Privilege Yard has now been acquired, after multiple failed auctions, for just over €6 million by Royalton Investment, the parent company of SSH Maritime. The Italian yard initially went bankrupt when it failed to repay a €210 million debt.



In early 2014 it had emerged following multiple reports in Italian media that Privilege Yard, a shipyard based in Civitavecchia was in financial distress. These reports of unpaid wages might have gone unnoticed if it wasn't for the 127m project the shipyard was working on at the time.

The P430's construction started in 2008 with financial backing from the yacht's future owner and a consortium of five Italian banks. The yacht's construction was taking place at a 65,000 square-meter facility in Civitavecchia that Privilege Yard spent close to €40 million on according to Il Sole.



At the time, the shipyard claimed it had near 1,300 employees and 9 orders for yachts of similar sizes lined up. The effort was led by Mario La Via, an Italian entrepreneur involved in the construction of several yachts, the most notable of which was the Kingdom 5KR (largest yacht in the world at the time of launch).

Designed by Abdeslam Laraki, the P430 was expected to be launched by the end of 2012. In December 2012, it was however divulged that one of the banks (Banca Etruria) had encountered problems and put a stop to the project's financing. The shipyard had received a loan of €100 million from these banks according to Repubblica. The project was later self-funded by La Via, according to a statement by the shipyard, but construction eventually stopped in March 2014.



The gates were then reported to be locked at the shipyard in June 2015 by the Court of Civitavecchia after the company failed to settle its €210 million debt. The next development in this story came in June 2016 as the first auction came to a close without a buyer. The starting price was set at €94 million for the shipyard's facility and its assets, including the P430.

"82% complete financially" according to an advert placed by the shipyard marketing the P430 for sale at an asking price of €279,000,000, the yacht has over €80,000,000 in upgrades. This brochure used to market the yacht at the 2014 MYS listed a 550 square meter owner's apartment and several swimming pools amongst the Privilege One's key amenities.



In August 2016, La Via and Antonio Battista, CFO of Privilege Yard, were placed under house arrest after alleged fraudulent bankruptcy fillings. According to La Nazione, La Via and his team were accused by Civitavecchia prosecution of sending at least €63 million to an offshore bank account in the British Virgin Islands.

The newest development in this story now comes as Royalton Investment, the holding company behind SSH Maritime, acquired Privilege Yard for over €6 million on October 22nd. The company, led by Jimmy Frangi, its CEO, has been known to participate in large scale refit projects such as the 86-meter Chakra and 72-meter Serenity. Prior to the yard acquisition, it had already purchased the unfinished new-build back in 2017 at an undisclosed valuation.

