Hamilton Bermuda, 29 July 2009. Dockwise Ltd. today announces plans
for its wholly owned subsidiary Dockwise Yacht Transport (DYT) to
merge with Yacht Path International Inc. to create a new force in
premium yacht transport.
The combination of Yacht Path with DYT will create an enterprise
capable of transporting yachts of any size to any destination around
the globe and broaden the scope of services to any client, from
private owner and charter company to brokers and shipyards. Yacht
Path will contribute its worldwide leadership in "Lift On/Lift Off"
transportation: the chief mode of transport for small to medium
yachts up to 80 feet, aboard ocean-going cargo and container
vessels. DYT will bring a corresponding global leadership in "Float
On/Float Off" transportation for large yachts up to 200 feet on its
four submersible yacht carrier vessels. The combination of a reliable
fixed schedule between cruising playgrounds and the ability to add
extra voyages to new destinations with flexible tonnage will provide
yacht owners with increased options for their travels.
The market for yacht transport is a clear niche market with a strong
volume share of smaller yachts (<80ft) and the super yacht segment
(>80ft) representing around 25-30%. Demand for yacht transportation
services is mainly generated by yacht owners and charter companies
seeking expansion of their cruising grounds to benefit from two
seasons within one year (e.g. Mediterranean in the summer and
Caribbean in the winter). The market is mainly driven by the
increasing global fleet size, as a result of increasing wealth,
allowing for a growing charter market and development of new yachting
destinations around the world.
For the year 2008 DYT delivered revenues of approx USD 50 million,
and Yacht Path revenues of almost USD 27 million. End of 2008 DYT
employed 30 staff, Yacht Path had 11 employees at the same date. The
signed letter of intent provides that, after successful conclusion of
the due diligence investigation, the combination of the two
businesses will be effected through DYT's purchase of the entire
issued share capital of Yacht Path. The Yacht Path shareholder group,
including members of the current management team, will in that case
receive an initial cash consideration of USD 3 million and a final
payment of at least USD 9 million in 2012 subject to the achievement
of performance targets for the combined business. It is the intention
that current managers of both DYT and Yacht Path will take seats in
the management of the new combination.
"The merger of DYT and Yacht Path is an exciting step in the
evolution of a growing global niche market" said André Goedée, Chief
Executive, Dockwise Ltd. "The current recession, while temporarily
subduing demand, has not reversed the long-term upward trends in
yacht transportation between cruising destinations. The unified
company will be ideally positioned once favourable conditions return
and Dockwise will enjoy significantly increased market share.
Furthermore, the complementary market segments that each of the
parties brings to the merger will deliver strong marketing
For further information, please contact:
Fons van Lith
Tel : +14415991818/+31 651 314 952
About Dockwise Yacht Transport
Dockwise Yacht Transport (DYT) Netherlands B.V. is a worldwide leader
in the Float On/Float Off yacht transportation industry and operates
four specialised yacht carriers, offering owners and charterers safe
and easy access to many of the world's premier cruising playgrounds.
Since 1987, DYT has delivered over 10,000 motor and sailing yachts to
various destinations around the world of which almost 1,300 in 2008
alone. Annual revenues of Dockwise Yacht Transport are approximately
USD 50 million.
About Yacht Path
Yacht Path International Inc. is a worldwide leader in the Lift
On/Lift Off yacht transportation industry with a capacity to
transport yachts up to 250 metric tons aboard ocean going vessels
safely and efficiently. In 2008 Yacht Path has transported almost 600
yachts worldwide and continues to lead the market in the Lift On/Lift
Off yacht transport, with annual revenues of approximately USD 27
Dockwise Ltd. has a workforce of more than 1200 people both offshore
and onshore. The company is the leading marine contractor providing
total transport services to the offshore, onshore and yachting
industries as well as installation services of extremely heavy
offshore platforms. The group is headquartered in Bermuda with
amongst others operational offices in Breda, The Netherlands. The
group's main commercial offices are located in The Netherlands, the
United States, China, Korea, Brazil, Australia and Nigeria. The
Dockwise Yacht Transport business unit is headquartered in Fort
Lauderdale. The Dockwise Shipping network is supported by agents in
Japan, Singapore, Spain, Argentina, and Italy.
For more information: www.dockwise.com
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