The slow pace of new orders in the global superyacht market is still being influenced by the glut of yachts available on the secondhand market.

This is the view of Hein Velema, CEO of Fraser Yachts, who has just revealed his company’s annual review of the superyacht market.

“The market has not improved as much as we had hoped,” he says. “We are experiencing lower prices in the secondhand market, and there are lots of yachts still on the market.

“In March 2010 39 per cent of all superyachts were up for sale. This number dropped in September to 34 per cent so there are relatively more boats being sold than are coming in the market, which could mean a recovery in prices in the not so distant future.”

Velema also believes that many owners are still hanging on to their investments until the market changes. “If you are looking for a bargain yacht for sale it is there, but you will have to look for it,” he advises.

As to secondhand prices, Velema indicates that sales were good up to July