Admiral, Tecnomar and Perini Navi: Italy's largest builder above 50 m, with hulls built in Türkiye, now in court-supervised restructuring and for sale.
2009
Founded
Giovanni Costantino 53.6%, listed Milan
Owner
EUR 295 m · 2025, -27%
Revenue
EUR 171 m · 2025
Loss
485
People
4th · 23 projects
Rank
What happened, 2023 to 2026
Dec 2024Money4th in the Global Order Book; order book EUR 1.3 bn
Feb 2026MoneyFounder injects EUR 25 m against project cost overruns; shares -36%
Mar 2026MoneyCrisis procedure opens at the Court of Florence; shares -47%
Jul 2026Top seatComposition with creditors; founder resigns; redundancies start
Oct 2026Top seatFounder returns as CEO under a new board and court administrators
Oct 2026DealFive binding bids for the yards; sale to close mid-November
What it adds up to. The top Italian superyacht builder collapsed in one year on cost overruns; Tankoa's CEO, Sanlorenzo, Azimut|Benetti and Baglietto are bidding for its yards.
Who runs it
Top seatGiovanni Costantino, Chairman and CEO (founder; not on the LinkedIn roster)
Head of sales, Admiral Yachts Americassince 2019
Chief Commercial Officersince 2025
Production Director, 100 m linesince 2022
Production Director, Admiral 70 m linesince 2026
Technical Directorsince 2021
Chief Technical Officersince 2026
Investor relations, ESG and governance director; board secretarysince 2025
Organisation. Founder-controlled, in restructuring; founder CEO again under court administrators
What it shows for a new yard. Founder-controlled to the end; its former general director and its former operations chief are both on the market.
Former leaders now elsewhere14 people who held a top or senior seat here
now General Manager at Isa Yachts - Palumbo Superyachts
now Director - Project Management Surveyor - Consulter - Insurance Claim at Freelance
now Direttore generale at Palumbo SuperYachts
now Ingegnere navale at Self-employed
now R&D Projects & Ship Platform Manager at Sanlorenzo Yacht
now Head of Metal Division at Next Yacht Group
now Head of Image & Communication at Mangusta Yachts
now Responsabile di Produzione (Stab. Massa)/ Production Manager (Massa Plant) at NEXT Yacht Group
now Operation Director at Falcon Yachts
now Head of After Sales EMEA & APAC > 26mt at Azimut Yachts
now Shipyard Manager at Tankoa Yachts
now Vicepresidente at Marevivo Liguria
now Responsabile produzione at TANKOA YACHTS SpA
now Sales Director Custom Business at Ferretti Group
The top team as read on LinkedIn29 people read as staff, October 2026
Founder-chairman-CEO over a C-suite built almost entirely in 2025-2026: Chief Commercial Officer (the chairman's family, Jan 2025), Group CFO (Apr 2026), Chief Technical Officer (Mar 2026, from Maersk), Chief Production Officer (Mar 2026, grown inside), Shipyard Director (Feb 2026, from Sanlorenzo), Purchasing Director (Dec 2025, from Hitachi Rail), Chief Risk Officer (Nov 2025), investor-relations and governance director (Nov 2024); below them two technical directors, production directors per line (100 m, Admiral 70 m, Istanbul), a quality director, an after-sales and refit business unit, an art director, and a Country Director for TISG Türkiye.
The listed Italian group shows the most title inflation and the fastest turnover on either list: nearly every C-seat is less than eighteen months old, and most were filled from outside yachting (container shipping, rail, Ferrari). The commercial function is the exception, held inside the family, so there is no career CCO to map. The group runs a Turkish unit with its own country director, purchasing scope and a Turkish production director who came from RMK Merrill-Stevens, which RMK should know. The group is for sale as of Oct 2026, with Azimut-Benetti and Baglietto among the bidders, so its senior layer is in play.
