25 minute read
Top Superyacht Sales
Largest yachts* sold in July / August
JULY 2022
Combined last asking price of the 10 largest sold yachts mentioned in this report: $118,543,970 USD
AUGUST 2022
Combined last asking price of the 10 largest sold yachts mentioned in this report: $39,148,302 USD
*NOTE THAT THIS IS A REFLECTION OF YATCO LISTINGS INTELLIGENCE AND ONLY REFLECTS THE UPDATES ON YATCO AND NOT THE INDUSTRY AS A WHOLE.
The Florida diving scene is sizzling hot, from reefs to wrecks to incredible caves.
South Florida boasts some great scuba diving, with sites for every level, including beautiful reefs, natural and man-made wrecks, and a slew of technical diving opportunities. It’s also a great place for yacht divemasters and divers to improve their skills through additional training. Make a quick trip into central Florida and you’ll find some incredible cave diving as well.
John Gavin, an instructor of technical diving, has been diving for more than 20 years and has had the opportunity to dive sites all over the world. Originally, he didn’t intend to get into either wreck or technical diving. “There’s no way I’m going to go to the bottom of the ocean to explore shipwrecks in pitch black, 42-degree water, much less decompress on a dive for a longer time than it currently takes me to make a recreational dive,” he said. But over the past seven years, Gavin has made hundreds of technical dives, including spending time on the Andrea Doria off New York.
Gavin does the majority of his dives in South Florida and believes it’s one of the best places in the world to dive. “Worldclass diving in Florida is probably not recognized universally,” Gavin said, “but Florida is world-class diving for divers of every level and interest. You can dive reefs and wrecks, you can dive shallow or deep, you can dive with a charter group, small 6-pack, private boat, or beach dive. It is a unique geographic spot with diving ranging from a few feet on a shore dive to literally hundreds of feet on a wreck dive, all in the same vicinity.”
There are several wreck-diving sites, stretching from Jupiter through the Keys. The wrecks can be accessed by divers of all training levels, including technical divers. One of the deepest shipwrecks in South Florida is the Bulk Trader, located off Fort Lauderdale in approximately 320 feet of water. There are very few divers that visit the site because of the technical requirements.
There are also wrecks to visit in the 65-to 75-foot depth range. One of the top shipwreck diving sites in the world is the Spiegel Grove, located off Key Largo. The Spiegel Grove is a 510-foot U.S. Navy dock landing ship that was sunk as an artificial reef back in 2002. Unfortunately, when the vessel was sunk, she ended up on her starboard side instead of her keel. Numerous efforts were made to right the ship, including the use of two powerful tugs, but to no avail. Then the powerful Category 4 Hurricane Dennis crossed Cuba and the lower Florida Keys near Key West on its way to landfall in the Florida Panhandle in 2005. The hurricane’s underwater currents were so strong that Dennis shifted the Spiegel Grove from her starboard side to her keel, where she rests today.
Florida also boasts some of the best cave diving sites in North America — and arguably the world. Some of the sites include Ginnie Springs, The Devil’s Eye (part of Ginnie Springs), Morrison Springs, and Peacock Springs. Peacock Springs has six sinkholes and two major springs that make it one of the longest cave dive systems in North America. Gavin, who is also an experienced cave diver, said he has done the majority of his cave diving in Florida. “I originally took my cave training as a preparation for my 100-meter class,” he said. “Cave training will help you know yourself better. It’s pretty dark in a cave underwater with no lights, so having a calm demeanor is important.”
Most diving in South Florida from dive boats is typically done as drift dives on the reefs and tie-in dives on the wrecks. A divemaster will drop onto the wreck and tie off a line that divers use to get down to the wreck, then back up to the boat. Most technical diving, however, is done as a “hot drop” from the dive boat in which you drop through the water column to, ideally, land on the wreck. Gavin says this type of diving can be challenging.
“The diving execution is probably more technical or complex in Florida because we are doing hot drops with drift decompression diving. However, it is definitely more challenging from a preparation and survival standpoint in the Northeast, where you are diving in a colder and darker hostile environment where a mistake can cost you seriously,” Gavin said. ‹
John Gavin is a Chatterton Underwater TDI/SDI instructor and can be reached at jjg4@icloud.com.
