Grand Banks Yachts, Ltd. launches GB Marine Group amidst a successful financial year

GB Marine Group

Sept 21, 2021

Singapore listed Grand Banks Yachts, Ltd. is proud to announce exciting changes as well as financial performance that continues to exceed expectations.

GB Marine Group and the proprietary V-Warp® Hull design

Grand Banks Yachts, along with sister brands Palm Beach Motor Yachts and Eastbay Yachts, is proud to announce the formation of the GB Marine Group. The three world-class brands all adopt the proprietary V-Warp® Hull design that is exclusive to GB Marine Group.

The V-Warp® hull form was inspired by the U.S. Navy and NASA databases on waveforms, and was adopted by group CEO, Mark Richards, when he launched his first 38-footer to worldwide acclaim in 1998 under the Palm Beach Motor Yachts marque he founded. A champion ocean racer, Richards wanted to offer yacht owners a unique product that guarantee both stability and high-performance running characteristics while also providing class-leading fuel efficiency. But the V-Warp® technology goes much deeper than just the hull form: it encompasses the synergies realized by combining the shape with in-house design and engineering that inform the materials, processes and construction techniques the group employs. The output are lighter and stiffer yachts, that are beautifully balanced. The result has been lauded by magazine editors around the globe, where vessels have outperformed their competition in all sea states.

“Due to the amazing performance characteristics of our V-Warp® technology, we have incorporated the same ethos across all the GB Marine Group brands,” says Richards. “The decision to do this was based on our experience with the platform, and our dedication to build and deliver the highest quality, and best performing motor yachts in the industry.

The Palm Beach Story

Mark Richards realized a childhood dream when he founded Palm Beach Motor Yachts in Australia on Sydney’s spectacular Northern Beaches. A champion yacht racing skipper, Richards has won line honors at the world-famous Sydney-to-Hobart race a record nine times skippering Wild Oats XI, with numerous other world-class accolades including an Admiral’s Cup victory.

Inspired by his sailing pedigree, Richards turned towards his other passion in 1995 when he founded a startup boatbuilder north of Sydney, in Palm Beach, NSW, Australia. Though he began with sloop-rigged sailing designs, ultimately it was in luxury motor yachts where he could marry his sailing background with striking and high-performance powerboat designs.

As a sailor, Richards knew the importance of the hull form, and how a boat moves through the water. From dual standpoints of efficiency and seaworthiness, Richards worked his naval architect to develop the hull design, then has painstakingly refined the internal configurations and construction processes to deliver what is today known as V-Warp®. The design, applied to his first model—dubbed the Palm Beach 38, launched in 1998—would begin a massive success story that is still writing itself today.

The V-Warp® design combines minimal drag and maximum lift to provide a perfect combination of seaworthy stability and fuel efficiency. The result is an increased cruising range with less power required to move the boat through the water, and a low center of gravity for remarkable performance. Weight and balance also factored in, and Richards has adopted the most advanced construction techniques and materials in order to keep weight down but hull strength high.

After Palm Beach Motor Yachts was acquired by the Group in 2014, the V-Warp® hull started to be adopted to Grand Banks’ yacht models, and now with the formation of the GB Marine Group, to the Eastbay yacht brand as well. With the acquisition, Richards was installed as the new group CEO, and since then the company has launched 6 new products including the new “GT” high-performance series in the Palm Beach line, the new Grand Banks range, as well as the highly anticipated upcoming Grand Banks 85 luxury performance yacht. The Group have several other yet to be announced new products currently in development.

GB Marine GroupFactory Reopens

Due to government-led COVID-19 restrictions in Malaysia the GB Marine Group factory has been partially or completely closed since June 1, 2021. Despite the factory closure, the company has seen an incredible 300% year-over-year increase in net profit and substantial increases to the order book across all three brands.

The balance sheet reflects the overall strong market for luxury yachts, having increased from S$10.7 million as of June 30, 2020, to over S$45 million just one year later. Grand Banks Yachts Board Chairman Heine Askaer-Jensen credits Mark Richards and his team for guiding the company through challenging times: “The pandemic has led to temporary production halts in Malaysia, on the one hand, and increased demand for bigger luxury boats on the other. Despite the immense challenges, we have delivered a commendable performance in 2021 with a healthy order book.” For his part, Richards credits his “customers, contractors, management and staff for their perseverance and hard work.”

As the Malaysian yard reopens, GB Marine Group is pleased to announce having a fully vaccinated workforce and a return to 100% operating capacity by mid-September.

 

Related Posts





NMMA Canada’s Day on the Hill event hits a new high in 2024

CMRA

While the Day on the Hill lobby session has been a key activity for NMMA Canada for many years now, I feel that the event hit a new high in the 2024 session in Ottawa on May 27 and 28th.

Lead by Executive Director Marie-France MacKinnon and executed by her team and their public affairs firm, BlueSky Strategy Group, the results were impressive. The NMMA Canada Board of Directors were organized into teams with business interests and special skills matched up to politicians and senior bureaucrats to most effectively present the marine industry’s agenda of issues. 

Read More




Need to Catch up on News This Week?

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

Missed an Issue of Boating Industry Canada News Week? If you’re looking for a specific issue, or simply want to catch up on previous issues, check out our Boating Industry Canada News Week Archives.

Not signed up for News Week? Subscribe here.



The Hydrobike, a key concept that embodies a vision for the future

DECATHLON, determined to erase the boundary between land and water, introduces its latest forward-thinking concept: the HydroBike. This innovation from the French sports giant aims to democratize access to nature while staying ahead in the transformation of their business model. 

The initial assessment: paddle sports are often inaccessible to less experienced individuals, assuming the acquisition of paddling skills.

Read More


Compass works when electronics don’t

Hubbell-Marine Stainless steel outlet covers

Even in the event of an onboard power failure, a Ritchie Navigation SuperSport Helmsman SS-1002 magnetic compass still works. Plus, when the vessel is moving slowly in fog or while trolling, it can do something a GPS can’t: show the actual heading in real time. As a back-up to modern electronics, it’s a vital navigational tool that belongs on every commercial and recreational boat.

Read More