Senior layer · 19
General management 1
Sales and marketing 2
Engineering and design 4
Production and operations 6
Projects, service and after-sales 2
Purchasing and supply chain 1
Finance, legal and IT 3
Managers · 10
Sales and marketing 1
Engineering and design 3
Production and operations 3
Projects, service and after-sales 1
Finance, legal and IT 1
People 1
Seats and dates are as the people describe them on LinkedIn; a person who moved in the last months can still show the old seat. Tap a person for the profile and the reading.
Candidates at The Italian Sea Group · Admiral8 in the pools; the shortlisted first, then by tier and score
Emiliano Austi
Chief Technical Officer - Technical & Maritime Engineering division at The Italian Sea Group S.p.A · La Spezia, Italy
* Technical and pricing20%Chief Technical Officer @ The Italian Sea Group S.p.A (Mar 2026 – Present); Head Naval Architecture Department & PMO @ A.P. Moller - Maersk
* Business building20%Engineering General Director @ The Italian Sea Group S.p.A (Jan 2026 – Mar 2026)
Leadership maturity10%over 20 years of hands-on experience across the full shipbuilding value chain
Reading. CTO since Mar 2026 (engineering general director from Jan 2026); A.P. Moller-Maersk head of naval architecture and fleet regulatory 2016-2025, Lloyd's Register senior surveyor, Dutch design offices; Delft and Genoa. Contracting and technical negotiation are in his own description. An industrial-grade technical head who has never sold a yacht.
Career
Chief Technical Officer - Technical & Maritime Engineering division · The Italian Sea Group S.p.A Mar 2026 – Present
Engineering General Director · The Italian Sea Group S.p.A Jan 2026 – Mar 2026
Director/Dirigente, Head Naval Architecture & Fleet Regulatory Compliance · A.P. Moller - Maersk Jul 2024 – Dec 2025
Director, Head Naval Architecture Department & PMO · A.P. Moller - Maersk Dec 2016 – Jun 2024
Chairman TopTier · MARIN (Maritime Research Institute Netherlands) May 2021 – Jan 2025
Senior Surveyor in Charge - Statutory Department Rotterdam - Copenhagen · Lloyd's Register Jan 2013 – Jun 2014
Deputy Technical Support Office Manager (Rotterdam Copenhagen TSO) · Lloyd's Register Oct 2012 – Jun 2014
and 10 earlier roles
Education
IMD Mini MBA · Inspiring Maersk Management Program; Technische Universiteit Delft 2007 · Marine Technology (Ship production); Università degli Studi di Genova Bachelor/Master · Engineering
Languages
English · Full professional proficiency, Italian · Native or bilingual proficiency, Romanian · Limited working proficiency
* Commercial leadership30%No evidence in the profile.
* Yacht network20%No evidence in the profile.
* Technical and pricing20%Direttore di produzione @ Sanlorenzo Yacht (Jan 2021 – Mar 2025); Shipyard Director @ The Italian Sea Group (Feb 2026 – Present)
* Business building20%Direttore di produzione @ Azimut Do Brasil Fabricacao De Iates (Jan 2020 – Dec 2020)
Leadership maturity10%Production leadership since 2007 at Fipa, Azimut, Sanlorenzo and TISG
Reading. Shipyard Director since Feb 2026 after a year as production director; Sanlorenzo production director 2021-2025, Azimut executive 2016-2021 (ran the Brazil plant in 2020), 25 years at Fipa. The production leader who has run the floor at three of the four biggest Italian groups.
Career
Shipyard Director · The Italian Sea Group S.p.A Feb 2026 – Present
Production Director · The Italian Sea Group S.p.A Mar 2025 – Mar 2026
Direttore di produzione · Sanlorenzo Yacht Jan 2021 – Mar 2025
Dirigente · Azimut Yachts Jan 2016 – Jan 2021
Direttore di produzione · Azimut Do Brasil Fabricacao De Iates Jan 2020 – Dec 2020
Responsabile di Produzione · FIPA GROUP Apr 2007 – Jan 2016
Dirigente · FIPA GROUP Apr 2007 – Jan 2016
Responsabile Tecnico · Fipa Italiana Yachts Sep 1991 – Jan 2016
Education
Istituto Tecnico Nautico - Artiglio - Viareggio Aspirante al Comando di Navi Mercantili · Diploma Nautico; Istituto Tecnico Nautico Artiglio - Viareggio Aspirante Capitano di Lungo Corso · Abilitazioni Tecniche e Professionali settore Marittimo
Languages
Inglese · Professional working proficiency, Italiano · Native or bilingual proficiency, Portoghese · Professional working proficiency
* Commercial leadership30%No evidence in the profile.
