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.
On Saturday, April 20, Heesen announced the delivery of YN 20150 Cinderella Noel IV, following rigorous trials in the North Sea. The owners christened their yacht on December 23, 2023, marking an unforgettable moment for all shipyard employees and subcontractors involved in the construction.Stefan Zucker and Sven Stark, the clients' surveyors and project managers, expressed their appreciation for the shipyard's efforts, stating: "We have hardly experienced such intense involvement of clients ever before."Cinderella Noel IV stands out not only for her exceptional design but also for her owners' deep involvement. With a passion for sailing, the clients actively participated in the yacht's creation, bringing practical and technical insights from years of experience on the water.During three days of sea trials in challenging conditions, Cinderella Noel IV surpassed all expectations. Captain Bob van Zundert praised her swift responses and exceptional handling, even in rough seas.Built on a proven engineering platform, Cinderella Noel IV integrates a hybrid propulsion system chosen by the owner to minimize environmental impact. Heesen's hybrid system, powered by twin MTU 8V4000 M63 main engines and Danfoss electric motors, ensures cleaner, quieter, and more efficient cruising.Rick van de Wetering, Heesen's Chief Operating Officer, expressed pride in the collaboration with the owners and their teams, highlighting the strong bond formed during the 41-month construction period. He concluded, "On behalf of everyone at the shipyard, we wish them fair winds and following seas on their wonderful yacht."Heesen Yachts is a Dutch ship building company that specializes in custom-built superyachts in aluminum and steel from 30m to 70m in size. Founded in 1978, it has launched more than 170 yachts since its inception.Credits: Ruben Griffioen/Heesen Yachts
April 22, 2024
The Italian Sea Group (TISG) has been honored with the "Best Performing Large Size Company" award at the Alychlo Awards 2024, marking its third consecutive win in this category.TISG secured the recognition for its outstanding turnover and EBITDA results, which ranked as the best in its reference category.The awards ceremony took place at the enchanting Pairi Daiza, a renowned botanical garden and zoo, bringing together 160 guests, including entrepreneurs and managers from companies in which Alychlo, the family investment company of Belgian entrepreneur Marc Coucke, invests.The Alychlo Awards celebrate companies, individuals, and teams that have achieved exceptional results. In the 2023 edition, 10 prestigious awards were presented to 10 outstanding winners.Alychlo, the cornerstone investor of The Italian Sea Group since its IPO, has investments in over 40 public and private companies across various sectors, with a focus on high-value-added companies that contribute significantly to job creation."We are extremely honored to receive this recognition and to be selected among important and excellent companies," commented Giovanni Costantino, Founder & CEO of The Italian Sea Group. "We thank Mr. Marc Coucke for his constant trust in our Group since its listing on Euronext Milan. We will continue working passionately and with dedication to achieve increasingly ambitious results."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. Credits: The Italian Sea Group
April 22, 2024
Dynamiq has announced the appointment of Candaş Balcı from BLC Yachts as its exclusive dealer in the Republic of Türkiye. Based in Göcek, Candaş brings a wealth of experience to the role, with a background in naval architecture and extensive expertise in yacht sales. His dedication ensures that clients receive top-quality service and access to exceptional yachts."We are delighted to have Candaş join us as an ambassador who truly understands the essence of Dynamiq. With our production facility located in Türkiye, we are excited to offer Turkish owners a unique experience that is both innovative and close to home," said Sergei Dobroserdov, CEO of Dynamiq.Candas Balci, BLC YachtsThe collaboration marks a significant milestone for both Dynamiq and BLC Yachts, solidifying their presence in the 35-meter to 65-meter segment. Dynamiq's flagship 50-meter yacht is currently under construction at its state-of-the-art shipyard in Antalya, with promising build slots available for delivery in 2026. This partnership underscores Dynamiq's commitment to providing exceptional yachting solutions to clients in Türkiye and beyond.Dynamiq was founded in 2014 by experienced yacht broker and designer Sergei Dobroserdov. Dynamiq is the first company in the superyacht industry to introduce an online configurator, allowing the yacht to be easily and transparently customized down to the last detail. Dynamiq unveiled its first launch, 39m Spring (ex-Jetsetter), at the 2016 Monaco Yacht Show to wide acclaim. The following project, the GTT 115 M/Y Jaaber, was developed in conjunction with the renowned Studio F.A. Porsche design firm and successfully unveiled at the 2017 MYS. The latest addition to the Dynamiq fleet is the GTM 90 Beach Club and new Global series of long-range explorer yachts.Credits: Dynamiq
