Gabriel García González, Director of Sovereign Marine Services (SMS), attended this year’s Palma International Boat Show (PIBS) and Palma Superyacht Village in Mallorca in April, one of the yachting industry’s most highly anticipated events because it marks the opening of Mediterranean yachting season.
The event, celebrating its 40th anniversary this year, brings together boat builders and yacht brokers, marine technologists and luxury lifestyle firms with yachting professionals and enthusiasts. It provides a unique platform for businesses to showcase their products and innovations, and crucially for buyers to inspect and purchase yachts that can be on the water in time for the summer season.
PIBS 24, hosted in Palma’s famous Marina Moll Vell, brought together 295 participating companies, along with and 600 boats, 260 of them at sea. Despite poor weather, they attracted almost 30,000 visitors over four days.
The Palma Superyacht Village featured 80-plus of the finest 24m+ superyachts currently on the international brokerage and charter market. It provided an opportunity to view, sea trial and potentially to contract, in what is traditionally the busiest sales period of the year for the brokerage market.
It also offered a dedicated Refit & Repair area, as well as a wide array of shore-side exhibitors, showcasing anything from the latest advancements in sail design to next-level marine electronics. The breakfast seminars at Restaurant Varadero brought panel discussions on some crucial topics including environmental sustainability, crew careers and the future of superyacht fuel and propulsion.
“Palma is one of the main yachting hubs in the Mediterranean Sea,” said González. “This connects with Gibraltar being the main gateway for the Med and first port of call for yachts coming over from the Caribbean, especially given the current instability in the Middle East and the Black Sea. We see the annual flow of yacht movements as they migrate from Gibraltar to Palma and vice versa.
“Palma has always therefore served as a bridge for SMS to access international markets. Spanish yacht owners, managers and professional firms are one of our main areas of business focus and the international exposure that Palma offers, as part of that Spanish market, has certainly helped SMS to expand internationally.”
“Between March and July is our high season, as clients prepare for the summer. There are a lot of sale and purchase transactions going on in the yacht industry, so the timing of the PIBS boat show is ideal for us to meet with clients that we are currently working with. In some cases, we are meeting them in person for the first time, which helps in building that relationship with clients and intermediaries,” said Gonzalez.
As part of the 40th anniversary celebrations, the Balearic Marine Cluster and The Superyacht Group, also hosted the first Balearic Superyacht Forum, a dynamic two-day event convening some 300 superyacht professionals, enthusiasts and experts to discuss the sector’s future.
The Forum included a wide variety of sessions, presentations, and interactive activities focused on aspects such as innovation, sustainability, the evolution of Palma’s nautical maintenance and repair industry, as well as the opportunities and challenges facing the Balearic Islands as an international nautical tourism destination.
The Balearic Marine Cluster is a grouping of local marine companies – including boat builders, refit and repair firms, marinas, yacht managers, brokers, charter agencies, concierge and recruitment services – who have come together to drive the provision of high quality and full service to yacht owners and skippers.
According to a report compiled for the event, the local maritime sector encompasses 879 companies, generating €1.106 billion in annual revenue and creating 5,145 jobs, representing 3.1% of the GDP of the Balearic Islands. It shows a yearly growth rate of 4.26%.
Sovereign Marine Services (SMS) offers an extensive array of marine and professional services to yacht owners, managers, and brokers globally. Our services encompass registration, administration, and management for both private (pleasure) and commercial yachts worldwide. We specialise in creating ownership structures, VAT and tax planning, yacht importation, safety and technical management, marine insurance and finance, crew administration and payroll, accounting and banking, as well as foreign exchange and international payments. Get in touch for more information.
