News about The Italian Sea Group is now unfolding almost daily, making it necessary to periodically step back and take stock of the latest developments in a situation that continues to evolve rapidly. This is not merely the story of one of Italy’s leading superyacht builders facing financial difficulties, but of a crisis involving an entire industrial supply chain and, more broadly, the credibility of Italy’s yachting industry, which continues to hold the global leadership in the construction of yachts over 24 metres. Following the resignations of founder Giovanni Costantino and his son Gianmaria, which led to the dissolution of the company’s board of directors, further developments have emerged over the last twenty-four hours that are likely to influence the group’s future.

The latest development concerns the company’s governance. The Italian Sea Group announced the irrevocable resignation of board member Pietro Smeriglio, an executive, non-independent director, who explained that although the resignation was formalised only now, the decision had been taken at the same time as those of Giovanni and Gianmaria Costantino, with whom he shared representation of the controlling shareholder. This final resignation formally completed the dissolution of the entire board of directors. Smeriglio will, however, continue to work with the company as a consultant. The next key milestone will be the shareholders’ meeting scheduled for 11 September, which will be called upon to approve the 2025 financial statements and appoint a new board of directors and board of statutory auditors, a crucial step in allowing the company to continue the restructuring process initiated in recent months.

At the same time, market attention is increasingly focusing on the group’s industrial assets. After Giovanni Costantino confirmed in a recent interview with PressMare his intention to enhance the value of certain company assets in order to reduce bank debt, particular attention has turned to the former Picchiotti shipyard in La Spezia, which has already attracted the first expressions of interest from some of the industry’s leading players. The La Spezia facility—formerly Cantieri Navali Beconcini, acquired by TISG together with the Perini Navi brand at the end of 2021—covers 32,000 square metres of waterfront production areas and workshops. Located within the renowned “Blue Mile” (Miglio Blu), one of the world’s leading superyacht construction districts, it represents a strategic industrial asset that could prove attractive to several shipyards already operating in the area. This possibility was acknowledged by Azimut|Benetti Chairwoman Giovanna Vitelli, who told la Repubblica that the group would be prepared to evaluate the acquisition of certain assets “should the right conditions arise.” A cautious statement, yet one that was sufficient to boost investor confidence and trigger a significant rebound in The Italian Sea Group’s share price during recent trading sessions, although the stock still remains down by more than 70% since the beginning of the year. Alongside Azimut|Benetti, Sanlorenzo, Baglietto and Ferretti Group have also been mentioned among the potential interested parties, while some observers have also speculated about possible interest from Fincantieri. All of these companies are well aware of the industrial value of the La Spezia site. At present, however, these remain nothing more than market assessments and speculation, with no formal negotiations currently under way.

Interest in these assets is also driven by the group’s financial situation. The Italian Sea Group’s bank debt exceeds €154 million and, following an unsuccessful attempt at a negotiated settlement procedure, the company has filed for access to the restructuring instruments provided under the Italian Code of Business Crisis and Insolvency, through what is commonly referred to as a “blank filing” (concordato in bianco). During the shareholders’ meeting, the company also recalled that as early as 18 February its board of directors had identified significant cost overruns affecting the majority of contracts under construction, resulting in a severe deterioration of the company’s cash position. This led to the appointment of KPMG to carry out an independent forensic due diligence investigation, as well as the filing of a criminal complaint against several former senior executives. According to the company, the audit was completed only in recent days.

The figures confirm the seriousness of the situation. The financial statements as of 31 December 2025 show a net loss of €163.8 million and negative shareholders’ equity of €382.5 million, a situation that falls within the provisions of Article 2447 of the Italian Civil Code due to the complete erosion of the company’s share capital. The balance sheet updated to 30 April 2026 shows a further deterioration, with negative equity exceeding €399 million. These are the figures that the new board of directors will have to address, not only by finalising the restructuring plan expected by September, but also by identifying the industrial and financial solutions needed to ensure the company’s continuity.

Meanwhile, the wider industry continues to monitor developments closely. The crisis facing The Italian Sea Group comes at a time when the Italian yachting industry as a whole continues to deliver solid performances and maintains its global leadership in superyacht construction. This is precisely what makes the situation at the Marina di Carrara-based group particularly sensitive: the potential loss of industrial know-how, skilled personnel and production capacity would not only affect the company itself, but also an entire supply chain that has built much of its international competitiveness on quality, reliability and its ability to attract yacht owners from around the world.

Today could mark another pivotal moment for the Italian yachting industry. The Court of Bologna is expected to rule on the appeal filed by KKCG against several resolutions approved at Ferretti Group’s shareholders’ meeting last May. Although this case is unrelated to that of The Italian Sea Group, viewed alongside the crisis affecting the Marina di Carrara-based shipbuilder it highlights an industry that has entered a period of profound restructuring. If, until just a few years ago, the challenge was to grow and expand into new markets, today the priority has become a different one: preserving the industrial, financial and employment balance that has enabled Italy to achieve global leadership in the construction of superyachts.