Dutch court has declared the yachtbuilder Moonen Yachts bankrupt, reports International Boat Industry. The decision has been made just two weeks after Moonen had announced they had been about to close a deal with a new investor, in order to boast production.
According to IBI, despite the bankruptcy procedure, the builder will continue negotiations with the potential investor. Moreover, the new potential stakeholder of the yard can even benefit from the bankruptcy, as they will be relieved of the responsibility to pay off Moonen’s debts.
The name of the potential investor has been kept in secret, although some sources claim it is an Australian company. Earlier, the Mexican steel giant Altos Hornos de Mexico (AHMSA) was the main investor at Moonen. In 2015, Moonen issued a statement on payments suspension due to financial problems of AHMSA.
The Mexican concern claimed, it was no longer able to finance the construction of two of the three in-build semi-custom-yachts from the Moonen ‘Caribbean’ series, with construction begun a month earlier. At the time, the reason of AHMSA’s financial problems was a 40% price reduction on steel on the international market, caused by dumping of Chinese and Russian competitors.
In 2017, the top management reshuffle took place in Moonen. The new CEO announced, he began the process of restructuring the company. In 2018, the shipyard received the World Superyacht Award for the 36-metre Brigadoon, followed by an order for its sistership that should be completed by 2020.
But with only one boat under construction at the asset, the board of directors of Moonen decided, further development of the shipyard was impossible without the support of a new, financially stable investor. To keep stable operation, Moonen needs to build two or three projects ranging in size from 30 to 50 meters simultaneously.
Italian yacht builder Baglietto has announced the sale of the 48-metre T-Line, hull no. 10233 to a South American Owner. Along with her sisterships Andiamo and Silver Fox, Project no. 10233 represents a flagship model of the Baglietto T-Line.Designer Francesco Paszkowski and the yacht’s experienced owner worked closely together on adding stylistic and functional improvements to the project.The vessel features a steel hull and aluminium superstructure. She offers spacious outside areas that include a vast 140-square-metre sun deck. The stern has a swimming pool with tanning beds, complementing the roll-bar and lunch area with a coffee-bar, barbecue grill, and refrigerator. The zone also connects directly to the galley thanks to a dumb waiter. Compared to her two sisterships, this model has a different layout on the upper deck, offering more space to the sky lounge and extending outside with a semi-circular window. This layout allows for a winter garden that houses a comfortable dining table for 12 guests. As per the Owner’s request meanwhile, a crystal lift connects the decks, including the sun deck.Large, full-height windows with no obstructions both on the upper deck and the main deck bring a lot of natural light inside. Another exciting feature is the lower deck’s layout, which includes two large double cabins that can be transformed into four doubles thanks to a sliding partition wall. Finally, the aft 46-square-meter beach area includes a relaxation space and a spa with fully-equipped gym and steam bath. The tenders and two jet skis are found at the bow.The yacht can easily cruise at a maximum speed of 15 knots and 12 knots of cruising speed.Currently under construction at the shipyard in La Spezia with the supervision of Camper & Nicholsons, the yacht is planned for summer 2021 delivery. Noteworthy, Baglietto has recently launched its current flagship superyacht, the 55-metre Severin°. The yard has also revealed the Francesco Paszkowski Design of its new 65-metre superyacht V-Line during the Monaco Yacht Show 2019.