TRITON TECHNOLOGY EDITOR COREY RANSLEM IS CEO OF A MARITIME INTELLIGENCE & SECURITY COMPANY (DRYADGLOBAL.COM) AND HAS OVER 24 YEARS OF COMBINED COAST GUARD AND MARITIME INDUSTRY EXPERIENCE.
TECH TRENDS
By Erik Speyer
Diving technology is not a new concept. In fact, we humans have been pushing our limits underwater since the fourth century B.C., when the Greeks were making use of crude diving bells. In 1772, the first compressed air reservoir was invented in Paris. The early 19th century saw the first ondemand regulator. Not long after, it was discovered that we are prone to decompression sickness if we ascend from a dive without stopping. 1956 saw the first decompression tables published by the US Navy, and finally, in 1996, the Professional Association of Dive Instructors introduced its first enriched air (nitrox) course.
As we have evolved so has dive technology, so it is no surprise that the modern diver has many tools available to assist in dive planning and dive execution. Most dive boats now mandate that each diver have their own personal dive computer – depth gauges, bottom timers, and air tables are no longer the tools of the trade. Dive computers come in a wide variety of shapes, sizes, features, and prices.
“Buy once, cry once,” said dive instructor James Blackman. “Your dive computer is probably the most expensive item of your dive gear setup, unless you buy a rebreather. If you’re serious about your diving, you don’t want to buy a computer that you will quickly outgrow.”
Blackman recommends the Shearwater Perdix, a computer favored in many diving circles. Its capabilities make it suitable for anyone, from a new open water diver to the most demanding of technical divers.
“The dive planning mode built into the computer is simple but powerful. It does everything I need it to do and nothing I don’t,” Blackman said. “Also, if you plan your dives on the actual device you’re taking in the water with you, your accuracy from plan to profile will be as close as possible.”
A relative newcomer to the dive market has a name most mariners are familiar with: Garmin. Garmin’s Descent line of smartwatch dive computers has evolved over the years, providing a real rival to the established brands. Not only do they offer a feature-rich suite of dive modes — including recreational diving, open-circuit technical, closed-circuit rebreathers, and trimix — but they are also able to alert you to text messages, track your workouts, and give you directions to the nearest bar after you are done diving for the day. No wonder they can be seen on the wrists of more and more divers. Many reviewers are ranking them No. 2 two on lists of recommended dive computers.
What does the future hold?
“The Garmin Descent Mk2i is the first dive computer that also does pulse ox [oximetry] and heart rate, as well as recovery time,” Blackman said.
He’s also interested in what Azoth Systems has been developing: “Their O’Dive system, with its blood doppler, and now, integrated dive computer, is going to make the conservancy of your diving much more personalized to an individual diver’s physiology. Whereas before we picked gradient factors (technical diver’s margins of safety) on a trial-and-error basis, now we have a way to analyze our blood for bubbles after a dive and make educated adjustments. There is still work to be done on the technology, (currently there is no viable link between number of bubbles and incidents of DCS) but it’s interesting to see where this technology will lead.”
Advancements in diving technology have always come from two general places: the desire to push the envelope on what’s humanly possible and explore to greater and greater extremes; and the need to make diving safer through trial-and-error and scientific research. These two motivations may not always be aligned, but the products and technology they produce give modern divers a great array of tools to keep them safe while pursuing the limits of their own individual goals. ‹
James Blackman is a technical diving instructor based in Miami and star of the YouTube channel “Divers Ready!” He can be reached at james@miamitechnicaldiving.com.
DIVEMASTERS IN DEMAND
Certification and continued training are key to running a safe onboard dive charter program.
By Corey D. Ranslem
Dive charters are becoming more popular as large yachts continue to add attractions for potential clients. Crew members are seeing the benefits of obtaining different dive certifications, including divemaster.
Mitch Jaeger is a PADI and SSI-certified divemaster and dive instructor. He became interested in diving as a college student and has since then been involved in diving in various parts of the world, including working on dive charters and liveaboards.
“I’m originally from a small town in Nebraska, with endless views of corn fields and cows,” Jaeger said. “I was attending the University of Nebraska in 1993 when I came across a TV show that was featuring scuba diving. From the moment I walked into the shop I was hooked.”
