A new report by superyacht refit, repair and maintenance company MB92 Group concludes that the superyacht supply chain is in need of increased regulation and environmental assessment to improve sustainability across the industry.

The report, “A Joint Effort for the Oceans — Driving Sustainability Across the Supply Chain,” published in March 2023, highlights the need for greater regulation and concertation across the superyacht industry and its vast supply chain.

For its third and newest report, MB92 — which has facilities in France and Spain — surveyed its supply network. The group consulted key stakeholders from the industry and environmental NGOs for a broad discussion on the path ahead for the luxury yacht sector and its suppliers. Among the topics discussed were the challenges for refit shipyards and suppliers to propose sustainable solutions to clients, considerations when looking at the whole of the superyacht lifecycle such as material sourcing and sustainable manufacturing processes, research and development and innovation from the supply chain.

“For all the spectacular growth seen in recent decades, the yachting industry is today faced with a daunting challenge,” says Jean-Marc Bolinger, MB92 Group CEO. “Either it becomes truly sustainable, or it risks disappearing.”

The survey of MB92 suppliers showed that 44 per cent of respondents consider the data available to support sustainable development in their field of expertise either insufficient or non-existent. In addition, only 39 per cent of the companies surveyed had a mechanism in place to measure their impact and just 14 per cent a mechanism to evaluate that of their own suppliers.

Indeed, a lack of reliable data to judge the credentials of alternative products and solutions was one of the main obstacles emphasised by panel members for implementing sustainable upgrades on the superyacht fleet. Prescribers often find themselves ill-equipped to convince decision-makers with several captains and yacht managers highlighting the uphill battle they face to enhance the sustainability profile of their ships. In addition to the scarcity of data, they also underlined the importance of regulation and public scrutiny in convincing owners to invest in sustainable upgrades.

While the report shows that 82 per cent of companies surveyed already have a sustainability plan in place, survey results also highlighted that 50 per cent of suppliers had no mechanism in place to assess the impact of their own activity, and 75 per cent had no means to measure that of their own suppliers.

Philippe Bernard, MB92 Group procurement director, explains: “We need to be able to offer a catalogue of solutions and to be able to recommend the right solution for the right boat. This is really where, as a refit shipyard, we can bring something to the table together with our network of suppliers.”

MB92 says the industry needs to ‘intensify its efforts to raise awareness regarding the sustainability challenge among all stakeholders.’

The lack of reliable data to assess the sustainability credentials of alternative products and solutions offered is listed as a major challenge. The limited progress made by the supply chains of some equipment makers is also another important challenge. However, industry players continue to show strong interest for a broader assessment of their impact, with regards to Environmental, Social and Governance (ESG) criteria.

In 2022, MB92 released its second sustainability report, exploring options for how the existing global fleet of over 6,000 superyachts can reduce its significant carbon footprint.

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