After nearly 30 years of building yachts in Vancouver, Washington, Christensen Shipyards finishes relocation process within several months, moving to a new facility at Tellico Lake, Tennessee. The move follows a long-lasting court battle between the co-owners of US yard, Dave Christensen and Henry Luken. Yacht Harbour takes a closer look at the story behind the decision.
Dave Christensen founded the Christensen Shipyards, Ltd. in 1985. Since then, the company specialised in building yachts of up to 45 metres LOA and a maximum beam of 10 metres within its 17,000 m2 facility. During the 1990s, affected by general crisis in the industry and high costs of yacht construction, the company’s revenue became inconsistent. Often unable to get bank loans to finance projects, they were selling yachts in advance, with ongoing operations financed by not very frequent customers.
Dave Christensen and Henry Luken first met in 1997, when the latter purchased a yacht from the yard. In 2003, Luken bought 50 percent share of the company’s stock, joining the board of directors. The remaining shares were split between Christensen and his family.
As it was later revealed from the legal filings, the owners parties’ discontent with each other had been raising from that time, as Luken claimed his funds were allocated on company expenses and operations or even ended up missing, instead of being held in trust while the boats were being built. The Christensens argued that Luken demanded large commissions on every yacht sale, reducing the company’s revenue.
In 2006, Luken began construction of another facility at the Tellico Lake in his home state of Tennessee. He aimed to open an eastern division of Christensen yachts, suitable for construction of larger vessels. However, due to economical problems the building was soon frozen. The economic downturn also hit the company’s Vancouver operation, eventually forcing the company to lay off up to 80 percent of its local workforce.
Starting from the end of 2014, multiple creditors began to file notices under the Uniform Commercial Code, declaring interest in the property as collateral for debts. The edge of bankruptcy led Luken to file a lawsuit in 2015 asking for the company to be placed into receivership. After a period of receiveship, the court decided that the best way to repay creditors would have been through selling the company to a buyer willing to keep its operation.
Thus, the shipyard was sold to Luken for $5,500,000 despite objections from the Christensens. The acquisition implied name and all the company’s assets including a long-term lease on the shipyard and reforming Christensen Yachts as a new business entity. The Christensens though argued that Luken
used his financial influence and position on the board to draw the company into receivership so that he could purchase it cheaply.
A second lawsuit between the parties was filed one year later, lasting more than two years until both parties agreed on selling Vancouver facility to Vigor Industries, American shipbuilder and ship repairer, in February, 2019. The latter plans to manufacture a new type of landing craft for the U.S. Army called the Maneuver Support Vessel (Light) at the yard. Vigor plans to start with employing 130 workers and grow up to 400 after a few years, as Christensen used to employ 500 people at the peak.
According to Christensen’s President, Jim Gilbert, the company is now negotiotiating for the first contracts to be implemented within the new facility. The construction processes at the new yard finishes in 6 months, and the company is to come up with some fresh designs models within the time. However, they are going to stick to the traditional focus on large volume boats in general.
The company is currently building a 50-metre Hull 42 at Vancouver facility, but the vessel will be moved to Tennessee this summer for completion. Christensen yachts currently employs about 70, Gilbert said, and all of them are being offered the chance to stay with the company at their current salary if they move to Tennessee.
All in all, members of the Christensen family have not commented on the details of the settlement. According to Luken, it implied a lien on the shipyard property, and that he would receive nearly $ 5,000,000 from the sale. Despite that, Luken still claims that his involvement with the company caused him in an estimated net loss of nearly $15,000,000, largely due to a yacht he bought from the yard, never seeing her delivery.
