Published: Thursday, 08 August 2013
Mike Fulton

As quoted in IBI, CIMC Raffles Yachts, which recently rebranded as PRYDE following acquisition of all the outstanding shares of Yantai Raffles by China International Marine Containers (Group) Ltd (CIMC) last March, may be relocating to a new site close to Yantai.

Pryde Yachts May Develop New Yard 4

This comes as expansion in the offshore energy industry is putting severe pressure on space at the large Yantai Raffles shipyard. There are dry dock facilities for vessels up to 300 metres, but many of these are being used by the huge offshore oil rigs and other associated structures that the yard also builds.

Itay Simhony, a director of CIMC Raffles recently told IBI that the company had looked at many possible sites, including ones in Shanghai, but had eventually plumbed for one closer to Yantai. They have already invested some $80 million in the facilities and support for building the 88.8-metre superyacht Illusion currently being built at the yard and expected to launch in early 2015. They see their niche as being in boats of up to 200 metres and more and with CIMC’s strong financial backing there is no limitation on providing the further funding required for building large megayachts.

The company is fully committed to becoming a world-class superyacht builder and to this end works very closely with the main yard. For instance, most of the steel work for Illusion was actually done at Yantai’s main yard. This close cooperation was another reason for choosing a new site closer to Yantai.