Privilege Yard has now been acquired, after multiple failed auctions, for just over €6 million by Royalton Investment, the parent company of SSH Maritime. The Italian yard initially went bankrupt when it failed to repay a €210 million debt.
In early 2014 it had emerged following multiple reports in Italian media that Privilege Yard, a shipyard based in Civitavecchia was in financial distress. These reports of unpaid wages might have gone unnoticed if it wasn't for the 127m project the shipyard was working on at the time.
The P430's construction started in 2008 with financial backing from the yacht's future owner and a consortium of five Italian banks. The yacht's construction was taking place at a 65,000 square-meter facility in Civitavecchia that Privilege Yard spent close to €40 million on according to Il Sole.
At the time, the shipyard claimed it had near 1,300 employees and 9 orders for yachts of similar sizes lined up. The effort was led by Mario La Via, an Italian entrepreneur involved in the construction of several yachts, the most notable of which was the Kingdom 5KR (largest yacht in the world at the time of launch).
Designed by Abdeslam Laraki, the P430 was expected to be launched by the end of 2012. In December 2012, it was however divulged that one of the banks (Banca Etruria) had encountered problems and put a stop to the project's financing. The shipyard had received a loan of €100 million from these banks according to Repubblica. The project was later self-funded by La Via, according to a statement by the shipyard, but construction eventually stopped in March 2014.
The gates were then reported to be locked at the shipyard in June 2015 by the Court of Civitavecchia after the company failed to settle its €210 million debt. The next development in this story came in June 2016 as the first auction came to a close without a buyer. The starting price was set at €94 million for the shipyard's facility and its assets, including the P430.
"82% complete financially" according to an advert placed by the shipyard marketing the P430 for sale at an asking price of €279,000,000, the yacht has over €80,000,000 in upgrades. This brochure used to market the yacht at the 2014 MYS listed a 550 square meter owner's apartment and several swimming pools amongst the Privilege One's key amenities.
In August 2016, La Via and Antonio Battista, CFO of Privilege Yard, were placed under house arrest after alleged fraudulent bankruptcy fillings. According to La Nazione, La Via and his team were accused by Civitavecchia prosecution of sending at least €63 million to an offshore bank account in the British Virgin Islands.
The newest development in this story now comes as Royalton Investment, the holding company behind SSH Maritime, acquired Privilege Yard for over €6 million on October 22nd. The company, led by Jimmy Frangi, its CEO, has been known to participate in large scale refit projects such as the 86-meter Chakra and 72-meter Serenity. Prior to the yard acquisition, it had already purchased the unfinished new-build back in 2017 at an undisclosed valuation.
Dutch shipyard Vitters has signed a contract to build the 63-meter sailing yacht Project Dreamer, with construction set to begin this year at its Zwartsluis facility. The aluminum-hulled vessel, designed to maximize volume within a 500GT limit, is scheduled for delivery in 2028.Malcolm McKeon Yacht Design will handle the exterior styling, which features a radiused transom and an expansive flybridge spanning the full superstructure width with dedicated lounge and dining areas. The design incorporates a mid-lazarette with fold-down hull door for water toy deployment.Milan-based M2Atelier will develop interior spaces characterized by open layouts, natural materials, and botanical elements. Owner's representative Greg Monks stated the project will "set new standards" for flybridge yachts, emphasizing reduced noise/vibration and sustainable operation.Vitters has not disclosed technical specifications, though the yard confirmed construction will adhere to the client's request for optimized interior volume within the 500GT threshold. Additional details will be released during the build process.Vitters Shipyard is a Dutch high-end performance yacht builder. The shipyard was founded in 1990 by Jan Vitters. The company delivered the first luxury sailing boat, the 28m Aphrodite, in 1993. Vitters Shipyard has a crew of dedicated engineers and craftspeople who have a strong eye for detail and the passion to exceed the expectations of its yacht owners. Credits: Vitters
April 28, 2025
Videoworks has completed an innovative audio-visual and connectivity installation aboard Custom Line Navetta 38 Telli, the new yacht owned by Ferretti Group CEO Alberto Galassi. The system eliminates traditional satellite TV (TVRO) in favor of a fully streaming-based approach, marking a technological milestone for yachts in this size category.The setup includes high-performance Starlink maritime antennas delivering speeds up to 220 Mbps, supported by dual 5G modems as backup. "The owner requested very fast Starlink connectivity offering streaming, internet and multiple pay-per-view services," said Giovanni Varone, Yachting Sales Manager at Videoworks. "This is the first time we’ve installed such advanced systems on a project of this size."Audio features K-array and James loudspeakers for exterior areas, while interior spaces utilize Bang & Olufsen’s Beosound Theatre soundbar and Beolab 19 subwoofer. A custom pop-up speaker system was developed for the beach area, integrated with Videoworks’ Slim Audio Matrix for automatic calibration.Beolab 19Control is managed via an HTML5-based web engine, adapting dynamically to tablets, smartphones, and PCs. Hardware is consolidated into two centralized racks and a dedicated decoder distribution unit."This yacht represents the future of onboard connectivity," said Paolo Tagliapietra, Connectivity Solutions Manager at Videoworks. "The complete reliance on streaming is a game-changer for the industry."The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credits: Ferretti Group
