on the widebody side. Crew also can access the flybridge via an alfresco floating stairway aft and to port on the main deck, or by way of steps from the raised pilothouse (a configuration that’s hidden until you step aboard).

As for the extra interior space, the one-sided widebody adds nearly 108 square feet to the main deck. Much of it is used in the open-plan salon and dining area, where most owners and guests spend their time when they’re not swimming or otherwise enjoying the great outdoors. Additionally, a nearly sole-to-ceiling window is on the widebody side. Guests can practically stand right up against it, lending the sensation of hovering directly above the water. Sliding glass doors and a deploying balcony opposite, along with the 23-foot beam, add to the roomy feel.

The main-deck master stateroom also feels airy because of a rectangular port forward, directly over the bed. (Where so many builders position the en suite head; Sanlorenzo situates it along the portside entry.) This stateroom has a door to the starboard-side deck. Push a button, and there’s access to the foredeck settee with a table for a private breakfast or snack. A few steps up on the port side are a sun pad and the stairs to the flybridge.

In challenging conventional notions of how a yacht has to look and function, Sanlorenzo actually includes new ways to get around. And the SL106A is still a 10-guest, 28-knot yacht. That is about as traditional as they come. 

Fueling the Future

Sanlorenzo is exploring alternatives to traditional diesel fuel. In partnership with Siemens Energy, it’s developing a superyacht with methanol fuel-cell systems to generate electricity—a proven technology that has never been used in yachting. Delivery of the 164-footer is expected in 2024.

Sanlorenzo Arts

Recognizing that its customers regularly attend major art fairs, Sanlorenzo has a global partnership agreement for the Art Basel events in Hong Kong, Switzerland and Miami through 2023. The shipyard created Sanlorenzo Arts to better connect its brand to the art world, collaborating with artists for special exhibitions.

Sanlorenzo created its High-End Services division in 2020 to enhance customer relationships. Services include leasing and financing, crew training at the Sanlorenzo Academy, as well as maintenance and refit through Sanlorenzo Timeless. The builder is augmenting the division this year to increase client loyalty and attract new buyers.

Take the next step: sanlorenzoyacht.com

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Focus: Yacht Builder Sanlorenzo

Yacht Style brings us the story of Italian yacht builder Sanlorenzo. Chairman and CEO Massimo Perotti shares his vision for the future of the company.

The origins of Sanlorenzo date back to 1958, when Italian yacht builder Giovanni Jannetti founded the Cantiere Navali San Lorenzo shipyard in Viareggio, Italy. The company’s history spans across 50 years and during that time the brand has gained a strong reputation for quality, reliability and timeless elegance. Having produced over 600 yachts, the company today ranks second in the 2015 Global Order Book, which lists the world’s top 10 superyacht builders.

Now owned by Italian businessman Massimo Perotti, who became a majority shareholder in the shipyard in 2005, the company operates two shipyards in Ameglia and Viareggio. The Ameglia yard offers bespoke fiberglass planing and semi-displacement motor yachts from 76ft to 118ft, and fiberglass superyachts from 92ft to 126ft in composite material. The Viareggio yard produces alloy and steel planing, semi-displacement and displacement superyachts from 40m to 60m plus. Each yacht comes with its own unique layout and décor, and is ‘Made to Measure’ for clients who demand nothing but the best. Sanlorenzo has recently expanded its footprint in China and Asia by entering into two new partnerships; one with Sundiro Holdings in China, the other with Simpson Marine Ltd.

Key Milestones

From 1958 all yachts produced by the Sanlorenzo shipyard were constructed in wood, it was only in 1995 that the first fibreglass yacht was launched. The SL75 set the scene for a new breed of Sanlorenzo luxury motor yachts, but it was not until the SL100 was launched in 1998 that Sanlorenzo established itself as a premier superyacht builder. The company expanded its operating facilities in 1999 by opening a new facility in Ameglia, La Spezia, located in a nature park and the company’s commitment to the environment was acknowledged when they received the ISO 14001 certification for Environmental Management. The next major milestone for Sanlorenzo was in 2005 when the ownership of the company changed hands and Massimo Perotti acquired a majority shareholding.

The Sanlonrezo Steel64

Sanlorenzo Fleet

Timeless classical beauty has always been the key feature of the yachts produced by the Sanlorenzo shipyard and the company’s philosophy remains focused towards an undivided concentration on customers’ requirements. Over the last 10 years Sanlorenzo has launched no fewer than 11 important and significant new models, full of innovation and cutting-edge solutions, but always defined by the Sanlorenzo style.

Exterior of the SD112

These included three units of the SD92 (27m) and one SD112 (33.6m), all semi-displacement hulls in composite construction. The traditional flying bridge range of planing hull motor yachts includes the SL76 (23m), SL86 (26m), SL96 (28m) and the SL106 (32m) which was the winner of the Italian Innovation ADI Award in 2011.

In 2007, the 40Alloy was launched. This extraordinary yacht, with a lightweight aluminum hull and superstructure, is capable of reaching speeds of 27kts. Sanlorenzo was the first builder to incorporate ‘terraces’ into the superstructure – now a common feature on superyachts. Sporting such a thoroughly avant garde solution (at the time), a total of nine 40Alloys were commissioned and launched.