December 12, 2019
Wally has announced the forthcoming launch of a 48-foot (approx. 14.6-metre) high-performance open tender at Miami Yacht Show in February 2020. A modified sistership of 48 Wallytender model, the 48 Wallytender X has already demonstrated high speeds of 55 knots during preliminary sea trials.Stefano de Vivo, Managing Director of Wally, comments:As a hotspot for the outboard yachting lifestyle, Florida is the perfect place to unveil this exciting new model. With four 450hp outboard racing engines primed to unleash astounding speeds, the 48 Wallytender X will undoubtedly turn heads and be the perfect match for anyone who loves high-performance boats.In comparison to 48 Wallytender that made her international debut this autumn, Wally with Ferretti Group have reviewed a number of propulsion options for its new outboard model. They selected Mercury’s 450hp Verado R engines, with good power-to-weight ratio. The combination with a light carbon fibre construction designed in-house at Wally and Ferretti, allows for high top speeds and very low consumptions under extended range. Preliminary sea trials have indicated maximum speeds over 55 knots and a cruising speed of 40 knots with a range of 320 nautical miles.The builder hopes, that high performance would ‘ideally complement the fast-paced boating way of life favoured by many Florida-based selective owners’. Alongside the performance advantages of outboard engines, the 48 Wallytender X features reduced noise and vibration.In addition, with tilting outboards, the effective draft of the 48 Wallytender X can be reduced to 70cm at full load when the engines are lifted.The vessel comes with a spacious suite on the lower deck featuring carbon fibre decking with teak furniture and panels, conceived for cruising in comfort. The deck layout also comprises generous seating, sunbeds and alfresco dining catered to by the well-equipped galley unit and side-opening bulwarks.With the engines repositioned outside the hull, space is freed up for storage, allowing the 48 Wallytender X feature user-friendly joystick controls for easy docking.Another important feature of 48 Wallytender X is retractable hydraulic boarding passerelle/swim ladder. With the four engines split to the flanks of the boat enabling the ladder installation, it can provide direct and easy access to the water or the shore.Luca Bassani, Wally founder, expressed: We are very proud of what we have achieved in this new outboard version of the 48 Wallytender. We have been able to maintain its strong aesthetic identity and the many practical features found on the inboard model, perfectly packaged to serve the needs of clients who prefer the outboard experience in their boating lifestyle, including top speeds and high levels of performance.Founded in 1994 by passionate yachtsman Luca Bassani, Wally became part of Italian Ferretti Group in 2019. Recently, Ferretti Group abandoned the idea of trading on the stock exchange due to unsatisfactory results of the public offering period earlier this year.
December 12, 2019
The recently launched 77-metre Feadship Syzygy 818 has been renamed Pi. With her charter previously managed by KK Superyachts, it has not been revealed yet, whether the vessel has switched owners or has been listed for sale.The latest Feadship superyacht delivery, Pi made her international debut at the Monaco Yacht Show 2019, after successful sea trials in the North Sea. Still, little information has been revealed on the yard's second largest vessel. It is known, that she features naval architecture by Feadship De Voogt, exterior design by Jamsen and interiors by Sinot Yacht Design.With the yacht initially known as Project 818, the 818 in the name stood for"prosperous" in Chinese numerology, and mirrored the owner's birthday on August 18, revealed the yard. The word "syzygy" meanwhile came from astrology, referring to a rare event in which three or more celestial bodies line up, such as a new moon or lunar eclipse.With a beam of 11 metres, Pi boasts a steel hull and aluminium superstructure and boasts double-curvature glass windows drawing plenty of light inside. With impressive interior volume of 1,592 GT, the superyacht can sleep up to 12 guests and 18 crew members on-board.Techno wise, Pi is capable of a maximum speed of 18.4 knots, thanks to twin MTU 16V 4000 M63 engines.
December 11, 2019
After the meeting between the President The European Committee for Professional Yachting and the Directorate of Tax Legislation, it has been confirmed that VAT reductions on charters earlier practiced in Italy, France, Malta, Greece, Cyprus and Croatia, would no longer apply in 2020.Earlier, it was possible to reduce VAT on charter services by means of a short-term charter in international waters. The European commission had to ask the above-listed countries to modify their tax practice starting from from January 1st, 2020. The policy aims at unifying conditions and terms for VAT benefits application throughout Europe. Up to now, Italy, France, Malta, Greece, Cyprus and Croatia have been practicing tax benefits upon going in international waters during charter period. Starting from 2020, VAT discounts will be applied only in proportion to the time or the distance a yacht would take outside the European waters.Noteworthy, in summer 2019, the EU Commission warned Italy and Cyprus that it would take further steps to end illegal tax breaks in the yacht industries on their territories, first brought to light in the Paradise Papers leaks.
