MULTIpedia 2025.04.18 - #02

100% MULTIHULL X 100% INDEPENDENT

Apr 18, 2025

US MARKET: RIDERS ON THE STORM

What impact will the tariff war launched by the American president have on the multihull market, both new and second-hand? For buyers, distributors, and shipyards, it is difficult to see clearly in this period of great uncertainty. The United States is a major market for liveaboard multihulls, and the number one for many manufacturers, with some exporting up to 50% of their production. So, while the yachting industry may be just collateral damage from the trade war unleashed by the US administration's import tax policy, the shockwave is no less significant. For boats made in Europe, the shock is already severe; for those made in China, it's a brutal stop. Nevertheless, to take stock of the situation, we interviewed three experts in the American market this week: Stuart Eichner, Managing Partner at Just Catamarans in Fort Lauderdale, Franck Bauguil, SVP at Travelopia in Miami, and Yann Masselot long-time Managing Director for CNB-Lagoon and now Chief of brands at Bénéteau Group.

Within the leading French group, the Lagoon and Excess brands have a special status in the USA because, unlike the monohulls, they are not distributed through the Bénéteau America subsidiary, but via independent distributors. Yann Masselot, who spent 20 years at the helm of Lagoon explains that historically ‘ there were quite a few American buyers of catamarans who didn't necessarily go to the United States with their boat, who kept them in the Caribbean or the Bahamas, so there wasn't any point in invoicing them from the USA’, a view that makes all the more sense today. Yann confirms that the impact of the import taxes introduced is ‘less significant for catamarans than for monohulls, whether sailing or motor, which customers want to have in front of their house, while the catamaran is a real holiday home’ which is more interesting if it is based ‘elsewhere’. In the USA, however, the Group has decided to protect its customers with the support of its dealers’ network. ‘For current orders, we are making sure that there is little or no impact on customers, and for future orders we are taking 50% of the tax at our expense and 50% at the expense of the network, with the aim of having a minimum impact on the customer’. At this level of tax, the consequences could be limited for the catamaran market, which, even under the American flag, is not liable for the new taxes if it does not enter the USA, and this also applies to second-hand boats. If this tax continues, Yann Masselot agrees that it ‘will keep the second-hand market fairly high for boats that have already entered the United States. But more than the tax, it's the fall in the stock market that's worrying our American customers’.

For Stuart Eichner at Just Catamarans, multihull broker but also distributor of the French Windelo and South African Knysna catamarans ‘Things are rather complex. From my perspective, this is going to, at least briefly, stop the world's trade in bringing in vessels that are post 2008 but used from outside the US. Because it applies, as far as we understand, to new and used boats, even if we are still investigating that. New boats will have, at least in the short term, a 20% import duty*. If it is a 2Mo USD boat it is 400 000 USD on top of the existing 1.5% sales tax and that's a real problem for anyone. It's no different that when the Euro went from 1.05 USD to 1.45 USD. In the range we are talking about, 40 to 60' catamarans, the majority are owners-users, and their boats are coming to the US. People may go around the world but eventually they will come back. You may go to a flag of convenience. It's inexpensive comparatively. If you come into the US; you get a 1-year cruising permit.
The point too is that we are not talking about consumables but goods that are likely to be resold one day. Can a buyer afford to pay, bringing the boat into the country this year, pay a 20% tariff, US documented, US flag, can he believe that this tariff will remain in effect and not go away in 2 years or 4 years or whenever he wants to sell the boat 'Tax paid'?
Given that US is such a big part of the market, if you cannot bring vessels in, even used ones, then what's gonna happen? We don't build any here. This could put a lot of companies, especially small companies, out of business.’ This is an interesting point raised here, who recently heard about Gemini or Maine Cat, the last two catamaran manufacturers still located in the United States to our knowledge?

‘Expectation’ is also the word that seems to best reflect the state of mind of Franck Bauguil, SVP at Travelopia, which brings together the charter brands Sunsail and Moorings, and the Leopard catamarans. Based for a long time in the USA, Franck has been developing the South African brand there since 2001. For him, it is best to ‘wait until we really know what we are talking about before drawing conclusions. Because the impact will of course depend on the final amount of import taxes. If it stays at 10%, it will have minor impact in the long term, and in any case, customers will have to pay, not Travelopia. It is certainly a blow, but not a stop. We know that the nautical industry is particularly sensitive to cycles, both positive and negative. Therefore, we have been maintaining a stable production at just over two hundred boats per year, of which around one hundred are destined for the US market for both the private market and charter. Our unique position also allows us to shift sales between charter and private owners.' While Franck logically expects a probable increase in deliveries outside American waters, he also thinks that in the short term these protectionist measures could contribute to increasing the price of second-hand multihulls already imported.

Let's take the example of an American buyer who ordered a European catamaran at the Annapolis boat show in mid-October 2024. The American flag is a given for him to sail in his ‘backyard’ around Long Island in the summer and down to Florida, the Bahamas and the Caribbean Islands in the winter. Order amount: 750,000 Euros DDP (Delivered Duty Paid, NY State Sales tax included). At the time, the euro was buying 1.0935 USD, so he expects to pay 820,125 USD on delivery.
If the catamaran was delivered to him before 31 March 2025, that will be the case. But if it is delivered in mid-April, the euro has risen to 1.14 USD, i.e. 855,000 USD, plus the import tax of 10%, the amount rises to 940,500 USD.
From the beginning of July, at the end of the 90 days the 20% is applied, and if the EUR/USD rate remains stable, the bill will rise to 1,026,000 USD, or 205,875 USD more than he had imagined when he placed the order.
But by then, and beyond that, all the variables will have had time to change several times.