* Yacht network20%No evidence in the profile.
* Technical and pricing20%Chief Production Officer @ The Italian Sea Group S.p.A (Mar 2026 – Present); Industrial Process Director (2023-2026)
* Business building20%Picchiotti Yacht Director @ The Italian Sea Group S.p.A (Sep 2022 – Sep 2023)
Leadership maturity10%No evidence in the profile.
Reading. CPO since Mar 2026; industrial process director 2023-2026, Picchiotti director, Tecnomar production director, production manager; Ferretti industrial engineering before. Politecnico di Milano yacht design master. Grew from engineering to the group's production C-seat.
Career
Chief Production Officer · The Italian Sea Group S.p.A Mar 2026 – Present
Industrial Process Director · The Italian Sea Group S.p.A Sep 2023 – Feb 2026
Picchiotti Yacht Director · The Italian Sea Group S.p.A Sep 2022 – Sep 2023
Chief manufacturing engineer & planning · NEXT Yacht Group Mar 2022 – Sep 2022
Production Director Tecnomar · The Italian Sea Group Feb 2021 – Mar 2022
Production Manager · The Italian Sea Group Jan 2019 – Jan 2021
Production Manager · Maori Yacht Mar 2018 – Dec 2018
Industrial engineering Supervisor · Ferretti Group Jun 2013 – Feb 2018
and 2 earlier roles
Education
Politecnico di Milano master yacht design; Politecnico di Milano pianificazione territoriale urbanistica ed ambientale · Yacht Design
* Commercial leadership30%No evidence in the profile.
* Yacht network20%No evidence in the profile.
* Technical and pricing20%Head of Vehicle Architecture - Mid Engine Platform @ Ferrari (Mar 2017 – Jul 2025)
* Business building20%building international joint venture for Lotus in China
Leadership maturity10%over 25 years in the automotive and luxury industries
Reading. Joined Jan 2026 from Ferrari (Head of Vehicle Architecture, mid-engine platform, 2017-2025); Lotus programme management and China joint venture; Ferrari chief engineer. A platform-programme leader from automotive, the Antichi pattern at programme level.
Career
Program Manager · The Italian Sea Group S.p.A Jan 2026 – Present
Head of Vehicle Architecture - Mid Engine Platform · Ferrari Mar 2017 – Jul 2025
Program Manager · Group Lotus Aug 2014 – Feb 2017
Head of Program Management Office · Group Lotus May 2012 – Aug 2014
Chief Program Engineer · Group Lotus Sep 2011 – May 2012
Chief Engineer · Ferrari Apr 2004 – Jul 2011
Safety Engineer · Maserati Sep 2000 – Apr 2004
Education
Politecnico di Milano Ingegneria Aerospaziale; Benedetti Maturità Scientifica
* Commercial leadership30%No evidence in the profile.
* Yacht network20%No evidence in the profile.
* Technical and pricing20%Direttore di produzione @ The Italian Sea Group S.p.A (Jan 2026 – Present); Senior Site Manager @ Azimut Yachts
* Business building20%Capo linea Azimut Trideck @ Azimut Yachts (Oct 2022 – Nov 2025)
Leadership maturity10%No evidence in the profile.
Reading. Since Jan 2026; Azimut site manager and line head 2021-2025, Fincantieri HVAC production head, Azimut-Benetti commissioning technician from 2008.
Career
Direttore di produzione · The Italian Sea Group S.p.A Jan 2026 – Present
Senior Site Manager - Yacht construction and delivery · Azimut Yachts Nov 2023 – Dec 2025
Capo linea Azimut Trideck · Azimut Yachts Oct 2022 – Nov 2025
Capo barca · Azimut Yachts 2021 – Oct 2022
Head Hvac production department · FINCANTIERI S.p.A. 2018 – Jul 2021
* Commercial leadership30%No evidence in the profile.
