There are very few people in Mallorca or in fact Spain who know the nautical industry better than Jonathan H. Syrett, and he has recently returned from Egypt, to where he was invited as part of a small group of international experts for the country’s first promotional forum for yacht tourism.
His nautical career began in Mallorca in the 1970s. Having completed his A Levels and Scottish Highers in Glasgow, where he was reluctant to go as it dragged him away from giving windsurfing lessons to the inner circle of the Spanish Royal Family, Jonathan was headhunted by Camper & Nicholsons International and was persuaded to close down his first company, Comercial Náutica, joining them as a yacht sales broker in 1985.
Decades-long career
It was the start of a decades-long career that would culminate in him being responsible for directing the Camper & Nicholsons Spanish operation for over twenty years.
He eventually retired from Camper & Nicholsons in 2018 and since then has been working as a yachting and brokerage consultant for his own company, Hamilton Marine, which specialises in luxury yachting.
Hence why he was part of the forum, organised by the Tourism and Antiquities Ministry’s Egyptian Tourism Authority and aimed at showcasing Egypt as a destination for yacht tourism.
The group visited Cairo, Giza, Ain Sokhna, Hurghada, Luxor, Aswan, Sharm el-Sheikh and Alexandria to see what the country has to offer nautical tourists.
And while Egypt has plenty to offer tourists, Jonathan admitted that despite having some great new marinas, mainly in the Red Sea, the nautical industry has a long way to go and is highly dependent on third-party investment.
British-built presidential yacht
“It’s an amazing place and we were taken to see what is considered the Egyptian presidential yacht, El Mahrousa, which was built by the British shipbuilding firm Samuda Brothers in London in 1865.
“She is officially now called a Royal Navy Yacht, she’s larger than the Britannia and is still in service.
“But much of the investment in the yachting industry is coming from its neighbour Saudi Arabia and I got the impression that they are looking to piggyback on what the Saudis are doing tourism wise. Plus, there are security issues such as Gaza and pirates in the Red Sea.
“That said, Egypt has always been a highly popular diving destination and there were superyachts around, albeit not as large as the ones we’re used to seeing in the Balearics and elsewhere in the Mediterranean.
“But they are seriously working on developing the yachting market. They’ve eased much of the bureaucracy and I can see Alexandria, for example, becoming like Barcelona. It’s a large container port already with plenty of room for much larger private vessels. But the marina doesn’t offer what they do in the Mediterranean by way of infrastructure, restaurants, shopping and hotels, for example. It’s a very large country and general aviation access is restricted and private helicopter flights are not allowed, so travelling by road to and from the wonderful monuments and museum and cities is very time-consuming and complicated. They have potential but I don’t think the Balearics have anything to worry about for the time being.
Palma boat show
“With the Palma boat show just around the corner, I think we’re looking forwards to a very good season in the Balearics.
“The industry is still facing a number of challenges. A matriculation tax still exists for any vessels of over eight metres. So a Spanish national or anyone resident in Spain buying a vessel over that size will have to pay a total of 33 percent in tax, the 21 percent VAT plus the 12 percent matriculation tax. It’s a tax on the wealthy and we would like to see that lifted. Despite raising a nominal amount, addressing the matter does not seem very high on the political agenda, which is a shame because it does not do our industry any good, especially if you’re looking at spending millions on a yacht.
“It would also be nice to see one of the shipyards, be it STP or Astilleros, given the green light to operate a Syncrolift so we can lilt yachts over 70/75 metres weighing over 1,000 gross tonnes out of the water, which is pretty much our limit right now, for refit and repair work.
“This winter the shipyards have yet again been full and the industry, either directly or indirectly, employs tens of thousands of people in Mallorca, but there is still room to grow.
“What’s so wonderful about Mallorca is that is has a year-round yachting industry. During the summer, the yachts are in the water and during the winter on the hard undergoing maintenance, which here in Mallorca is some of the best in the world.
“Being a home port for yachts is very important for the industry. By the time an owner has paid to have the yacht based in Palma, for example, covered the costs of the crew, etc. the best part of 70% of the expenditure of owning a yacht will have been spent in Mallorca. And the crews love being in Palma, because, for the most part, they can walk to work. Not only does the island offer highly experienced professionals in all sectors of the industry - from brokers and lawyers to skippers, crews and engineers - it boasts some of the best marinas in the Mediterranean Then there is the marinescape and the environment. It’s a nautical jewel and so close to most major European cities.
United States
“And this, for example, is a major attraction to the North American market. While the Americans love yachting, they’ve stopped building yachts. Between 44 and 46 percent of the recreational fleet in Europe is owned by Americans, plus the yachts are being built in Europe and we’re seeing the benefits rub off on the Balearics.
“The introduction of the direct flights has served to make the Balearics, in particular Mallorca, more attractive, although it’s never been that difficult to get here. So the United States market is growing here. ‘Have yacht will travel’ as they say,” Jonathan said. “What also makes the Balearics so attractive is that people can enjoy some first-class island hopping. Yes, the Americans have got the Caribbean islands, but there isn’t the infrastructure; they don’t have as many ports and marinas to dock in.
“The opportunities of going ashore to eat, shop or travel and explore are much more limited.
“The vast majority of the yachts cruising the Caribbean anchor off and the charters are all inclusive, full board, because the opportunities of going ashore are limited.
“Whereas here in the Balearics, the vast selection of fully equipped ports and marinas make cruising much more exciting and varied.
Jeff Bezos
“And of course there is always the option of venturing further afield around the Mediterranean,” Jonathan added, as superyachts are already starting to return to Mallorca ahead of the season, some of them for maintenance work such as Jeff Bezos’s half a billion dollar yacht Koru, which recently returned to Palma after having made her inaugural cruise to and from Mallorca last summer.