While it’s still restructuring, Moonen Shipyards has begun work again on one of the two megayachts whose builds were suspended this summer.
Last weekend, a 98-foot (30-meter) Matica model, set for a 2016 delivery, saw her hull and superstructure joined together (below). She’s the first of the Moonen Caribbean series superyachts to be signed by a buyer. Work halted over the summer, though, when Moonen filed for what’s termed suspension of payment. It’s a restructuring option in The Netherlands to avoid bankruptcy. It resulted due to issues with Altos Hornos de Mexico (AHMSA), the largest integrated steel plant in Mexico. AHMSA was financing a Caribbean series superyacht under construction on spec, a 121-foot (37-meter) Martinique model. Due to steel prices dropping dramatically earlier this year, AHMSA pulled out of the build. Even though the Matica model was being financed separately, Moonen’s cash-flow problems impacted progress on her.
Emile Bilterijst, Moonen’s managing director, says the owner of the Matica and AHMSA each played a role in restarting construction. “His desire to find a way in which the project could be continued, together with the ongoing support of AHMSA on a lower level, have been among the key factors that have helped Moonen get back on course,” Bilterijst explains.
The Matica megayacht is still set for completion next year. Moonen anticipates launch taking place in July. The Martinique model, expected for launch in 2017, is for sale while construction continues on her.
In addition, two Moonen owners have taken their existing yachts to the yard for winter refits. They’re both Moonen 97s: the well-known Etoile d’Azur and Nimbus. Each is getting new paint, system upgrades, and interior changes. The two will be relaunched come springtime.
“Despite the difficult situation at the yard, we have been able to keep our experienced workforce and the expertise they hold,” Bilterijst says. “This is vital to our future, as it is people that make a yard, not the facilities.” He adds that Moonen’s management team is continuing to focus on emerging from court protection and seeking a buyer for the Martinique. The hull and superstructure are nearly complete, with the interior open to owner input. Bilterijst says that delivery can take place in spring 2017.
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