The Interior of the SD112

Sanlorenzo Flagship

The 46Steel is the largest yacht ever built by Sanlorenzo. Constructed in steel and aluminum, and launched in February 2010, she was 44Steel, but was then changed to 46Steel (46 being the length of the waterline), to better balance the exterior outline. With a semi-wide body, the yacht is a three-deck bulbous bow superyacht of 499GT, to remain under the 500GT SOLAS limit. Her elegance is complemented by unique characteristics such as the wide beach club with folding beach door to water level and gym behind, and the Under Lower Deck, which is in reality a fifth deck, fully walkable from engine room to bow which permits easy access to all the systems and equipment of the yacht. The 46Steel boasts a garage with a starboard side door that can host a 7m tender, and then there is the vast flying bridge, a properly multi-functional sun deck shaded by a Sanlorenzo hard top with opening roof.

World Wide Premieres

After two decades of uninterrupted success for the SL72 and SL82, Sanlorenzo has decided to refresh these two models, working with one of Italy’s most reputable design companies, Officina Italiana Design, managed by Mauro Micheli and Sergio Beretta. The new SL86 motor yacht, unveiled at the Cannes Yachting Festival this year, is sure to be a hit with its innovative features, including a living area in the bow with sofas, table, chairs and adjustable sunshades. In the main salon, large windows allow guests to enjoy a sea view while seated, without compromising the classic Sanlorenzo exterior lines, and a floating glass staircase to the flying bridge has been incorporated into the main lounge area in a manner reminiscent of a piece of contemporary art. Below decks, and sound-insulated to no more than a whisper, the SL86 is powered by two MTU 12V2000 M94 (1,947 hp) engines and can reach a maximum speed of 32kts.

Interior of the SL86

Another world premiere during 2015 will be the first steel explorer superyacht, the 460Exp at the Monaco Yacht Show. This will be the flagship model of the Sanlorenzo Explorer range, and is designed by Francesco Paszkowski. At only 460 gross tonnes and 42m overall length, the 460Exp offers stability, security, autonomy, limited draft and a considerable agility for its category. It is able to reach distant or rarely visited destinations and can navigate close to the shoreline. The Sanlorenzo Explorer offers substantial self-sufficiency and contains a large space on board to house different toys and equipment. The lower deck features a beach club with bar, sauna, fitness area, spa and an “endless swimming pool” in which guests can swim against an artificial current. The 460Exp is equipped with two CAT C32 Acert engines (1319 HP) capable of covering over 4000 non-stop nautical miles at an economical speed of 11kts.

Exterior of the SL86

New Designer

To celebrate the 10th anniversary of Massimo Perotti’s acquisition of Sanlorenzo, there is a new collaboration with American designer Chris Bangle and the CBA team who will be involved with the next generation yacht exteriors. This marks the beginning of a new chapter in the design for Sanlorenzo yachts, bringing a fresh ‘voice’ into the all-important creative process of these luxury products. While Chris Bangle is well known in the circles of car design – having lead the team of designers at BMW, MINI and Rolls-Royce while Group Design Director of BMW for 17 years – this will be his first foray into the world of superyachts. Bangle’s creative vision, design leadership and track record of successful innovation dovetails perfectly into the strategic goals of Sanlorenzo and the passionate expertise of their engineers, architects, and craftsmen.

Over 350 guests from all over the world were given the chance in 2015 to interact with the whole Sanlorenzo range. Fourteen Sanlorenzo yachts were moored alongside main quay of Carlo Riva Port, which was specially leased for the occasion, allowing guests a unique chance to experience the Sanlorenzo fleet through on board visits and sea trials in beautiful Portofino Bay. The underlying theme of the ‘Elite Days’ was an effort to demonstrate Sanlorenzo’s unique and bespoke philosophy, whilst offering the guests a variety of made to measure experiences. These included an opportunity to disassemble and reassemble a watch mechanism in a démontage show by IWC Schaffhausen’s master watchmakers; the chance to create a personal fragrance under the guidance of Sileno Cheloni, the Master Perfumer and ‘nose’ of Florence’s Aquaflor boutique; getting carried away by the elegance of the Rolls-Royce Ghost made available to guests as a courtesy car; driving wonderful classic cars along Portofino Bay in a rally; enjoying the thrill of flying a drone over Carlo Riva Port – or driving BMW’s innovative C Evolution electric scooters. Guests were also invited to experience an art installation by Giovanni Frangi on board Sanlorenzo’s 40m superyacht, the 40Alloy, whilst enjoying the delicate pairing of upstream salmon with Laurent-Perrier Champagne and the option to sample Diadema’s finest Cuban cigars. A beautiful gala dinner was held for the guests in the historic Villa Cervara overlooking views of the Portofino coastline.

The Exterior of the Sanlorenzo 40Alloy

New Directions

In 2013 Sanlorenzo S.p.A. entered into a joint venture with Sundiro Holdings to build a new range of yachts branded Sundiro Yacht for the China market. Sundiro Holdings are Simpson Marine’s strategic partner to help develop the China market, Simpson Marine being the sole distributor of Sanlorenzo across Asia including mainland China, Hong Kong and Singapore. Zhao Xu Hong, Chairman of Sundiro Holdings Co. Ltd, was delighted to present the worldwide launch of the SY70 at the recent Gold Coast Boat Show in Hong Kong. The joint venture will allow Sundiro Holdings to produce yachts from 10m to 20m in China, as well as sell motor yachts from 22m to 62m built in Italy into the China market.

