After nearly 30 years of building yachts in Vancouver, Washington, Christensen Shipyards finishes relocation process within several months, moving to a new facility at Tellico Lake, Tennessee. The move follows a long-lasting court battle between the co-owners of US yard, Dave Christensen and Henry Luken. Yacht Harbour takes a closer look at the story behind the decision.
Dave Christensen founded the Christensen Shipyards, Ltd. in 1985. Since then, the company specialised in building yachts of up to 45 metres LOA and a maximum beam of 10 metres within its 17,000 m2 facility. During the 1990s, affected by general crisis in the industry and high costs of yacht construction, the company’s revenue became inconsistent. Often unable to get bank loans to finance projects, they were selling yachts in advance, with ongoing operations financed by not very frequent customers.
Dave Christensen and Henry Luken first met in 1997, when the latter purchased a yacht from the yard. In 2003, Luken bought 50 percent share of the company’s stock, joining the board of directors. The remaining shares were split between Christensen and his family.
As it was later revealed from the legal filings, the owners parties’ discontent with each other had been raising from that time, as Luken claimed his funds were allocated on company expenses and operations or even ended up missing, instead of being held in trust while the boats were being built. The Christensens argued that Luken demanded large commissions on every yacht sale, reducing the company’s revenue.
In 2006, Luken began construction of another facility at the Tellico Lake in his home state of Tennessee. He aimed to open an eastern division of Christensen yachts, suitable for construction of larger vessels. However, due to economical problems the building was soon frozen. The economic downturn also hit the company’s Vancouver operation, eventually forcing the company to lay off up to 80 percent of its local workforce.
Starting from the end of 2014, multiple creditors began to file notices under the Uniform Commercial Code, declaring interest in the property as collateral for debts. The edge of bankruptcy led Luken to file a lawsuit in 2015 asking for the company to be placed into receivership. After a period of receiveship, the court decided that the best way to repay creditors would have been through selling the company to a buyer willing to keep its operation.
Thus, the shipyard was sold to Luken for $5,500,000 despite objections from the Christensens. The acquisition implied name and all the company’s assets including a long-term lease on the shipyard and reforming Christensen Yachts as a new business entity. The Christensens though argued that Luken
used his financial influence and position on the board to draw the company into receivership so that he could purchase it cheaply.
A second lawsuit between the parties was filed one year later, lasting more than two years until both parties agreed on selling Vancouver facility to Vigor Industries, American shipbuilder and ship repairer, in February, 2019. The latter plans to manufacture a new type of landing craft for the U.S. Army called the Maneuver Support Vessel (Light) at the yard. Vigor plans to start with employing 130 workers and grow up to 400 after a few years, as Christensen used to employ 500 people at the peak.
According to Christensen’s President, Jim Gilbert, the company is now negotiotiating for the first contracts to be implemented within the new facility. The construction processes at the new yard finishes in 6 months, and the company is to come up with some fresh designs models within the time. However, they are going to stick to the traditional focus on large volume boats in general.
The company is currently building a 50-metre Hull 42 at Vancouver facility, but the vessel will be moved to Tennessee this summer for completion. Christensen yachts currently employs about 70, Gilbert said, and all of them are being offered the chance to stay with the company at their current salary if they move to Tennessee.
All in all, members of the Christensen family have not commented on the details of the settlement. According to Luken, it implied a lien on the shipyard property, and that he would receive nearly $ 5,000,000 from the sale. Despite that, Luken still claims that his involvement with the company caused him in an estimated net loss of nearly $15,000,000, largely due to a yacht he bought from the yard, never seeing her delivery.