* Yacht network20%No evidence in the profile.
* Technical and pricing20%Director of Production @ The Italian Sea Group S.p.A (Jan 2025 – Present); Senior Naval Architect, Production Engineering @ Seaspan
* Business building20%Manufacturing Engineering Manager @ Nexii Building Solutions (Sep 2020 – Jan 2023)
Leadership maturity10%No evidence in the profile.
Reading. Director of Production since Jan 2025, based in Istanbul, so read as the production head of TISG's Turkish unit. Turkish naval architect (Yıldız, UBC master); refit and project manager at RMK Merrill-Stevens 2023-2025 (RMK Marine's Miami yard), Seaspan production engineering, Proteksan Turquoise design engineer. Known to RMK already.
Career
Director of Production · The Italian Sea Group S.p.A Jan 2025 – Present
Naval architect and Marine Engineer. Refits and projects manager. · RMK Merrill-Stevens Jun 2023 – Jan 2025
Manufacturing Engineering Manager · Nexii Building Solutions Sep 2020 – Jan 2023
Senior Naval Architect, Production Engineering · Seaspan ULC Dec 2014 – Jun 2019
Company Coordinator · Cemsan Steel Construction Sep 2012 – Oct 2014
The University of British Columbia Master of Science (MS) · Mechanical Engineering, Naval Architecture; Australian Maritime College Research · Graduate Research; Yildiz Technical University BSc · Naval Architecture
Languages
English · Full professional proficiency, Russian · Elementary proficiency, Turkish · Native or bilingual proficiency
* Commercial leadership30%No evidence in the profile.
* Yacht network20%No evidence in the profile.
* Technical and pricing20%Technical Director @ The Italian Sea Group S.p.A (Apr 2021 – Present)
* Business building20%No evidence in the profile.
Leadership maturity10%No evidence in the profile.
Reading. Since Apr 2021; Palumbo refit project manager, Sanlorenzo project engineer, twelve years of stability and yacht-code work at Azimut-Benetti; Genoa nautical engineering.
Career
Technical Director · The Italian Sea Group S.p.A Apr 2021 – Present
Founded: 2009 by Giovanni Costantino with the acquisition of Tecnomar; bought Nuovi Cantieri Apuania (NCA) in 2012; bought the Perini Navi brand and assets after Perini's 2021 bankruptcy.
Headquarters: Marina di Carrara, Tuscany.
Yards: Marina di Carrara (main), La Spezia (former Perini yard), Viareggio, Celi interiors joinery in Terni, plus hull production sites in Turkey (location not named). source 1source 2
Ownership: listed on Euronext Milan (Borsa Italiana) since 2021-06-08 (IPO at EUR 4.90 a share, EUR 97 million raised). GC Holding S.p.A. (Giovanni Costantino) holds 53.6%; as of 2025-08 Alychlo NV/SA held 11.4% and Giorgio Armani S.p.A. 4.99%. source 1source 2
Status (2026-10): in a court-supervised restructuring at the Court of Florence; asset sale in progress (see News).
Size
Employees: 485 (as of 2026-10-20, per press on the bids; about 80 workers already lost). source 1source 2
Revenue: EUR 295.1 million in 2025 (down 27% from EUR 404.4 million in 2024); net loss EUR 170.9 million in 2025 versus EUR 33.9 million profit in 2024; net financial position minus EUR 129.6 million (company accounts approved 2026-07-31). source
Debt: overdue debts EUR 266.8 million (2026-05-31); negative equity minus EUR 399.2 million (2026-04-30). source 1source 2
Global Order Book 2025 (published 2024-12): 4th overall, 2nd in the superyacht segment, 22 projects, 1,356 m; order book about EUR 1.3 billion. source
Global Order Book 2026 (published 2025-12): 4th, 23 projects; metres not found. source
Product
Size range: up to about 140 m; motor and sailing yachts. source
Admiral: steel and aluminium motor yachts, full custom (50 to 90 m class) plus the semi-custom Panorama 50 series.
