Shares of luxury yacht manufacturer Italian Sea Group (TISGR) rose 8.3% to €1.36 following reports of interest from Italian shipbuilder Baglietto in one of the group’s assets. A potential sale of the shipyard in La Spezia could help Italian Sea Group improve its financial position and allow the buyer to expand production capacity.
Italian Sea Group shares rose on a possible shipyard sale
In Milan trading, Italian Sea Group shares gained 8.3%; by comparison, the broad FTSE Italia All-Share index was up only 0.2% at the time. Italian Sea Group is an Italian luxury yacht manufacturer that owns the Admiral, Tecnomar and Perini Navi brands, as well as shipbuilding assets in Carrara and La Spezia.
The rise followed reports in Italian media that Baglietto is being considered as a potential buyer of Italian Sea Group’s shipyard in La Spezia. The facility is located in one of the key hubs of Italian yacht building.
Baglietto is an Italian shipyard founded in 1854 and specializing in the design and construction of luxury semi-displacement and displacement motor superyachts made of steel and aluminum with lengths of 35 meters and above.
Baglietto is not the only company linked to a potential purchase of the asset. Other potentially interested parties previously mentioned include Sanlorenzo (SAL), Ferretti Group (YACHT) and Azimut|Benetti (AZMT). However, there are still no confirmed talks about a sale.
Why Baglietto is interested in Italian Sea Group’s assets
According to Freedom analyst Natalia Milchakova, Baglietto’s interest is related to the shipyard’s location. A significant portion of Baglietto’s own assets are in La Spezia, so acquiring a production site there would allow the company to expand capacity and strengthen its position in the luxury yacht market.
For Italian Sea Group, a potential sale of the shipyard could be one way to reduce its debt burden and obtain additional liquidity as part of a financial restructuring process. Based on 2025 results, the company posted a net loss of €163.8 million, and negative equity amounted to €382.5 million. By the end of April 2026, the figure worsened to €399.2 million. In addition, as of the end of May, the group’s bank debt exceeded €154 million.
Selling a major asset to an outside investor could be one way to reduce the financial burden. The market’s positive reaction to reports of Baglietto’s interest indicates that investors view such a scenario as potentially favorable for Italian Sea Group.
What is happening with Italian Sea Group
Since the start of 2026, Italian Sea Group shares have lost about 80% of their value. As recently as mid-February, the shares traded above €4, and by mid-March they fell below €1. In May, after a report that accumulated losses had reduced capital below the legally required minimum, the price in a single trading session dropped from €1.71 to €1.12. By the end of May, the shares were about 65% cheaper than at the beginning of the year.
The group is currently considering various options for working with its assets. Additional changes are expected in corporate governance: the appointment of a new board of directors is scheduled for a shareholders’ meeting in September.
Interest from several shipbuilding-industry players in the La Spezia shipyard points to the strategic attractiveness of this asset; however, at this stage we are talking only about potential buyers rather than a concluded deal.
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