The 85-meter Oceanco, Sunrays could be seized from her alleged owners, Mumbai-based brothers Shashikant and Ravikant Ruia as NY-based hedge fund Davidson Kempner looks to recoup a $200 million court-ordered payment according to Bloomberg.



The current litigations date back to September 2014, when Midtown Acquisitions, an affiliate of Davidson Kempner, along with Barclays, Credit Suisse Group and Goldman Sachs agreed to provide to Essar Steel Minnesota a loan of $450 million, according to court fillings. 

Essar Group, the company controlled by the Ruia brothers, ultimately didn't repay the debt in full with its creditors now saying they are owed $172 million plus interest. This claim was overtaken by Midtown, which is leading recovery efforts. A court in New York ordered a total repayment of $200 million to Midtown, which has yet to take place.



Although no actions were yet taken by Midtown to seize Sunrays, it had already made a move to seize a Boeing 737-700, allegedly owned by Essar Group, when it landed at Stansted Airport in London. Essar has however denied ownership of this airplane and said that its legal owner, a company called White Springs, had agreed to keep it in the UK until the dispute was resolved. According to Essar, any attempt to seize the yacht would be entirely unjustified.



Built by Dutch yard Oceanco in 2010, the yacht has a beam of 14.20m and a draft of 3.95m. Featuring a steel hull and aluminium superstructure, Sunrays has a gross tonnage of 2867 tones. 

