IT’S the penultimate day of the Monaco Yacht Show today – a key event for the Isle of Man’s yachting industry.
Dominion Marine, an Island based corporate service provider, is exhibiting at the show. The company have been working in the yacht industry for 26 years and offer a number of services to yacht owners and their crew.
Director Chris Allix has been to nearly every Monaco Yacht Show. He said: "Monaco is exceptionally high net. It's the international yachting industry show for Europe and is one of the most important shows in the world. In reality there's the Monaco show for Europe and the Fort Lauderdale one in America. Those are the two shows that you have to go to."
Chris said he has noticed changes in the show over the years: "I've seen massive changes in the show. When I started anything over 100 feet was getting quite super. Nowadays the real industry starts at over 30 metres. The show was a fraction of the size. Now you just can't get a boat in it is absolutely chocker."
Six members of the team are hoping to gain new business from the show but Chris believes it is important just to be there.
He explained: "All you know is that if you're not there you will lose.
"It's not what you gain by being there it is about getting your name out and getting people talking about you in good ways and also trying to meet new contacts.
"If I can come away from somewhere like that with a new contact then that's a successful show. If you gain a piece of business out there that's the jackpot."
A number of companies are exhibiting in Monaco this year including Moore Stephens, Equiom and Intertrust as well as the Isle of Man Ship Registry.
Chris added: "It's very important that a lot of companies go. It shows depth of knowledge of the Island and if we're not there other islands are.
"We are in competition with the Cayman Islands, Channel Islands etc. If the Island's not there as a team other jurisdictions will take our place.
"It's so important that the Isle of Man Ship Registry is there. I'm very pleased that their backing it and have done for several years now."
He acknowledged that many of the other companies out there were offering the same services as Dominion but explained: "We are in competition but I like to think in most cases its friendly competition. We won't badmouth our competition and we would like to think that they don't do the same to us. There's nothing gained by it. All you'd be doing is demeaning the Island."
Chris, who founded the company in 1984, believes yachts can be sold for a higher price than perhaps they are worth because of the status associated with owning one.
He said: "A yacht is a pure pleasure. It is an emotional purchase. No one needs a yacht - absolutely no one.
"Because people are working on emotions and not reality the prices are what anyone is willing to pay you for it.
"There are one or two people who buy a yacht to use as a business tool but the majority of people buy their yacht because that's their ultimate. They've got their car, they've got their jet, massive houses and now a yacht.
"The trouble is you go green. The yachts are gorgeous and every one of them is beautiful. You sit there and think why can't my house be as big as this! It's like walking into a dream. They are selling dreams."
Also see: Isle of Man Ship Registry making presence felt at Monaco Yacht Show
So just what is a super yacht?
Monaco Yacht Show is the place to be for those in the yachting business
