By Benjamin Stupples (Bloomberg) --Gazing across the sun-dappled harbor in Monaco, even the fathomlessly rich might get the feeling that some people have more money than they know what to do with. Floating in Port Hercules the other week—ensigns fluttering, halyards singing—was one of the most spectacular displays of seagoing craft ever seen: 125 superyachts with a combined … [Read more...]
Superyacht MY SONG Lost from Cargo Ship During Transport
The big story from over the weekend was without question the loss of the 40-meter sailing yacht MY Song in the Mediterranean Sea after the superyacht fell from the deck of the cargo ship that was transporting it. The award-winning yacht, owned by Italian billionaire Pier Luigi Loro Piana, was being transported aboard the general cargo ship MV Brattinsborg when the incident … [Read more...]
Derecktor Confirms Deal to Develop First Purpose-Built Megayacht Yard in United States
New York-headquartered Derecktor Shipyard has signed a long-term agreement with Fort Pierce and St. Lucie County in Florida to develop and operate the nation's first maintenance, repair and refit yards designed specifically to accommodate megayachts over 200 feet. The new yard, named Derecktor Ft. Pierce, will provide direct access from the Atlantic through Ft. Pierce inlet, … [Read more...]
Genting to Purchase 1MDB-Linked Superyacht for $126 Million
KUALA LUMPUR, April 3 (Reuters) - Malaysia will sell a superyacht allegedly bought with stolen funds from state fund 1MDB to casino operator Genting Malaysia Bhd for $126 million, in the first major asset sale by Kuala Lumpur to recover billions lost from the fund. The superyacht Equanimity is among assets allegedly bought by fugitive financier Low Taek Jho and his … [Read more...]
The Super Rich Are Buying $50 Million ‘Support’ Yachts to Haul Their Toys
By Devon Pendleton (Bloomberg) -- Sailing from port to port in peace and seclusion on a multimillion-dollar boat sounds appealing, but as any seasoned yacht owner can tell you, just cruising around can get a bit, well, boring. To fully enjoy your luxury vessel, you need diversions. Maybe a sailboat or fishing and diving gear. Possibly jet skis, a seaplane or … [Read more...]