With the atmosphere incomparable to any other sporting event, the Monaco Grand prix stands almost distinct from the sport it was born from. Returning to the principality for its 77th run, this year’s race takes place from May 23 to May 26, with royalty, celebrities and billionaires flooding renowned harbour front of Monaco.With a race circuit passing directly in front of Port Hercules marina, the Monaco Grand Prix wouldn’t be complete without a selection of luxury yachts lined up opposite the track to soak up the high-octane racing action. Yacht Harbour takes a look at 7 superyachts worth attention during Monaco Grand Prix 2019.#1. Andreas LLength: 60 mBuilder: Benetti (2008)Asking price: € 25,000,000 Built by Benetti in 2008, this superyacht features a beam of 10.4 metres and a draft of 3.2 metres, built to a steel hull and aluminium superstructure. With her gross tonnage of 971 tons, Andreas L offers accommodation to 14 guests within 7 cabins with interiors by Redman Whiteley Dixon and exteriors by Stefano Natucci. Propelled by Caterpillar engines of 1600 hp, the yacht reaches a maximum speed at 18 knots and a cruises at 16 knots.She is fitted with a plenty of prime viewing acreage on the sundeck and a swim-up bar in her hot tub. #2. Illusion PlusLength: 88.8 m Builder: Pride Mega Yachts (2018)Delivered last summer, the yacht attends the show for the first time. What is more, she remains the largest yacht to ever have been built in Asia.British studio Rainsford Saunders Design was responsible for her sleek exterior lines, inspired by classic Rolls-Royce cars. Spread over six-decks, Illusion Plus offers two outdoor Jacuzzis, a touch-and-go helicopter landing pad and ample space for lounging, relaxing and partying. Illusion Plus can accommodate 12 guests over 8 en-suite cabins, with capacity for 25 crew.Her plush interior was crafted by Sinot Exclusive Yacht Design and installed by Greenline Yacht Interiors of Dubai. The superyacht features an in-built cinema screen, four guest lounges, two interior dining areas, a spa area with a sauna, steam room and massage room, a large tender garage and a lower deck ocean lounge with a bar.#3. SarastarLength: 60.2 m Builder: Mondomarine (2017) Asking price: € 50,000,000The yacht with a beam of 10.75 metres and a draft of 2.9 metres was launched in 2016. One of her main characteristics is the completely closed forward area in which the garage has been located. The tenders are hidden under a flush bridge that can be used as helipad, sunbathing area for guests or dance floor. Another key feature is represented by the stairs that lead one from the sundeck directly to the side of the wheelhouse. Sarastar can sleep up to 12 guests in a master suite and 5 double staterooms.For her interiors, Luca Dini worked worked with designers Silvia Margutti and Gabriele Tartaelli, who used rare natural materials (white onyx, semi-precious stones, crystals and exotic marbles).Noticeably, Sarastar is coming to small screens this year, as she has one of the leading roles in mystery-comedy for Netflix called "Murder Mystery", alongside with Hollywood superstars - Adam Sandler, Jennifer Aniston and Luke Evans.#4. Symphony Length: 101 m Builder: Feadship (2015) Similar to Illusion Plus, Symphony is among the largest spectators this weekend. With her interior volume of 3,000 tons, she features a beam of 14.1 metres and a draft of 4.1 metres. She reaches her maximum speed at 22 knots along with cruising speed of 14 knots.Symphony offers accommodation to up to 10 guests in 8 cabins with interiors by Zuretti and exteriors by Tim Heywood. She is fitted with an outdoor cinema on her bridge deck.In 2016, the yacht won Displacement Motor Yacht 2,999 GT and Above at the World Superyacht Awards.#5. BlushLength: 47.25 m Builder: Sunseeker (2014)Charter: from € 200,000 p/w.Blush was launched in 2014 as Sunseeker's flagship which it remains to this day. The vessel was originally owned by Eddie Jordan, the former owner of the Jordan Grand Prix Formula 1 team and current Top Gear co-presenter.First in the Sunseeker 155 series, Blush was designed by the yard's in-house team. Built out of GRP, the yacht can accommodate 10 guests in 5 cabins and carries a crew of 10. Blush is the 9th Sunseeker yacht that Mr. Jordan has owned over the years.Amongst the yacht's key features are an open sun deck, complete with a large Jacuzzi and sunbathing areas as well as a clever use of foldable balconies and glass that maximise entertaining space on-board. The owner's cabin, located forward on the main deck, has its own private balcony, a rare feature on yachts of this size. A beach club and swimming platform are further located aft of the yacht.From a technical standpoint, Blush is powered by twin MTU engines of 2,950hp each giving the yacht a maximum speed of 20 knots and a cruising speed of 15 knots. #6. ApogeeLength: 62.5m Builder: Codecasa (2003)Asking price: $24,950,000One of the largest yachts ever built by Italian shipyard, Codecasa, Apogee was delivered in 2003. She was refitted in 2009 and 2013. The motor yacht can accommodate 12 guests in 6 cabins with interior design by Della Role Design and exteriors by Codecasa in-house team.Speed wise, Apogee features a maximum speed of 14.5 knots, powered by twin Caterpillar engines of 2,260 HP each.#7. D’Natalin IVLength: 49.9 m Builder: Christensen (2014)D'Natalin was built in 2014 with a beam of 9 metres and a draft of 2.4 metres, GRP hull and GRP superstructure. With her interior volume of 499 tons, the yacht can accommodate 12 guests across 6 cabins with interiors by VARO and exteriors by Christensen.She boasts a maximum speed of 17 knots and a cruising speed of 15 knots.
