The Malaysian government has announced that the 91.5-metre Oceanco superyacht Equanimity would be sold to Genting Malaysia Bhd for $126,000,000. It was earlier revealed, that the vessel’s maintenance had cost the government over $3,500,000 since her reclaiming in August 2018.
Genting Group is a Malaysia-based investment holding and management company, engaging in the leisure and hospitality, oil palm plantations, property development, biotechnology, oil and gas businesses. The group’s market capital is estimated at $8.3 billion by Forbes as of June 2018.
The purchase price is to be paid to the Court by the end of April, and is little lower than the market evaluation done by Winterbothams at $130,000,000. The new price, however, halves the vessel’s original price estimated at $250,000,000.
Malaysia’s Attorney General, Tommy Thomas, revealed the information earlier today. “The Government of Malaysia is pleased to announce that the superyacht Equanimity is to be sold to Genting Malaysia Bhd or its special purpose vehicle (SPV) company at the price of $126 million,” he confirmed.
He also explained that Genting Group made the purchase directly from the government, without a broker, meaning that no agency commission will be charged on the sale. That will save around $4.4 mln for the Malaysian government.
The Malaysian government seized Low Taek Jho’s superyacht in August 2018, shortly afterwards putting it on sale as a part of the effort to recover funds stolen by Low and his cohorts from the state fund 1Malaysia Development Berhad, according to The Independent. That resulted in a speculation on the topic, making the vessel notoriously recognisable.
"This will rank as the highest recovery to date for the government of Malaysia from its 1Malaysia Development Bhd (1MDB) scandal, within a mere eight months from the commencement of this action," concluded Tommy Thomas.
Nonetheless, Equanimity was famous across the yachting community, well before being pushed into the limelight by this case. The vessel was also the first superyacht designed and built to be fully Passenger Yacht Code (PYC) compliant.
The yacht is trademarked with extensive spa area on the lower deck, plunge pools and customised interior. At 2,998 gross tons of interior volume, Equanimity still belonges to the league of the world’s largest yachts. She offers accommodation to up to 22 guests within 11 staterooms including 4 VIPs and a crew of 31.
The 5-deck superyacht incorporates 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.
Equanimity 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 18.5 knots.
Prior to the acquisition, Genting was known in yachting for their ownership of the Wider shipyard. The conglomerate first took a 50% stake in the company in December 2012 and bankrolled the build of their Project Cecilia of which they ultimately took delivery.
The Group increased its ownership stake in Italian shipyard to a 100% in 2017, through the cruise line Genting Hong Kong. Other yachting stakes for the group include nearly a quarter of Grand Bank Yachts, 15% of submarine manufacturer U-Boat and majority ownership of Lloyd Werft.
The Italian Sea Group, in collaboration with Behnemar Yachting Consultancy, participates in the fifth edition of the Abu Dhabi International Boat Show (ADIBS) 2024. The event is taken place from November 21 to 24 at the prestigious Abu Dhabi National Exhibition Centre (ADNEC).This year, attendees will witness the debut of the renowned Tecnomar for Lamborghini 63 motor yacht, showcased for the first time in the Middle East, prominently presented in its iconic Verde Gea color. This stunning vessel embodies the flawless blend of elegance and power, reflecting the cutting-edge design of Automobili Lamborghini coupled with the superior craftsmanship synonymous with the Tecnomar brand.ADIBS 2024 represents a pivotal moment for The Italian Sea Group as it aligns with its strategic development plan to enhance its presence in the Middle East and North Africa (MENA) region. This initiative is bolstered by the partnership established earlier this year with Behnemar Yachting Consultancy, serving as the Authorized Sales Agency in the area.The exclusive Behnemar | The Italian Sea Group exhibition space will feature several standout models from the Admiral, Tecnomar, and Perini Navi fleets, with the Tecnomar for Lamborghini 63 prominently moored nearby."Our presence at this event alongside Behnemar marks a significant step in our expansion strategy within the MENA region, offering us the opportunity to engage with a discerning audience that shares our commitment to luxury and innovation," stated Giovanni Costantino, Founder & CEO of The Italian Sea Group. "The Tecnomar for Lamborghini 63 yacht, showcased for the first time in the Middle East, will serve as a testament to our dedication to innovation and excellence."The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters. Credit: The Italian Sea Group
November 22, 2024