It can be difficult for yacht crew to stay current on developing trends in the dive industry because of their workload and travel schedule. Jaeger says that continuing education and training are important in advancing your skills.
“I advise all my students to take the Advanced Open Water course. This course introduces the student to different specialties in diving, such as deep, night, navigation, and wreck, to name a few,” he said. “The class goes more in-depth with the specialties and teaches the student how to prevent and handle numerous situations that may occur underwater.”
Most yacht-based dive programs must be fairly self-sufficient and carry all the dive gear and emergency equipment needed to address immediate issues. Jaeger recommends that divemasters and instructors on board yachts understand some of the common issues divers face and how to deal with those issues.
“New divers sometimes try to dive beyond their training and do too much underwater,” he said.
What’s more, most new divers are not immediately comfortable with their gear and typically don’t try it out before their first dives. This is something Jaeger watches when he has new students and divers in the water. He recommends working with the diver and their equipment before they get in the water so that they have a good fit and are comfortable with how everything works.
“Put the mask and snorkel on and adjust the strap so it's comfortable. Also, put your fins and booties on and get comfortable wearing them,” Jaeger said. “Your BC [buoyancy controller] and regulator are basically your life support, so you want to make sure your equipment is in top working order when you use it.”
There are organizations that allow yachts to provide dive training and certify guests while on board. Jaeger said he won’t guide uncertified divers and always recommends basic training before getting in the water. “If you want to go diving, get the proper training to get certified. Diving is a relatively safe sport if you are certified and know what you're doing, but things can go wrong if you are not certified.” ‹
FROM LEFT, WAITT INSTITUTE DIVE SAFETY OFFICER JOEY LEPORE, AMY WALTON, AND SEMISI OF THE MINISTRY OF FISHERIES ON TONGA DURING A SCIENTIFIC EXPEDITION.
PHOTOS WESLEY WALTON ABOVE, SECOND STEW/DIVEMASTER AMY WALTON OF M/Y PLAN B. LEFT, CHIEF MATE WESLEY WALTON OF M/Y DOUBLE HAVEN.
Mitch Jaeger teaches dive courses in Fort Lauderdale. He can be reached directly at mjaeger311@yahoo.com.
Seizure, Sanctions & Secrecy
Russia’s war on Ukraine and the resulting sanctions on many Russian-owned yachts have created a quandary for their crew.
By Gemma Harris
Editor’s Note: While politics have always played a larger role in our daily lives than many of us would prefer, it’s hard not to feel that the impact nowadays has reached a pathological level. And if anyone thought the somewhat insulated and economically bulletproof world of yachting was immune by virtue of its privileged class, that illusion has now been shattered. The Russian attack on Ukraine and the resulting sanctions imposed by many nations on those who are considered enablers of Vladimir Putin’s aggressions have had hard and varied consequences for this industry. Triton asked captains and crew how the fallout has affected them personally. With watertight nondisclosure agreements in place, they spoke only on condition of anonymity. This report is based on what they told us.
In an industry that operates on a highly confidential basis, determining yacht ownership is challenging in the best of times. Now, a global hunt for Russianowned yachts has raised the stakes — and often, it’s the crew who are paying the price.
Whether hiding out in Europe under secret cloaks of misleading information, hunkered down in Turkey, seized and detained, or simply boycotted by marinas and denied critical services, these yachts are not functioning autonomously. Many of the crew are still on board, and an uncertain future might be the least of their worries.
The global media has reported crew sabotage, resignations, abandoned yachts, and captains denying Russian ownership, but there is little mention of the lack of clear guidance concerning crew roles and obligations in this ever-unfolding dilemma.
Some crew have found their ethical and moral standpoints brought into question. Some have been subject to hostility and worry for their safety. Some worry they are violating their own country’s laws by staying aboard a Russian-owned yacht, while many are unwilling to leave with owed compensation as yet unpaid.
In fact, the problem of unpaid wages on affected yachts is the top concern that crew members have reported to Triton.
