The major fire that broke out at Lurssen's Bremen facility earlier this week, destroying a 100-meter plus new build, became a major story in the yachting field. The development is now set to hit the insurance sector with a group of marine insurers that could be facing a payment of up to €590 million over the fire at Lurssen.
Various social media posts have been quick to point out the damaged new build, 3 decks of which at least have caught on fire, to be the 140-meter Project Sassi, which was reportedly due to be launched in coming months. The identity of the ship has so far not been confirmed.
Industry reports say the insurance policy for the new build was started in October 2014, in a building risk slip led by QBE, a leading Australian insurer with a market capitalisation of over €9 billion. Yet, the 4.6% exposure QBE is understood to have in the slip, potentially equivalent to €27 million in losses, would amount to a loss of nearly 12% of its net profits for the first half of 2018.
Dr Duu / Project Sassi before assembly
QBE would in fact not be the insurance company with the largest exposure in the new build, with Lancashire potentially on the hook for €70 million as a 9.4% slip stakeholder. RSA, Atrium and Beazly could also each have to payout between €40m - €45m.
The policy, which could now have the largest maritime insurance payout since the sinking of the Costa Concordia cruise ship, is understood to be designed to cover the vessel as well as the related property and construction materials used to build it through to the final delivery.
This large insurance payout threat comes at a difficult time for marine insurance providers, which has been prone to a large number of changes and consolidation in recent years. Less than 20% of the yachting premiums written by syndicates turned a profit between 2011 and 2017 according to Re-Insurance, leading to many insurers stepping away from the maritime market.
Photos via Instagram and DrDuu
Horizon Yachts has launched a new build Horizon FD90. The interior and exterior of the 22nd hull of the successful FD series was penned by Cor D. Rover Design. The wide beam and high-volume interior that defines the Cor D. Rover-designed Fast Displacement (FD) Series, the new FD90 greets visitors with an expansive aft deck. This four-stateroom yacht has a contemporary interior with an on-deck master, a convertible VIP on the lower deck and a spacious beach club. Satin walnut, black glass and black lacquer finishes highlight the loft-like main salon, whose volume is amplified by floor-to-ceiling windows and comfortable, custom low-profile furniture including a large sofa with built-in storage. Specified with high-end equipment throughout, this FD90 is the first Horizon model to be equipped with the JUNG automation system, which allows the owner to control lighting, window treatments, audio and A/C via phone or iPad devices. The full-beam master stateroom is located on the main deck, and offers plentiful wardrobe space as well as a built-in leather loveseat under the window to starboard. The spacious ensuite features a full-length smart glass wall for privacy when desired.The new FD90 features a fully equipped beach club with a bar and a lounge settee that converts into a bed.<iframe width=560 height=315 src=https://www.youtube.com/embed/wn2fA0-D6og title=YouTube video player frameborder=0 allow=accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture allowfullscreen></iframe>Founded in 1987, Horizon Yachts has celebrated 35 years as one of the largest luxury yacht builders in the world as well as the number one builder in the Asia Pacific region. In the past three decades, Horizon has delivered over 855 luxury yachts, with more than 220 of these over 80 feet in length. Popular models ranging from 52 to 150 feet include motor yachts, superyachts, power catamarans, expedition yachts, and fast displacement motor yachts.Credits: Horizon Yachts
January 20, 2022
Gulf Craft is marking 20 years of its operation in the Maldives. Gulf Craft provides almost 80% of the Maldives’s water transportation services which includes public transport, coast guard, emergency and ambulance services, resorts, and leisure boats. With a strong and established presence in the country, Gulf Craft is now developing a new production facility dedicated to the manufacturing of vessels for use in the Indian Ocean which will see its operations and production capacity double within 16 months.Gulf Craft established its operations in the Maldives with a 100,000 square foot manufacturing facility that has produced top-quality pleasure boats and rapid transport vessels. Gulf Craft is now focusing on further expansion of its operations in the Maldives to support the government’s strategy to strengthen the tourism sector. This will be driven by doubling its production capacity in the country and by giving back to the community through the new training facility for captains and crew.In early 2021 the shipyard was awarded a government contract, thru MTCC, to manufacture a fleet of specially designed high-quality speed boats for use across the Integrated National Public Ferry Network. The new speed boats will offer a convenient and efficient transportation system to all administrative islands of the Maldives, with capabilities to transport up to 53 passengers at a time and will connect the capital city to nearby islands. The public transportation project is one of the largest government initiatives and will contribute to connecting the various islands of the Maldives upon completion.Gulf Craft team in the Maldives“The Maldives is our first international destination, where we have built in-country competencies by leveraging the opportunities that the country provides for the marine and tourism sector. With the doubling of our production capacity and the new training facility we hope to serve the local community even better through the creation of new job opportunities and in further boosting tourism,” said Mohammed Hussein Alshaali, Gulf Craft’s Chairman. Last year Gulf Craft announced that it will invest in a strategic development in the Maldives named ‘Gulf Lagoon’. The project will feature a state-of-the-art manufacturing facility, a marina for seafarers and live-aboards, a maritime school offering captain/crew training for young Maldivians, and a resort, among others.Since the company’s inception in 1982, Gulf Craft has grown to become one of the top seven shipyards in the world: once a builder of small fishing boats in its modest premises, which was a genuine passion for Gulf Craft, they then established their credentials as a leader of innovation and technology in the yachting industry. With five brands in their product portfolio ranging from 31 to 175 feet, Gulf Craft manufactures yachts and boats that appeal to a wide audience, such as touring passenger vessels, Silvercraft family day boats, Oryx Sport Cruisers, Nomad Explorer Yachts, and the flagship Majesty Yachts.Credits: Gulf Craft