April 28, 2025
The 27.5-meter motor yacht Slow Poke (ex-Coy Koi) has emerged from a comprehensive $8 million refit at Safe Harbor Lauderdale Marine Center, completed in 2024. Originally built in 2000 as part of Kuipers' Doggersbank series, the Vripack-designed explorer underwent a 2.5-year transformation to suit its American owner's preferences for vintage-inspired functionality.Key modifications include a 2.5-meter hull extension with a CFD-optimized bulbous bow, improving speed by 2 knots and reducing fuel consumption by 10%. The redesign also incorporated a hydraulic swim platform and elevated stern. "Slow Poke now has a platform that allows us to engage with the water easily and freely while we explore," the owner stated.The yacht retains its original steel hull and aluminum superstructure, with mechanical systems including rebuilt engines and generators from a 2018 refit. New exterior features include black hull paint with a British racing green stripe and custom awning artwork by Paul Kremer. Interior updates by New York's Redd Kaihoi introduce high-gloss retro styling while preserving Vripack's original layout.Accommodation remains for six guests across three ensuite cabins, including a master suite color-matched to the owner's 1952 Porsche 356A. The vessel maintains its signature split-level flybridge and expanded aft deck spaces."For me, Slow Poke is the perfect three night boat," the owner commented. "It provides the type of tranquillity that you can't get with a bigger boat." Since delivery, the yacht has cruised the West Coast from Mexico to the Pacific Northwest.Vripack is a yacht-design studio with a portfolio that represents over 7400 designs, made strong through its extensive naval architecture and engineering experience. From the moment they opened their doors in 1961, Vripack studio’s approach to design has been governed by the playful interaction between form and function.Credits: Vripack
April 28, 2025
Denison Yachting has revealed the first superyacht project from Turkey's Magnolia Yachts – the 41-meter Magnolia 41m, scheduled for delivery in 2026. The vessel represents the inaugural collaboration between naval architect Gregory C. Marshall and fourth-generation shipbuilder Gökhan Yardimci, combining the Yardimci family's 50 years of maritime expertise with contemporary superyacht design.Constructed with a steel hull and aluminum superstructure, the explorer yacht meets ocean-going specifications with emphasis on fuel efficiency and sustainable operations. Performance figures include a top speed of 15 knots, cruising speed of 13 knots, and a transatlantic range of 5,000 nautical miles at 10 knots.The 485 GT vessel features five staterooms, including a full-beam owner's suite with walk-in wardrobe and spa bathroom. Common areas include a skylounge with alfresco dining, sundeck hot tub, and a main salon with panoramic windows. Interior design employs a neutral color palette throughout guest spaces.Peter Quintal, Yacht Broker at Denison Yachting, stated: "Combining the expertise of Greg C. Marshall and Gökhan Yardimci, we are so excited to give potential owners and yachting enthusiasts the chance to step onboard this stunning superyacht next year. Magnolia 41m blends innovation, craftsmanship and a rich family legacy to create a truly exceptional boat."The Magnolia 41m will be showcased to potential buyers during the 2025 build period ahead of its scheduled 2026 completion.With a rich family history dating back to 1948, Denison Yachting is a leader in the industry, providing comprehensive yachting services worldwide. With over 20 waterfront offices and a team of 90+ licensed brokers, Denison offers superyacht sales, yacht charter, crew placement, and new construction services. Their extensive experience and passion for yachting ensure a long-term perspective and commitment to excellence.Credits: Denison Yachting
April 28, 2025
Henk de Vries III will retire as Director of Feadship and CEO of Koninklijke De Vries Scheepsbouw on 1 May 2025, concluding nearly four decades of leadership in the superyacht industry. He will transition to an Ambassador role for Feadship while maintaining involvement as a non-executive board member and shareholder of the family-owned shipbuilder.Henk de Vries De Vries joined the company in 1987 and became a director/shareholder in 1996 alongside his cousin Tom de Vries. Under their leadership, De Vries expanded to seven operating companies with over 1,200 employees. The group remains fully family-owned and holds a 50% stake in Feadship.A proponent of sustainability, de Vries co-founded the Water Revolution Foundation in 2018 and continues as its Board Chairman. The organization focuses on reducing yachting’s ecological impact through science-based initiatives.Leadership transitions to Roderick de Vries as CEO and Operational Director, with Bas Nederpelt assuming the role of Chief Commercial Officer and Feadship Director. The new executive team brings over 80 years of combined experience at De Vries.Henk and Tom de VriesHenk de Vries stated: “The four members of our new executive board bring with them over eighty years of De Vries experience. Their deep understanding of the company ensures it is in very capable hands.”Based in the Netherlands and with roots dating back to 1849, Feadship was formed as a group in 1949 as a marketing partnership between six Dutch shipyards, de Vries Lentch, Van de Stadt, Witsen & Vis, Akerboom, De Vries Scheepsbouw and Van Lent Shipyard, and De Voogt Naval Architects. Feadship is well-known as one of the Netherlands’ most elite yacht builders and delivers superyachts from 50–100+ meters in length.Credits: Feadship
April 25, 2025