A MONTHLY REMINDER
Money makes the world go round, and the superyacht industry is arguably the epitome of this expression. The pressure of sanctions applied to Russian-owned yachts has filtered down quickly to crew salaries. “Our pay rises have stopped, and bonuses cancelled, the crew has reduced, and our hours have been increased to compensate,” wrote a bosun working on board a 262-foot (80m) Russian-owned motor yacht.
“Salaries coming in very, very late with no payslips and no official record of anything,” wrote a chief stew on a 108-foot (33m) Russian-owned motor yacht.
“The owner and management expectations and demands haven't changed, even though they have stopped providing funds,” a chief stew wrote.
“We weren't sure from one day to the other if we were going to get paid,” wrote a sous chef from a Russian-owned motor yacht of 230-plus feet (over 70m). That yacht was seized, and crew who wanted to remain were offered a day rate “as it was unclear what the next step was.”
Others have been taking the legal avenue to gain back losses. The head chef of a 180-foot (55m) Russian-owned motor yacht who reported not being paid for two months said the crew had to fight for their wages with the help of lawyers. “And then the boat was put up for sale. We all left.”
A yacht manager, who also spoke on the condition of anonymity, told Triton, “We had several Russian crew and we couldn't pay them for while. It took a couple of months to sort out and it was a hardship for them, for sure. They had to do their banking not as Russians.”
WHERE DID THEY GO?
The global hunt has caused the displacement of many crews from one country to another without any real plan. “There's a lot of pressure on the captain, with a lot of hidden information or lies,” explained a chief stew on a 108-foot (33m) yacht.
“We moved from Spain to Turkey to avoid the risk of arrest,” wrote a bosun, while a sous chef stated, “We didn't move from Europe but were considering heading to Turkey.”
With the European winter season approaching, there have been various reports of scant shipyard availability due to the influx of Russian yachts that are evidently staying put.
HAZY MORAL COMPASSES
The issue has sparked a lot of discussion on morality with regard to the war and the role of the superyacht industry. One crew member said many have been “morally conflicted” about whether they should stay on board, questioning what link the owner may have with the war. On the other hand, some describe circumstances in which a crew member maintains loyalty to the owner.
“I have worked for Russians before, they are great clients,” wrote a head chef, adding that the war hasn't changed his mind about whom he would work for in the future.
Triton spoke to some crew who had left yachts because of the war but were apprehensive about commenting. The situation is undoubtedly creating waves of uncertainty, as well as low morale, especially among Ukrainian crew members.
“If the crew has been working together for more than one year, there is support
and compassion, but when they work for a short time they don't care,” one Ukrainian engineer told Triton.
Moreover, yachts identified as Russian-owned often prompt raised eyebrows and concern from others who wonder why the crews are still on board.
“The crew were all Ukrainian and wanted us to know explicitly that the owners weren't ‘Russian’ — they were simply ‘good people,’” the captain of a 121-foot (37m) motor yacht said in reference to a Russian-owned boat that had been moored next to him in Italy.
“Near us is a boat with a Russian owner. … The English captain left when this started, and the other crew left. I see new crew, but they don’t go out much. In yachting, it is easy to hide,” stated a Russian crew member working on a Dutchflagged yacht. “It is not just what is on your passport — if you do a good job, that is what's important.”
“We worked with a stew who asked the yacht owners not to introduce her as Russian. She wasn't comfortable because being Russian came with a stigma,” a Fort Lauderdale yacht manager told Triton. “It is a situation of tragic misinformation. This woman has nothing to do with the Russian government.”
“People need to separate the Russian people from the Kremlin,” said a former first mate originally from Russia.
SECURITY CONCERNS
Reports of crew sabotage attempts, as well as hostility toward crew members working on Russian-owned yachts, have raised security and safety concerns.
One yacht, according to its sous chef, has “upped security to 24 hours” and instituted new protocols, such as “not to say anything about the boat outside of the marina” and to “avoid wearing uniform out” in light of the many film crews and reporters trying to get information.
Another remains at anchor to “avoid risk,” according to the bosun. Some yachts are hiding out and “going dark” to avoid detection, leaving the crew in unstable and potentially unsafe situations.