Azimut has clinched a prestigious accolade at the Boat Builder Awards 2024, winning in the category of “Collaborative Solution between a Builder and its Supply Chain Partner,” in partnership with Volvo Penta.The awards ceremony, organized by IBI and METSTRADE, took place on Wednesday, 20 November, where the jury honored the innovative technology developed by Volvo Penta, which was first tested in collaboration with the R&D Department of the Azimut|Benetti Group.This groundbreaking project saw the introduction of the first hybrid-electric version of the Volvo Penta IPS Drive on the new Azimut Seadeck 7. This revolutionary hybrid-electric system enables the yacht to moor and navigate in fully electric mode at speeds of up to 11 knots, seamlessly transitioning between electric and thermal motors without requiring an onboard generator. The Hybrid Boost feature allows for powerful acceleration, while the energy recovery system enables regeneration while sailing, and fast charging mode offers quick battery recharges utilizing thermal engines. During anchorage, the onboard batteries can power all services for up to 12 hours, ensuring a serene and completely silent experience at sea. Additionally, the system supports access to zero-emission zones, fully aligning with environmental sustainability.Through this innovative hybrid-electric system and advanced naval architecture, Azimut's Seadeck 7 provides conscientious owners with a means to reduce emissions by up to 40%, showcasing the forefront of solutions available for decreasing fuel consumption and CO2 emissions.“We are honored to receive the Boat Builder Awards recognition,” stated Marco Valle, CEO of Azimut|Benetti Group. “By integrating the Volvo Penta hybrid-electric package into the Seadeck 7, we are at the forefront of hybridization for yachts in this segment, improving efficiency and ensuring smooth operation in yachting. This pioneering solution not only minimizes consumption and emissions but also enriches the onboard experience for our customers. We take pride in leading an evolution that will positively impact both our waters and our owners.”“We are thrilled to be recognized alongside Azimut for our shared commitment to advancing innovation and decarbonization in the marine industry,” remarked Johan Inden, President of the Marine Business at Volvo Penta. “Partnering with like-minded pioneers is crucial to redefining the future of boating. This collaboration showcases a winning combination of unique technology and state-of-the-art yacht design, aimed at enhancing efficiency, performance, and the overall boating experience.”Azimut Yachts is an Azimut Benetti Group brand. With its Atlantis, Magellano Flybridge, S, Verve and Grande collections, Azimut offers the widest range of 10 to 40 meters.Credits: Azimut Yachts
November 22, 2024
Turkish catamaran specialist VisionF Yachts has sold the third hull in its highly acclaimed 82ft (24.7m) model series. Construction of this elegant aluminium power catamaran is already underway at the cutting-edge shipyard in Yalova, with its launch scheduled for mid-2025.While the striking contemporary design of this latest vessel mirrors that of its predecessors, VisionF Yachts offers a semi-custom approach, allowing for a unique interior configuration. Adopting a galley-up layout, the design allocates a dedicated corner in the spacious saloon for cooking, thereby maximizing accommodation space in the hulls below. This layout enables the inclusion of a luxurious owner’s suite, three VIP cabins, and two crew cabins. Additionally, this VisionF 82 features a custom jet-ski garage located beneath the bridge deck.The VisionF 82 is establishing itself as a worthy successor to the successful VisionF 80, with multiple hulls already launched. Key highlights of this model include its generous interior volume and expansive exterior deck areas. Constructed from sturdy yet lightweight aluminium, its impressive 9.9m beam and 24.7m length create a lavish living space.The yacht showcases an elegant saloon furnished with parquet flooring and freestanding armchairs, along with guest cabins that offer stunning views of the ocean. For outdoor enjoyment, owners can choose from the shaded comfort of the covered flybridge or the open foredeck lounge and expansive bathing platform to bask in the sun.On the technical front, the VisionF 82 is equally remarkable, capable of reaching top speeds of up to 20 knots. Its sleek twin hulls ensure exceptional efficiency, making for smooth sailing with twin Volvo Penta IPS 1050 drives, while offering an impressive cruising range of up to 4,000 nautical miles.VisionF Yachts in Turkey was set up by Coşkun Bayraktar in Istanbul in 2019, but despite the shipyard’s relative youth it is a brand that is going places in the power catamaran world. In November 2020, VisionF Yachts debuted its first vessel, the VisionF 80. Credits: VisionF Yachts
November 22, 2024
In celebration of its 30th anniversary, the prestigious Monegasque yachting brand Wally has launched the wallybeacon initiative, providing students with a unique opportunity to pitch their innovative ideas. The initiative culminated in a two-day event held on November 18-19 at H-FARM Campus, where 16 international teams competed for cash prizes in three different categories.The wallybeacon event kicked off earlier this autumn with a call for proposals that attracted over 80 students from renowned institutions, including Arsutoria School, Bocconi, H-FARM College, IED, International University of Monaco, and POLI.design. Wally challenged participants to develop ideas in three categories: personal goods, innovative living, and smart services and experiences. The first category focused on footwear, bags, and luggage; the second on multifunctional furniture and functional design objects; and the third on digital products and “phygital” experiences, merging the digital and physical realms.Following an initial selection process, 16 successful teams were each paired with mentors from Wally and strategic design firm MAIZE. They attended business training sessions, received product development support, and were guided through the process of crafting compelling pitch presentations. Participants were encouraged to conduct