Latest News

Azimut Unveils New Grande Trideck with m2atelier-Designed Interiors
Azimut has unveiled its new 38.2-meter Grande Trideck superyacht, marking a design evolution for the Italian builder's flagship series. The vessel features interiors by Milan-based studio m2atelier, implementing their "Barefoot Luxury" concept focused on informal sophistication.The exterior design by Alberto Mancini retains Azimut's characteristic sleek profile while incorporating new elements like a recessed foredeck pool with integrated chaise lounge. The interior architecture emphasizes clean geometries, with straight horizontal and vertical lines creating an expanded sense of space. Diagonal elements appear selectively to establish intimate areas within the open layout.Notable interior features include a signature "Unveiling Wall" in the main salon - a motorized panel of vertical wood slats that slides open to reveal a hidden television. Floor-to-ceiling glazing throughout guest areas maintains visual connections to the seascape. The owner's suite utilizes layered glass partitions to preserve sightlines while ensuring privacy.Custom furniture pieces designed by m2atelier and manufactured by Giorgetti follow the Integral Design approach, ensuring stylistic continuity throughout all interior elements. The Sky Lounge incorporates a convertible hi-lo table that transforms the space between lounge, dining area and media room configurations."Light becomes the invisible thread that connects every environment," explained m2atelier founders Marijana Radovic and Marco Bonelli. The lighting design uses concealed LED strips and strategic window placement to accentuate material textures and spatial volumes.The Grande Trideck represents the first of three new models in Azimut's redesigned Grande series, with two additional yachts scheduled for debut at the September 2025 Cannes Yachting Festival. Technical specifications including propulsion systems and performance data remain undisclosed at this stage.Azimut's Product Design Director Federico Lantero described the project as creating "an atmosphere that evolves with those who experience it" rather than focusing on traditional displays of luxury. The design separates crew circulation routes while maintaining visual openness in all guest areas.Azimut Yachts is an Azimut Benetti Group brand. With its Atlantis, Magellano Flybridge, S, Verve and Grande collections, Azimut offers the widest range of 10 to 40 meters.Credits: Azimut Yachts
New 22m GTX70 Introduced by Pershing
Ferretti Group's Pershing brand has introduced the GTX70, the smallest model in its Sport Utility Yacht series, measuring 21.76 meters (71'4") in length with a 5.42-meter (17'9") beam. The yacht made its world premiere during Pershing's 40th anniversary celebrations in Capri, Italy.Developed through collaboration between the Ferretti Group Product Strategy Committee led by Piero Ferrari, Vallicelli Design, and the Group's Engineering Department, the GTX70 was constructed at the Ferretti Group's Plug and Mould facility in Mondolfo. The yacht represents a more compact interpretation of Pershing's GTX concept, combining sporty performance with increased livability compared to similar-sized vessels.The GTX70 is powered by three Volvo Penta D13 IPS1200 engines, each producing 900 horsepower. Preliminary performance data indicates a top speed of 36 knots and a cruising speed of 30 knots. The propulsion system incorporates Volvo IPS electro-hydraulic steering and is complemented by Humphree Interceptor trim control and Seakeeper gyroscopic stabilizers. The yacht holds CE Class A certification, the highest safety rating for vessels under 24 meters.Exterior spaces feature a two-level stern configuration with a 23-square-meter beach area that expands to nearly 8 meters in beam when side terraces are deployed. The swim platform utilizes dual linear lift technology, functioning both as a tender launch platform and an extended lounge area. The main deck offers 10% more interior space than comparable models, while exterior areas are 30% larger.Accommodations include three cabins for six guests: a full-beam master suite amidships with walk-in wardrobe, a forward VIP cabin, and a guest cabin with crosswise bed arrangement. Crew quarters forward contain two bunk beds and a separate bathroom. Interior design emphasizes spatial perception through mirrored surfaces and LED lighting strips by Altraluce.The 16-square-meter sportbridge divides into three functional areas: a sunbathing space aft, central dining section with L-shaped sofa and extendable table, and forward helm station. The area can be shaded by either a standard awning or an optional carbon fiber bimini top.Notable features include a main deck galley with retractable glass panel connecting to the cockpit, and a helm station with pillarless windscreen for 360-degree visibility. The bow area can be configured with either sun pads or a dinette featuring a convertible table.Construction utilized Pershing's plug and mould technology, with the hull and superstructure built at the Mondolfo facility dedicated to GTX series production. The yacht's design maintains signature GTX elements including the near-vertical bow and arch-shaped profile while introducing more compact proportions.The GTX70 joins the Pershing lineup as the brand's third GTX model, following the GTX80 and GTX116. Its debut coincides with Pershing's 40th anniversary year, marking the brand's continued expansion into the sport cruiser segment.The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credits: Ferretti Group
