Genova for Yachting: results of the Study by The European House-Ambrosetti
Friday, October 16, 2020 11:42 AM
Genoa, October 15th 2020 – An economic effect of 369 million euro along the territory’s entire supply chain, an occupational effect of more than 2,000 employees and a contribution of 133 million euro to the GDP of Liguria: these are the key figures that emerge from the study conducted by The European House – Ambrosetti to measure the contribution of professional yachting in 2019 to the Port and its territory.
The study was presented this morning by Emiliano Briante – Head of the Business & Policy Impact Division of The European House - Ambrosetti – during the workshop “Large Yachts: a strategic resource for Genoa, international sea capital”, initiated and organised by Genova For Yachting – the association that unites the professional yachting operators in Genoa – with the support of the Chamber of Commerce and Regione Liguria, and with the patronage of Genoa Municipality, Western Liguria Sea Port Authority, Assonautica, and the Passadore Bank.
Local institutions took part in the workshop, followed online, to whom the sector operators made their case with the intention of valorising an active, sustainable sector, well integrated with the city, competitive at an international level even during the COVID pandemic and strongly rooted in the territory, that expresses the trades, professionalism and tradition of Italian knowhow in the context of the Blue economy and that which intends to be point of contact and protagonist of Genoa’s future development strategy.
“The strength of these numbers and of the study that we present today – declared Giovanni Costaguta, President of Genova For Yachting – results from Genova For Yachting’s ability to represent the entire chain, and above all from our desire to work together, sharing our data, balances and suppliers to give an account of the value of our segment and its ability to create wealth. But there is more to it than that. Ours is an industry that has its origins in the Port, where vessels arrive and are accommodated, but the socio-economic effects, in particular the indirect, spin-off and catalysed effects, create benefits in the city and in the surrounding area with a ratio of a third to two thirds. This consciousness allows us to tackle many topics and propose measures that can favour the development of Genoa’s professional yachting sector.”
The study and the figures
The study conducted by The European-House Ambrosetti “The socio-economic impact of professional yachting in Genoa”, which will be repeated for three years, has the objective of measuring and identifying the size of the impacts and economic and social effects that the segment has, so as to identify the relative development opportunities for the city.
Thanks to the completeness and transversal nature of the 50 businesses that make up the association Genova For Yachting, and who have shared their balance figures, supply chains and the activities of its associates, the study was able to analyse and measure the different types of spend all along the chain and therefore, for the first time, quantify the total effect, creating an index – Total Equivalent Economic Impact (TEEI) – innovative, objective, pondered and equivalent to the effect of a day’s stay in Genoa.
The TEEI – Total Equivalent Economic Impact is a concise indicator that attributes a «total equivalent economic impact per stay» value for the different vessel size categories. It takes into account, for each length category, the direct effect on the marinas, on the services and on the shipyards; indirect effects on the economic chains upstream or downstream; spin-off turnover, as an effect of the consumptions made thanks to the salaries paid to those employed in the industry and the activated supply chains; and finally catalysed turnover, signifying the direct spend in the area made by crew members and Owners.
The European House- Ambrosetti has calculated the value of the total equivalent economic impact (TEEI) that a yacht measuring between 36 and 50 metres LOA creates on average in just one day’s stay in Genoa to be 8,805 euro. This value rises in an exponential manner as vessel length grows, reaching over 47,000 euro if the vessel is over 75 metres long.
Starting from the real data of the companies that are part of the Genoese professional yachting cluster – that in 2019 dealt with more than 1800 yacht stays and accommodated vessels in its structures (shipyards, marinas, agencies) for a total of 64,350 days stay – it was therefore possible to quantify the total economic impact of Genoa’s professional yachting sector in 2019 as being 369 million euro. Furthermore, it was possible to evaluate the equivalent employment level generated, which was of over 2,000 jobs.
Thus the photograph of a segment that in 2019 contributed 133 million Euro to the Liguria region’s GDP emerged, along with its articulated and diversified supply chain: from the nautical sector (39,8%), manufacturing (15,4%), electrical supply (7%), real estate services (8,7%), professional services (4,3%), commerce (3,6%), transport and warehousing (3,3%) and administrative activities (3%), touching on lodging and catering (2,8%), and insurance and financial services (2%).
“Working together with Genova For Yachting on this project allowed us to build an articulate and particularly complete model for measuring the effects of the segment, fuelled by some highly detailed and specific input data, which will be very interesting to update further very soon – declared Emiliano Briante Head of the Business & Policy Impact Division of The European House - Ambrosetti. – Considering the elevated ability that it has to activate economic and employment benefits for the city and indeed the whole region, this sector appears ever more strategic for the growth and economic recovery of the territory, also given a growing global market which therefore presents Genoa with the opportunity to attract a greater number of vessels, beating the fierce competition in the Med” – concluded Briante.
Genova For Yachting
Genova For Yachting represents the Genoese Professional Yachting cluster, currently uniting 50 companies in the Services, Marina, Shipyards, Technology and Professionals sectors.
An expression of Italian knowhow and of Genoa’s historical vocation for the sea, the companies in Genova For Yachting successfully compete in an international sector known for its elevated levels of competition. Created in 2017, Genova For Yachting’s associated businesses accounted for a combined turnover of 210 million Euro in 2019, employing 475 people and involving 1,800 suppliers in Italy. In the Port of Genoa these companies occupy 2% of the total surface area (360,000 m2).
The companies of Genova For Yachting:
Services: Amico Servizi Srl, Femobunker Srl, GIS International Supplies Srl, GM Odone Srl, Image Motti Sas, Molo Vecchio Marine Supplies Srl, Pesto Sea Group Srl, San Giorgio Shipping Services Srl, SCS Ship & Crew Services Srl, SLAM S.p.A. Cambiaso Risso Marine S.p.A., Agenzia Nautica Csn, O.A.G.S. Sc. A, Hdb Srl, Solo Portofino, Genova Rent Srl;
Marinas: S.S.P. Società Sviluppo Porti Srl, Marina Molo Vecchio Srl, Marina Molo Vecchio Crociere Srl;
Shipyards: Amico&Co Srl, Cantieri Navali Di Sestri Srl, Cantieri Navali Genovesi Srl, Genoa Sea Service Srl, Yachtline Arredomare 1618 Spa;
Technology and Specialized companies: AB Volt Srl, Acier Steel Srl, CN Sat Srl, Cooperativa Steel Works, Generalmarine Srl, Interni Navali Genovesi Srl, Jonassohn Srl, Lisi Arredamenti Srl, Motonautica Cuneo Srl, Motonautica Sorin Diesel Sas, Nuova Vernazza Srl, Schembri, Gardella Verniciatura Yacht, Tecnomarine Srl, Tonissi Meccanica Generale Srl, Ranieri Tonissi S.p.A., Vampa Srl, Viacava Srl; Boero Bartolomeo S.p.A., Zunino Marmi Sas, Centro Servizi Nautici Snc;
Professionals: Studio Legale Mordiglia, Cinzia Farinetti Dottore Commercialista, Studio Legale Bonelli Erede, Studio Piana Illuzzi Queirolo Trabattoni, Studio BW&CO.