FOR THE MARINE TRADE | SEPTEMBER 2025 | ISSUE 16 ® www.aquafax.co.uk 01582 568700 sales@aquafax.co.uk Trade Distributors of Marine & Industrial Equipment And many more brands available – see our websites for the full range. Your Trusted Partners in Marine Distribution Powered by Marine Products for Maintenance, Repair, and Overhaul www.asap-supplies.com 01502 716993 sales@asap-supplies.com marineindustrynews.co.uk IN THIS ISSUE... Oyster Yachts Törsten Müller- Ötvös, ex-CEO of Rolls-Royce, talks new ideas Train and drain Is the industry sleepwalking into a skills shortage? Italian job Inside Italy’s family firms: culture and complexity FREE10294 THE TRENDS & INNOVATIONS ISSUE - Subscribe to MIN daily newsEDITOR’S COMMENT marineindustrynews.co.uk | 3info@marineindustrynews.co.uk For boatbuilders, distributors, manufacturers, and all marine trade professionals. DAILY NEWSLETTER WEBSITE Read in 190+ countries Translated into 10 languages READERSHIPSOCIAL MEDIA 82% leisure marine 24,000+ followers 43% business owner/ MD/CEO Scan here for our rate cards Scan here to subscribe to our daily news 12,500+ subscribers 40% open rate 10% click through rate 90,000 + monthly page views 35,000 + unique visitors GBP Euro Next issue distributed at METSTRADE. Contact: mike@maa.agency or production@marineindustrynews.co.uk to book your ad space. Advertising deadline – 16th October 2025. Editorial MIN daily news, website & magazine Editor – Chantal Haines chantal@maa.agency Managing Editor – Zella Compton info@marineindustrynews.co.uk Publisher/Advertising Mike Shepherd mike@maa.agency Italy, Admarex. Tel: +39 010 5954749 info@admarex.com Design and artwork Steve Davies steve@maa.agency Units SF1-2 Endeavour Quay Mumby Road Gosport PO12 1AH UK www.marineindustrynews.co.uk © Marine Industry News Ltd (MIN) Printed by Stanbury Chameleon on Carbon Balanced Paper, endorsed by the World Land Trust 04 BRAND POWER Former Rolls-Royce CEO Törsten Müller-Ötvös on joining Oyster Yachts and what luxury brands need 07 COMMUNICATION GENERATION How manufacturing flexibility has helped antenna firm Shakespeare International navigate trying times 35 METSTRADE 2025 Behind the scenes of November 2025’s Metstrade show. MIN chats to director Niels Klarenbeek 39 INTEGRATION ERA Garmin reveals how its acquisition strategy feeds into its plan for a tech-heavy boating future 43 BELOW THE SURFACE Propspeed CEO Marcus Hamilton discusses tough decisions and leading the NZ company forward 46 SURVIVAL OF THE FITTEST President of Mustang Survival talks tariff issues and the challenges ahead for manufacturing businesses 50 RISKY BUSINESS Are you under insuring? Haven Knox-Johnston outlines pitfalls to ensure marine firms avoid issues 15 MARKET REPORT: USA As the industry faces new challenges and navigates tariff policies, uncertainty reigns 19 CHANGEMAKERS From inspirational leaders to emerging talent, these innovators are making waves in marine businesses 29 ALL HANDS OFF DECK Is traditional boatbuilding sleepwalking into a skills and recruitment crisis? CONTENTS In recent months, the marine industry has been managing a shifting patchwork of tariffs and countermeasures that continue to unsettle supply chains and complicate long-term planning. In this issue, Mustang Survival, Propspeed and Shakespeare International share perspectives on staying nimble, model planning and operating in today’s complex landscape Oyster Yachts’ strategic advisor Törsten Müller-Ötvös – ex-CEO of Rolls-Royce – talks strategies for engaging ultra-high-net-worth clients and the art of brand building. And while the current climate has thrown curve balls and points more towards consolidation than hoped-for growth, many businesses are demonstrating adaptability. The industry coming together at this season’s major boat shows feels a timely reminder that collective dialogue and the ability to explore fresh opportunities is one of the sector’s greatest strengths. 