KRM Yacht: Take KRM Yacht, for example. Founded in 2010, the yard quickly became a refit leader in Istanbul’s Tuzla district. Initially focused on motoryachts over 30 metres, KRM has completed more than 200 projects and steadily expanded its capabilities, launching Turkey’s largest 900-tonne travel lift to service yachts up to 70 metres, with 120 metres in-water maintenance capacity.
Times have changed over recent years, however. Just five years ago, Turkey was primarily seen as a budget-friendly refit destination, offering nearly the same quality as its European competitors at a lower cost. But recent inflation has brought Turkey’s pricing closer to matching that of the more established European yards. Despite this, KRM continues to grow and attract clients through investments such as a new 2,000 sqm interior workshop and leveraging its tax-free location to deliver cost-effective services.
Its location has come with some challenges though, with clients often citing regional political instability as a core concern, which KRM balances with its ‘View Your Yacht’ feature for round-the-clock monitoring.