BY APB Staff on 21 Mar 2019

HKCYIA partners with China Merchants Industry Holdings to establish the centre for yacht refit, repair, and maintenance services in Tsing Yi

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 centre will provide world-class support services for superyachts over 45 metres, including refit, repair and maintenance services.

Hong Kong To Open First Superyacht Management Services Centre
(Photo: HKCYIA)

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 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 much room for development in this field.”

“Currently the majority of maritime business in Hong Kong is taken up by commercial and cargo ships, with the repair and maintenance systems mainly designed for these categories. However, yacht management and maintenance is another service segment which the current system does not cater to,” 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 per cent annually on average in the past five years, reaching 7.8 trillion yuan in 2017. Beijing expects the maritime industry to be worth 10 trillion yuan by 2020 and account for around 15 percent of its GDP by 2035.

As Hong Kong is expected to be a “super connector” in the implementation of the Belt and Road Initiative and of 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.

Yeung says the HKCYIA Superyacht Management Services Center is set up in response to this national strategy, as it will provide a transit point for superyachts to obtain supplies and fuel when they travel to other destinations in Asia. Not only will more superyachts come to Hong Kong, helping promote tourism, but more foreign investors are also expected to come and develop the related businesses.

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 itineraries 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 interested in pursuing careers in the yacht industry.

Yeung says this programme will be the first of its kind, and the collaboration with RINA will provide training that meets international standards. “Nurturing the next generation is important for the long-term development of the high-end maritime economy. The Superyacht Management Services Center will provide the perfect environment for youngsters to learn the necessary skills from industry practitioners.” 

Since last year, HKCYIA has been working closely with the relevant associations and organisations, with the plans to develop the yacht industry in China. A memorandum of understanding was signed between the association and the Asia Pacific Superyacht Association (APSA); Taiwan Yachts Industry Association (TYIA); Shenzhen Boating Industry Association (BIA); Zhuhai Ocean Association; Yacht Industry Development Association of Fujian; Hainan Cruise and Yacht Association and Sanya Yachting Association (SYA) to provide the foundation for future co-operations.

HKCYIA will also participate in the Singapore Yacht Show in April and the Versilia Yachting Rendez-vous in Viareggio in May in meetings with industry experts to seek further co-operations. Yeung has been invited as a guest speaker of the Asia Pacific Superyacht Conference 2019 to share her insights on the development of yacht industry in Hong Kong.