10 THE FAMIGLIA FACTOR Italian family-owned firms open their factory doors to discuss the importance of legacy and evolutionFEATURES When Oyster Yachts announced in May 2025 that Torsten Müller- Ötvös would join as strategic adviser, it marked a significant step for the British yachtbuilder. Credited with reshaping Rolls-Royce into a modern powerhouse during his 14-year tenure, Müller-Ötvös is now setting about sharpening Oyster’s brand positioning and extending its global reach. Müller-Ötvös sees clear parallels between the two brands, pointing to Oyster’s “relentless pursuit of excellence” as a hallmark shared with Rolls-Royce. In the ultra high net worth (UHNW) segment, he argues, success results from a combination of craftsmanship, detail and a brand that resonates on an emotional level. Müller-Ötvös is adamant that off the shelf simply won’t have a place in the UHNW arena in future. “In five to ten years, you will hardly see anything in the luxury sector that is off-shelf. Clients are really interested in building their own dreams and want to commission something that carries their own story,” he says. Elevating for ultra high net worth Müller-Ötvös stresses that investment in world-class service will be key to making yacht ownership more intuitive, luxurious and genuinely personalised. He cites Rolls-Royce’s renowned ‘flying doctor’ programme as an example of the support ultra- high-net-worth clients have come to expect. “If a [Rolls-Royce] dealer partner is unable to resolve an issue, a flying doctor is dispatched immediately to assist the client.” Talking at Oyster Yachts’ London showcase in May 2025, Müller- Ötvös suggested the British yachtbuilder is exploring similarly bespoke approaches to customer care, “to make the experience of sailing around the world effortless and as pleasurable as possible for clients. That is, I think, exactly what is needed.” Evolving an ocean legacy One of the first priorities, Müller- Ötvös says, is for Oyster is to tell its story more boldly. “It is essential to continue building on Oyster’s renowned heritage and global reputation while introducing a new era of customisation, elevated luxury, and immersive experiences.” He points to a rising generation of individuals who deeply value immersion, privacy, comfort, and seamless service. Müller-Ötvös says: “These owners aren’t simply looking for yachts, they’re seeking platforms for once- in-a-lifetime experiences. They are experience-hungry, brand- conscious, and eager for effortless access to adventure.” Oyster’s stable of customer-centric bespoke events is, indeed, expanding. Its Oyster Rally hosts 30 yachts on a 27,000nm, 27 destination, 16-month world circumnavigation. Building on the rally, the brand launched the Oyster Explorer Club, offering fully supported, curated voyages to stunning destinations. It aims to connect owners across the world, fostering a sense of community where they can share their journeys and support one another.” “This is not just a yacht builder but a brand that embodies inspiring adventure in unparalleled luxury, comfort, and reassuring safety,” he explains. “There is a significant opportunity to expand access to the Oyster experience, not only through yacht ownership but also through initiatives like the Oyster World Rally and the Oyster Explorers Club, which are exactly the right direction [to take].” “What’s particularly interesting,” says Müller-Ötvös, “is the increasing number of individuals coming to us with no prior sailing experience.” Oyster’s Bluewater Academy provides customers with sailing training tailored to each individual’s skill level. “They view Oyster, and especially the 4 | MARINE INDUSTRY NEWS | ISSUE 16 | SEPTEMBER 2025marineindustrynews.co.uk Words: Chantal Haines Torsten Müller-Ötvös, former Rolls-Royce CEO, joined Oyster Yachts this year. Here, he reflects on the potency of brand positioning and what the marine sector can learn from the automotive world Brand power Torsten Müller-Ötvös has joined Oyster YachtsFEATURES Oyster World Rally, as a compelling entry point into this world, often turning to services like our Bluewater Academy to build their sailing skills.” Oyster: back from the brink Oyster’s resurgence – and its expanding fleet (the yard announced its 805 model in 2025, due for launch in 2027) – is all the more striking given its recent past. In 2018, UK entrepreneur Richard Hadida acquired Oyster, which was in the midst of dire financial difficulties. Since then, investment and focused leadership have reversed its fortunes. Hadida says: “I bought the company because I love the brand. I used to read articles referring to Oyster as the ‘Rolls-Royce of the seas’. I like the best of the best. I like knowing that when I’m crossing an ocean, I’m in the best possible machine on the planet. “Now, I’m aspiring to push the brand – and elevate, elevate, elevate.” The turnaround has been impressive – the yacht builder posted record sales last year in what has been a challenging environment. There are more changes afoot at Oyster with Stefan