One of several anomalies that were present in the yachting market shortly before the 2008 crisis, yacht flipping had rapidly gained momentum before disappearing within weeks. Now, the trend is starting to reappear on a larger class of vessels.



Demand was so strong back in 2006-2007, that an already built superyacht was selling at a premium over a newbuild as clients had to wait to get the newer yacht. Exploiting the arbitrage opportunity, a portion of UHNWIs started ordering yachts and selling them before or shortly after they hit the water to a cohort of impatient buyers.

Some realised this method could yield even greater results if ordering multiple yachts at the same time from a shipyard to gain volume discounts. Perhaps the most noticeable of these projects was one led by real estate developer Warren E Halle.

In 2003, the American entrepreneur ordered a 67-meter Lurssen codenamed Project Marlin, now named Apoise, which he sold in 2006 for €65 million to Canadian entrepreneur David Ritchie. The year prior, he had ordered another 2 yachts of similar size, Project Shark and Project Nemo, both for €48 million a piece. In 2008, he sold Project Nemo for €71.500.000, with her new owner renaming her to St Nicholas.



The 3rd yacht, Project Shark, became known as Martha Ann, which Warren Halle kept for his personal use. Stretching over 70-meters the yacht had a standard 6-cabin layout and an exterior by Espen Oeino. Halle ultimately sold the yacht in early 2019 at an asking price of $79 million, with her owner renaming the yacht to Horizons III.

Shortly after the completion of Halle's 3 Lurssens, yacht flipping was widely considered to be extinct with demand for brokerage yachts falling well below its past levels and failing to recover to pre-crisis levels to this day. Amongst megayachts, the trend is, however, starting to reappear within the past quarters.

Graeme Hart, New Zealand's richest man, placed an order for the 107-meter Ulysses in 2013, at Kleven, a commercial shipyard, with designers at the time saying it was picked thanks to its quality standards, delivery times and price point. Later in November 2014, Hart placed an order for a larger, 116-meter version of Ulysses.



Amongst Ulysses's key features are a 21m tender, lifted by specially designed cranes onto the foredeck, an 11m x 5m swimming pool, a large jacuzzi, a sauna, a gym and a massage room. Listed for sale shortly following her delivery in 2016, the yacht was ultimately sold in 2017 at an asking price of €155 million. The 116-meter Ulysses was sold in 2019 at an undisclosed price.

Whilst Halle's and Hart's projects differ in size, it could be argued that the 70-meters a decade ago rivalled in standing today's 100-meter yachts. The entry barrier to the world's largest 100 yacht list has indeed been increased from 65 to 85 meters. This could make yacht flipping one of several signs in yachting that a recession could be coming.