AN UNCLEAR FUTURE
While only individuals on the official sanction and trade restriction lists are meant to be affected, the rules vary among allied nations and cases of overreach are frequently reported. Some Russian owners have nothing to do with the war, others are intrinsically linked, and some fly entirely under the radar. Considering the confusion and uncertainty of what will happen in the long term, the rampant elements of misinformation, and the heightened negative attention on the industry, it has and will likely continue to be a challenging course for many crew to steer as long as the war continues. — Dorie Cox, Kevin Maher, and Danny Davies contributed to this report.
HOW TO GET HELP
Professional Yachting Association
PYA offers information and assistance concerning legal and financial matters involving crew who work on yachts that are Russian-flagged or owned by Russian individuals or entities. This free, confidential service is offered to all crew, including non-members of the association.
International Seafarers’ Welfare and Assistance Network
ISWAN offers information and guidance to seafarers — including yacht crew — affected by the crisis in Ukraine. Their free, confidential, multilingual helpline for professional yacht crew is available 24 hours a day, 365 days a year.
Russian-owned yachts stuck in muddied legal waters
What can and will happen to oligarch-owned vessels is open to interpretation and likely to have far-reaching consequences.
By Gemma Harris
It has been six months since the global hunt began to find and seize luxury assets of those close to the Kremlin. Unlike their frozen bank assets, which the public cannot see, their very visible luxury superyachts have captured the spotlight. At least 17 such yachts have been reportedly searched, detained, arrested or seized since the sanctions took effect in March. Tracking these assets has become a consistent game of cat and mouse for authorities, with many superyachts moving to “safer” waters, such as those of Turkey or the Seychelles.
“Oligarchs be warned,” U.S. Deputy Attorney General Lisa Monaco stated at the initiation of Task Force KleptoCapture, an interagency task force created by the U.S. Department of Justice to enforce the sweeping sanctions, export restrictions, and economic countermeasures that the U.S. and its allies have imposed on Russian oligarchs in response to Russia’s attack on Ukraine.
“We will deprive you of safe haven and hold you accountable,” Monaco, who oversees the task force, said. “We will use every tool to freeze and seize your assets.”
That part is clear — unfortunately, it’s the only part that is.
How sanction regulations are implemented,who they actually apply to, what is prohibited and what exactly can be done with the targeted assets are interpreted in divergent ways by American, British and
European authorities. And if the sanctioning authorities themselves cannot agree on what the restrictions entail, there is little hope that anyone in the yachting industry can be anything but confused.
There have been many words bandied about when it comes to the handling of the yachts deemed subject to sanctions. “Frozen,” “arrested,” “detained,” “controlled,” “seized” — they have all been used interchangeably, when in fact, they each have their own specific meaning, according to Dominic Bulfin, director of the London-based luxury asset law firm Bargate Murray.
A yacht whose ultimate beneficial owner (UBO) is on the sanction list is subject to an asset freeze, which generally means it cannot be sold or its value otherwise dissipated. “The state has no physical control over the asset, and it remains in every way owned by the existing owner and free to go where it pleases,” Bulfin explained.
Whereas, with S/Y A, frequently reported as having been seized in Trieste, Italy, the action would be “more accurately described as ‘control,’” Bulfin said, “since the state has not attempted to deprive the owner of its title, but merely placed restrictions on its freedom.” In another case, M/Y Flying Fox was detained in the Dominican Republic while U.S. authorities investigated its UBO, only to be permitted to sail sometime later.
By contrast, M/Y Axioma was arrested and put on the auction block in Gibraltor, although the sale had more to do with repossession by JPMorgan for a loan default than sanctions. Benjamin Maltby, a partner at Keystone Law in London, said that under U.K. law, if the owner owes money, there is an arrest. He uses M/Y Phi, the first vessel to be detained in the U.K., as an example, pointing out that the same owner still has possession and use of his other yachts.
The M/Y Amadea, subject to forfeiture under new powers created by U.S. legislation, was seized in Fiji by U.S. authorities and is now moored in San Diego with a U.S. flag and a U.S. crew. While the legality of such a seizure has been questioned by some, the Civil Asset Forfeiture Reform Act in the U.S. allows for assets to be forfeited to the government in relation to foreign crimes. Technically, in order to take such ownership, criminality in relation to the yacht would have to be proven, but “the U.S. has proposed using a streamlined administrative process that wouldn’t require proof that the yacht constitutes the proceeds of criminal activity,” according to Quentin Bargate, CEO of BargateMurray law firm. This type of administrative seizure of private assets is troublesome, Bargate said, as it is “inconsistent with human rights legislation protecting an individual’s rights to private enjoyment of his or her property.”