Northrop & Johnson presents Maoria, a 2021 Numarine 26XP, now available for sale. Listed by esteemed Yacht Brokers Ali Tanir and Sean Doyle, Maoria is priced at EUR4,400,000 and is currently located in the picturesque South of France. This remarkable vessel is the first Numarine 26XP to receive charter class certification and features an exquisite sauna on the lower deck, making it the perfect choice for discerning charter guests.Designed for global cruising with elegance, Maoria boasts sleek, modern lines and generous outdoor spaces. The aft deck invites relaxation with a comfortable lounge area, complete with adjustable tables and seating for eight, ideal for alfresco dining or enjoying cocktails under the stars. Inside, the main saloon is bathed in natural light thanks to its floor-to-ceiling windows that offer panoramic views. The interior includes a spacious master cabin with a walk-in wardrobe, as well as two additional guest staterooms, both featuring ensuite bathrooms, and stylish furnishings throughout.The sundeck serves as a premier entertaining space, featuring a dining table for eight, barbecue, sunbeds, and a fully stocked bar. For those seeking a private retreat, the lower deck sauna and shower provide the perfect respite after a day of adventure. Performance-wise, Maoria impresses with a top speed of 14 knots and a cruising range of up to 2,500 nautical miles, complemented by zero-speed stabilizers for enhanced comfort while anchored or cruising.Equipped with an array of water toys – including a 5m tender, Jet Ski, and snorkeling gear – Maoria opens up a world of exciting possibilities for exploration. Numarine, a European high-performance motor-yacht shipyard headquartered in Istanbul, offers a range of yachts from 19 to 45 meters.Credits: Northrop and Johnson
November 18, 2024
Sunreef Yachts has unveiled the first look at the interiors of its groundbreaking hybrid catamaran, the Ultima 111, which was introduced just two months ago. New images released by the luxury boat manufacturer showcase the yacht’s serene and sophisticated interior features, including the stunning owner's stateroom and the expansive main saloon.The Ultima 111, measuring 36.25 meters, is a collaborative design effort between Sunreef and renowned Dutch design firm Phathom Studio, focusing on both interior and exterior aesthetics. This catamaran made its debut at the Cannes Yachting Festival in September and is set to be constructed at Sunreef's cutting-edge facility in Ras al-Khaimah, UAE. It will serve as the flagship of Sunreef's Ultima line, known for its blend of performance, style, and sustainability.Incorporating modern design elements, the yacht’s interior is crafted in two distinct palettes. The exterior features subtle automotive influences with a sleek grey hull and black glass framework. Inside, the design philosophy revolves around ‘gentle boldness,’ merging vibrant design with calming atmospheres. This approach juxtaposes dynamic features with soft, organic elements, creating spaces that are both energizing and tranquil.Material choices prioritize durability and environmental sustainability, with an emphasis on natural resources that align with a circular economy. The interior features a sophisticated mix of earth-toned shades and textures, enhancing the living experience through warmth and biophilic elements.“We understand our market and have essentially shaped the concept of luxury catamarans,” said Francis Lapp, Sunreef's founder and president. “Working with Phathom’s talented team allows us to introduce innovative ideas while staying true to our brand's essence, and we anticipate the Ultima 111 will resonate with a wide audience.”Phathom's interior design incorporates warm, tactile elements alongside organic curves that promote a sense of wellbeing, making the living spaces both modern and inviting.The Ultima 111 featuring all guest accommodations above the hulls for enhanced space and connection to the sea through expansive panoramic windows. The owner’s cabin boasts private access to a foredeck terrace suspended between the hulls.The main saloon impresses with high ceilings and abundant glass, while sliding doors open to a dynamic indoor-outdoor dining space, complemented by fold-down balconies. A sophisticated marble bar and inviting sofas complete the inviting atmosphere.The vessel also includes an ample upper deck lounge encased in glass, promoting fluidity between inside and out, and featuring an open-concept atrium staircase that enhances connectivity throughout the yacht. Enhanced privacy and efficiency are ensured with a thoughtfully designed crew flow.In addition to these features, Sunreef has announced the Ultima 111 will come with hybrid propulsion options – an innovative choice in the 30-40 meter range. The superstructure’s horizontal surfaces can house high-performance solar panels capable of generating sufficient power to support the yacht’s systems silently through the night.The exceptional beach club at the stern, augmented by fold-down wings, significantly increases space for relaxation, while a concealed drive-in garage accommodates a tender up to 5.5 meters in length – ensuring a clean aesthetic when not in use. Guests can also enjoy a lavish glass-walled hot tub with sun pads, perfect for soaking in stunning views.Sunreef recognizes its environmental responsibility and has integrated sustainable practices throughout the yacht, including the use of recycled materials to enhance strength while reducing weight. Options for renewable fibres and recyclable materials will feature within the yacht’s structure, ensuring a commitment to ecological consciousness."The Ultima 111, enhanced by its captivating interior, retains all the attributes associated with Sunreef yachts – efficiency, ample space, and luxurious comfort with minimal energy use,” Lapp concluded, highlighting the unique essence of their catamarans.Sunreef Yachts was founded by Francis Lapp in 2002 in Gdansk, Poland. Since then, the shipyard has been designing and manufacturing luxury sailing and power multihulls. Credits: Sunreef Yachts
November 18, 2024