The new joint venture has given Sanlorenzo a capital increase of EU30million that still allows the Italian majority shareholding of the company to remain in the hands of Perotti. Another strategic partnership is with Simpson Marine Ltd, who represent countries such as Hong Kong, Singapore and mainland China, and is now the exclusive Asian distributor for Sanlorenzo.

“Sanlorenzo has had a presence in the Asian market in the past, but this new partnership with Simpson Marine makes perfect sense as the companies share common values and vision,” said Perotti. “Sanlorenzo represents a history and a future in which passion for quality, elegance and exclusivity becomes a common heritage, and we are pleased to see that our made to measure approach is proving very attractive to our customers across the Asia Pacific region.”

Exterior of the SL106

Made To Measure

Massimo Perotti became the Chairman and CEO of Sanlorenzo just over 10 years ago, but this was not his first involvement in the boating industry.  “It all started with a chance meeting with Paolo Vitelli,” says Perotti. “I met the creator and driving force behind the Azimut brand when I was doing some part time tennis coaching… I was studying for an MBA at Bocconi University, and when I graduated Vitelli invited me to work with him – and I did so for the next 25 years.”

Perotti arrived at Azimut with little knowledge or experience of the boating world, but the 1980s were heady times for the industry and he learned all he needed to on the job. “I started working in the shipyard, and learning sales and production first hand. When I started at Azimut there were 25 staff – by the time I left in 2004, the company had grown to a workforce of 3,000 with an equity rating that had climbed from EU200 million to EU650 million.”

By now, in his mid-40s, Perotti felt he had reached the point when he wanted ‘more’, so decided to branch out on his own. “Sanlorenzo S.p.A is one of the last expressions of exclusivity, and that was exactly the dimension I was looking for. It was the ‘Made to Measure’ approach to exquisite craftsmanship that attracted me. I wanted a company that I could develop in my own way. My father was an artisan who ran a small business, and although he worked hard and produced quality goods, he never really achieved the financial rewards that he deserved. But he believed in quality and that was a good life lesson for me.”

Perotti approached Giovanni Jannetti, founder of Sanlorenzo, in 2004 to buy the company but the owner wouldn’t sell unless Perotti worked with him for one year. “Jannetti felt that I still needed to learn a lesson or two, before I could buy his baby. The first thing he said to me was that I needed to learn to slow down! I arrived all fired up from my experiences from Azimut and the acquisition and relaunch of the Benetti shipyard, but Jannetti felt that this was not the right way to approach the Sanlorenzo brand. He taught me how to run the company in a different way, the Italian ‘slow cooking’ way… you go to a supermarket to buy fast food, but if you really want to enjoy the dining experience then you need to be involved in cooking the pasta, making the sauce and then finally eating the special dish that has been prepared. It becomes a beautiful experience rather than a product to satisfy a need.” Perotti goes on to give another example, “If you go out for dinner with a beautiful woman do you eat fast, or do you savour the experience and try to make it last as long as possible?”

Perotti took over Sanlorenzo in 2005, and the first four years saw the company grow quickly. But then came the 2008 financial crisis, and hard times for almost everyone. “I worked 16 hours a day, and we managed to maintain the company’s position as one of the top superyacht builders in the world. Difficult times can create opportunities,” he quips.

Massimo Perrotti and Chris Bangle

The luxury yacht business is not an easy business to manage. “Boating is about passion, and you just need to look at the iconic brands such as Riva, or Ferretti, to see that they were all started by passionate people – Carlo Riva, and Norberto Ferretti. Superyachts are a very specialised product, and when your customer is spending EU10million, they want to be looked after in the right way.” Perotti doesn’t want Sanlorenzo to be the biggest superyacht yard in the world, but he is committed to producing the best quality yachts, and meet the needs of the most demanding of owners. “For me it is not just about the money; it is about the quality of life, and that is one of the reasons why the Sanlorenzo brand is important to me.”

Perotti believes it is this desire for quality that connects the Sanlorenzo brand to the Chinese boating market. “The Chinese are now enjoying the finer things in life. We have never been the first to enter an emerging market; instead, we wait until we feel there is a real understanding of quality. If you have time for good cigars and single malt whisky then maybe you have time to enjoy the luxury of boating.”

Sanlorenzo’s commitment to the East is very much in evidence these days with the new partnership with Sundiro Holdings, who are producing motor yachts in the 10m to 20m range for the Chinese market.  The new SY70 had its worldwide launch at this year’s Hong Kong Gold Coast Boat Show, and the yacht’s interior designed by Chris Bangle has brought a fresh approach successfully combining the taste of the Orient with ‘classic Italian heritage’. Perotti believes Hong Kong is going to be their best market, but – with the rest of Asia opening up quickly – there is opportunity to expand to Singapore, Thailand, and Indonesia all of whom are developing their own boating culture.

Perotti, who had been looking for a Chinese partner for some time, says “I was looking for someone who really understands what luxury and quality are all about. Our partner Zhou Xuhong, based in Shanghai, produces top quality motorcycles. He understands why you need to pay more for luxury products, and with that understanding I believe our companies can grow in the right way.”

