The green shoots of economic recovery are starting to appear, even washing about in the flotsam. That was the cautious view this week at the Genoa International Boat Show, one of the world’s largest gatherings of manufacturers, dealers and customers for craft ranging from powerboats to super-luxury yachts.

The 2009-2010 global order book is down 30 per cent for boats larger than 24 metres, executives at some of the leading boatmakers said during the show, which ends on Sunday. But they said the mood among dealers and customers was much better than this time last year, with the show taking place just days after the collapse of Lehman Brothers.