May 24, 2019
Dutch shipyard Van der Valk has launched the 32-metre Jangada 2, the fifth and the largest one of the Raised Pilothouse custom series so far. The vessel will now go through sea trial paces, ahead of delivery to her repeat owners later in June.While her sistership had been delivered in 2015, the owner of Jangada 2 ordered the vessel at the end of 2017. All the way through, they worked in a close cooperation with designers Nick Top and Guido de Groot as well as Van der Valk in-house design team, to ensure their new yacht is fully customised to their requirements. Jaganda 2 is trademarked with specific features, such as VIP suite bathroom on the main deck that could be closed off for use by guests during the day without entering the bedroom itself. Other examples of specific requests on Jangada 2 include a minimalistic interior style based principally on whitewashed European oak.The flybridge deck will have an outdoor dining area, a sunbathing space with plenty of loose sunbeds and an all-aluminium hardtop providing ample shade, as well as a smart wet bar. Furthermore, there is abundant space for the storage of a tender and/or toys, including a crane with a lifting capacity of 800 kilograms. This deck will also feature a handy outdoor helm station. The yacht’s main deck features curved glass sliding doors to the lounge, while a VIP suite forward offers fine views. The full-beam mater suite on the lower deck includes large his & her wardrobes and a dedicated office area. Seven more people can be accommodated within three other cabins, raising total guests’ capacity to eleven.After delivery, Jangada 2 will head to the Mediterranean for a relaxing summer cruise along the Côte d'Azur. She will make her official debut at the Cannes boat show 2019 in September. As to Van der Valk Shipyard, it is a family-owned business, operating since 1967 and currently employing over 45 craftsmen. The yard is located in Waalwijk, the Netherlands, with the founder, Wim van der Valk, remaining a driving force behind the company. Other recent projects of the yard included the first BeachClub 600 unit with plenty of space on-board and the second hull for 660- series Beachclub.
May 24, 2019
Italian explorer yachts builder Cantiere delle Marche (CdM) has announced that its 26.1-metre motor yacht Stella del Nord has been sold to a renowned Italian singer Andrea Bocelli. The yacht was built of steel and aluminium in 2015, as the fourth Darwin Class 86 unit. Built to RINA class and registered under 200 GT (at 199 GT), Stella del Nord features naval architecture and exterior design by Italy-based studio Hydro Tec, with interior concept developed by PFA Design.Stella Del Nord offers accommodation for up to eight guests across a full-beam master and a VIP suite and two twins, along with a crew of four in two cabins. She is also highly fuel efficient, while two Caterpillar engines of 365 hp each give her a maximum speed of 11.5 knots and a cruising speed of 10 knots. Stella Del Nord's maximum range is estimated at 7000 nautical miles. The yacht is trademarked with a 40-square-metre sun deck with a gas barbecue, bar, dining area, lounge area and a helm station. The aft deck with built-in upholstered bench seating and a freestanding table for six people, offers even more al fresco space. The indoor saloon is fitted with large windows allowing ample daylight, a U-shaped sofa and two armchairs upholstered in high quality leather, a large screen television and a dining area with seating for eight.Introduced to CdM by the Italian brokerage firm Corte Srl, Andrea Bocelli is an experienced yachtsman who has owned vessels of different sizes. One of his latest yachts, the 22-metre CRN Libertas, was sold in May 2019 asking $7,499,000. Through his new purchase, Bocelli was looking towards a serious expedition yacht, in other words, an operationally straightforward vessel, allowing comfortable sailing even under the most severe weather conditions.Stella del Nord was asking €6,100,000 at the moment of sale. Shortly after the handover, Bocelli set course for Naples on-board of his new vessel.