Sanlorenzo has also entered into another new partnership – with Simpson Marine Ltd, Asia’s leading yacht sales and brokerage company. Mike Simpson and Massimo Perotti have known each other for many years, and “our partnership makes perfect sense,” says Perotti. “We share common values and vision, and this partnership will provide the strategic services in Asia and back up that luxury yacht customers require.” Perotti sees the Asian yachting industry evolving rapidly. With such an east-west partnership in place this 54-year old veteran of the boating industry is ready to share his passion for quality, elegance and exclusivity with Asia.

Story Credits

Text by Suzy Rayment, Editor-at-Large, Yacht Style

In Asia, Sanlorenzo is available exclusively via Simpson Marine .

This article first appeared in Yacht Style Magazine.

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It is a great honour for me to receive this award which rewards the work, commitment and dedication of the entire company over the years. Every success is always the result of teamwork, and if we have experienced this phase of extraordinary expansion over the last 15 years, which has permitted us to reach the apex of the worldwide production of yachts and superyachts, it is above all thanks to the men and women who work inside Sanlorenzo.

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Sanlorenzo – $SL.MI

Sanlorenzo in vestment thesis in a nutshell.

SanLorenzo ( $SL.MI ) is an Italian company dedicated to the designing and manufacturing of custom-made luxury yachts. SanLorenzo is specialized in the segment of 30-40 meters in length in which they have been the global leaders during the last decade. SL has been expanding its range of yachts continuously, competing in the yachts segment over 40 meters (the most lucrative one).

Since the IPO in 2019, SL has delivered impressive growth with improving margins favored by the tailwinds of the strength of the sector which up to this moment has not been affected by the possible recession. On top of that, the company has great revenue visibility for the following years thanks to its massive backlog. SanLorenzo capacity is fully booked until 2027.

SanLorenzo is an owner-operator company led by the CEO with more than 60% of the shares, a repurchasing program in progress, and the perspective of increasing sales by a large double-digit with a further expansion on margins and diversification of revenue streams.

On 30 th September, with a net cash position of 91.9 million with a gross backlog of 1,651 million, it is well positioned to capture the booming moment of the yacht industry. Currently, their market capitalization is around 1,300 million euros.

Sanlorenzo History

SanLorenzo started its operations in 1958 manufacturing high-end motor yachts in La Spezia. Since its beginnings, the company has built only a limited number of made-to-measure and fully customized yachts per year for sophisticated clients.

In 2005, Massimo Perotti, the CEO, Chairman, and maximum shareholder with 60.82% of shares, acquired San Lorenzo and took the company to another level. Since he took charge, the company has continuously grown and invested in the development of new yacht lines (SD, SX, SP) and segments (superyachts (+40 mt yachts) and sportive yachts (Bluegame)).

In 2007, they inaugurated a second office in Viareggio, starting the production of superyachts. Nine years later, a new office was opened in La Spezia dedicated to the production of metal superyachts.During the great financial crisis, the company showed the strength of its business model, maintaining the revenues in a context in which many of its competitors were forced to shut down.

This is even more impressive if we talk about the magnitude of the financial crisis for the sector, in which the sales of nautical products dropped from 6.2 billion euros in 2008 to 250,000 million in 2014, a 94% decrease.

In December 2019, in the context of the high demand for luxury yachts and with many opportunities ahead, the company went public. With this funding, the company has invested in:

• Increasing their operating capacity.
• Acquiring companies to ensure the highest quality in their value chain.
• Increase the portfolio of yachts, with a focus on increasing the length of the yachts and sustainability.

Since Mr. Perotti acquired the company, the evolution of the top line was fantastic, compounding at a 17.9% CAGR between 2004 and 2021, with accelerated growth during the last years derived from the strength of the luxury yacht segment.

Date: 15th Jan 2023

Capital Structure

Main shareholders.

Massimo Perotti (CEO)     60.82%. 

Free float (rest)  

Earning Metrics

*MORAM estimations; **Gross

Stock Information

Sanlorenzo Business Model

SanLorenzo is an Italian shipyard dedicated to the design and production of customized high-end yachts. Due to the nature of the company, around 70 yachts will be delivered in 2022, this number has increased from 32 in 2017 and will continue to increase thanks to the CAPEX investment during the last years.

They are the global leaders in the 30-40 meters yachts, which constitute their main revenue contributor, with a market share of around 18% for yachts of this length. Moreover, they have two other divisions that expand their range upwards and down in length (Superyacht and Bluegame). The portfolio of the three segments has been expanded to satisfy different needs and to adapt to market trends.

When selling the yachts, the company sells directly (90% of sales) and through brokers (10%) which means a low percentage compared to some competitors like Benetti  is sold through dealers. Even if this supposes a bigger effort by the company, they are comfortable with this and according to the US experience (we will develop this point later), they will continue with this sales strategy.

An important remark of the business model is the flexibility in the cost structure; with 2,600 people working on the activities of the group, only 580 are directly employed by SanLorenzo. Although most of the steps in the value chain that involves quality are internally produced and the company has a clear route to being more vertically integrated through partnerships and minority equity investments, there is also a part that relies on suppliers. In fact, the company counts 1,500 suppliers.

Due to the nature of the company, SL has very efficient working capital management, with a structural negative Net Working Capital. This is thanks to the advanced payments realized by the customers as the shipyard reaches the agreed milestones, the limited inventories, and the power SL has to establish the terms of payment on their suppliers. This management efficiency provoked great cash-flow generation during the last years, especially in 2022.

