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MYS 2024: Shifting Demand, Managing Expectations

Charles Dence

The superyacht market has seen rapid growth in recent years, with post-COVID demand driving a surge in new orders. However, feedback from the recent Monaco Yacht Show from builders and brokers indicates that this excitement is beginning to taper off. While a slowdown might suggest fewer new orders, the backlog of existing projects means builders and suppliers remain busy.


Demand for Project Management

One of the clearest trends from the Monaco Yacht Show was the increased demand for capable project managers across the industry. Whether on the shipyard production side or for clients embarking on new construction or refit projects, effective project coordination is in high demand and critical to the success of any project.


Managing Complexity and Collaboration

Superyacht projects are inherently complex, requiring coordination across multiple stakeholders - shipyards, designers, crew, contractors, suppliers, regulatory bodies, and the clients themselves. Project management that understands how to keep these moving parts aligned is key to ensuring a smooth and efficient process.


Client-Centric Approach

For clients, competent project coordination serves as an advocate, focused on understanding and prioritising their needs and vision, as well as providing guidance ‘behind the scenes’ for the more technical and non client-facing aspects. This approach becomes particularly valuable when managing risks that come with high-value and more complex projects.


10 Key 'Cs' of Capable Project Coordination

Choosing the right project management can be the difference between a seamless process and a costly, delayed and frustrating experience. Here are 10 key traits to look for when selecting a project team:


  • Competence

    Proven expertise in managing similar projects, from concept to delivery.


  • Communication

    Open, clear, and transparent communication is essential - regular updates and timely responses ensure alignment, avoiding misunderstandings and delays.


  • Collaboration

    A successful project manager fosters teamwork and promotes a collaborative mindset among all involved parties.


  • Consistency

    Maintaining high standards, attention to detail and a steady workflow is crucial.


  • Commitment

    A dedicated project manager is committed to realising the client’s vision, ensuring the project is delivered on time, within budget and to the expected quality level.


  • Cost Oversight

    Effective financial oversight is key to managing the project budget and avoiding unexpected cost overruns.


  • Compliance

    Ensuring adherence to regulations, safety standards and guidelines.


  • Creative Problem-Solving

    Proactively managing risks and devising innovative solutions to overcome challenges keeps the project on course.


  • Calendar

    Proper management of timelines and decision deadlines ensures that key milestones are met and that the final delivery remains on schedule.


  • Client-Centric

    Tailoring the approach to suit individual client requirements, with a focus on flexibility and personalisation to ensure the project aligns with the client’s vision.


The Key to Success

As the superyacht market evolves, clients navigating this landscape need experienced and capable guidance. Effective coordination is the cornerstone of any successful project. By selecting the right project managers and advisors, clients can ensure their projects remain on track. Whether buying, selling, designing, building, or refitting, it takes a skilled team - and expert guidance is the key to success.


At SPARK, we pride ourselves on providing comprehensive project coordination support. From tender selection to chaseboat builds, we offer end-to-end guidance from initial design through to final delivery, ensuring each aspect of the project is managed professionally, efficiently and to high standards



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