January 20, 2022
Porto Montenegro and Drydocks World Dubai Are Transforming Bijela Shipyard Into a World Leading Superyacht Refit Center
Porto Montenegro is going to develop the former Bijela Shipyard as a joint venture with the Drydocks World Dubai, which has been renamed Adriatic 42. Adriatic 42 is located at the Kotor Bay in Montenegro in one of the safest natural harbours in the world. The number 42 corresponds to the shipyard’s latitude. The aim of the shipyard’s concessionaire is to transform Bijela into a world leading superyacht refit and maintenance facility. The project involves the design and construction of new infrastructure and upgrading of existing facilities. Under the terms of the concession, Adriatic Marinas will invest approximately 20 million euro over the first three years. Paul John Gray, has also been appointed as Executive Director of Adriatic 42.Adriatic 42 development works will be realized using state-of-the-art equipment creating enough capacity to service the world’s largest private yachts. “Currently, we are completing all mandatory investigations, analysis and assessments to ensure that our development not only complies with all permit requirements, but is sustainable and environmentally friendly," says Paul John Gray. “As part of the DP World Group, we are committed to reducing harmful emissions and will do this through the smart use of alternative energy sources and new, more energy-efficient equipment.”On completion of the assessment stage, Phase 1 of the development will entail the testing of all existing infrastructure, integrity analysis, work on anchor points for the floating dock, construction of a Travel Hoist jetty, rehabilitation of the South Jetty and refurbishment of existing superstructure. Credits: Porto Montenegro
January 20, 2022
The 2022 has just started, but two Wesport’s yachts have been already sold by Denison Yachting. Two years ago the company was ranked #1 in superyacht sales.Lady JJ112' Westport Lady JJLady JJ (previously known as Castlefinn), is a 112′ Westport built in 2012. Her exterior and interior were penned by Westport Yachts, while naval architecture by Jack Sarin Naval Architects. She offers accommodation for up to eight guests across four cabins including a master suite, VIP cabin, double cabin, and a twin cabin. She can also carry up to five crew onboard. Lady JJ is powered by twin MTU engines and comfortably cruises at 18 knots with a maximum speed of 26 knots.She was asking USD8,250,000 at the time of sale. The seller was represented by Thom Conboy and Chris Collins. Michael Mahan with Worth Avenue Yachts introduced the buyer.Tasia112' Westport TasiaTasia, another 112′ Westport, built in 2011. She can accommodate up to ten guests across five staterooms including one master, two VIP’s, one double, and one twin. Tasia also can carry five crew onboard. The pilothouse of the 112′ Westport hosts a large settee and table for entertaining and a room for enjoying the view while underway.The spacious on-deck master stateroom features a king berth, built-in drawers and dressers, and full entertainment center. She was asking USD8,950,000 at the time of sale. Tasia was sold by Thom Conboy and Chris Collins, who introduced the buyer. Rory Moran with Moran Yachts represented the seller.The largest builder in North America, Westport was founded in 1964. Westport Yachts has built and launched a wide variety of vessels, from commercial fishing boats and fast passenger ferries to luxurious motor yachts. Today Westport builds composite motor yachts.Credits: Denison Yachting
January 19, 2022
Princess X80 is the second yacht in the Superfly range. As the flagship model, Princess X95, X80 was designed by Princess Yachts, Olesinski Design and Pininfarina. Featuring an extended flybridge that provides 30% more indoor space than a traditional motor yacht, the X80 is the smaller sister ship to the award-winning X95. Princess X80Defined by innovative layout options with a host of distinct spaces, the X80 includes an enclosed bridge and skylounge on the upper deck, and an optional master stateroom forward on the main deck. Main saloon The model, which spreads across four decks, features the top deck which incorporates the helm station at its forward end and a sky lounge that leads out to an aft deck with a dining table and two seating areas. The sky lounge also has a spacious sunbathing area.Princess X80The 25m yacht has a saloon and a dinette on the main deck. The four guest cabins are located on the lower deck, where eight guests are accommodated, makes her a perfect vessel both for charter and personal use. Located aft of the main accommodation is the crew quarters which can accommodate three crew with the standard layout. Master cabin Available with an optional main deck master stateroom which includes a private owner’s sundeck, the X80’s capabilities for adventure provides the opportunity to explore cruising grounds further afield with the option of a long range 8,800 liter tank.Princess X80Performance wise she has two MAN V12 engines and an estimated top speed of 29-31 knots. British yacht builder Princess Yachts was founded in 1965, manufacturing fibreglass yachts ranging from 13 to 40 meters in length. Its parent company is the French luxury group LVMH. Credits: Princess Yachts
January 19, 2022