Zimmermann Zschocke taking the role of chief executive officer (CEO) in September 2025, following Ashley Highfield’s departure after seven years at the helm. Zimmermann Zschocke has held senior roles at Rolls-Royce Power Solutions and, most recently, served on the executive board of HanseYachts, and is expected to bring more cross-industry insight to the brand. Reflecting on Müller-Ötvös’s arrival, Hadida adds: “I pursued Torsten for quite some time – because he did literally turn around Rolls-Royce and transformed it into arguably the most profitable car company on the planet. He shares my obsession with detail – examining every element under the microscope to ensure these yachts are the absolute best they can be.” Lessons from Rolls-Royce Müller-Ötvös is no stranger to bold changes. “One of the most controversial decisions I made [at Rolls-Royce] was deciding to enter the SUV segment. For many clients, and the press, it was unthinkable that Rolls-Royce would ever enter that territory. But we did it. We took our time to do it, but we did it. And I can tell you, it was the best decision, probably in my entire life, because the [SUV series] was extremely successful.” The lesson, he says, is that brands must evolve to keep up. “I think you need to rock brands from time to time, to move them on and keep them relevant,” he adds. “Imagine where that brand would stand today without having an SUV. He says moving into the SUV market “was a controversial, but a brilliant decision,” and explains Rolls-Royce’s SUV series opened up “completely new garage doors and new segments”. “We saw for the very first time, a lot of female owners coming to Rolls-Royce,” continues Müller- Ötvös. “Particularly in the United States, but also in Asia and the UK. Female owners enjoyed that kind of effortless, easy riding, and the fact you could use this car daily for whatever you wanted.” The key to brand marketing, he says, is to never leave the client out of focus. For Oyster, the strength of its bond with owners – referred to by Hadida as the “Oyster family” – is a powerful asset. When developing its Explorer Club, the company turned directly to its community to help shape future offerings. “I think that’s great,” adds Müller-Ötvös. “Listen to your clients. They are the most relevant people in the company.” Time to rock the Oyster brand? Renowned for his strategic insight, Müller-Ötvös says there’s one other brand he reveres for its remarkable consistency and long-term vision. “There’s one brand I admire massively, and that is Hermès because it is unbelievable resilient, and successful. It goes from strength to strength. Hermès is now out-valuing LVMH, which was seen as impossible before. And the reason for being so successful is it is family owned. They don’t need to report to the stock market. They have a clear vision of what they do, and they are extremely strict in executing it. And I really like this kind of brand management, which is very much about the details and what the brand stands for.” The power of transforming the customer journey into something deeply emotional and personal, rather than purely transactional is a goal. “Owners should feel not only valued but genuinely connected to the brand,” Müller-Ötvös says. It is this connection, he says, that will prove defining for brands in the UHNW sector as they shift focus toward experience-driven value. “Product is relevant, but experiences and services and everything that is around the brand is more and more important,” adds Müller-Ötvös. Regarding his role, Müller-Ötvös is clear about his mission: “My role is to help guide the long-term vision, offering strategic guidance and encouraging bold, forward-thinking decisions that will position Oyster Yachts for continued success while staying authentic to what makes it so special.” marineindustrynews.co.uk | 5info@marineindustrynews.co.uk The Oyster 805 is the latest addition to the fleet Richard Hadida acquired Oyster Yachts in 2018 after it fell into administration “These owners aren’t simply looking for yachts, they’re looking for once-in-a- lifetime experiences... I think you need to rock brands from time to time, to move them on and keep them relevant.” Torsten Müller-Ötvös, Oyster YachtsELEVATE YOUR INSTINCTS THE NEW ZEUS ® SR CHARTPLOTTER bandg.com/zeus-sr Instant response times, a redesigned interface, and hybrid controls deliver a smoother, faster sailing experience. Because Zeus SR is an extension of you. ® Reg. U.S. Pat. & Tm. Off, and ™ common