High costs have been blamed forputting an end to production of the Nordhavn 41 and 51 trawler motoryachts at the Istanbul-based Telgeren & Partners yard.
The shipyard has produced and delivered 55 of the two models which will now be retired, with the moulds destroyed.
In a statement, Pacific Asian Enterprises (PAE), which owns the Nordhavn brand, says both models were extremely well-received, particularly the N41 of which there were 44 hulls built.
The decision was mutually-agreed upon by both companies after concluding that high inflation rates and a government-manipulated currency made it unpredictable and prohibitively expensive to continue operating in Turkey.
Nordhavn brand
Approximately ten boats were contracted to retail buyers using price commitments from Telgeren & Partners but despite their desire to do so, Telgeren did not have the financial ability to honour these commitments to PAE.
PAE says there was no alternative to providing the added capital needed to complete the boats in production and honour all retail contracts and pricing as written.
The companies said they had been holding out hope that the Turkish economic environment would improve but there has been little good news, with inflation predicted to continue at high levels and the government refusing to let the Turkish lira float to its natural level.
These factors made further yacht building impossible.
“It is frustrating that the exciting Nordhavn 41 and 51 projects will end their production runs in this way,” said PAE president Dan Streech. “Realistically there was no other answer.”
Going out on top
Streech praised the Telgeren factory, its staff, and the quality of the boats which he said reflected the ‘highest standards’, stating that the most recent boats delivered from the factory were among the finest ever to carry the Nordhavn name.
He continued: “Models inevitably lose their appeal because they are overshadowed by new designs, or their concept was simply not embraced by the market.
“The Nordhavn 41s and 51s were just hitting their stride. They will be going out on top.”
Murat Telgeren, general manager of Telgeren & Partners Shipyard, added: “After building 55 highly successful yachts in partnership with Nordhavn Yachts, we have unilaterally and amicably terminated our partnership due to unforeseen and steadily rising costs.
“Our company will continue its operations with new projects, and we will continue to provide full support for all yachts we have built.”
He thanked Nordhavn Yachts and concluded: “In the hope that conditions will eventually become suitable for production, we will keep the Nordhavn Yacht brand — which we proudly bear at our shipyard — right where it is.”
PAE is headquartered in California.
