Ferretti, overcoming US tariffs uncertainty, the market is recovering
Managing Director Galassi: 'There are possibilities for acquisitions and we are watching them carefully. The group brought 26 boats to Cannes, with 7 premieres
2' min read
2' min read
The tariffs battle, unleashed by US President Donald Trump, has resulted in a difficult spring for the boating industry, with some effects even on a large group like Ferretti. But since the summer, the market has picked up, albeit at two speeds, as some boat manufacturers are still suffering.
Drawing this picture is Alberto Galassi, CEO of the Ferretti group who, on the opening day of the Cannes yachting festival, explained, among other things, that the company is evaluating possible new acquisitions in the nautical sector. In the sector, he says, "there are opportunities and we are looking at them very carefully. Both in services and in production, I have never seen so many as in the last 4-5 months'.
The French boat show has opened its gates, which will close on 14 September, and showcases, between Vieux Port and Port Canto, 711 boats (new and used) from 5 to 50 metres, presented by some 680 exhibitors. Ferretti brought 26 boats to the show with 7 world premieres.
"The months of April and May," said Galassi, "were complicated: the escalation of tariffs generated uncertainty and this is an incredible enemy for the boating industry. Our clients' focus was not so much on the boat itself, because we are often talking about large units, which exceed 30 metres, are delivered to Italy and do not fly the American flag. The issue of tariffs, however, has affected every sector around the world: pharmaceuticals, fashion, wine, automotive, steel and so on. So there wasn't a single customer, among ours, who didn't have his head focused on the core business at that moment; and that means that the boat, which is a pleasure, a fun, a moment of emotional freedom, at that juncture, could not be a priority".
What held the markets back, in short, was 'the fear of uncertainty' on the part of many entrepreneurs waiting to know, in detail, the new US measures. Then, 'with the end of uncertainty, this great fear has been reduced and the sector has restarted: the half-year accounts are positive and we are satisfied, even if we have had fewer orders: order intake has decreased (-9.2%, compared to the first half of 2024, ed.) but it is a matter of 30 million, the equivalent of three fewer boats. Now, however, the trend is positive and we have many negotiations underway. There was only a moment of freeze, because the priorities were different'.
