Billy Cañellas on the Future of Porto Montenegro

With the return of the MYBA Pop Up Superyacht Show, we speak to Billy Cañellas - PMYC General Manager - to get an insight into the new investments, new developments and the new edition of the charter and brokerage show.

How has new investment helped further development?
“The move to acquire Porto Montenegro marina and nautical village was in alignment with ICD’s strategy to add high quality international assets in fast growing markets to its substantial portfolio. This transaction marks ICD’s first investment in Montenegro and the yacht marina sector, both of which are expected to experience strong growth in coming years, that’s why we believe that the events such as MYBA can only grow in Montenegro.”

What is the main draw of the 2nd MYBA Pop Up Show?
“There are two main attractions here, the show, and then there’s Porto Montenegro itself. It’s a perfect excuse for brokers to visit the location since the industry is really growing here.

It’s a chance to see the marina and the cruising grounds, there are a lot of fun trips during the show around Boka Bay which are the fjords here. The show itself, like any show, is a platform for brokers.

It’s a sales and charter show, the attraction is to come and showcase yachts to be chartered in the area. It’s also a great opportunity to network with colleagues. We have a lot of events during the show with seminars surrounding key topics of the region, speaking about taxation and regulation for charter.

I would say, this is why MYBA have decided to put on this show on this side of the world. It was the brokers that demanded it, there’s a lot of superyacht chartering in this area and a lot of the big Central Agencies have a lot of business here. It makes a lot of sense to have an opportunity to showcase the yachts where they’re going to operate instead of taking them across the water elsewhere to then bring them back.”

How is the yacht display expanding and changing?
“The first year exceeded our expectations, of both MYBA and Porto Montenegro. To have 29 yachts for a newborn show is something amazing. The feedback was very positive last year, so we’re ready for the show to grow.

We’re seeing a lot more interest than last year, in the meantime we have proven that the show is a reality with a successful first edition and we’re building on top of that. We’re expecting the number of yachts to increase [...] We’re going full gear after the success of last year.”

Why is Porto Montenegro is one of the year's top destinations?
“We have the duty free fuel, which is around 45% cheaper than Croatia, Italy, Greece or France. There are also no taxes on charters, that’s a big thing when it comes down to superyachts. We are out of the EU, geolocated in Europe but out of the EU, and the cruising grounds themselves, like our UNESCO protected Fjords, are amazing.”