Hong Kong Cruise and Yacht Industry Association (HKCYIA) has reached a partnership agreement with China Merchants Industry Holdings (CMI) for the establishment of a superyacht management services centre in Tsing Yi Island.

HKCYIA’s Kara Yeung (third left) and Euroasia Dockyard management at the signing ceremony witnessed by lawyers of Stephenson Harwood

Located at the Yiu Lian and Euroasia dockyards, the centre will provide supporting services for 45m-plus superyachts including yacht refit, repair and maintenance, and is expected to be operational in 2020.

Kara Yeung, Executive Director of HKCYIA, said: “The establishment of a yacht management services centre specifically designed for superyachts marks a major milestone in the development of the yacht industry in Hong Kong. The demand for quality superyacht management services is on the rise, but existing facilities in Hong Kong are lagging behind, leaving some very big space for development in this field.

“Currently the majority of the maritime business in Hong Kong is taken up by commercial and cargo ships, so the repair and maintenance systems are mainly designed for these kinds of vessels. The current system cannot cater to the specific service needs of yacht management and maintenance.”

Euroasia Dockyard in Tsing Yi; Photo: HKCYIA

The HKCYIA, which has a strong relationship with the China Cruise and Yacht Industry Association, said the move is in line with China’s plan to develop its maritime economy, with Hong Kong expected to be a ‘super connector’ in the implementation of the Belt and Road Initiative.

Yeung said the superyacht centre is being set up in response to this national strategy as it will provide a transit point for superyachts to obtain supplies and fuel when they travel to destinations in Asia.

According to Yeung, the superyacht centre will collaborate with international yacht brands and yacht management companies to provide supporting services including repair and maintenance, audit and survey, bunkering services, crew administration and logistics support. There are also plans to develop exclusive onshore tours with tailor-made itineraries for owners and their crew.

HKCYIA will also work with Hong Kong’s Maritime Services Training Institute and Italy-based RINA Services to develop a superyacht management course, providing hands-on training to young people with an interest in pursuing careers in the yacht industry.

Yiu Lian Dockyards in Tsing Yi; Photo: HKCYIA

“Nurturing the next generation is important for the long-term development of the high-end maritime economy,” Yeung said. “The superyacht management services centre will provide the perfect environment for youngsters to learn the necessary skills from industry practitioners, as well as getting the opportunities to develop their careers.”

With the plan of fostering the development of the yacht industry in Greater China, HKCYIA has also signed a memorandum of understanding with the Asia Pacific Superyacht Association, Taiwan Yachts Industry Association, Shenzhen Boating Industry Association, Zhuhai Ocean Association, Yacht Industry Development Association of Fujian, Hainan Cruise and Yacht Association and Sanya Yachting Association.

HKCYIA organised the first International Cruise and Yachting Festival (Hong Kong) at China Merchants Wharf last November and plans to organise another show from November 17-23 – with the venue yet to be confirmed – to coincide with Hong Kong Maritime Week (November 18-24). It also plans to organise a Guangdong-Hong Kong-Macau Greater Bay Area Maritime Commerce and Economic Development Expo during this period.

This article first appeared in Yacht Style Issue 47

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