The 91.5-metre Oceanco superyacht Tranquility has been listed for sale via Camper & Nicholsons, who has been responsible for her charter management. The superyacht was acquired for $126,000,000 by Genting Malaysia Bhd in April 2019, as a result of corruption scandal linked to Jho Low.
The long running saga around the yacht dates back to August 2018, when the Indonesian authorities seized Low Taek Jho’s superyacht at the request of the US Department of Justice, and transferred her to Malaysia. It is alleged, that the yacht was originally purchased by Low Taek Jho using money embezzled from the 1MDB state fund.
Shortly afterwards, Tranquility was put on sale as a part of the effort to recover funds stolen by Low and his cohorts from the state fund, according to The Independent. In the meantime, the vessel’s maintenance had cost the government over $3,500,000 since her reclaiming in August 2018.
After several rounds of sale process, the highest bid was received from Genting Group, a Malaysia-based investment holding and management company, engaged in the leisure and hospitality, oil palm plantations and property development. The group’s market capital meanwhile is estimated at $8.3 billion by Forbes, as of June 2018. The bid, however, halved the vessel’s original price estimated at $250,000,000.
Built in 2014, Tranquility was the first superyacht designed and built to be fully Passenger Yacht Code (PYC) compliant. Thus, she can accommodate up to 26 guests on-board across 9 cabins and owner's suite, along with 28 crew members. The yacht is also trademarked with extensive spa area on the lower deck, plunge pools and customised interior.
Across her five decks, Tranquility features several pools, massage areas, saunas, experiential showers, hammams, Jacuzzis and a gym all designed with the most precious of materials, it directly connects to a beach club from which guests can swim out into the ocean.
Tranquility also comes complete with two custom-designed, 10-meter Hodgdon tenders to ferry around her guests in style. The yacht can cruise for up to 5,000 nautical miles at a speed of 15 knots, with her top speed reached at 20 knots.
Price of the superyacht is available upon request. According to Bloomberg, however, her price tag has been increased to $200 million, which is neraly 60 % more then the owning company has paid. Meanwhile, she also remains on charter market, while in summer 2019, the youngest self-made billionaire ever Kylie Jenner celebrated her 22nd birthday on-board Tranquility.
The Magnum 60 Furia was launched in 2001, designed by Magnum Marine and Ceo Catherine Theodoli. They say that this is the most successful of the Magnum models.Back in 2001, the 120-kilometer 60 Furia Magnum was named the fastest yacht of this size in the world and after extensive repairs at the Perini Navi Hammer shipyard reached higher speeds.Changes include new air intakes in the engine compartment along with a customizable display on the control panel.The new Magnum 60 concept is attractive to the original design, but much more pleasing to the eye, with distinctive details throughout the American style of the 50s. The owner’s room has individual storage solutions on either side of the room to ensure clean space.Marnix Hoekstra from Vripak says that they kept the overall layout and tuning of the boat, but improved it where it was possible, for example, expanding the companion from the saloon in the middle to the double and twin cabins. They also added daylight, and in the interior they used the same tree that was used in the construction of the boat, painting it in matt white.
February 20, 2020
The simultaneous growth of the megayacht segment and 20-30-meter space, combined with a strong deceleration of everything in the middle, led to the dominant consolidation in the space of superyachts. More than 63% of the gross tonnage of the yacht is currently delivered by only 10 shipyards, which are either in the range of megayachts, or in the range of day boats, or both.This is mainly due to the fact that the shipyards focused on closing yachts 40-60 meters long or a significant decrease in production due to falling demand and a very slow recovery. In fact, only in the last few quarters the demand for this range began to increase slightly, primarily due to larger versions of yachts of 20-30-meter models from these yards.In addition, banks are now afraid to finance yachts and especially shipyards after the events of 2008, which led to factories such as Baglietto had a negative capital of more than 100 million euros. Financing of enterprises in the field of yachting is currently mainly carried out by UHNWI, which decided to actively participate in the market.Some of them intervened to acquire shipyards, such as the Malaysian Genting Group, which acquired Wider Yachts after its owner first bought a yacht from them. On a larger scale, Mohammed Al Barwani, an Omani billionaire, acquired Oceanco in 2010, turning it into the powerhouse he is today.Most of the leading players in the field of yachting actually have strong financial power, which allows them to be less dependent on the credit lines of banks, be it Princess LVMH or Sunseeker Dalian Wanda and others.The same can be said not only about yards, but also about enterprises located in the services market. Camper & Nicholsons, one of the leading brokerage agencies, was acquired by Fincantieri and Lai Sun Group in 2014. Earlier this year, Fraser Yachts was acquired by the public American company MarineMax. Even new companies are now created by owners, such as Ahoy Club, created by Australian Ian Maluf, the owner of the 54-meter naughty and 72-meter Coral Ocean.Although all of these trends may seem unusual for the sector when viewed over the past few years, in reality it all happened earlier in times followed by economic downturns.
February 20, 2020
The 72.8-meter project 705 by Feedship was first taken out of its canopy in the Netherlands. The project is a joint project of the Dutch builder and the British design studio RWD together with the naval architects De Voogt and interior by the Italian design house FM Interior Architecture & Design.
February 20, 2020
A motor yacht built from aluminum as one of the Admiral S-Force series is due to be delivered at the end of May 2020.The accommodation is designed for 12 guests in six cabins, including the main suite of the main deck with a full set of VIP suites and four more cabins under the deck, all with fully equipped bathrooms.On the upper deck there is a large round area for sunbathing, which can also be used as a helipad.In the open air in the center of the yacht is a cinema, as well as an open bar.
February 20, 2020
The new generation of 20-30-meter yachts is easier and cheaper to attract and attract a wide range of owners looking for one-day boats and short routes without the hassle of operating a superyacht.Another attraction of smaller yachts for this base was the ability to move faster from bay to bay with cruising speeds almost twice the speed of superyachts, and the ability to dock closer to shore. Sanlorenzo, the Italian shipyard, the most active in the range of up to 30 meters, was unveiled earlier this December with a market capitalization of 550 million euros and revenue of 355 million euros in 2018.The shipyard created such a series as Bluegame Sanlorenzo.Bluegame yachts are built in accordance with the latest and most advanced construction technologies from composite materials.The BGX project is the result of a prestigious collaboration between Luca Santella, the head of Design & Style and the head of product strategy at Bluegame, together with the design studio Zuccon International Project.These yachts focus almost entirely on outdoor and recreational spaces, minimizing the importance of dining rooms and large cabins.Another common feature of yachts in this new assortment is oversized tender and water facilities for the size of ships, which emphasizes the interests of the new generation of owners. After this trend, its key players saw that their ratings rose sharply compared to those stuck in the middle.
February 19, 2020