As Boat Lagoon Yachting celebrates three decades of growth as a Southeast Asia dealership and yacht-services company headquartered in Thailand, Group Managing Director, Vrit Yongsakul reflects on the family business and where it is heading.
What does Boat Lagoon Yachting’s 30th anniversary year mean to you? What are some of your proudest achievements from these three decades?
We have sold over 500 new and pre-owned yachts in the region. In the 60 to 100ft market, we maintain the leading market share, solidifying our position as the go-to provider for luxury yachts in this segment.
Our success with models like the Princess Y85 and Y95 is unparalleled, as we have sold the most units globally. We are also highly active in the superyacht market, having sold many over 35m and have arranged a variety of superyacht charters in exotic locations such as the Maldives and the Mediterranean, in addition to our local Southeast Asian region.
Looking ahead, where are the biggest opportunities for BLY?
We look forward to the future with optimism. Southeast Asia is poised for significant growth in interest in leisure boating, including in the demand for luxury yachts. Our enhanced brokerage services for all kinds of boats will cater to a diverse clientele with a wide range of yachts for different preferences and budgets, including berthing locations in Asia and Europe.
Yacht charters are likely to see substantial growth for us – as they offer a flexible and luxurious way to experience yachting without the commitment of ownership – helped by the appeal of exploring Southeast Asia’s stunning cruising destinations, especially around Phuket in Thailand. The development of charter services will include more tailored memorable experiences, catering to the unique desires of clients.
What legacy and values did you inherit from your father, Kanit Yongsakul?
A pioneering spirit and a visionary approach to the yachting industry: he was instrumental in creating Phuket’s first marina complex, Phuket Boat Lagoon Marina in the late 1980s by transforming our family’s tin mine near Phuket Town. His vision led to the development of a 180-berth marina complex, complete with upmarket villas, resort guest rooms and commercial outlets, leading to another Boat Lagoon Marina opening in Krabi in 2011.
The most significant value I inherited from him is the inspiration to continuously develop and advance the yachting industry. Since taking over the business, which has been a marine yacht brokerage and service company for 30 years now across Southeast Asia, I have focused on expanding our operations and maintaining the high standards he set.
Based in Phuket Boat Lagoon, a prime focus for us is the development of Princess Yachts’ distribution in Southeast Asia. In 2019, we invested £20 million in a brand-new fleet of Princess models, including the R35, F45, F50, F55, F62, F70, Y75, and Y85. Our commitment to bringing world premiere units to the region is evident with popular models like the 75MY, S60, 78MY, Y85, 88MY, and previous models such as P56, P60, P64, P68, and 72MY
My father’s legacy also instilled in me the importance of promoting Phuket, Thailand, as a premier yachting destination. From the stunning karst towers of Phang Nga Bay to the remote, pristine beaches of the Similan Islands and the untouched beauty of the Andaman Islands, we offer unparalleled opportunities for yachting, exploration, and enjoying local cuisine.
Having operated in Southeast Asia since 1994, what are the key differences in this yachting market compared to others?
I see several key differences in the yachting market here compared to more mature markets like Europe and the US.
Firstly, Asian owners incorporate boating into their lifestyles with a focus on family and social gatherings. Unlike the more individual or nuclear family-centric boating culture in the West, Asian owners often use their boats for multi-generational family outings and social events with friends and business associates. Yachting in Asia serves as a platform for business and networking.
There is also a noticeable preference for larger and more luxurious yachts among Asian owners, driven by a desire for status and exclusivity, with extensive amenities for entertainment, relaxation and comfort. Asian owners favour yachts with customisable and versatile spaces that accommodate activities from formal dining and business meetings to casual relaxation and water sports.
Owners often prefer shorter, frequent trips, being close to attractive cruising destinations such as the islands of Thailand, Malaysia, and Indonesia – which allow for more frequent, spontaneous trips, unlike the longer cruising voyages popular in Europe and the US.
Another significant trend is the increasing focus on wellness and health among Asian yacht owners. They often seek yachts with facilities such as spas, gyms, and spaces for yoga and meditation.
Thailand and Singapore are your biggest markets in Southeast Asia, which have been the most popular ranges there?
In the Southeast Asian region, our sales record for Princess Yachts over the past three years highlights strong demand and buyer enthusiasm. We’ve successfully sold three Y95s – one being a world premiere hull at the Cannes Yachting Festival 2023 – and one X80 – which was a Singapore Yachting Festival 2024 show Asia premiere. Additionally, we secured sales of nine Y85s and the sport flybridge S72 soon after its global debut in Dusseldorf in 2022.
The 50ft range has also seen notable demand, with over 11 F-class yachts delivered in the same period, including two F65s, two F62s, one F45, and six F55s – underscoring the growing popularity of mid-range elegant, luxury yachts.
Jeanneau models reflect our clients’ growing interest in day boats for leisure opportunities with families and friends, particularly in Thailand and Singapore. Merry Fisher 1295 Fly, the flagship model with three cabins is family-friendly and versatile, so popular among our clients in the region. Jeanneau Cap Camarat, known for its sensational and sporty performance and ease of manoeuvring makes it a favourite. The Jeanneau DB37, set to launch in the third quarter of 2024, and we are bringing a fleet of stock boats into the region, with some available for charter.
Sacs, a premier manufacturer of high-end tenders from Italy, fit well with our partnership with Burgess, as we often cater to clientele looking for yachts from 100ft upwards who seek luxury tenders to complement their superyachts. We have sold several units in the Rebel and Strider ranges to superyacht owners. These luxury RIBs are perfect for use as island run-around boats. Their sporty look and high performance appeal to younger clients, too.
How important is bringing new models to market for clients in Asia?
We try to stay ahead in the market and invest in bringing the latest new yachts to the region. Customisation is essential, and as sole distributors, we make clients aware of the vast possibilities available. We have been able to offer tailored features such as mahjong tables instead of coffee tables, whisky cabinets, cigar drawers, and even flybridge starlights.
With five years representing Burgess in Thailand, how is the BLY superyacht segment developing?
We see great potential in the region to develop the superyacht market, particularly in Thailand, where Phuket is emerging as the epicentre for superyacht sales and charters, offering top-notch hospitality services in Asia.
The growing yachting demand in our region is significantly enhancing our partnership with Burgess and its superyacht sales and extensive charter fleet. As Burgess is the global leader in superyachts, this strengthens our unparalleled local expertise and brings their exceptional 100ft-plus yachts to our clients in Thailand and Singapore.
How else are tastes changing and demands evolving?
An increasing emphasis on sustainability sees consumers seeking yachts that integrate eco-friendly technologies and materials, including energy-efficient engines and sustainable building practices. At BLY we are committed to sustainability and support CSR projects that contribute to marine conservation.
We have collaborated with the Department of Marine and Coastal Resources in Phuket, Thailand since 2023 in releasing leatherback turtles into the sea. These now-endangered magnificent creatures were rehabilitated by the dedicated team at Phuket Marine Biological Centre. This initiative has garnered attention and appreciation from yacht owners who value our involvement.
As Southeast Asia continues to develop its boating infrastructure, including marinas and yachting facilities, the ease of yacht ownership and maintenance improves. This development supports the growing interest in yachting and boosts consumer confidence in investing in luxury and recreational boats.
This article was first seen on YachtStyle.co
For more on the latest in luxury yachting news and reads, click here.
