Time Inc recently announced the closure of Superyacht Business. On 9th March I tweeted from my Twitter account that one of the magazine’s previous editors was responsible for the magazine’s closure. This is entirely untrue.

For this, I would like to apologise.

I am now aware that the magazine was closed through no fault of any individual, but due to market pressures. This is confirmed by the following quotes, which are taken from the press release relating to the closure of Superyacht Business:

Simon Owen, managing director of our Marine portfolio, says; “The marine B2B brands have struggled ever since the economic downturn, which saw ad revenues fall by over 50%. Despite the launch of several digital and event-based initiatives and the unrelenting commitment and professionalism of the editorial and ad teams, it hasn’t been enough to return the portfolio to profit”

Nick Hopkinson, of Time Inc., says. “My staff, contributors and agents around the world have put in a huge effort, in difficult circumstances, and deserve great credit for producing informative magazines, websites and newsletters which the marine industry has valued highly for nearly half a century.”