law marks. Visit www.navico.com/intellectual-property to review the global trademark rights and accreditations for Navico Group and other entities. FEATURES marineindustrynews.co.uk | 7info@marineindustrynews.co.uk Antenna design and material solutions company Shakespeare International has embarked on a significant geographic expansion strategy of late – tackling mature markets and vying with established competition. The company has also established a presence in entirely new-to- marine markets. Both come with challenges, says Dave Manasseh, international sales manager for Shakespeare antennas & industrial products, who sat down with MIN in June 2025 to discuss how the company has grown. “With our HQ in America, over time we have identified our key marine regions outside of the US and created tailored strategies for each. There cannot be a one-size- fits-all approach,” says Manasseh. “It’s been about learning the unique needs of each market and adapting accordingly.” Breaking into Europe When Shakespeare began actively expanding in Europe more than a decade ago, the company was entering a well-established market where companies had long- standing brand loyalties. “We only began selling into mainland Europe in the early 2010s, by which point many major distributors had already cemented relationships with other antenna brands. Convincing them of the value Shakespeare adds to their portfolio takes time, but we’re making strong progress. “Our initial strategy was clear: to target countries with little to no existing sales and build a distribution network that covered the continent,” explains Manasseh. “Today, 90 per cent of European countries now stock Shakespeare products. “We have taken steps to consolidate some of our smaller distribution partners into larger accounts – which has proven very effective. At the same time, we made it known we were actively seeking new distribution partners, which brought in fresh and proactive companies that wanted to work with us. Denmark is a great example, where we’ve seen real success with Scan Marine.” As the company’s presence in Europe has matured, so has its strategy. “We’ve evolved by changing partners when necessary, to enable further growth. On average, we add two to three new partners across Europe each year and our sales have grown year- on-year for the past eight years – excluding a brief dip during covid.” Like most sectors of the marine industry, Shakespeare has been weathering the slower current market. He says: “2024 was a tough year in Europe. The biggest difference was that I was ringing people instead of them ringing me. The economy in the UK and Europe has been difficult. No one wants to spend cash into keeping stock. It’s been more of an ‘in demand’ and less of a stock setup. That said, we finished the year above the 2023 overall, but it was a hard graft to get there.” Expanding into Asia In 2017, Manasseh says the company had no regular business in Asia - just occasional orders without consistency or volume. That changed when the company began collaborating with major electronics and distribution partners. “In order to position us a real player, we didn’t try to compete on price with local manufacturers, we focused on Shakespeare’s durability and quality – and this has positioned us above most other brands in the region,” he explains. Opening an Asia warehouse A major milestone came in 2023/24 when Shakespeare launched a dedicated warehouse in Asia – making it the only antenna company with warehousing in the USA, Europe and Asia. “This new hub has significantly expanded our reach into eastern Asia, and by 2024, Asia had become a bigger market for us than mainland Europe,” he says. In December 2024, the company reported its most successful year in Asia to date, with a 20 per cent increase in regional growth. Dave Manasseh, international sales manager for Shakespeare International, talks regional strategies, tariffs, production optimisation, and breaking into established markets Communication generationFEATURES “The hub has also opened doors to the leisure market in China. In 2025, we received our largest-ever order from China, which was a major step forward for our brand.” The strategy, which mirrors the company’s successful models in the USA and Europe, has been a transformative move for Shakespeare. “In Asia, our approach is more selective – we typically add just one new partner per year to ensure alignment and impact. We’re also seeing positive momentum in the Middle East, which