Cape Town - Cocooned inside a Cape Town warehouse is South Africa's bid for power on the seas: a $1.5m Stealth catamaran, the latest offering from a burgeoning boat-building industry.
Dubbed the "Flying Gurnard", the Stealth 540, sold before tasting salt water, is a hydrofoil-assisted catamaran which its makers say offers greater speed and fuel efficiency than other power boats.
Almost touching the warehouse ceiling at two storeys high from hull to bridge, the gleaming white and stainless steel vessel offers owners the ultimate in luxury, from a king-size bed and plasma TV to fully integrated electronic navigation.
It is among the first power boats in the world to be fitted with "Q-speed" - a propulsion system which allows the propeller to be half submerged and half in-air when powering the vessel, unlike conventional propellers that only work under water.
The state-of-the-art catamaran is the epitome of what a fledgling boat building industry, haltingly started in the 1960s, has achieved in the Western Cape.
"It's a new style of boat and this is the first one of its kind in the world and a great vote of confidence," said Bruce Tedder of the South African Boat Builders Business Council.
SA record
It is one of a record 290 luxury boats expected to be launched from South Africa this year, with boat builders averaging about four yachts a year compared with just one boat annually 12 years ago.
Competing against traditional boat-building nations like England and France - which dominates catamaran-building - and Australia and America, South Africa has an established presence in five markets - sailing catamarans, power catamarans, large mono-hulled yachts, inflatable boats and ocean-going kayaks.
Where a few years ago South Africa only held 0.5% of the sailing catamaran market, today it accounts for 30% of global sales, according to International Boating Industry magazine.
Mark Sadler, skipper of Africa's first team to enter the prestigious 155-year-old America's Cup pre-race trials this year, said his South African-built yacht "Shosholoza" advertised South Africa's boat-building skill to the world's top yachtsmen.
"It's put a South African-built boat on the world stage, where it is achieving results during racing. It shows we can build hi-tech boats," Sadler said.
Niche
Buoyed by an economic boom in Africa's largest economy, the niche boat-building industry employs about 3 000 people and has grown by more than 120% in nine years, generating revenue of some R1.5bn per year.
The industry has also managed to attract foreign direct investment. Southern Wind Shipyard, one of the three largest in the region, is Italian-owned and French and American investors are also looking for a way in.
Besides the money made from selling the vessels to wealthy sailors, the industry also keeps sail-makers, electronics firms, naval architects and engineers busy, as well as fuelling secondary industries such as insurance and maintenance.
The "Flying Gurnard", named after a type of fish, was sold by its builders Stealth Yachts off the drawing board to an American client.
"We are attacking the powerboat market but with a completely unique craft, where we are not looking to sell 500 a year. Six of them a year at $1m each would be fantastic," said Tedder.
Robertson and Caine, the second largest catamaran-builder in the world based in Salt River, Cape Town, is scheduled to launch more than 80 boats in 2006, and hopes to lift this to 220 boats in 2011.
Prices for power catamarans and monster mono (single) hulls range from $350 000 to $8m, with an average price of $450 000.
Financial chop
But it has not been all smooth: volatility in the rand currency has upended some boat-building firms, with at least six going out of business in recent years.
Tedder said: "Companies were making really good profits when the rand was weak, and now they're not making so much profit. The more casual operators went bankrupt.
"In the last two years, we've had six yards closed down because they probably couldn't adapt and streamline the work."
Beyond economic hurdles, boat-builders also grapple with South Africa's wider shortage of skilled artisans, forcing some to poach workers from furniture and fibre-glass pool makers.
A dedicated boat-building school, where students can complete a three-year diploma course in small-craft construction, was established last year.
"Yachts are getting bigger and bigger. If you want to survive you must be able to meet market demand and be able to take on bigger and more complicated projects," said Alberto del Cinque, spokesperson for Southern Wind Shipyard.