To manage the increase in the price of raw materials, the company has a clause by which they can ask customers for an increase in price after 2023 if inflation is higher than expected, the customer has the chance to cancel the contract. Up to this moment, the company has perfectly managed this situation, transferring the increase in prices plus a margin to their clients which is translated into higher margins. Moreover, they have a fixed contract with their main supplier for the next three/ four years, so the inflation in the inputs is being well resolved.

Business lines and geography

Due to the increase in the LOA of their yachts and the great market demand, the company is increasing its visibility for the next years, making it even more resilient to turndowns. As explained since the IPO, SanLorenzo has a clear strategy to enlarge the average boat length and develop the APAC and Americas markets where they anticipate the increase in the number of UHNWI will concentrate. As TISG, they have also detected the will of clients for larger boats.

In more detail, the divisions of the company are the following:

The flagship division of the group and the most developed segment as it covers a great diversity of yachts. The length of these yachts goes from 24 to 40 meters.

SL Range: The range includes six models (SL78, SL86, SL90A, SL96A, SL106A, SL120A) with lengths from 24 to 38 meters. It´s the historical range of SanLorenzo.

SD Range: SD90, SD96, SD118 and SD126. The series offers models in composite material from 28 to 38 meters in length. Launched in 2007.

SX Range: SX76, SX88, and SX112. SX line is a revolutionary project that covers a new and transversal market segment. It´s between the SL and SD lines. Launched in 2017.

SP Range: It is the newest division and is focused on efficient consumption. It was launched in 2022.

Asymmetric models of the SL and SD lines are the segment’s main drivers of revenue growth within the Yacht segment.

Superyachts

We talk about Superyachts for boats over 40 meters. They are fully made to measure. 2021 was their best year in this division, delivering seven superyachts. At the beginning of the year, they had 23 of these vessels under construction (assuming six deliveries per year, they have filled out all the orders until 2026. This information comes also from management discussion).

Alloy Range: Alloy. It includes a 44 meters yacht fully in aluminum. Launched in 2007.

Steel Range: 52Steel, 57Steel, 64Steel, 68/73Steel. Most of the sales of superyachts come from this range which has a length between 52 and 72 meters. Launched in 2010

Explorer Range: 500Exp. 47 meters. Launched in 2015

X-Space: X-Space will be launched in 2023 (495GT). They have already signed six contracts for this line. It is a “small” superyacht.

This is the newest division and the one focused on smaller yachts. This segment is the only one not sold under the SanLorenzo brand. The growth of the division has been exponential.

BG 2018, 42-72 feet (13-22 m). Most affordable and smallest boat. It includes walk-around yachts.

BGX  2019, 60-70 feet (18-21m). Introduced in 2019. It includes two models (BGX60 and BGX 70). It takes the SX range of Yachts to a smaller scale.

BGM 2023, 75 feet. It will be launched next year and already has one sale.

*Bluegame started its operations in 2018

Here, we see one of the main drawbacks of the thesis. We believe that larger yachts mean larger margins. Although it´s true that the superyachts are each time larger and that the Net Revenues from new yachts in 2019 were 150M and for the nine months of 2022 are 138M, which means a surely increase for the year-end, this increase is not as great as in the other divisions. One of the company’s objectives is to strengthen this division, but they are sold out until 2026/2027. So, we will have to look carefully at the evolution of sales.

We guess that Superyachts do not account for a larger share of revenues for the lack of operating capacity. They are making a considerable investment to increase the operating capacity during the last quarters. We will follow how these acquisitions are integrated and the rapidness with which they can start their operations, and what they mean in terms of manufacturing capacity for Superyachts.

The company targets a sales distribution of around 50% in Europe and the rest shared by the Americas and APAC, plus some residual from MEA.

By regions, the % sales of SanLorenzo were:

The main highlight of the table is the large increase in the Americas. This is mainly driven by the opening of a direct distributor in this area and the highest growth in the number of UNHWI in the Americas.

Apart from the Americas market, SanLorenzo is focused on developing and exploiting the APAC market. One target for this region is to make the Bluegame division stronger in which they see a big potential. Therefore, it is probable to see them establish a direct seller as they did with the US. When we talk about APAC, we are referring mainly to Hong Kong because in mainland China there is a 50% tax on luxury products, and 0% in HK.

Production activities are carried out at four shipyards within about 50 kilometers radius at the heart of the Italian nautical sector which ensures qualified personnel and facilitates good operation through the value chain between the different facilities:

• Dedicated to the outfitting of yachts of less than 100 feet(≈30 meters) in the Yacht and Bluegame division.
• La Spezia. This facility is dedicated to the outfitting of superyachts.
• Development of new models and production of semi-finished products for outfitting the Yacht division.
• Used to outfit larger Yachts +100 feet and some superyachts

According to management discussion and the diverse conferences and presentations, to cement future solid growth, the company has developed a plan that we can sum up in the next points:

• Increase the production capacity. During the IPO process, the CEO targeted an increase in revenues by around 8-9% per year. But reality has been much more favorable and to face this expansion, the company needs further production capacity. As an example of this point, they have added over 10,000 sqm of production areas during Q2-Q3 and in Q4 there have been further acquisitions. According to the management, 2023’s budget can be covered with 90% of the production capacity, which does not offer a lot of margin for further revenue growth.
• Focus on the higher length of yachts and portfolio expansion. As we have already commented, SanLorenzo as well as other competitors have observed a strong increase in the demand for yachts of larger lengths. A big proof of it is that they have already sold out all the superyachts until 2026/2027. There is still a price gap to Nordic builders in superyachts in terms of euros paid per gross tonnage that SL is closing. The increase in the average length would improve the margin contribution and ensure a higher coverage of the backlog. Nevertheless, they are not accomplishing it. According to the information retrieved from articles Boat International Global Order Book, the average length in meters of the yachts was 35,9 in 2020 and 35,8 in 2022. Again, they have been investing to have the operating capacity to house the production of superyachts.
• Develop SanLorenzo services. What they call Timeless should give them a more recurrent revenue stream with higher margins. By now, we don´t know much about the strategy to follow and the financial impact it will have.
• SanLorenzo academy was launched in 2018 to ensure the quality and quantity of personnel. (80-100 target graduates per year)
• Timeless : Refit, restyle, and lifetime care.
• Leasing/ Financing
• Charter fleet program : SL wants to establish the first single-brand charter program in the yachting sector. This is a fleet to rent, usually per week. As the company has commented to us, it will be a fee-based business in which SanLorenzo will act as an intermediary between SanLorenzo yacht owners willing to rent out and people willing to rent them. Financial targets will be disclosed on 14 th What we like about this program is that it does not use production capacity does not involve inventory risk and can earn good margins. At the end of 2022, they acquired Equinox, a company specialised in chartering services.
• Sustainability : According to the management, it will be one of the central points in SanLorenzo’s strategy for 2030 together with technology development. It is developing innovative sustainable solutions with Siemens for the generation of electricity on board a 50-meter Superyacht and with Rolls-Royce to combine this onboard electricity generation with methanol also in the Superyacht division.
• Develop Americas and APAC.  Americas and APAC will be in the near future the geographic areas with more UHNWI and thus, with more sales potential for the company. They have already attacked the Americas market with a subsidiary and the result has been a 30.4% increase in sales in the first nine months of 2022 in comparison to the same period in 2021. APAC is well positioned to be a main location of the yacht sector due to the large coastline and the higher rate of growth of these economies. During the next few months, the company will open a direct distributor in APAC.

We will be closely following the next It will conference on 14 th March, where they will disclose the business plan for the next years (23-25). Here, we would like to know more about the economics of the Charter program, the plan for the expansion of the operating capacity, and how this relates to the Superyacht division. It would be also interesting to know the plan for the refit division.

Sector & competitors

The evolution of the industry and thus of SanLorenzo is closely tied to the variation in the number of UHNWI (net wealth above USD 50 million) and the rate of UHNWI that own a luxury yacht (penetration rate).

UHNWI Evolution

During the last decade, the number of UHWNI has sharply increased from 98,700 in 2012 to 264,200 in 2021 (Boat International). Right now, there is a penetration rate of around 4,5%.

According to the Credit Suisse Global Wealth Report 2022, it is expected an average annual increase of around 24,000 new UHNWI per year (2021-2026). Thus, there will be around 385,000 UHNWI for 2026.

If we focus on UHNWI, the projections of the Credit Suisse Global Wealth report, the data is the following:

Visually, we can observe how North America will continue to be the clear land where more UHNWI exists, with the sharp increase of China, which will surpass Europe.  

Penetration rate

The penetration of the yacht industry is only of approx. 4,5%. After covid, this rate has increased by a percentage point. This is a big increment, although there is still room for a further increase as we believe that the trend of demanding more peaceful and relaxed holidays will persist on time even after the post-covid effect.

According to some managements such as Azimut-Benetti, TISG, or SL, UHNWI are looking for the privacy, tranquillity, and security of being able to spend a relaxing time without worries. This is bringing so much demand from first-time buyers. However, it is a challenge for the sector to maintain the level of attraction and take care of new clients.

In this new generation of customers, we see younger clients demanding sustainable yachts with the same demand for exclusiveness and uniqueness. Each time the decision to buy a yacht relies more on a family in contrast with a one-man decision that was more common in the past.

Competitors

In the luxury yacht industry, most of the players develop their operations on a worldwide basis. Thus, some of the competitors of SanLorenzo are the following:

For 2022, 1,203 yachts were in production, this is a 17.5% increase compared to the 1,024 projects in 2021.

During the period between 2012 and 2018, the number of shipyards delivering superyachts declined from 107 to 59 (-45%). The shut down in shipyards was even more accused in the US. This is another reason why all the analyzed competitors see big opportunities here.

In the superyacht segment, there is an increasing concentration in the number of shipyards that can build a yacht of this measure. We consider that this market trend will continue due to the barriers to entry of the industry and the probable disappearance of the weaker shipyards unable to manufacture at the needed scale.

For +55 meters there is a very limited offer and a very high demand for UHNWI. So, if SL can strengthen this division, we could see further increases in prices and thus in margins. According to TISG management, demand is 3x the production capacity.

Some trends to mention in the luxury yacht industry are the following:

According to BOAT International, “there is a growing domination of semi-custom yachts, which are getting bigger all the time, as well as the record low number of ´spec´ projects (manufacturing a yacht without having a customer but with the expectation of finding one when work is completed). It speaks to an impatient superyacht client base that wants boats as soon as possible”.