Sialia Yachts has taken a significant step forward in its growth and innovation journey by appointing Milvio Ricci as the new Chief Commercial Officer of Sialia Yachts and its parent company, Silent Straits. This strategic move aims to redefine the zero-emission yachting industry, further establishing Sialia Yachts as a leader in eco-luxury yachting.Milvio Ricci boasts a robust academic foundation, with a degree in Electronic Engineering and an MBA from the University of Birmingham and SDA Bocconi, where he was President of the Bocconi Sailing Club. This pivotal role marked his entry into the yachting sector, leading him to a position as Business Development Manager at one of the largest yachting groups globally. In that capacity, Ricci directed market expansion and spearheaded key acquisitions, including the American dealer Allied Marine Group.Milvio RicciIn 2009, Ricci advanced his career by taking on roles as Brand Manager and Digital Communication Group Manager, and later served as Country Manager/Sales Director at Trend Group. In 2012, he joined Cerved Credit Management Group, where he established a department focused on the recovery and sale of leasing assets. More recently, Ricci has founded and managed several startups across luxury markets, services, and finance.With his extensive experience and strategic outlook, Milvio Ricci will oversee the organization of the group, manage the brand portfolio, and streamline processes, including sales, to enhance Sialia Yachts' market presence. His appointment underscores Sialia Yachts' dedication to becoming a pioneer in the eco-luxury yachting sector, promoting awareness of a sustainable future.“I am very pleased to join such an innovative shipyard,” said Ricci. “Our goal is to redefine the world of emission-free yachting, as we have already demonstrated with the Sialia 57 Deep Silence, which achieved remarkable success at its American debut at the Fort Lauderdale International Boat Show.”Founded in 2017, Sialia Yachts prioritizes sustainability and innovation in yachting. Led by Stanislav Szadkowski, the company specializes in eco-friendly boats, including the Sialia 57 Deep Silence and upcoming models.Credits: Sialia Yachts
November 18, 2024
Benetti unveiled M/Y Juno’s 7, the inaugural vessel of its Class 44M series, during a launch event in Viareggio. This remarkable yacht showcases the artistry of Cassetta Yacht Designers, featuring a design that emphasizes natural, informal settings across its four decks, reflecting the brand's rich heritage.Juno’s 7 represents a significant milestone for Benetti, as it is the shipyard's fiberglass flagship, merging excellence and tradition with a modern flair. Daniela Petrozzi, Benetti’s Sales Director, expressed her excitement, stating, “This yacht embodies our continued commitment to innovation while honoring our legacy. Cassetta Yacht Designers have expertly redefined the exterior and interiors, bringing a fresh perspective to our design ethos.”The design philosophy behind Juno’s 7 focuses on creating a relaxing atmosphere, intentionally steering clear of overly artificial or elaborate environments. The use of expansive transparent surfaces, such as hull mirrors in the main lounge, enhances the natural light and openness of the space.Material selection played a central role in the design. Highlights include the use of trowelled resin for bathroom surfaces instead of traditional marble – reserved only for the main deck's basins. The yacht features a diverse array of FSC-certified woods, including antique elm flooring that retains the wood’s natural knots and uniquely varied plank sizes. Striped ash paneling was chosen for the walls, meticulously curated to achieve the perfect aesthetic for the yacht.Juno’s 7 is tailored for extended and secure voyages, with a layout designed for maximum privacy and ample storage. The yacht boasts four decks: the main deck includes the owner’s cabin, a galley, a dayhead, and a spacious lounge with panoramic views; the upper deck features a helm station, expansive living areas, and an optional VIP cabin; the sun deck offers over 102 square meters of recreational space, while the lower deck houses four guest cabins and crew facilities. A unique beach club near the water's edge adds an independent, multifunctional area, complemented by a garage strategically located on the port side.Soundproofing is a standout feature, placing this 44-meter yacht at the forefront of its class through advanced floating floors, bulkheads, and cutting-edge flexible transmission couplings. Additionally, the yacht’s air-conditioning system ensures optimal climate control with six air exchanges per hour.Powered by twin MAN engines rated at 1,400 HP each at 2,300 r/min, Juno’s 7 can reach a top speed of 15 knots and offers an impressive range of 4,100 nautical miles at a cruising speed of 11 knots.Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. Benetti designs, builds and sells composite vessels from 29 to 44m and steel and aluminum boats from 37 to over 100m. The fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom to meet all the needs of the market. Benetti belongs to the Azimut|Benetti Group, the largest privately owned luxury yachting group in the world.Credits: Benetti
November 15, 2024
The Italian Sea Group marked a significant milestone with its brand Tecnomar for Lamborghini during the European premiere of Automobili Lamborghini's latest super sports car, the Temerario1.Over 400 automotive enthusiasts arrived at Lamborghini Day Germany, hosted at Luftschiffhangar Mülheim near Düsseldorf, showcasing their extraordinary super sports cars. The event offered a thrilling 360-degree celebration of the iconic brand and unveiled the Temerario1, a remarkable Fuoriclasse super sports car boasting a powerful 920-hp twin-turbo V8 hybrid powertrain.As a partner for the occasion, Tecnomar for Lamborghini curated a unique experience using its Ad Personam configurator, enabling guests to customize their own Tecnomar for Lamborghini 63 yacht. A stunning scale model of the yacht captured the attention of attendees, emphasizing the dynamic synergy between the realms of Tecnomar and Lamborghini through their shared attributes of sportiness and power.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 15, 2024