11 September 2006

A Spanish location for the New Zealand Millennium Cup regatta for superyachts offers a unique marketing opportunity for the marine industry – direct access to more influential decision makers than a race in New Zealand could draw.

The third New Zealand Millennium Cup moves offshore for the first time, with the 2007 event taking place in Palma de Mallorca on 19 June. First raced in Auckland in 2000 (between the Louis Vuitton and America’s Cups) and again in 2003, the New Zealand Millennium Cup has become a successful brand that is synonymous with the New Zealand marine industry.

The New Zealand marine industry, together with New Zealand Trade and Enterprise (NZTE) and other sponsors, will co-host the Millennium Cup day in the lead up to the 32nd America’s Cup, to be held in Valencia, Spain in June and July 2007.

NZTE formed a strategic partnership with Emirates Team New Zealand following the government’s sponsorship of the New Zealand campaign. Jane Cunliffe, Commissioner General of NZTE’s America’s Cup Leveraging Programme, says the government has committed NZ$2.5 million to the programme, which aims to foster increased trade, investment and tourism for New Zealand. The programme also showcases the country’s high-growth business sectors, including the marine industry.

NZTE’s involvement in the New Zealand Millennium Cup is part of this programme and aims to give international exposure to New Zealand’s luxury yacht construction and refit capabilities.

The New Zealand Millennium Cup will be held on the final day of the Superyacht Cup regatta, an annual superyacht event usually held in October in Palma, but moved to June 2007 to coincide with the America’s Cup. The week includes regattas hosted by two of the world’s most prestigious ship builders and naval architects, Royal Huisman Shipyard (The Netherlands) and Dubois Naval Architects (United Kingdom). These regattas feature vessels designed and built by these two companies only.

“Superyachts are a rather privileged and unusual market. The Millennium Cup offers the New Zealand marine industry the opportunity to talk to the end user or potential customer in a direct and customised way,” Jane Cunliffe says. “They will be talking to the yacht owners, skippers, project managers and brokers; it is a rare opportunity to rub shoulders with these key decision-makers.”

With price-tags of NZ$15 million and upwards, there are more than 5000 luxury superyachts throughout the world and the global market in the refit, repair and maintenance of these boats is estimated to be worth in excess of NZ$5 billion per annum. They are owned by the rich, powerful and influential. New Zealand currently has about 20 superyachts in various stages of construction out of a total 500 currently in construction worldwide. The largest superyacht to be refitted in New Zealand, Adele at 180 feet, is currently being worked on at Auckland’s Westhaven Marine precinct.

The event is competitive but fun and because of the timing and location, the Millennium Cup is expected to attract about 70 superyachts.

“There will be about 40 superyachts within the America’s Cup Port in Valencia as they come to watch the Louis Vuitton and America’s Cup races for a start - and Palma is just a day’s sail away. Others will gather specifically for the Superyacht Cup which is a regular fixture on the Mediterranean regatta schedule. The superyacht race organisers are making special arrangements to host all the expected boats,” Jane Cunliffe says.

“When the Millennium Cup was raced in Auckland we proved it’s possible to attract this number of boats, so it offers a fantastic opportunity for continued international exposure for New Zealand’s marine industry now that the America’s Cup is being held in Europe.”

The day will have strong New Zealand imagery and branding with “New Zealand New Thinking” banners around the marina and a gala dinner and prize giving showcasing New Zealand wine and food.

The New Zealand Millennium Cup is an opportunity for international superyachts of 30 metres (100 feet) or more to take place in a pleasurable sailing event that adds to the entertainment around the America’s Cup.

“New Zealand has a good reputation, firstly as a country of expert sailors, and secondly for our high tech boat building capabilities,” Jane Cunliffe says. “But there is a lot of competition and we need to keep promoting, particularly at events like this.

“The aim is to facilitate the generation of new international contracts for the New Zealand marine industry (including superyacht and components sectors). The Super Yacht Cup regatta is part of a programme to facilitate these contracts including participation in the Monaco Yacht Show (September 2006) and the Fort Lauderdale Boat Show (October 2006).”

New Zealand’s marine industry is one of the country’s largest non-primary based manufacturing sectors with total turnover of NZ$1.5 billion, and NZ$535 million in exports in 2005.

Other high-growth industries that will be promoted as part of the America’s Cup leveraging programme will include information and communications technology, textile, fashion, furnishing, design, biotech, wine and functional foods.

There is a corporate hosting programme focused around a New Zealand branded hospitality centre on the Emirates Team New Zealand base in Valencia, highlighting the country’s creativity, culture and personality. The centre has already been in use during the America’s Cup Pre-Regattas in 2006 with NZTE hosting an audience of around 160 guests.

For more information, please contact:

jennifer.gibson@investmentnz.govt.nz

+64 9 919 9013