We see that checking also at the information provided by competitors like TISG and Azimut-Benetti. The three companies have plans to expand their operating capacity and integrate vertically the value chain.

The luxury yachting sector suffered a strong crisis in 2008 after a booming expansion in the previous years. We could be facing the same scenario nowadays. If this occurred, SL is well positioned to surpass it thanks to the sound backlog and balance sheet. It could also open the opportunity to acquire other businesses.

Structurally, the industry has high entry barriers due to the high investment necessary to start operations and the great operational scale needed to make it profitable, the difficulty to own operating capacity, and the knowledge and trust needed from high-wealth clients to make such a large buy.

There is an increase in the price paid by customers per gross tonnage (GT). In 2019, in Italy, that amount averaged around EUR30,000 to EUR34,000 GT for an average shipyard. Sanlorenzo was already around EUR40,000 per GT. The best Dutch and Germans shipyard went around EUR54,000 to EUR56,000 per GT. We do not have exact numbers for 2022 but we are sure there has been an increase and we think SanLorenzo could have signed contracts at around 45,000-47,000 euros per GT for the next years, closing the gap with its competitors.

Management Team

SanLorenzo’s management outstands by its experience. We would like to focus on Massimo Perotti (62 years old) who is the CEO and maximum shareholder (with 60.88% of the shares).

Since he was 24, he has been linked to the yacht industry, working for Azimut Benetti. At the age of 27, he was appointed executive. In the early 1990s, he joined the board of directors and in 1996 he became the CEO of the main Azimut division. The total remuneration for 2021 was 1.8 million.

Other important people on the management team in the company are:

Marco Viti (Executive Director): He has been working for SanLorenzo since 1992. He was the vice chairman of sales until 2011 and is the chairman of the Yacht Division since 2014. Previously, he had experience as a salesperson in other luxury companies. The total remuneration for 2021 was 1.5 million.

Carla Demaria (Executive Director): With more than 35 years of experience. She is the CEO of the Bluegame Division. She has a tremendous experience in different yacht companies such as Beneteau and Azimut Benetti. The total remuneration for 2021 was 0.6 million.

Ferruccio Rossi. CEO of the superyacht division. He has previous experience in the Ferreti group and joined SL in 2014. He is selling a lot of shares.

Attilio Bruzzese. He is the CFO of the group and has previous experience in Beneteau and Azimut Benetti.

Capital allocation

For 2023 and 2024, it is expected a Capex of around € 50M, which will be around 6% of the revenue. So, there will be a great free cash flow conversion. On top of that, the balance sheet position is very solid. That is why it is important to see where the company will allocate these funds.  From this 50M, if market conditions do not change, we estimate around € 35M to enlarge the operating capacity, in line with the previous years.

They have already mentioned that M&A is not a priority although they are open to opportunities that they can easily access with their great financial position and access to liquidity. 

During the last months, they have been repurchasing shares, totaling a 0.35% of the total shares. We can not expect much more due to the reduced free float. We also expect a large increase in dividends for the next year.

Sanlorenzo Valuation

We have used two different approach to value SanLorenzo. Here we present the comparable approach and next 27th January we will include the DCF. We proceed this way as we analysed SanLorenzo to test our investment thesis (and position in the portfolio) in The Italian Sea Group. 

As we see, the ratio of Gross Backlog / Revenue increased in 2021 for SanLorenzo, and presumably, it will maintain for 2022. This can mean either that the average length has increased or that the number of yachts in the pipeline has increased, in both cases, it is great news as it improves visibility.

This number is smaller compared to TISG because the average length of SL yachts is 35,8 mt and 54,7 mt for TISG. We are not worried about the decrease in the TISG ratio as revenues include the selling of Lamborghini 63 which has a payment schedule that does not translate into a big increase in backlog, a 25% Downpayment. That is why the percentage of revenue in TISG is always higher than the percentage of backlog.Both have had superior growth compared to the industry but due to the lower scale of TISG, the company led by Mr. Constantino has grown at an even higher rate. We can also observe a huge expansión of the EBITDA margin (note that super yacht represent a considerable higher percentage of the TISG’s backlog over the SL one).  As we explain in the conclusion, we think that both companies will continue with this growth in the margin but TISG will have a higher expansion. 

• Country risk: Despite the international operations of the company, the fact of being under Italian legislation is a risk due to the instability of Italian politics
• Operating capacity: Specifically in the super yacht segment. Right now, they can cover 2023 with 90% of their capacity. So, assuming a further increase in sales, they need to increase their operating capacity. They are mitigating this risk acquiring facilities close to its shipyards to be able to growth in this segment.
• Adaptation of newly acquired facilities and organization. With the huge experience of the management, this shouldn´t be a problem.
• a) UHNWI are not as sensitive as the rest of the world to recession. Moreover, the current demand is much higher than the production capacity of the shipyards.
• b) Flexible cost base and a wide range of suppliers
• c) Great backlog which allows visibility for the next years and limited risk as yachts are produced as offers come in

Conclusion about Sanlorenzo

We can conclude that the company analyzed is a high-quality business in which we can be calmed in terms of revenues and margins in case of a recession thanks to the impressive backlog, the flexibility in the model, and the sound balance sheet position. 