December 11, 2019
The 2019 has made a significant impact on the yachting industry not only through multiple megayachts delivered during the year, but also with several yacht losses. Yacht Harbour recalls some of the most striking episodes causing yacht losses in 2019.#1. 40m Baltic sailing yacht My Song falls from cargo shipOn May 25, the sailing superyacht My Song from Baltic 130 line fell from the cargo ship that was carrying her across the Atlantic, from the Caribbean to the Balearics. The vessel was hauled out to Palma de Mallorca, ahead of her owner's confirmation of being 'not salvageable’. Yacht transport company Peters & May that was responsible for the transportation, released an official statement in response, claiming that My Song might have fallen due to the collapse of her cradle. Photographs and videos taken showed extensive damage to the yacht, with several holes in the hull. The winner of last year's Loro Piana Rehatta, My Song’s crew set a new speed record during the RORC Transatlantic Race last December. The journey of 3,000 nautical miles from the Canary Islands to Grenada took 10 days, 5 hours, 47 minutes and 11 seconds for the crew — almost 1 hour and 20 minutes less than the previous record of 2015. Sails, rising on the 56-metre mast, accelerated My Song to 30 knots.#2. Hurricane DorianPhoto: ReutersThe devastating Hurricane Dorian that had hit the North of the Bahamas this September, has been already called one of the strongest Atlantic storms in history. The strongest wind blows of up to 82.5 m/s were taken by the Islands of Abaco and the Island of Grand Bahama, bearing reported death toll of 70, with 282 people still missing.The US NATIONAL Hurricane Tracking Center assigned Dorian the highest fifth category, Catastrophic. It has caused significant damages to homes, businesses and other buildings and marine infrastructure. Media sources report, the reconstruction of such ports as Marsh Harbour will run into billions of dollars.The pictures of the disaster meanwhile show numerous yachts and other craft driven ashore through the storm. Only Marsh Harbour had nearly 30 boats based there at the time of storm, with not all of them being moved in time.#3. 49-metre Lohengrin and 32.6-metre Reflections destroyed in fire at Fort LauderdaleOn November 16th, properties at Fort Lauderdale went on fire, leading to destruction of two superyachts, the 49-metre Lohengrin and 32.6-metre Reflections. According to Fort Lauderdale Fire Rescue, the estimated loss from the fire amounts to over $20 million representing “the biggest fire loss in Fort Lauderdale history”.The city fire marshal reported, the fire broke out in the morning, with loud explosions waking up residents. Allegedly, the blaze started on-board Lohengrin and spread to a neighbouring Reflections. It is understood that the two yachts were under maintenance and refit work at the time of the fire.Reportedly, around 100 firefighters from several agencies were called out to the blaze. Many cellphone videos spread on social media witnessed flames going out, with huge plumes of smoke in the air. However, the fire brigade managed to bring it under control.#4. 55m superyacht Lady D totally burnt down in ThailandPhoto by Achadtaya ChuenriranIn the early hours of August 7, the 56.39-metre superyacht Lady D, anchored at Phuket Grand Marina, Thailand, caught fire. All crew members left the ship safely but the vessel totally burnt down.According to the report of the municipal mayor of Paklok, the fire started at the stern of Lady D, quickly spreading over the upper floors despite the crew’s attempts to stop it using fire extinguishers.From the pictures, it seems that the damage done by the fire is beyond repair, and the owner and the insurance might decide to send it to scrap. Meanwhile, Phuket Marine Office Chief Wiwat Chitchertwong told the media, the value of the damage done would amount to nearly B240 million, or $7.8 billion, according to what they had heard from the marina.#5. 34-metre yacht D'Angleterre burnt down in the Mediterranean SeaThe fire on-board the 34-metre yacht D'Angleterre occurred on August 24 off the coast of Mallorca in Spain. At the time of the fire, 15 people were on board, all of them were rescued. Multiple photos and videos of the fire depict the back of the yacht blazing with fire, and thick clouds of black smoke rising into the sky.#6. 29m sailing yacht Asia sunk in Indonesian watersOn November 22, the 29-metre sailing yacht Asia with 4 crew members on board sank 50 miles off Indonesian coast. Reportedly, the vessel hit an undefined object in the water. The crew had managed to sail a lifeboat to land, where they were found undamaged marine police 8 hours later.Asia was designed by Don Brooke and built by Culham Engineering in 2009. With a beam of 7.5 metres and a draft of 3 metres, she has a steel hull and aluminium superstructure. Her interior volumes of 135 GT enables accommodation of 10 guests across 5 cabins. The yacht is powered by Gardner engines to a maximum speed of 12 knots and a cruising speed of 8 knots. The vessel was listed for sale with Fraser asking $2,900,000. On November 23, she was withdrawn from the market.#7. The 1883-built sailing ship Elbe No 5 sinks near HamburgA 36.8-metre wooden sailboat Elbe No. 5 just launched after restoration, sank on the Elbe River near Hamburg, Germany. The vessel collided with a 142-metre Astrosprinter dry cargo ship flying the flag of Cyprus on June 9, according to CNN.Despite quick evacuation via rescue boats, several people of the 43 (including 14 crew members) on-board the vessel were injured in the collision and taken to local hospitals. The causes of the incident were being investigated.
December 11, 2019