May 24, 2019
Napoli-based shipyard Arcadia Yachts has delivered the second hull in the builder’s 105 series, the winner of World Superyacht Awards 2019 for Best Semi-displacement or Planing Motor Yacht.<blockquote class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/BxwjwWYAzZd/" data-instgrm-version="12" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);"><div style="padding:16px;"> <a href="https://www.instagram.com/p/BxwjwWYAzZd/" style=" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;" target="_blank"> <div style=" display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; 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font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;"> Посмотреть эту публикацию в Instagram</div></div><div style="padding: 12.5% 0;"></div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"><div> <div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"></div> <div style="background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"></div> <div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"></div></div><div style="margin-left: 8px;"> <div style=" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"></div> <div style=" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)"></div></div><div style="margin-left: auto;"> <div style=" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"></div> <div style=" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"></div> <div style=" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"></div></div></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"></div> <div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"></div></div></a><p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;"><a href="https://www.instagram.com/p/BxwjwWYAzZd/" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;" target="_blank">Публикация от Ocean Drive (@oceandrive_yachting)</a> <time style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;" datetime="2019-05-22T08:50:32+00:00">22 Май 2019 в 1:50 PDT</time></p></div></blockquote> <script async src="//www.instagram.com/embed.js"></script>The 32-metre yacht was christened Sea Coral II and delivered to charter broker OceanDrive. The yacht will be available for charter cruises around Amalfi, Sardinia, Corsica and the South of France starting from this summer. Based on the same platform as the Arcadia 100+, both exteriors and interiors of Arcadia 105 were developed in collaboration with Italian design studio Hot Lab. Sea Coral II comes as the second hull in the series, after the 2018 RJ.The 199-GT semi-planing superyacht has been constructed with a fibreglass hull onto a beam of 7.76 metres.The model is trademarked with glass walls between the aft-deck and main salon and openable floor-to-ceiling windows creating a fluid indoor-outdoor space.Thanks to the convertible 35-square-metre skylounge, a fully enclosed third deck can be protected against bad weather or open to enjoy the breeze and the scents of the sea.Accommodation on-board is provided for up to 10 guests within two doubles, two twins and one convertible cabin, along with the staff capacity for six. The yacht is equipped with games room, dining room and a private lounge.Toy storage of Sea Coral II comprises a Castoldi tender stored aft, two paddleboards, two Seabobs, a Kayak, wakeboard and water skis. Powered by two MAN V8 1200HP engines, the yacht cruises at 12-14 knots under reportedly low fuel consumption.As to other projects by the yard, with ten units now under construction, it has recently revealed the first Sherpa XL, that is approaching her completion.
May 23, 2019
The 54.3-metre Amels superyacht 4You, previously owned by co-founder of Russian real-estate development company PIK Group, Kirill Pisarev, has been sold with both the buyer and the seller represented by Edmiston.The second hull in Dutch shipyard Amels' successful Limited Editions 180 line, 4You was commissioned by her previous owner and launched in 2012. She has undergone several refit and maintenance works in 2016, 2017, with the latest one held in April 2019.The yacht features exterior design by UK-based Tim Heywood and interiors by Italian studio Laura Sessa. She is trademarked with a large sundeck and six staterooms for accommodation of up to 12 guests. Similarly to her sisterships Astra and Apollo, 4You features a timeless light grey hull and white superstructure.Propelled by MTU 12V 2000 M70 engines, 4You can reach a top speed of 15.5 knots and cruises at 13 knots. At the time of sale, 4You was asking €29,500,000.In 2016, the yacht’s previous owner Kirill Pisarev (net worth estimated at $6.1 billion, Forbes) won a law suit against Moran Yacht & Ship over a claim on commission over his previous yacht, also named 4You. The 47-metre 2009 Hessen could accommodate 10 guests in 5 cabins and was said to be too small for the owner’s family. Mr Pisarev therefore decided to sell the yacht and to commission a 55m yacht from Amels. Following the sale, Mr Pisarev ended up in court after the brokerage agency who managed and crewed the yacht, Moran Yacht and Ship, argued they were owed a £615,000 commission on the deal, 4% of the sale price. Their claim was dismissed by the High Court in 2014, and on February 11th 2016 Lord Justice Christopher Clarke dismissed the motion once again, reaffirming Mr Pisarev's victory in this legal dispute.
May 23, 2019