Tecnomar: fast aluminium and composite yachts, series and semi-custom; Tecnomar for Lamborghini 63 is a limited series of 63 units; Tecnomar for Lamborghini 101 in build.
Perini Navi: large sailing yachts, full custom. Picchiotti: classic-style yachts.
In build (2026-05): Tecnomar for Lamborghini 101 (hull built in Turkey); an 88 m yacht (hull in Turkey); 82 m and 85 m orders signed end of 2025. source
Deliveries 2023 to 2026.
First Admiral Panorama 50, 50 m, delivered 2026-07. source
Second Admiral Panorama 50 (hybrid), launched 2026-07. source
Tecnomar catamaran "This Is It" offered for sale, price cut to EUR 42 million (2026-09). source
Other 2023 to 2025 deliveries: not collected.
Leadership
Giovanni Costantino — CEO again (reappointed by the new board), as of 2026-10-09. He had resigned as chairman and CEO on 2026-07-20; controls 53.6% via GC Holding. source 1source 2
Saverio Schiavone — chairman of the board, as of 2026-10-09. source
Fabio Zanobini — finance director and manager responsible for the financial statements, as of 2026-10-09.
Board members named: Sabrina Bruno, Massimo Mallegni, Gabriella Covino, as of 2026-10-09.
Pietro Smeriglio — executive director, resigned as of 2026-07-22. source
Court-appointed judicial administrators: Niccolo Abriani, Riccardo Forgheschi, Manuela Olastri, as of 2026-10-20. source
Vincenzo Poerio — CEO of Tankoa Yachts (ex-CEO of Benetti); would become TISG chief executive if the SRI Global bid wins, as of 2026-10-19. source
News 2023 to 2026
2026-10
New board chaired by Saverio Schiavone reappoints Giovanni Costantino as CEO with executive powers, within the limits of the court procedure; half-year report postponed to 2026-11-03.superyacht24.it
2026-10
Five binding bids for TISG assets by the 2026-10-19 deadline: SRI Global (Giulio Gallazzi; relaunch led by Tankoa CEO Vincenzo Poerio; rumoured EUR 260 million for Carrara, La Spezia and Celi, keeping all 485 staff), Polo Nautico Carrara (Sanlorenzo and Polo Nautico Viareggio, La Spezia only), and reported bids from Baglietto and Fincantieri; procedure due to close mid-November.superyacht24.itsuperyacht24.it
2026-08
2025 accounts: revenue EUR 295.1 million (minus 27%), net loss EUR 170.9 million; proposed capital increase up to EUR 140 million plus EUR 150 million equity-linked instruments; competitive sale process launched; Blackstone-backed Safe Harbor named as contender.superyacht24.itsuperyacht24.it
2026-07
Founder Giovanni Costantino resigns as chairman and CEO; executive director Pietro Smeriglio and director Gianmaria Costantino also resign; board stays as caretaker.superyacht24.itsuperyacht24.it
2026-07
TISG files for a "blank" composition with creditors (court-supervised restructuring); Court of Florence appoints judicial administrators; redundancy scheme launched.superyacht24.itsuperyacht24.it
2026-07
Azimut-Benetti criticises TISG's legal action after an analysis on the sinking of the Perini-built Bayesian (2024); Azimut-Benetti chair Giovanna Vitelli says the group could consider TISG assets.superyacht24.it
2026-03
Negotiated crisis settlement opens at the Court of Florence (2026-03-16) after an internal review found large cost overruns on several contracts; former executives reported to prosecutors; shares fall 47% the next day.en.wikipedia.orgsuperyacht24.it
2026-02
Costantino injects EUR 25 million to cover extra project costs; KPMG engaged; shares fall 35.8%.en.wikipedia.org
2024-12
TISG ranks 4th overall and 2nd among superyacht builders in the Global Order Book 2025; order book about EUR 1.3 billion.pressmare.it