Latest News

Outfitting Begins for Amels 60 Superyacht
Damen Yachting has announced that the latest Amels 60 has entered the outfitting phase at their principal shipyard in the Netherlands. This milestone comes after the yacht's recent arrival and marks the eighth hull in the Amels 60 Limited Editions series, which was first introduced in 2019. The vessel is set for delivery in 2025.The 60-meter yacht features exterior design by Espen Øino, known for its geometric windows, and custom interiors by Harrison Eidsgaard. The London-based design studio has tailored the interiors to provide a modern and personalized experience, aiming to enhance the yacht’s features and create a relaxed ambiance.The Amels 60 joins other significant projects at the Damen Yachting facilities, which have been particularly active, with both a launch and a delivery occurring in the past two weeks. The shipyard continues to work on these high-profile builds, maintaining a busy and productive schedule.Damen Yachting, a division within the Damen Shipyards Group, was created in 2019. The division combines the pedigree and heritage of Amels yachts with a growing portfolio of SeaXplorer yachts and Yacht Support vessels.Credits: Damen Yachting
Global Yachting Market Sees 11% Growth, Reaching 33 Billion Euros
According to Italian Marine Industry Association, the global yachting market has grown significantly, reaching a total turnover of 33 billion euros in the most recent year, an 11% increase from the previous year. This growth, which has averaged a compound annual growth rate (CAGR) of 10% since 2014, is primarily driven by increased demand and rising prices. North America and Europe dominate the market, accounting for approximately 70% of global sales. Motorboats represent about 90% of the market, with outboard engines prevalent in North America and inboard engines more common in Europe.Superyacht Market Sees 21% GrowthThe superyacht market alone reached a value of 25.3 billion euros, a 21% increase from the previous year. The order book recorded 600 units, with the segment for yachts over 60 meters contributing significantly. The primary demand is for yachts between 30 and 40 meters, often constructed with steel and composite materials.Increased Penetration in the Luxury MarketAlthough superyachts remain a niche within the luxury market, the segment has shown a CAGR of 5.4% since 2019. The industry's profitability has been improving, with a 5.5% increase in margins from 2015 to 2022. Despite a slight drop in potential demand due to fewer billionaires in 2022, the superyacht order book showed a positive trend, indicating significant untapped potential in the market.Mergers and Acquisitions in YachtingFrom 2021 to 2023, there were approximately 400 M&A deals in the yachting sector, with North America seeing the majority. Most deals were in downstream segments of the value chain. Marine operators were involved in around 60% of these transactions, and financial investors accounted for about 20%. Italy saw 30 M&A deals, mainly in marine components and equipment.Italian Shipyards' GrowthItalian shipyards produced 4.4 billion euros worth of yachts in 2022, a 20% increase from the previous year. Superyacht production is a major contributor, with 70% of the value coming from this segment. Italian yards focus mainly on inboard boats and have seen a CAGR of 15.6% from 2017 to 2022. About 90% of Italian production is exported.Italy's Leadership in Superyacht ProductionItaly remains the world leader in superyacht production, holding a 54% market share by volume and 31% by order book value. The country ranks second globally in overall yacht production, with a 15% market share, which increases to 25% for inboard yachts.Positive Market OutlookFor 2023, the Italian shipbuilding segment is expected to grow by 5% to 15%. Globally, the retail yacht market is projected to grow by 8%, with a CAGR of 6% from 2024 to 2026. Large yachts will drive market growth, while the craft boat segment is expected to slow. The sailing segment is forecasted to continue its positive trend with a growth rate of 3% to 5%.Credits: Confindustria Nautica
45m ISA Granturismo Motor Yacht Sold to European Buyer
ISA Yachts has announced the sale of the third unit in its 45-meter Granturismo series to a European buyer, with delivery scheduled for 2026. The naval architecture is managed by the shipyard's technical office, while both the exterior and interior designs are crafted by Team for Design - Enrico Gobbi.The new yacht, while similar to its predecessors, features a highly customized exterior design that aligns with the owner's vision and current industry trends. Constructed from aluminum, the yacht is powered by two MTU 16V engines, each producing 2600hp, allowing it to reach a top speed of 20 knots.The stern has been reimagined to include three levels of entertainment: a relaxation area with sofas and sun pads, a second level with an aft swimming pool, and a beach club with designer sun pads. The exterior maintains the distinctive ISA Yachts style, with large exterior arches and semi-circular entrance halls on both the main and upper decks. The yacht's silhouette is sleek and sports car-like, with the superstructure positioned forward.Internally, the ISA GT 45 accommodates eight guests in four spacious cabins, along with a full-beam owner's cabin that includes an office, double wardrobe, and double bathroom. The crew quarters consist of four double cabins below deck and a captain's cabin near the wheelhouse. The yacht has a cruising speed of 15 knots and a range of 3600 nautical miles at 12 knots.Dedicated to producing forward-thinking superyachts made only with superior quality materials, ISA Yachts is a leading global superyacht and megayacht builder. Every ISA superyacht is uniquely designed to her owner’s briefs, and is built using the highest technology, the best quality materials and the finest furnishings and finishes. Currently in build are two 80-meter projects due to become the new ISA Yachts flagships. ISA Yachts is part of Palumbo Superyachts, which also includes: Columbus Yachts, Mondomarine and Extra Yachts.Credits: ISA Yachts
First 30m Filippetti 100 Yacht Launched
Filippetti Yachts has launched the inaugural unit of its Filippetti 100 series at Marina dei Cesari in Fano, Italy. Construction of the yacht began in October 2021, following its sale in June of the same year.The 30.4-meter yacht is the largest flybridge model produced by the shipyard, featuring a sporty and muscular exterior designed by Fulvio de Simoni. The design includes distinctive bow cutouts and tapered glazing.The flybridge, the largest exterior area on the yacht, includes sunloungers, an open-air dining area, a full bar, and shading provided by the hardtop. The aft deck offers an alternative al fresco lounging space with sofa seating and coffee tables, leading directly to the beach club. In this area there is a stationary chaise longue on the transom and a large swimming platform with folding panels to increase the space. The garage is designed to accommodate a five-meter tender and a jet ski.The yacht provides accommodation in six cabins, including a master suite with a private office located on the main deck. While imagery of the interior is not yet available, initial renderings suggest a contemporary design using light woods and a cream and grey color scheme.The yacht is powered by two 2000hp MAN engines, enabling a maximum speed of 26 knots.Credits: Filippetti Yachts
MDL Announces Dates for South Coast and Green Tech Boat Show 2025
MDL Marinas has announced the official dates for the 2025 South Coast & Green Tech Boat Show. The event will be held at MDL’s Ocean Village Marina in Southampton from May 9 to 11, 2025.The timing has been selected to take advantage of the warmer spring weather and to avoid conflicts with other boat shows. Tim Mayer, MDL’s Sales and Marketing Director, explained, "After consulting with our exhibitors, we decided on a late spring date. This allows exhibitors to present their boats and products in more favorable conditions."The show will feature leading boating brands and a wide range of marine-related gear and products. The event will also highlight electric boats and innovative green technologies, offering a chance for buyers to compare various models.“We aim for the 2025 show to be our largest and most diverse yet,” Mayer said. “From small inflatable tenders to large explorer yachts, and an increasing variety of electric propulsion models, the show will support greener and more sustainable boating.”Ocean Village Marina in Southampton, known for its modern facilities, excellent transport links, and a variety of dining options, provides an ideal venue for the event.Credits: MDL Marinas