Despite their classic American look and feel, the Grand Banks yachts are built in Malaysia, and the company is listed on the Singapore Stock Exchange.
The Grand Banks story began in Hong Kong’s Junk Bay in 1956. The company, then called American Marine, was founded by American yachtsman Robert Newton who started out building custom yachts designed by some of the world’s top yacht designers. Operations were moved to Singapore in 1969 and the company was acquired by a new management team in 1975. An additional Malaysian factory was built in 1994, and in 1987 the company listed on the Singapore Stock Exchange. The company sold two yachts in Singapore and one in Japan last year, as well as 15 in the US, he says. The firm also sold its first new boat in Hong Kong in 20 years.
These days, Grand Banks is one of several shipyards across Asia gunning for a bigger share of a market that’s been dominated by Western firms. They produce yachts that will set you back anywhere from several hundred thousand dollars to tens of millions.