Since 1 September 2018 to the time of writing there have been 191 sales over 24m; of these thirteen were over 60m and two over 100m. The largest was the 110.10m, 2017, Oceanco JUBILEE (asking EUR 275,000,000), closely followed by the 110m, 2008, Lürssen ONA (ex DILBAR asking EUR 250,000,000).
One sale which drew enormous attention was the infamous 95m, 2000/2015 Oceanco INDIAN EMPRESS – having been arrested she was auctioned off for EUR 35,000,000. For a yacht of 3,176 Gross Tonnage (GT), this was an incredibly good deal (EUR 11,020 per GT), although I am sure the new owner will be spending a considerable amount refitting her to bring her back to top condition. The next noteworthy sale was the 81.20m, 2014 Abeking & Rasmussen KIBO that was asking EUR 129,000,000. I am thrilled to say that this is attributed to Cecil Wright & Partners and is one of two yachts in the ‘Top Ten Sales’ of 2018 closed by the team – the other was the 66.25m, 2016, Feadship VANISH which I cover a little later.
The final sale of note over 60m was the 70m, 2016, Perini Navi sailing yacht, SYBARIS which was asking a rather punchy EUR 88,000,000. With a gross tonnage of 887, this means she was asking EUR 99,210 per ton – 9 times what INDIAN EMPRESS sold for per ton!
There have been nineteen yachts added to the sales market over 65m since the 1 September 2018. The largest by some margin is the 95.20m, 2014 Lürssen KISMET (asking POA). Others of note are the 2013, 82.48m, SECRET, Abeking & Rasmussen (asking EUR 119,000,000), the 71.71m, 2005, Alstom (France) KOGO (asking EUR 59,900,000) and the 2018, 69.30m, Benetti, SPECTRE (asking EUR 65,000,000).
FEADSHIP MARKET
Since September last year, there have been
four Feadship sales globally. The largest was
the 66.25m VANISH (asking EUR 85,000,000)
– a deal in which I am delighted to say Cecil
Wright & Partners acted for, both buy and
sell side. Cecil Wright & Partners has been
responsible for the three largest Feadship
brokerage deals in the last three years (the
other two were the 62m POSITIVE CARRY
and the 60.55m KINGDOM COME).
The next largest Feadship sale was the 1994/2017, 52m, RASSELAS (asking USD 12,900,000). Initially listed at USD 26,000,000 she was on the market for a staggering five and a half years and had five price changes before she sold in December. This is a prime example of how mispricing a yacht can lead to stagnation.
The 2001/2017, 46.63m, SEA RACER (asking USD 14,950,000) sold after a little over three years on the market. Initially asking USD 32,900,000 she underwent six price reductions before selling in November. She is a fairly unique yacht in that she puts out a massive 12,900hp (produced by 2 x MTU engines and a gas turbine) that means that she can hit an incredible 34 knots!!
Lastly, the 1969/2018, 31.10m, ARCADIA
(asking USD 2,995,000) sold in January
after eleven months on the market. This
was an unusual situation in which the
owner of the yacht passed away mid-
refit, leaving the yacht in an unfinished
condition in a yard in the US. Launched
as PROSIT for the Löwenbräu beer
magnate Hans Holterbosch, she was the
first Feadship to complete a trans-Atlantic
crossing under her own power.
New to the market since September we have seven additions – four of which stand out in particular. The largest is the 2010/2015, 68m, LADY CHRISTINE (asking USD 69,000,000 VAT paid). She was listed for sale for less than a month in mid-2017 (asking USD 62,000,000) before being withdrawn by her owner. She has an expansive dedicated owner’s deck, a massive 7,600 nautical mile range, and a fully certified (Lloyds) helideck.
The second stand out Feadship is the 2005/2018, 62m, NEW HAMPSHIRE (asking EUR 44,950,000 VAT Paid) – following an EUR 8 million refit in 2017/2018 she represents a phenomenal, truly turnkey, opportunity. The owner spent EUR 2.7 million on engineering, EUR 2.2 million on the interior, EUR 2.1 million on the exterior, and EUR 710,000 on AV/IT. There really is nothing that needs to be done on this stunning yacht that stands alone in the brokerage market.
The third is the fantastic 2001/2017, 56.50m, HAMPSHIRE I. Most recently repainted in 2017 she now sports a contemporary Haze Gray hull which works beautifully with her Snow White superstructure. Asking a very realistic EUR 19,950,000 (VAT paid) she will attract a lot of attention and we are confident she won’t remain on the market for long.
The fourth is the exquisite 2005/2018, 55.50m, CYNTHIA, asking USD 32,000,000. When Cecil Wright & Partners sold her as ISSANA in 2014 she was in immaculate order. In addition to the full USD 4 million interior refit in 2015 as MADSUMMER, she has also underwent a substantial USD 7+ million refit in 2018 under her current owner. Work included new soft furnishings, furniture, lighting, gym equipment and AV.
The other three additions are:
• ANGIAMO – 42.60m, 2003/2017,
asking USD 15,990,000
• ALCHEMY – 40.51m, 1970/2014,
asking USD 3,900,000
• ATALANTA J – 25.43m, 1958/2008,
asking EUR 985,000
The other Feadships on the market that
I would suggest are of particular note:
• ANNA I – 67.00m, 2007,
asking EUR 65,000,000
• PARAFFIN – 60.10m, 2001/2010,
asking EUR 28,500,000*
• MINDERELLA – 58.82m, 1986/2016,
asking USD 16,900,000
• LARISA – 57.60m, 2013,
asking EUR 39,900,000*
• HERCULINA – 49.70m, 1998/2016, asking EUR 15,950,000*
• BELLA – 44.60m, 2008/2014,
asking USD 19,950,000
• LA MASCARADE – 30.00m, 1997/2014,
asking EUR 3,950,000*
*denotes recent price reduction
As ever there are some off-market opportunities in both the Feadship market and the wider market, details of which are available on request.
- By Henry Smith, Sales Broker at Cecil Wright & Partners