Balearic Marine Cluster presents a report with the main figures of the sector at the inauguration of the first Balearic Superyacht Forum.
The nautical sector encompasses 879 companies generating €1.106 billion in revenue and creating 5,145 jobs, with an annual growth rate of 4.26%, according to the report unveiled today by the Balearic Marine Cluster during the first Balearic Superyacht Forum, attended by 300 professionals at the Palma Auditorium.
This is the first time that a comprehensive overview of the sector has been provided, revealing the consolidation of the Balearic Islands as a hub for nautical activities in the Mediterranean.
Toni Salom, President of the Balearic Marine Cluster, stated in his opening speech, “The nautical industry in the Balearic Islands, representing 3.1% of the Balearic GDP, is not only an integral part of our local economy but also a symbol of our identity and culture.”
“This leadership position gives us great responsibility and an even greater opportunity, as we aim to become the most sustainable, intelligent, high-quality, and service-oriented yachting hub in the Mediterranean,” Salom added.
The current state of the nautical industry, focusing on crucial topics such as environmental sustainability, new technologies in construction and maintenance, and yacht operations, as well as the necessary collaboration between the private sector and local authorities to ensure environmentally respectful growth, was the central theme of the Balearic Superyacht Forum.
Alejandro Sáenz de San Pedro, Minister of Business, Employment, and Energy of the Balearic Government, noted in his opening remarks that this first superyacht forum, coinciding with the Palma International Boat Show, “positions the Balearic Islands as a hub for nautical activities in the Mediterranean.”
The Mayor of Palma, Jaime Martínez, highlighted the sector’s strength with 210 registered vessels in the Balearic Islands during the first quarter of the year, emphasizing the dynamism of nautical companies due to their diversity, professionalism, and quality of services offered.
Clara del Moral, Insular Director of Tourism for the Mallorca Council, stated that events like the Balearic Superyacht Forum represent a firm commitment to innovation and sustainability, contributing to harmony between residents and tourists.
Based on 2022 data, this study by the Balearic Marine Cluster reveals that industrial activities (repair and maintenance, shipyards, and dry docks) comprise over 30% of companies (282), over 40% of revenue (€459.38 million), and employ 2,475 individuals.
Recreational nautical services represent nearly 40% of companies (337) but do not reach a quarter of revenue (€261.61 million) or sector employment (1,234).
The average size of companies is relatively small, with 40% generating less than €300,000 and 60% having fewer than five employees. However, it’s noteworthy that over 40% of revenue and 30% of total employment are concentrated in just over 20 companies, indicating significant polarization between larger and smaller firms.
Another notable finding in this Balearic Marine Cluster report is that the average salary in the nautical sector (€32,000 per year) is significantly higher than other industries such as tourism, food, and furniture. Additionally, the refurbishment, maintenance, and new construction segment is the most highly remunerated activity, 10% above the sector average.
Regarding distribution, 76% of nautical companies are located in Mallorca (45% in Palma), especially in the maintenance and refurbishment segment, while Ibiza has a strong position in nautical tourism and recreational boating.
FIRST DEBATE
The first panel discussion, moderated by Martin Redmayne (Director of Superyacht Group), included the CEO of Astilleros de Mallorca, Diego Colón; Toni Forteza, CEO of Ocibar; Mar Vera, Head of Expansion and Sustainability at Alcudiamar; Belén Martín, Partner at Evolution Yacht Agents; and the Legalley+ lawyer, Miguel Angel Serra.
They all highlighted the strengths of the nautical industry, supported by the data presented earlier in the day, emphasizing the international recognition of the Balearic Islands for their boat repair and maintenance services, their undeniable appeal as a nautical tourist destination, and their robust nautical business ecosystem, distinguished by high quality, efficiency, safety, and flexibility in naval repair and maintenance services.
However, the speakers noted a lack of space in both ports and dry docks, suggesting investments in infrastructure to address specific segments, such as the maintenance of vessels over 70 meters, given the growth in the superyacht market.
Improving infrastructure, productivity efficiency, and fostering innovation are the three main future challenges of the nautical sector, as Diego Colón, CEO of Astilleros de Mallorca, concluded.
Toni Forteza, CEO of Ocibar, highlighted the enormous growth potential of this industry during the summer, while Mar Vera, Head of Expansion at Alcudiamar, considered the needs of professionals coming to work on the islands.
Belén Martín, Managing Partner of Evolution Yacht Agents, pointed out aspects for improvement, such as not losing sight of safety and reaching a consensus on navigation traffic regulation. Lawyer Miguel Angel Serra emphasized the importance of improving the fiscal framework in Spain compared to other competing countries like France or Italy.
Pedro Suasi, Manager of the Balearic Marine Cluster, advocated for motivating the younger generations to continue the sustainable growth of the sector and improve its social positioning.
SECOND DEBATE
The second panel of this forum included the President of the Spanish Golf Courses Association, Luis Nigorra; the Director of Operations at Evolution Yacht Agents, Xisco Notario; the Director of Engel & Volkers Mallorca, Hanz Lenz; Michelin-starred chef, Marc Fosh; the CEO of the Auditorium, Marcos Ferragut; and superyacht captain, Carsten Franik, under the moderation of Martin Redmayne.
The speakers shared their experiences in the Balearic Islands, expressing their passion for the archipelago’s nature, culture, and society, highlighting its geographical positioning, tourist infrastructure, healthcare services, and security forces.
Issues addressed during the debate included the lack of housing for both locals and nautical professionals, the need to extend the tourist season with direct connections to Nordic countries and France during the winter, the promotion of industries that add value such as nautical activities, and improving public perception of tourism.
The attending audience was highly engaged and participated in the discussions by asking numerous questions.
The Balearic Superyacht Forum continued in the afternoon with a conference on the challenges of artificial intelligence in the nautical industry, presented by María Jesús Casado from Omniaccess, and Fabrizio Ottini from Yachtmind. The first day of this forum will conclude with an interactive workshop to address industry challenges.