* Please note that we interviewed Stuart Eichner before the 90-day break, except for China, of the increase in customs duties to the already set 10%, decided by President Trump.

Thanks for reading MULTIpedia! This post is public so feel free to share it.

The innovative Tortue 147 catamaran by Cataruga, inspired by biodesign, was launched on 26 March in Tunisia and masted on 12 April in France near Marseille. It is sure to be one of the attractions at the International Multihull Show in La Grande Motte (23-27 April).
The Hu’Chu 55 is a new catamaran designed for circularity by iYacht GmbH in Hamburg (GER) for actor Daniel Roesner. Her aluminium hulls will be made of over 90 % aluminum scrap and include a boat garden. “The team is currently evaluating shipyards with aluminum expertise capable of turning this project into reality”. More here.
The Disabled Sailors Association (DSA) is building at Multihull Centre in Milbrook (UK) a state-of-the-art ocean-going, wheelchair accessible, Dazcat catamaran (Darren Newton design). They are looking to raise £1,000,000 to finalise construction, launch, built and be able to subsidize the first few years running costs.
The BVI Spring Regatta 2025 (April 4 - 6, 2025) was won in Multihull Performance by Andrew Anne's Gunboat 72 Layla, ahead of Sam Talbot's Rapido 40 Spike. In the Multihull Sport category, Graham Harney's Corsair F27 Ting A Ling won out over five other Corsairs.
The breakage of the Australian team's rigid wing during a race in San Francisco, requiring all wings to be checked as a safety measure, led to the cancellation of the Brazilian Grand Prix. To comfort the teams and the public, Sail GP has revealed a preliminary programme for the 2026 season, with 10 events.
The centenary edition of the Rolex Fastnet Race is expected to bring together 18 MOCRA multihulls, with a varied fleet including the usual favorite Jason Caroll on the MOD70 Argo, and magnificent units such as Thierry Roger's Golden Oldies Blackcap trimaran. A respectable number of the Ocean Fifty class and several Ultims are also expected to take part in the world's biggest offshore race, whose title holder in 2023 is the Ultim trimaran SVR-Lazartigue (01d 08h38'), then skippered by François Gabart. Departure from Cowes (UK) on 26 July, and arrival in Cherbourg-en-Cotentin (FR) from 27 July until 1 August.
Back from their Vendée Globe, the sailors of the Imoca monohulls seem to feel like sailing on multihulls! Following Tanguy Le Turquais (Lazare), who teamed up with Erwan Le Draoulec, Damien Seguin (Groupe Apicil) has announced his ambition to join the Ocean Fifty class too. Guirrec Soudée (Freelance.com) is expected to reveal details of his solo round-the-world race in reverse on an Ultim trimaran shortly. MULTIPedia could bet he might take over the legendary Geronimo, which became Sodebo, then Actual, and finally Adagio. After his round-the-world trip from east to west, Guirrec aims to be at the start of the 2026 Route du Rhum and the second edition of the Arkéa Ultim Challenge Brest at the end of 2027.
The Sydney International Boat Show, will take place from 14 to 17 August 2025, and will be relocated to the Sydney Showground, Sydney Olympic Park at Homebush, in Sydney’s inner west.

SPOTTED

Photo: Return from fishing in the port of Tinduff in the Brest harbor (France). (Credit: Skravik.com/DR)

Skravik is a modern sailing fishing vessel based on the Corneel 26 Love design. It is currently used for 100% sail-caught mackerel fishing.
Measuring 9.90m (29’) in length, with a displacement of 1.89 tonnes and 35.5 sqm of sail area, it can also be powered by two 6 kW electric motors. The floats have been specially designed to accommodate a fish tank. Interested in this initiative, the European Maritime and Fisheries Fund (EMFF) is financing the project.

INSPIRING

François Gabart* is handing over the helm of his Ultim trimaran to Tom Laperche and Franck Cammas for the next double-handed transatlantic race and the keys to his company Mer Concept to a duo comprising Cécile Andrieu and Thibault Garin. He is setting off on a three-year round-the-world trip.

“After almost 20 years of ocean racing, incredible competitions, records and strong emotions, I have decided to explore new horizons.
Still at sea, more than ever. The boat will be my home, the wind my engine, the ocean my garden. As a child, I was lucky enough to sail around the Atlantic with my family. This experience had a profound influence on my life and my relationship with the world, nature and society. Today, I want to experience this with my loved ones and share it with those I care about. So, next autumn, we will cast off for a three-year trip around the world, as a family, on a sailing boat. No competition, no sporting challenges. Just time together to explore the world, discover other cultures, learn, travel, sail...”

Will he set sail on the catamaran that was spotted crossing the Caribbean to France last June? It would be a second-hand Eclipse 472 catamaran (14.71m x 7.40m), which is quite high-performance given that it weighed 7 tonnes when it was built. Given the small number of units built, this choice would certainly be no coincidence, as it is a sister ship of Zaï Zaï, the catamaran on which Gwénolé Gahinet and his family have been sailing for more than four years, and which is currently in the Pacific. Gweno and François won the Brest Atlantique together on the trimaran Ultim Macif in 2019. It all makes sense and is particularly striking given the wisdom of François Gabart who, at 42 and at the height of his success, has decided to say stop, or at least make a long pause. What about us?

*To mention just three lines from his impressive list of achievements: Vendee Globe 2012-2013 winner, Route du Rhum 2014 winner, and record holder for solo round the world sailing (22D 16H 40’).