Guest Author Olivier Blanchet, Head of Jet and Yacht Finance at BNP Paribas, outlines the importance of the industry’s perception problem…

Last year, I was in conversation with people involved in the yacht- management business and they said in near unison: “It’s always fantastic to get quoted in the national press, even if it doesn’t illuminate our industry with the most flattering light.”

To me, this quote appears out of place, inadequate and old-fashioned. Meanwhile, superyachts are being negatively mentioned in the mainstream press on a daily basis. Primarily, this attention is either focused on the sanctioned owners due to the war in Ukraine or because these ultimate toys for UHNWIs contribute to global warming and negatively impact the oceans.

As we all should know, the industry is implementing many significant initiatives to effect positive change: from pioneering new technologies to improving energy efficiency to the reduction of noise pollution, streamlining of on-board operations, new sustainable products promoted by designers for luxury interior outfitting or the reduction of toxic antifouling products, to name but a few.

However, one paradox as I see it is that class societies are late into this process. More proactive recognition of these innovations could place class at the forefront. To date, they’ve not yet found an agreement…