Cheap superyacht ?

[Happy]

Interesting chat with a high-end boat broker yesterday. He has a friend who has been looking after a Russian oligarch's massive Aussie/Asia boat. (Not to be confused with his massive Med/Atlantic boat.) The guy got an interesting offer from the owner, whose finances have been frozen by the Oz government: Buy the boat for $5, pay the berthing/insurance/upkeep "until the war is over and I can move money again", and then sell it back to the Russian "and I will make you very rich."

His mate declined the offer.

 

[charisma94]

Need to define "massive". My massive would be something over 50m... If it's that big, the guy would be on the hook for a few (3-4) million a year, for who knows how many years. I suppose he could always sell it!

 

[Gissie]

Need to define "massive". My massive would be something over 50m... If it's that big, the guy would be on the hook for a few (3-4) million a year, for who knows how many years. I suppose he could always sell it!

Agree, I used to think 15m was big, now 50 is just in the massive range.

Anyone that can pay the day to day upkeep needs a big bank account.

 

[Steam Flyer]

Yeah, no.

Assuming this guy is still a wealthy powerful oligarch when this is over, you have to do whatever it takes to make him happy or he sics the Spetznaz on you. If he's not, you're fucked anyway with this huge unsellable yacht that costs a gazillion dollars in upkeep.

- DSK

 

[Dorado]

I was in Piraeus Harbor in Greece a few years ago. The Al Mirqab yacht is birthed there. 133m, 55 crew.

If I liquidated all my available assets I might be able to buy the dock lines and fenders. But then again, maybe not.

 

[billy backstay]

Interesting chat with a high-end boat broker yesterday. He has a friend who has been looking after a Russian oligarch's massive Aussie/Asia boat. (Not to be confused with his massive Med/Atlantic boat.) The guy got an interesting offer from the owner, whose finances have been frozen by the Oz government: Buy the boat for $5, pay the berthing/insurance/upkeep "until the war is over and I can move money again", and then sell it back to the Russian "and I will make you very rich."

His mate declined the offer.

Anything that sounds too good to be true, most certainly is!   Run away, as fast as you can!!!

 

[floating dutchman]

Anything that sounds too good to be true, most certainly is!   Run away, as fast as you can!!!

This.

There are so many ways this could go wrong.  And selling the boat as an escape plan could be, well let's just say risky shall we.

 

[SloopJonB]

The owner of my boatyard had a vaguely similar experience years ago.

One of his customers had a big Sea Ray - 62' IIRC. It would have made a decent tender for the ships under discussion.

Anyway, he just wanted to get rid of it and offered it to Chris for about $0.10 on the $.

Chris was tempted until he discovered it burned 37 Gal/Hr - per side

Think about that - 74 Gal/Hr today means over $600/Hr - just for fuel - for a boat that would only be a shore boat for those behemoths.

Talk about "if you have to ask..."

 

[Snarley]

These are ships which usually have something much more complicated than a simple American styled LLC attached.  The closest similar actions I can think about were the seizures by allied, axis and neutral countries when WWII started in 1939.   

That most definitely did not end well for the original owners.  The only money that I see here to be made is to convince whatever governmental police agency and court that your firm is the best for the upkeep contract.  When the decision on how to rid ourselves of the yacht that your firm is the best to act as broker.   

My guess is that these ships end up being turned over to the Ukrainian government many years down the road and end up going directly to scrap. My best guess is that the ships are left to rot or worse at the pier.  Democracies will have a tough time allocating money for an upkeep contract and finding a way to get rid of these ships.   

I just do not want to be the one owning the pier that the ship is tied to.   Run do not walk away from anything Russian.   This is not going to end well. 

 

[burndoc]

I wonder why the Nigerian prince didn’t think of this deal?

 

[Mid]

the purchase price is the least of your worries , 

purchases equals the start of multiple increasing invoices .

there's two happy days , the second is when you sell her ...

 

[NaClH20]

If I liquidated all my available assets I might be able to buy the dock lines and fenders. But then again, maybe not

Went to pick someone up off a big and brandy-spanking-new yachtie at anchor couple summers ago.  The crew gets justly paranoid when a boat that is not one of their own comes alongside, and hang big fenders everywhere.  Making the approach to the stern platform, I get a call on the radio from my guy… “the crew says be careful of those fenders when you come in…. They’re $50,000.  Each.”

 

[Mid]

hey’re $50,000.  Each.”

a zero too many .

https://www.google.com.au/search?q=superyacht+fenders&hl=en-GB&tbm=shop&psb=1&tbs=p_ordd&ei=k9w9Yq7CJsPBhwPgpojgAQ&ved=0ahUKEwju1-73xuH2AhXD4GEKHWATAhwQuw0IkwgoAw

 

[NaClH20]

a zero too many .

Can only tell you what the crew told us.  They were fully custom carbon fiber so as to be light enough for the crew to move around, they said.  Crew was incredibly freaked out about using them.  I know no further details, so can’t tell you how carbon could be made flexible enough for a fender. Can only guess that someone saw that yacht build manager coming.  At any rate, even $300k for a set of fenders would have been a decimal point in the final cost of the thing.

 

[Grande Mastere Dreade]

Yeah, no.

Assuming this guy is still a wealthy powerful oligarch when this is over, you have to do whatever it takes to make him happy or he sics the Spetznaz on you. If he's not, you're fucked anyway with this huge unsellable yacht that costs a gazillion dollars in upkeep.

- DSK

and what happens when at the end, he comes back, takes the boat and says fuck you...  how are you going to sue a billionaire? , he could extend a lawsuit almost forever 

 

[Mid]

and what happens when at the end, he comes back, takes the boat and says fuck you.

and they all live happily every after ......

ain't Kanas Dorthy .

 

[SloopJonB]

These are ships which usually have something much more complicated than a simple American styled LLC attached.  The closest similar actions I can think about were the seizures by allied, axis and neutral countries when WWII started in 1939.   

That most definitely did not end well for the original owners.  The only money that I see here to be made is to convince whatever governmental police agency and court that your firm is the best for the upkeep contract.  When the decision on how to rid ourselves of the yacht that your firm is the best to act as broker.   

My guess is that these ships end up being turned over to the Ukrainian government many years down the road and end up going directly to scrap. My best guess is that the ships are left to rot or worse at the pier.  Democracies will have a tough time allocating money for an upkeep contract and finding a way to get rid of these ships.   

I just do not want to be the one owning the pier that the ship is tied to.   Run do not walk away from anything Russian.   This is not going to end well. 

I don't understand why maintenance of seized yachts is even being discussed.

When your car was towed and impounded did they do any maintenance on it?

Even wash it?

 

[floating dutchman]

Lloyds and BV are pulling class certificates for these Russian owned super yachts.  So insurance is going to be a bitch.

 

[billy backstay]

Lloyds and BV are pulling class certificates for these Russian owned super yachts.  So insurance is going to be a bitch.

Good!! About time somebody penalized these rich, fuckers!!