Latest News

A Closer Look at Sunreef 35M Eco
Sunreef Yachts has shared the news about its latest sailing catamaran, the Sunreef 35M Eco, designed to offer an eco-friendly cruising experience without compromising on luxury. This vessel integrates advanced green technologies, including specially designed batteries, modern electric motors, and solar panels embedded in the hull, superstructure, and bimini.The Sunreef 35M Eco boasts a width of 14.7 meters, providing ample living space on board. The owner's cabin, located at the bow of the main deck, features panoramic views and private access to the bow terrace. Guest cabins, situated within the catamaran's hull, are designed to offer comfort and uniqueness.Outdoor amenities include a spacious flybridge equipped with a swimming pool and a drinks bar, offering ample space for relaxation and socializing. The Ocean Lounge, located on the aft deck, is tailored for leisure and water sports, featuring easy access to diving equipment and water activities. Additionally, a large hidden aft garage provides storage space.Sunreef Yachts was founded by Francis Lapp in 2002 in Gdansk, Poland. Since then, the shipyard has been designing and manufacturing luxury sailing and power multihulls. Credits: Sunreef Yachts
Videoworks Installs and Tests OneWeb's LEO Technology on Superyacht in Turkey
Videoworks has successfully installed and tested OneWeb's Low Earth Orbit (LEO) satellite technology on a 70-meter superyacht in Turkey, confirming its effectiveness for connectivity and after-sales services. The technology, combined with the Kymeta antenna, has been confirmed to operate smoothly, providing high-speed and secure internet connectivity.OneWeb's network of LEO satellites offers a unique service in terms of speed and security, tailored specifically for the yachting world by Videoworks. With 25 years of experience, Videoworks has a history of installing advanced audio/video, entertainment, IT, lighting, and comfort systems on superyachts worldwide, aiming to meet the demanding needs of shipowners and shipping companies.The desire for reliable internet connectivity, comparable to that of home or office, is crucial for shipowners and their guests. This allows for seamless entertainment and professional activities, such as managing conference calls while at sea. LEO satellites have significantly enhanced the on-board experience, and Videoworks has positioned itself as a competent partner from satellite to TV remote control.Videoworks, in collaboration with Speedcast, is the official reseller of OneWeb. Initial tests at their Ancona facility and subsequent tests on the superyacht in Turkey demonstrated the system's efficiency and stability. Turkey, a region not covered by other broadband satellite systems, proved particularly challenging.The installation and commissioning of the OneWeb system, featuring a single Kymeta Peregrin U8 antenna, were managed by Videoworks. During three days of testing, the system consistently delivered 100 Mbps download and 20 Mbps upload speeds, even with 11 streaming platforms active simultaneously.The OneWeb airtime service uses two hardware platforms, Kymeta Peregrin U8 and Intellian OW11FM. Based on the antenna plan and desired bandwidth, configurations can include single or double flat antennas. Videoworks also offers tailored solutions to meet the specific expectations of shipowners.The initial tests and practical application confirmed OneWeb's capability to deliver professional maritime broadband solutions adaptable to superyachts globally. This high-quality connectivity supports cloud-based applications for both business and leisure activities, with latencies similar to terrestrial 5G communications. OneWeb distinguishes itself by offering guaranteed minimum bandwidth and robust security measures, unlike other LEO and 5G services.Videoworks' comprehensive package includes the choice of antenna, on-board systems, and a 365/24/7 assistance service, ensuring simplified technical management for shipowners and charter companies. In addition to the OneWeb LEO system, Videoworks provides other market solutions such as Starlink, 5G, Vsat, and Iridium, aiming to offer the best options based on the owner's needs.Credits: Videoworks
Oasis 40M Cosmico Delivered by Benetti
Italian shipyard Benetti has successfully delivered Cosmico, the latest addition to its Oasis 40M series. The delivery took place at Benetti’s shipyard in Livorno, Italy. According to BOATPro, Cosmico is currently moored near Ditella, a hamlet in the Aeolian Islands, after making stopovers in Rome and Pompeii.Cosmico measures 40.8 meters in length and benefits from the innovative design by British studio RWD. One of the standout features of this superyacht is Benetti's trademarked Oasis Deck, which includes a flat platform with two unfolding gunwales that transform into overwater balconies, offering expansive views and a closer connection to the sea.The superyacht provides accommodation across five cabins. The interior, styled by Bonetti/Kozerski Architecture, has been heavily customized to suit the owner's preferences. Notable modifications include the repositioning of the master berth to the center of the cabin, enhancing space and comfort. The outdoor dining area, located on the upper deck aft, is equipped with a quartzite-topped table, adding a touch of elegance to alfresco dining.Although interior images have not yet been released, it is known that the materials chosen for Cosmico include walnut wood and leather-clad paneling, which replace the lacquering seen in the original design. Additionally, oak boards have been used instead of the typical teak interior flooring, providing a fresh and contemporary look.Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. They design, build and sell composite vessels from 29 to 44m and steel and aluminum boats from 37 to over 100m. Their fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom, to meet all the needs of the market, and they belong to the Azimut|Benetti Group, the largest privately owned luxury yachting group in the world.Credits: Benetti
BDJ Now Available for Sale
Camper & Nicholsons has announced the exclusive sale of BDJ, represented by Senior Sales Broker Marc Haendle.BDJ is the last project by renowned designer Pieter Beeldsnijder, specifically designed for luxurious round-the-world cruising. Built by Flevo Ship in Holland, this 29.26-meter motor yacht, launched in 2013, reflects high standards of custom yacht construction. It is offered for sale by the original owner and is in excellent condition, featuring a trans-Atlantic range and low engine hours, having been used only privately.BDJ boasts a modern interior with ample natural light and comfort, featuring premium materials throughout. The layout includes a spacious saloon, a galley, and a formal dining area aft of the wheelhouse. Accommodation is provided for six guests in three cabins: a full-beam master suite with a walk-in wardrobe, a guest double, and a twin that can convert into a large VIP suite.One of the standout features of BDJ is its flybridge. The sun deck includes a grill, a galley counter, casual seating, and stowage space for a tender and a small car, which can be deployed by the yacht’s crane.BDJ has undergone annual maintenance at its build yard and benefits from low fuel consumption. At-anchor stabilizers enhance comfort, and additional batteries allow for extended silent operation.BDJ is available for viewings by appointment in the Netherlands.Credit: Camper & Nicholsons
Special One Ready to Set Sail
Royal Huisman has announced the successful delivery of Project 406, known as Special One. This custom motor yacht, measuring 52 meters (171 feet), is set to depart from the shipyard in the Netherlands on her maiden voyage, marking a significant achievement in superyacht construction.Special One is an Alustar aluminum motor yacht designed for both luxury and performance. She features six decks and can achieve speeds over 30 knots, as demonstrated during extensive testing in the North Sea. The yacht is tailored to meet the specific requirements of her experienced owner, who has a strong interest in sportfishing, making her the world’s largest true sportfish yacht.Designed by Vripack Yacht Design Studio, Special One has a distinctive appearance with a long bow, high bulwarks, and a clear sheer line leading to an uncluttered cockpit aft. The high tower provides excellent views and a downward angle on the water, ideal for sportfishing. Additionally, the tower serves as a viewing platform for guests to watch the fishing activities below.This project highlights Royal Huisman's expertise in the superyacht sector, demonstrating their ability to push the boundaries of custom yacht construction. Jan Timmerman, CEO of Royal Huisman, stated: "The delivery of Project 406 underscores our commitment to creating unique and bespoke superyachts. This motor yacht project showcases our ability to deliver custom solutions that align perfectly with our client's vision. We are excited to see 'Special One' embark on her journey and provide unforgettable experiences to her owner."Special One is now ready to set sail, promising to deliver exceptional performance and luxury on the open seas.Royal Huisman is a Dutch shipyard established in 1884 in Ronduite, building and refitting custom luxury sailing and motor yachts at its shipyard in Vollenhove, the Netherlands.Credit: Royal Huisman