Deprati: Baglietto focuses on defense, new models and is evaluating acquisitions

Riccardo Masnata for PressMare met with Diego Michele Deprati, CEO of the Baglietto Group, during the recent Blue Design Summit in La Spezia (May 13–16), an event attended by many key players in the yacht industry.

PressMare – The Baglietto shipyard is located within the famous “Blue Mile” of Italian yachting: you have a well-defined position within the Ligurian and specifically La Spezia shipbuilding context.

Diego Michele Deprati – Our role is also a responsibility, as this area is increasingly becoming Italy’s “yacht valley,” with a concentration not only of shipyards but also of companies forming a significant supply chain. This summit is an important moment to highlight the relationship and collaboration with the territory, which is fundamental. So, the Blue Design Summit is welcome—it’s an opportunity to make clear that Italian yachting is playing an important national role and to "raise the volume."

PM – Speaking of your ties to the area, how many people do you employ here and how is your structure organized?

DMD – We operate two shipyards: one in Marina di Carrara and one in La Spezia. Today, around a thousand workers, both direct and indirect, revolve around these two sites. We're also entering the defense sector, which is a different kind of business, and we foresee a significant increase in workforce in that area in the coming years, considering the contracts we’re currently securing.

PM – Will this growth in staff also mean expanded facilities?

DMD – We’re indeed planning infrastructure growth as well. We're evaluating acquisition opportunities—companies that would be specifically focused on developing the defense segment. As you know, the yachting segment is separate from the defense one, and our aim is to develop the Navy business unit completely independently. That’s why we’re looking to acquire a company that will become the operational arm of Baglietto Navy. Of course, we also need infrastructure: the company we have in mind already has the kind of infrastructure we need.

PM – Is it a company based in this area?

DMD – I can say it’s a Ligurian company.

PM – About new developments: some time ago you mentioned the possibility of resuming sailboat production, which is part of Baglietto’s DNA—the shipyard turned 170 last year.

DMD – That’s true, and you’re very skillfully reminding me of it. Honestly, at this moment our focus in the yachting sector is on hydrogen-powered projects. Sailing remains a priority, but our main current focus is a 63-meter yacht already under construction that will feature the first hydrogen component. This platform, built “fit for,” will allow clients to purchase a vessel with conventional propulsion, but already set up for integration with the BZERO hydrogen system, which has been operational for a year after undergoing extensive testing. This new vessel is being built on spec and is our current priority.

PM – From a technical standpoint, your approach to hydrogen is different from others.

DMD – Let’s be clear: for us, hydrogen on yachts is still a future topic. For now, we’re talking about its use in hotel services and propulsion. This yacht will be capable of storing up to about 500 kg of hydrogen in structural tanks—roughly 8 MW, providing about 24 hours of autonomy at a cruising speed of 7–8 knots. The issue of hydrogen refueling is another matter: some can be generated onboard via solar panels, but shore-based refueling will still be necessary. Our BZERO project is designed specifically to generate hydrogen near the sea.

PM – A potential barrier could be the lack of infrastructure to serve this type of vessel?

DMD – That’s correct. The technology still doesn’t exist, especially when you consider the size range. A 5-meter boat is one thing; a 70-meter one is another. Each yacht has its own needs and energy demands, and every case must be evaluated individually. Our 63-meter yacht is the smallest viable size for onboard hydrogen integration, and even a customer wanting a conventional version wouldn’t lose traditional characteristics—it will still have 100–150 thousand liters of diesel, with a small tank portion allocated to hydrogen.

PM – Your technology is derived from submarines...

DMD – Yes, the core technology is similar: seawater treatment, fuel cells, and energy management. Since we started the BZERO project, component development has been so rapid that we’re raising the bar every year in terms of both efficiency and cost reduction. I believe that in five years—or perhaps even less—we’ll achieve very significant results.

PM – Let’s talk about the market in general, and Baglietto’s performance in particular.

DMD – Our order book has consistently remained around half a billion euros for about two years now. Current deliveries are scheduled through 2028. We currently have around 20 yachts under construction, ranging from a 35-meter entry-level to the 63-meter hydrogen project we discussed. Looking at the past couple of years, especially 2023 and 2024, the 35–60 meter range has shown steady demand. We expect this trend to continue in 2025. I don’t anticipate a decline in orders this year, though the current economic and geopolitical climate introduces uncertainty.

PM – Are you referring to tariffs?

DMD – It’s less about tariffs and more about the weakened dollar, which may affect American clients. Still, being prepared is key. We have new projects underway. So far, our DOM and 52-meter T-line models have been cornerstones. This year we introduced the T54. We’re now working on a new project that will significantly change the layout, designed by Francesco Paszkowski, and on a new 46-meter DOM in collaboration with Giorgio and Stefano Vafiadis.

PM – Speaking of labor: training is often cited as a necessity. Are you still struggling to find qualified staff?

DMD – Given the current context, all available resources have been absorbed. I won’t hide that yards often ‘poach’ skilled professionals. The biggest challenges are in the supply chain. The market wants more output, but that requires more people. Improvised subcontracting is not a solution, as it risks lowering product quality. We build no more than 6–7 boats a year. We’ve consolidated a network of suppliers who are the backbone of our yard. Staying within certain limits allows us to maintain product quality.

PM – Do young people understand the opportunities in yachting? Do you find Italian welders and carpenters?

DMD – The problem isn’t the youth—it’s their parents, who all want their children to be engineers, professors, or doctors. That ends up hurting these kids, who may find themselves in careers that don’t suit them and lose valuable manual skills. A return to some humility would help. Talented young people do exist—the key is educating their parents.

PM – Concretely, how much does an aluminum welder earn?

DMD – Net income is between €3,000 and €4,000. That’s a message that needs to be shared—an entry-level engineer doesn’t even reach €2,000.

PM – Is it still worth outsourcing this kind of work, or are you considering bringing it in-house?

DMD – Our sector has stabilized, but I don’t believe that developing an internal production structure is the right path forward—it’s too risky. Investment in subcontracting remains the most efficient model for now.

PM – Are you concerned about Turkish shipyards? We’ve seen that they’re growing rapidly in quality and numbers, even in the eyes of more skeptical owners.

DMD – Some Turkish yards have reached a technological level close to Italy’s, but their significantly lower costs pose a risk. Turkey is outside the EU, and its internal political situation is historically volatile. But above all, a Turkish yacht is still a Turkish yacht. An Italian yacht is an Italian yacht—with everything that entails in terms of style and prestige.

Riccardo Masnata

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