SilverYachts attracts new investor, China Zhongwang
Published: Friday, 27 October 2017
Perth-based aluminium superyacht builder SilverYachts forms a strategic partnership with Hong Kong-listed aluminium group China Zhongwang Holdings Limited, making the latter the new majority shareholder.
Planning to expand its team in Australia as well as in China, SilverYachts strategises to establish an addtional shipyard in China to build superyachts or commercial vessels customised fort he growing Asian market with the support of China Zhongwang.
“The partnership with China Zhongwang marks the start of an exciting new era for SilverYachts,” said Guido Krass, founder of SilverYachts.
“SilverYachts is dedicated to building all-aluminium superyachts. Having China Zhongwang on board will allow us to continue to create and build innovative aluminium superyachts for the world market.“
The Western Australian-based shipyard will remain a technological frontrunner, with a new series of larger vessels targeting the upper segment of the international market, such as the 100m Silver Global.
“Our Silver series of yachts are ground-breaking in design and building philosophy, in the way the volumes are distributed longitudinally rather than vertically, which allows a high length to beam ratio, creating greater efficiencies in terms of performance,” said Espen Oeino, naval architect and designer of SilverYachts.
“The Silver series of yachts reflect the basic core values of sound engineering principles, where simplicity prevails over complexity and finds its inspiration in the slender and efficient monohulls, developed before lightweight materials and high speed high power diesel engines were available.
“Applying the same basic naval architectural concept in combination with today’s state-of-the-art, lightweight aluminium construction and modern engine technologies is the brainchild of Guido Krass and myself. We look forward to designing the next generation of the Silver series with China Zhongwang, for both the global and the Asian market.”
China Zhongwang Holdings Limited is the world’s second largest aluminium extrusion company. It is listed on the Hong Kong Stock Exchange with a market cap of HKD24.03 billion and annual sales revenue of RMB16.7 billion and employs over 20,000 employees.
It invested in SilverYachts because of their aluminium hull design, marine expertise and shipbuilding capabilities, which benefits their aluminium deep processing business, and enhances its profitability and potential to develop other businesses.
“We are delighted to join hands with SilverYachts to navigate the high-end marine sector at full speed,” said Lu Changqing, President and Executive Director of China Zhongwang.
“SilverYachts is one of the pioneers in building large-sized, all-aluminium ultra-luxury superyachts. It has an international reputation for producing visually striking, aerodynamic, high-performance, and fuel-efficient luxury superyachts, widely known as the ‘sports cars of the ocean’.
“Both companies share the same vision of offering best-in-class products that exceed client expectations. The acquisition is a significant step for China Zhongwang to become an active player in the high-end marine segment, and adds considerably to our international expansion.”