In the following months, we would like to see a use of cash (apart from the high increase in dividend we expect) to take profit from this market situation, an increase in the weight of Superyachts in the revenue mix, and further development of the service line that can contribute in a more recurrent way.

Despite this, we consider at the current prices The Italian Sea Group represents a bigger market opportunity for the following reasons:

• We think that thanks to the larger yacht production and the recurring revenues from Refit, TISG will have higher resilience to a recession.
• SL market cap is 4x TISG. When SL made 300 million in sales the EBITDA margin was way tighter than TISG´s. Once they benefit from larger economies of scale and thanks to the point abovementioned, we think TISG could close the gap in the EBITDA margin (15,5 vs 17,6 expected in 2022).
• The valuation is less demanding. EV/EBITDA for 2022 is 7,6 for TISG and 9,2 for SL.

Following the comparison with TISG, from SL we appreciate the larger track record from management and the great net cash position of the company led by Mr. Perotti. Although it is worth mentioning that the net debt position for TISG is due to the Perini Navi acquisition (which has been transformational for TISG, and  we suspect that SL could not get due to the commented reduce space within its facilities to build large megayachts as it has TISG). With all, we will continue to look closely at this company and take the chance in case the company trades at a valuation with more margin of safety.

Co-Author: Alexandre Oliver 

Note: Every week we publish investment thesis, macroeconomic articles and comment the market situation in the recently launched blog section. You can follow us to receive an email each Sunday with the publications of the week. 

Note 2: We would appreciate it a lot if you share this investment thesis on social media. Especially, if you are Italian. We have a lot of readers from all over the world, but we are not getting any attention from our Italian neighbours despite publishing several theses about Italian companies.

As always, thank you for reading

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Style Edit: Italian luxury yacht builder Sanlorenzo at Art Basel Hong Kong 2024, showing its commitment to art, culture and sustainability through Casa Sanlorenzo – the future HQ of Sanlorenzo Arts

• Sanlorenzo will display its artistic design visions by unveiling a custom project at Art Basel Hong Kong next week - before heading to Basel, Miami and Paris, and Design Week in Milan
• The founding of Casa Sanlorenzo as its future cultural hub in Venice illustrates how its legacy could extend beyond the world of yachting to the realms of art, sustainability and community engagement

Italian custom luxury yacht builder Sanlorenzo sets sail on a new cultural venture by revealing the latest details regarding Casa Sanlorenzo at Art Basel Hong Kong this year.

Guided by its passion for transcending trends through its timeless custom luxury yacht designs, the shipyard injects the same dedication to excellence into Casa Sanlorenzo, the future headquarters of Sanlorenzo Arts, which is set to open its doors in Venice this year.

Sanlorenzo's art director, Piero Lissoni, brings this ethos in design and performance to every custom-built vessel. Tapping into more than six decades of know-how at the Italian shipyard, Lissoni has forged a new path, redefining the conventions of design and artistic expression in the realm of luxury superyachts.

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The art director's vision for bespoke vessels first appeared in the SX88 motoryacht at Cannes Yachting Festival 2017. Lissoni brings an approach that facilitates new potential nautical design scenarios, putting modern and elegant spins on classic yacht design that reflects Sanlorenzo's legacy.

Sanlorenzo Asia-Pacific, represented by Simpson Marine, brings this exquisite Italian tradition of luxury yachting to the region by offering Asian yacht owners exclusive opportunities to create bespoke vessels that bring whole new meaning to opulence at sea.

The celebration of Italian artistic and cultural tenets at the shipyard extends beyond the world of yachting. Sanlorenzo Arts, soon to be headquartered in Venice inside the beautiful confines of Casa Sanlorenzo, paves the way for the brand to take on a pivotal role in arts, culture and sustainability.

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The Italian shipyard chose Venice as the home of Casa Sanlorenzo as a sign of its commitment to sustainability. A founding member of the Fondazione Venezia Capitale Mondiale della SostenibilitA (Venice Sustainability Foundation), Sanlorenzo looks to spotlight the city in its efforts to redefine global standards for environmental sustainability.

Its efforts in sustainability are just one example of Casa Sanlorenzo's initiatives to enrich the cultural context of Venice in an effort to boost societal change through community engagement.

The group hopes to bring forth the same dedication to refinement, timeless design and arts through its unique lens as a luxury shipbuilder to the range of community outreach, sustainability, artists in residence and arts and culture programmes that Casa Sanlorenzo, as the headquarters of Sanlorenzo Arts, will offer.

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As a further display of Sanlorenzo's artistic vision in design, the shipbuilder will unveil a custom project at Art Basel Hong Kong - as it has for several years. The brand perpetuates its presence at Design Week in Milan as well as Art Basel in Basel, Miami and Paris too, showcasing new custom projects at those esteemed arts and design events as well.

These custom projects, beyond being unique works of art, are first and foremost beacons of Sanlorenzo's timeless craftsmanship, originality and impeccable construction.

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New details revealed: Sanlorenzo and Nautor Swan take first steps towards partnership

At the end of last year, it was announced that Sanlorenzo S.p.A. and Sawa S.r.l. (which owns Finnish yacht builder Nautor Swan Group ) signed a Memorandum of Understanding (MoU) establishing an exclusivity period to evaluate "possible joint strategic opportunities" between the two shipyards. 

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