Economic benefits to the marine industry as a result of the 34th Americas Cup campaign by Emirates Team New Zealand were significant, and the NZ Marine Industry is thrilled at announcement ETNZ challenge will go ahead.
Marine companies expect strong economic return and invaluable positive reinforcement of the NZ marine industry’s world-leading ability to provide innovative products.
The New Zealand marine industry is thrilled at the announcement Emirates Team New Zealand will challenge for the 35th Americas Cup. Large numbers of marine companies were contributors to the 34th Cup campaign and saw huge return to their business, while central government’s $36m investment yielded approximately $159m in return.
A report into the 34th America’s Cup showed that while the New Zealand government invested $36m, ETNZ added $87m to the New Zealand economy, and returned $38-40m in tax revenue. Add to that Luna Rossa and Oracle’s footprints, and the total value added to the economy between 2007 and 2013 is estimated at $159m.*
ETNZ’s competitiveness in the top echelon of high performance racing has been an invaluable tool for local marine companies. They’ve felt real, lasting benefit from exposure to new markets, and rapid development of new composite materials and technology which are now finding application across other manufacturing sectors.
Marine companies are vocal about the benefits that New Zealand’s involvement with the Cup brings, both in monetary terms and from the technological advancements to product ranges that the Cup inspires.
“New Zealand’s involvement in the America’s Cup has gone hand in hand with New Zealand’s great reputation in the international superyacht and Grand Prix Racing Yacht Industry,” said Richard Bicknell of North Sails NZ.
“For us, this has meant we have built a strong international reputation alongside our involvement with Team New Zealand. In these difficult times for the marine Industry, it is more important than ever to maintain New Zealand’s expertise in all forms of
yachting on the world stage, and Team New Zealand is the perfect vehicle to achieve this.”
Grant Beck, MNZM, of Adhesive Technologies NZ Ltd concurs: “Absolutely and without doubt New Zealand’s challenges for and defences of the America’s cup have had a profound and positive impact on our companies performance,” he says. “The constant requirement to develop technically in order to support the cutting edge composite structures the yachts are built from has kept us at the forefront of this industry around the world and has opened up export markets that would never have been tapped otherwise. We are strong supporters of Team New Zealand getting further funding.”
As a leading maritime nation, New Zealand’s contribution to the America’s Cup campaigns, both New Zealand’s and other competitors, was huge. New Zealand’s participation in the cup was a channel to ensure investment in New Zealand-based services by other campaigners.
“The building of yachts for the last Americas Cup enabled us to stay in business in tight times and we now are building two boats for export and look forward to new business from the next America’s Cup challenge,” says Mick Cookson, of Cookson Boats
“New Zealand boat builders and manufactures produced the larger percentage of all the AC72 Structures we saw in San Francisco in 2013, including those of the defender; only one challenger’s boat was constructed outside of New Zealand, “ said Dean Pannett of NZ Composites.
“From all the participating countries in the AC45 world series regattas prior to last year’s Americas Cup, such as China, France, Great Britain and Korea, not one of these potential challenging countries had the resources or understanding to design, build, deliver and optimise such a complicated and demanding structural design in such a time frame as New Zealand. We all should be very proud of New Zealand’s ability to deliver!”
Marine companies that contributed to ETNZ’s 34th Americas Cup campaign include:
Aimex Ltd Port Nelson
Alloy Yachts International
Cookson Boats Ltd
Core Builders Composites Ltd
Doyle Sails New Zealand Ltd
Electronic Navigation Ltd
Elliott Boat Design Ltd/Elliott Marine
Enertec Marine Systems
Fitzroy Yachts Limited
Fusion Electronics Ltd
Hall Spars and Rigging
Harken New Zealand
Manson Marine & Engineering Ltd
McLellan Jacobs Ltd
McMullen & Wing Ltd
Mulcahy Engineering Ltd
Orams Marine Services Ltd
Rayglass Boats Ltd
Revolution Fibres Ltd
Salthouse Boat Builders
Safety at Sea
Sealegs International Ltd
Smuggler Marine Ltd
SP‐High Modulus (Gurit (Asia Pacific) Limited)
Total Marine Services
Weta Marine Auckland www.wetamarine.com
* 34th America’s Cup: Evaluation of Emirates Team New Zealand Strategic Partnership.
Document reference: 140304 Impact Assessment of ETNZ Funding.
Date: 4 March 2014.
Report authors: Greg Akehurst, Natalie Hampson.