April 22, 2024
Cantiere delle Marche's dedication to crafting exceptional vessels reaches new heights with the sale of the Flexplorer 165 to a distinguished European yachtsman. Representing the shipyard's largest explorer yacht to date, this milestone sale underscores Cantiere delle Marche's unwavering commitment to excellence.Vasco Buonpensiere, co-founder and CEO of Cantiere delle Marche, expresses pride in the achievement: "The sale of the Flexplorer 165 marks a significant moment for our shipyard. In an industry marked by fluctuating tides, our steadfast dedication to quality and precision has yielded remarkable results." Buonpensiere emphasizes the shipyard's resilience in navigating market challenges, attributing the success to the enduring reputation of their explorer yachts.Ennio Cecchini, co-founder and President of Cantiere delle Marche, highlights the distinctive qualities of the Flexplorer 165, noting its striking design and embodiment of the shipyard's core values.The Flexplorer 165, boasting a length of nearly 49.90 meters and a beam of 9 meters, showcases the renowned exterior design by Sergio Cutolo/Hydro Tec. Collaborating with Hus studio for the interior, the yacht promises timeless elegance and unparalleled comfort.Equipped with an impressive A-frame crane capable of lifting over 4.5 tons, the Flexplorer 165 offers exceptional handling of tenders and water toys. Powered by twin Caterpillar C32 Acert engines, each generating 970kW, the yacht ensures reliability and efficiency on every voyage.The decision to offer the Flexplorer 165 on the charter market reflects the owner's confidence in its ocean-going capabilities, long-range endurance, and unmatched comfort. CdM's story begins in 2010. The facilities cover an overall surface of 16˙000 square meters, including 7˙000 sq. m of workshops and 1˙000 sq. m of docks. Since 2015, the shipyard has been the world’s leading builder of explorer yachts. Based in Ancona, Cantiere delle Marche builds yachts from 26m to 43m in length.Credits: CdM
April 19, 2024
Sacs Tecnorib makes a return to the Palma International Boat Show, marking the commencement of the boating season in the Mediterranean. The event, celebrating its 40th anniversary, serves as a platform for showcasing the latest innovations and trends in the maritime industry, drawing over 32,000 visitors, hosting nearly 300 exhibitors, and featuring more than 250 boats on the water.Pirelli 42At the M-30 Pontoon P2 stand, hosted by official distributor Swiss Yachting, SACS Tecnorib will proudly display its renowned Pirelli Speedboats range. Among the highlights are the Pirelli 30, 35, and 42 models, renowned for their exceptional performance and sleek design. These walkaround vessels offer a perfect blend of style and functionality, catering to discerning boating enthusiasts.Pirelli 35The Pirelli 30, serving as the entry-level model, sets the stage for the walkaround range with its compact yet powerful build. Meanwhile, the Pirelli 35 impresses with its rugged 11-meter frame, boasting meticulous attention to onboard accessories. Completing the lineup is the Pirelli 42, the flagship model renowned for its versatility and unmatched performance on the water.Pirelli 47Adding to the allure are the Rebel 47 and Strider 13, exhibited by dealer Helimotor. Designed by Christian Grande, the Rebel 47 embodies luxury day-cruising with its modern design and elegant exterior layout. On the other hand, the Strider 13, also envisioned by Grande, stands out for its exclusive lines, safety features, build quality, and versatility, catering to owners seeking both performance and spacious comfort.Strider 13Each vessel showcased at the Palma International Boat Show epitomizes SACS Tecnorib's commitment to excellence, combining cutting-edge design with uncompromising performance to deliver an unparalleled boating experience.Sacs Tecnorib Spa was established in 2021 from the union between TecnoRib srl and Sacs srl. Credits: Sacs Tecnorib Spa
April 19, 2024