has historically been more sporadic. Leveraging the Asia hub is proving to be valuable there as well.” Trade tariffs tactic: stay nimble “This year [2025] started strongly and the conversations we were having were positive. However, the tides in Europe are constantly changing and there seems to be a nervousness around spending money on inventory or restocking as quickly as in previous years. I’m still confident that this year will be a stronger and more affluent year than 2024, but it’s not going to be an easy year – across all territories,” he says. The company’s multiple production hubs have proved helpful in the wake of Trump’s trade policies. “For Shakespeare Marine, the current trade tariff situation fortunately has not affected our business outside of the USA,” adds Manasseh. “The way we have structured our business, with strong distribution networks and multiple factory locations around the world, means we are lean and can flex depending on the needs of our customers. “Being this agile is a real benefit to our partners and means we can utilise our various locations and warehouses globally, getting the most suitable and efficient service for our partners, including costs. This is evidenced by an order for 1,000 aerials, which were manufactured in the UK and shipped to USA to avoid Asia import tariffs.” “So far, we have not experienced any negative impact in business outside of the USA, however we will continue to monitor the market and remain agile for the benefit of our customers,” he adds. Transferring stock between warehouses could become more expensive depending on Trump’s tariff trajectory – a factor being planned around at Shakespeare Marine. “We are very conscious of this happening and there continues to be a level of uncertainty around this,” he says. “We are the only antenna manufacturer with a warehouse and manufacturing facilities in UK, USA and Asia, which gives our business the flexibility to serve our customers in the most dynamic ways – one of which is supplying all local markets with local supply. There are considerable admin requirements if this happens which we would need to navigate, however serving our clients and getting product to them is not a problem and will not impact the client.” Australasia: a game of logistics The Australasian market provides unique challenges and opportunities. Manasseh says a trip he took to the region in 2023 was “eye-opening”. “It’s a price-sensitive market and local antenna brands dominate the retail space,” he adds. Selling to the other side of the world naturally presents logistical obstacles – especially with shipping costs making products less competitive. But the Asia hub has helped ease this cost burden. “We’ve leveraged our Asia hub to reduce shipping costs and improve accessibility. More importantly, we’ve shifted toward a commercial distribution strategy. Partnering with ICOM Australia has been an important move – it operates in the high-end segment where Shakespeare’s premium quality matters most. This has helped us begin to rebuild sales in the region, which declined during covid as local manufacturers took back the market.” What’s next? Manasseh says the successful growth of the business has been rooted in market understanding and assessing the demands of each region accordingly. One of the biggest challenges has been educating developed markets. “Shakespeare takes pride in the quality of its antennas, but many regions have been conditioned to believe that cheaper is better,” says Manasseh. “Visually, a white stick antenna may look the same across brands – but as we know, performance tells a different story. Changing that perception, both within the industry and among end consumers, is still an ongoing challenge.” When it comes to product launches, regional expansions and partnerships, Shakespeare will continue to adopt region-specific strategies for growth. This is not the market for a one- size-fits-all approach, Manasseh reaffirms – particularly in the current geopolitical climate where the ability to flex and adapt quickly is proving all-important. 8 | MARINE INDUSTRY NEWS | ISSUE 16 | SEPTEMBER 2025marineindustrynews.co.uk Dave Manasseh (right) at the Maritime UK Awards Shakespeare’s Galaxy Inflatable Emergency VHF Antenna Shakespeare Marine’s Dorsal antennaINTEGRATED LIGHTING SYSTEMS FOR ANY KIND OF CRAFT © Garmin Ltd. or its subsidiaries. All rights reserved. WWW.LUMISHORE.COM SEE LUMISHORE ® ON THE GARMIN STAND AT CANNES, GENOA, SOUTHAMPTON AND IBEXNext >