26.5m Explorer Yacht Project Mako Shark Listed for Sale
Northrop & Johnson has listed the new-build 26.5-meter explorer yacht Project Mako Shark for EUR6,825,000, with Yacht Broker Deniz Kaymaz representing the sale. The steel-hulled vessel, designed by Rıza Tansu and built by Tufan and Yachting Co., features a naval-inspired design with a 7.63-meter beam and shallow 1.8-meter draft.Powered by twin Cummins X15 600hp heavy-duty diesel engines, the yacht achieves a maximum speed of 12 knots with a cruising speed of 11 knots. The propulsion system delivers an exceptional 4,500-nautical-mile range at an economical 8 knots, supported by 28,000-liter fuel tanks. Engine room insulation ensures quiet operation at 58 dB in guest areas during cruising.The interior showcases marine-grade oak paneling with matte finishes, complemented by tempered glass partitions and stainless steel accents. Guest accommodations include a full-beam main deck master suite with office area and marble-clad rain shower. Four additional cabins (two VIP doubles, one twin, and one convertible) feature en-suite bathrooms with anti-fog mirrors and teak flooring.Common areas utilize scratch-resistant synthetic leather upholstery and shock-absorbing decking materials. The galley is equipped with commercial-grade Miele appliances and corrosion-resistant fixtures.The yacht offers two layout options: a crew-operated version with upper deck helm station or an owner-operated configuration with private sky lounge. Exterior spaces include an aft deck dining area with weather-resistant furniture, a convertible foredeck lounge with sunbed padding, and an upper deck with non-slip teak surfaces.Project Mako Shark's classification includes RINA Comfort Class certification for noise and vibration levels. The vessel is currently available for purchase with delivery scheduled for Q2 2026.Credits: Northrop & Johnson
42m Song of Songs Listed for Sale
The 42.2-meter motor yacht Song of Songs has entered the market at EUR22,888,000 through Camper & Nicholsons, with Chief Commercial Officer Asia Julien Solari and Sales Broker Della Pearce representing the central agency. The vessel is also available for charter in Southeast Asia.Constructed in 2023 by Heysea Yachts as the first model on their Asteria 139 platform, Song of Songs was designed in collaboration with VYD Studio. The 431GT yacht features a semi-displacement hull powered by twin Caterpillar C32 ACERT engines, achieving a top speed of 19 knots with a 2,000 nautical mile range at 14 knots cruising speed.The yacht's layout accommodates twelve guests across six cabins, including an upper deck master suite with private aft terrace, a main deck secondary master, and three VIP suites plus one convertible cabin on the lower deck. Crew quarters provide for seven staff members.Notable amenities comprise a 120 square meter sun deck with hardtop-covered dining area and bar, a main deck beach club with transformer platform, and a forward lounge area featuring a hot tub. The contemporary interior design utilizes light oak joinery and marble finishes throughout the living spaces.With 26,300 liters of fuel capacity and average consumption of 320 liters per hour at cruising speed, the yacht is equipped for extended voyages. A 120KVA Kohler generator handles onboard power requirements. The vessel's design emphasizes indoor-outdoor connectivity through extensive glazing and multiple al fresco entertainment areas.Credits: Camper & Nicholsons
Sixteen Swan Yachts to Compete in 2025 Rolex Fastnet Race
Nautor Swan will field sixteen yachts in this year's Rolex Fastnet Race, representing nearly the entire production history of the Finnish builder. The fleet includes models ranging from classic Sparkman & Stephens designs to contemporary German Frers creations.The 100th edition of the 695-nautical-mile race begins July 26 from Cowes, Isle of Wight, with a record 451 entries from 34 nations. The course passes Fastnet Rock off Ireland before finishing in Cherbourg-en-Cotentin, France.At a pre-race reception hosted by Nautor Swan Global Service at the Royal Air Force Yacht Club in Hamble, the all-female crewed Swan 46 Anne Bonny received the Spirit of Swan Award. The yacht is sailed by Belgian team "Swanne Bonny."Notable entrants include:Coco De Mer (Swan 62RS)Truwen (Swan 38)Galiana Withsecure (Swan 55)Miri (Swan 48)The participation follows recent Swan successes including ClubSwan 125 Skorpios' 2021 line honors victory and Swan 441 Best Buddies' dual handicap win at the Aegean 600. Simultaneously, the new ClubSwan 28 makes its competitive debut at Lake Garda.Nautor Swan was founded in 1966 in Pietarsaari, Finland. The builder entered the superyacht market in 1999. Since then, the yard has continued building high-performance sailing yachts in three different lines; ClubSwan, Swan Yachts and Maxi Swan Yachts. Credits: Nautor Swan