These differences in approaches are interesting, Maltby said. “Do countries continue to detain, do they seize or go somewhere in between?”
The glaring question now, of course, is what will happen to these yachts? Will there be an un-sanctioning? Could some be refitted and turned into hospitals or refugee centers, or auctioned off with the proceeds given to Ukraine? Or will they be left to sit and rust? Governments have hugely underestimated the cost of maintaining seized yachts, Maltby said. “European authority is in a ‘damned if they do and damned if they don't’ situation. … Do they continue spending taxpayers’ money looking after an oligarch's yacht?”
Bulfin and Bargate paint an even more worrisome picture. “We have seen suppliers, flag states, local representatives, classification societies, insurers, and many more withdraw services,” even when the UBO is not subject to sanctions in any jurisdiction, Bulfin said. “This means that already there is significant uninsured, unflagged, and classless tonnage all over the world. These yachts may prove to be ticking time bombs.”
“The ironic paradox here,” he added, “ is that many of the yachts affected by sanctions have historically been flagged with first-class flags, classed with leading IACS classification societies, insured with first-class Londonmarket insurance, and supplied with first-rate parts and supplies by first-rate suppliers.”
A down-shift in the standard to which these yachts (some of the largest in the world) are operated and maintained could have far-reaching implications, Bulfin said. Imagine if one such yacht, lacking P&I coverage, caught fire — they would not be insured for environmental damage, wreck removal, injury to crew or third parties, and other damages.
“In the case of a major incident, the legal repercussions will be significant,” Bargate said.
KEEPING WATCH
Get automated updates that track select oligarch-owned superyachts via Twitter @SanctionsAhoy, or follow the latest reports using the hashtag #YachtWatch.
THE GHOST OF BAHIA MAR PAST
If the strong scent of rum lingers over the docks on Halloween weekend at the boat show this year, this might be why ...
By Kevin Maher
In 1875, the Bahia Mar area of Fort Lauderdale was the site of a life-saving station, also known as a House of Refuge, built to rescue and shelter crew at a time when shipwrecks were common off the coast of Florida. In 1926, the U.S. Coast Guard Base Six was established there, and the House of Refuge was absorbed into the base. It still functioned as a life-saving station, but being the Prohibition era, the base now had another purpose of pressing importance: rumrunners.
Illegal importation of liquor had become a rampant problem in Florida and a huge headache for the Coast Guard. In 1929 alone, they seized and destroyed 80 rum-running boats. “If you were a boat captain at the time, that was the most lucrative thing you could be doing,” said Patricia Zeiler, the executive director at History Fort Lauderdale Museum.
On Aug. 7, 1927, the U.S. Coast Guard patrol boat CG-249, known as a “Six-Bitter,” stopped a rum boat 8 miles off Nassau, Bahamas, according to historical accounts. The skipper of the boat opened fire during his arrest, killing Warrant Officer (Boatswain) Sidney C. Sanderlin and Secret Service Agent Robert K. Webster. Machinist Mate Victor Lamby, who was also shot, later died of his wounds. The remaining crew aboard CG-249 eventually captured the gunman, Horace “Jimmy” Alderman, and his cohort, Robert Weech. Alderman, who had several prior arrests for rumrunning, was tried in Miami federal court and convicted of three counts of murder and piracy on the high seas.
On Aug. 17, 1929, Alderman was hanged in the old seaplane hangar on Coast Guard Base Six — the present-day site of Bahia Mar Marina. It was the first and last legal hanging in Broward County and the only execution ever conducted by the U.S. Coast Guard.
The city of Fort Lauderdale eventually purchased the site and officially opened Bahia Mar on Dec. 1, 1949. Now known as the home of the Fort Lauderdale International Boat Show, the property has seen many improvements over the years and continues to enjoy global popularity as a yachting center ... and as a great place for boat crew to, you know, hang. ‹
