Balearic Marine Cluster presents a report with the main figures of the sector

The marine industry brings together 879 companies with a turnover of 1,106 million euros and generate 5,145 jobs with an annual growth of 4.26 percent, according to the report presented this afternoon by the Balearic Marine Cluster during the first Forum for Superyachts to be held between today and tomorrow with the attendance of 300 professionals in the Auditorium in Palma.

This is the first time that a complete and exhaustive x-ray of the sector has been released, the results of which highlight the consolidation of the Balearic Islands as a hub of the nautical sector in the Mediterranean.

The president of the Balearic Marine Cluster, Toni Salom, said in his opening speech that ‘the marine industry in the Balearic Islands, which represents 3.1 percent of the Balearic GDP, is not only an integral part of our local economy, but is a symbol of our identity and our culture’.

‘This leadership position gives us a great responsibility and an even greater opportunity, as we want to become the most sustainable, smartest, highest quality and best service yachting hub in the Mediterranean,’ added Salom.

The current state of the nautical industry in crucial issues such as environmental sustainability, new technologies in the construction and maintenance and operations of yachts, as well as the necessary collaboration between the private sector and local authorities to ensure environmentally friendly growth, were the focus of the debate at the Balearic Superyacht Forum.

The Balearic Minister for Enterprise, Employment and Energy, Alejandro Sáenz de San Pedro, said at the opening ceremony that this first superyacht forum - which coincides with the Palma International Boat Show - ‘positions the Balearic Islands as the nerve center of the nautical sector in the Mediterranean’.

The mayor of Palma, Jaime Martinez, for his part, highlighted the strength of the sector with 210 boats registered in the Balearic Islands during the first quarter of the year and stressed the dynamism of the nautical companies for their diversity, as well as the professionalism and quality of the services they offer.

For her part, the Director of Tourism of the Consell de Mallorca, Clara del Moral, said that events such as the Balearic Superyacht Forum represent a firm commitment to innovation and sustainability, which also help the coexistence between residents and tourists.

This study by the Balearic Marine Cluster, based on data from 2022, shows that industrial activities (repair and maintenance, shipyards and dry docks) account for more than 30 percent of companies (282), more than 40 percent of turnover (459.38 million euros) and 2,475 employees.

Recreational boating services represent almost 40 percent of the companies (337) but do not reach a quarter of the turnover (261.61) and jobs in the sector (1,234).

According to the study, the average size of the companies is very small. Forty percent have a turnover of less than 300,000 euros and 60 percent have fewer than five employees. However, it is worth noting that more than 40 percent of turnover and 30 percent of total employment is concentrated in just over 20 companies, showing a significant polarization between larger and smaller companies.

Another noteworthy fact in this report of the Balearic Marine Cluster is that the average salary in the marine industry (32,000 euros per year) is significantly higher than other industries such as tourism, food and furniture. In addition, the segment of reform, maintenance and new construction is the activity with the highest level of remuneration, 10 percent higher than the industry average.

In terms of distribution, 76 percent of nautical companies are located in Mallorca (45 percent in Palma), especially in the maintenance and refurbishment segment, while Ibiza has a strong position in nautical tourism and recreational boating.

The first panel discussion, moderated by Martin Redmayne (director of Superyacht Group), was made up of the CEO of Astilleros de Mallorca, Diego Colón; Toni Forteza, CEO of Ocibar; Mar Vera, head of expansion and sustainability at Alcudiamar; Belén Martín, partner at Evolution Yacht Agents and the lawyer of Legalley+, Miguel Angel Serra.

They all highlighted the strengths of the nautical industry, backed by data from the report presented this morning, and stressed the international recognition of the Balearic Islands for its boat repair and maintenance services, its undoubted attractiveness as a nautical tourist destination and its robust nautical business ecosystem, differentiated by the high quality, efficiency, safety and flexibility in marine repair and maintenance services.

On the other hand, the speakers agreed that there is a lack of space both in ports and in dry dockyards, so investments in infrastructure should be boosted to meet specific segments, such as the maintenance of vessels over 70 meters, given the growth that this superyacht market is experiencing.

Improving infrastructure, efficiency in productivity and boosting innovation are the three main challenges for the future of the marine industry, concluded Diego Colón, CEO of Astilleros de Mallorca.

For his part, Toni Forteza, CEO of Ocibar, pointed out the enormous potential for growth in this industry during the summer, while Mar Vera, head of expansion at Alcudiamar, considered that the needs of professionals who come to work in the Islands should be taken into account.

Belén Martín, managing partner of Evolution Yacht Agents, pointed out that there was room for improvement in terms of safety and the regulation of yachting traffic.  The lawyer Miguel Angel Serra indicated the importance of improving the fiscal framework in Spain compared to other competing countries such as France and Italy.

The manager of the Balearic Marine Cluster, Pedro Suasi, advocated motivating the new generations to continue with the sustainable growth of the sector and the improvement of its social positioning.

The second panel of this forum was made up of the president of the Spanish Association of Golf Courses, Luis Nigorra; the director of Operations of Evolution Yacht Agents, Xisco Notario; the director of Engel & Volkers Mallorca, Hanz Lenz; the Michelin star chef, Marc Fosh, the CEO of the Auditorium, Marcos Ferragut, and the superyacht captain, Carsten Franik, under the baton of Martin Redmayne.