market surveys, develop business models, and create prototypes, all while emphasizing sustainability.The excitement surrounding the finals was palpable, with Wally Founder and Chief Designer Luca Bassani among the esteemed speakers, alongside notable figures such as Freediving World Champion Alessia Zecchini and International Beatbox Champion Azel. The event also featured ample networking opportunities, culminating in live pitches from the finalist teams.The following projects were honored during the event:3rd Prize (Smart Services and Experiences): WALLY INFINITY by Filippo Dainese, Riccardo Lovisetto, and Alberto Pupulin from H-FARM College, noted for its innovative blend of physical and digital experiences that aligns with Wally’s vision of client well-being.2nd Prize (Personal Goods): JUMP by Julia Baldini, Ugo Bompass, Matteo Bulla, and Matan Laron from Arsutoria School, recognized for its strategic approach to footwear, highlighting functionality and technology integration, particularly in the medical domain.1st Prize (Living Solutions): SAVA by Asia Paganessi, Valentina Panontin, Sofia Rossoni, and Aurora Zottarel from H-FARM College, celebrated for its innovative “space-free” organizing concept that bridges luxury and scalability in product and service offerings.Additionally, a special mention in the Smart Services and Experiences category was awarded to FOUR CORNERS CREW, created by Ksenia Kochineva, Nived Nair, Dhrumil Senghani, and Congyi Wang from Bocconi University.The wallybeacon event successfully showcased the creativity and potential of young innovators, establishing a vibrant platform for collaboration and inspiration. Moreover, it serves as a valuable opportunity for Wally to explore new avenues in design, aligning its brand legacy with the fresh perspectives of tomorrow's leaders. With a rich tradition of innovation recognized by two Compasso d’Oro awards, Wally is poised to expand its influence in new design territories.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.Credit: Ferretti Group
November 21, 2024
Quick Group showcased its ambitious sustainability program and 2025 targets at METSTRADE 2024. The program centers on reducing emissions and enhancing the company's carbon footprint, reflecting the Group's commitment to environmental accountability.Since 2024, Quick Group has undertaken a rigorous integration process alongside newly acquired brands to align with its established quality and production standards. This integration focuses initially on enhancing product quality, with plans to fully adopt the Group's sustainability practices and quality systems by 2025. Quick Spa, a key player for years in promoting sustainability, aims to embed these values deeply across all Group operations, making them fundamental to its identity.The Group has set concrete goals for 2024 and beyond, including significant carbon emission reductions and substantial investments in renewable energy sources such as solar power. A core element of the sustainability program is ensuring transparency across the supply chain, engaging business partners to adopt and promote responsible practices. By fostering a collaborative approach, the Group aspires to drive a collective shift toward sustainability throughout its value chain.Plans also include implementing vertical production methodologies and expanding the carbon footprint assessment to various product lines, with an emphasis on lifecycle analysis. The Group is committed to enhancing its circular economy practices, focusing on efficient resource use, waste reduction, and sustainable packaging initiatives.Quick Group is taking concrete actions against climate change, setting measurable targets for emission reductions aligned with a broader decarbonization effort across its supply chain. This includes certifying key products based on energy utilization, aiming for a notable drop in overall emissions by 2025. After achieving a 12.5% reduction in 2023 and a 6% decrease in 2024, the Group is pursuing a transition to 100% renewable electricity, supported by guarantees of origin.To elevate its quality standards, Quick Group plans to extend ISO 9001 certification—currently held by Quick Spa—to all production entities by 2025, with a goal of achieving ISO 14001 and ISO 45001 certifications by 2026. The adoption of these standards will involve implementing rigorous processes and policies to monitor and manage environmental impacts effectively."Building a robust quality system is essential for ensuring compliance and fostering customer trust," remarked Marco Rodi, Chief Operating & Sustainability Officer of Quick Group. He emphasized the importance of investing in quality as a means to secure future resilience while maintaining alignment across all Group companies.In addition to operational goals, Quick Group is committed to fostering diversity and inclusivity within its workforce. The company achieved balanced gender representation in 2024 and aims to further enhance inclusivity through a newly approved inclusion policy designed to ensure a discrimination-free environment. Furthermore, the Group guarantees equitable pay across all positions, regardless of gender, emphasizing the value of its human resources."Sustainability is integral to our Group's philosophy, guiding our actions and differentiating us within the industry," said Rodi. "As consumers and shipyards increasingly prioritize sustainability, we are dedicated to being a comprehensive partner by offering certified, value-aligned solutions while ensuring our suppliers share these principles."Credits: Quick Group
November 21, 2024