Gulf Craft Jul 13, 2011 8:49:38 PM 1 min read

Gulf Craft quoted in The Wall Street Journal on the Rise of Superyachts in Australia

Australia’s mining boom has brought a change offshore: The number of superyachts owned by Australians has tripled since 2005, as mining millionaires take advantage of the strong local dollar and financial-crisis-related bargains for the high-end sailing vessels.

Those rich Australians are also splashing their wealth on other luxury toys, such as expensive cars—sales of Bentleys, Aston Martins and Lamborghinis all rose between 50% and 73% in 2010. But those are small change compared with the superyachts they’re buying. The vessels cost upward of US$6 million, according to Erwin Bamps, chief operating officer of Gulf Craft........“Seven years ago, when I was selling into Australia, a 50-foot boat was a big boat; today that’s not the case.”

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