‘Abandoned’ Yacht’s New Owner talks Money | SuperYacht in Rescue Mission | Ep163 SY News
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- Опубликовано: 7 сен 2024
- #superyacht #superyachts #yachts #boats
'Rotting' Yacht Owner answer questions | SuperYacht in Search & Rescue Mission | Ep163 SY News
Pacific X gone dark
Crew of M/Y Victorious involved in 16 hour search & rescue mission
Questions for lawyer - Benjamin Maltby, Lawyer who Specialises in SuperYachts
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SALUTES, KUDOS AND RESPECT To VICTORIOUS and Her Crew.
I’m still reeling from your report a day or two ago concerning Vladimir’s super-yacht getting 385,000 liters of fuel at a cost of $2.2m USD. That’s mind blowing figures for a guy concerned about gasoline in his car 😂
If i remember it was Eclipse, which is owned by Roman Abramovich
@@einovahvanen no I think it was the guy Vladimir Potantin or however it was spelled I believe
@@chrisdooley1184 ok
It was Abramovich's yacht Eclipse, but 1 million litres of fuel.
That’s the shocking things about these yachts, even if someone gave me one for free, I couldn’t afford the fuel or the crew etc. etc.
Thanks for highlighting the brotherhood of the sea in the actions of the Victorious crew. People deserve credit for doing what is right.
Agreed, commendable behaviour from the Victorious Skipper and Crew.
God bless the crew of Victorious. You are special people who deserve special recognition from all mariners.
Thank you crew of Victorious for saving lives on the high seas. You guys are rock stars.!!! Thanks eSys for highlighting these guys & gals.
Crew of the catamaran, make better decisions on crossing the North Atlantic to Mid-Atlantic.
I'm glad you are feeling better sir. Thank you again for a terrific year with all of your boating videos. Merry Christmas & looking forward to another year of fabulous yachting, TMP from N.J.
Post your stories whenever you can. Just always happy to hear from you. Stay well🙏🏻 7:01 pm LA time
Victorious for Super Yacht of the Year - reflects the industry far better than vessels running around the world trying to avoid getting arrested - at least they did something notable and positive
Get well soon! Merry Christmas 🎅
The boat with the bad paint reminds me of all of the Ford vehicles that had the clear coat on the paint job failed.
Cheers to the crew of the Victorious. Well done.
It’s indeed amazing how huge some of these vessels are! It’s amazing that one person can afford such a thing. And it’s so fascinating that these “floating cities” really do exist like they do: it takes a big crew with major expertise and experience to float let alone maintain it.
I can remember when a 40 to 50 motor yacht was considered a big boat and that 100 to 125 foot motor yacht was considered a super yacht now many of these so called super yacht are the size of or near the size of small cruise ships
"THING"......is a Dinghy.
The quality and depth of reporting on Super Yacht News just keeps getting better and better. Thank you for the fascinating insight to this mysterious world of the rich and powerful.
THANKS ESYSMAN, for the update 🤗 HOPING YOU GET WELL SOON 💚💚💚
Thank you!!
That is awesome. Way to go Victorious!
I know you said you’ve been under the weather and I hope that’s all it is. Just couldn’t help but notice it looks like you’ve lost some weight. Hopefully it’s nothing but if it is then please take care of yourself. There’s a lot of people out here that would be quite upset if something were to happen to you. Not to mention the massive hole it would leave in the super yacht news world 😁👍🏻. Thank you for another great year. I can’t imagine the amount of work it takes to do what you do. It is truly appreciated my friend.
I have lost weight but it's deliberate as I was overweight. I stopped eating sugar!
Your health is your wealth so stay safe and rest. Thanks for all the great reports and fascinating details in them.
HAPPY CHRISTMAS,!!
Thanks for all your hard work this year. Happy holidays, all!
The paint work on the hull looks like someone had started to rub the paint work down in perpetration for repainting !
Great to hear of a rescue with so much negative news.
I was in the port of Den Helder when the NB1010 was awaiting sea trails. I've pictures up close of this boat. It was not known who purchased it back then (in October)
Crew getting paid is straight forward to me, the yacht is the asset and the only mechanism for the crew to be repaid their wages. Either Suisse pays it out so it's a clean title, or it's a condition of the sale which would mean the new owner pays and hopefully took this into consideration when making the offer.
Feel better!
If I was the broker selling that yacht for the bank I would or recommend against painting the hull for three main reasons the first being the new owner is going to want to paint that yacht their particular favorite color, the second is the condition of the exterior of this yacht is well known and as a result the new owner is definitely going to send this yacht to a shipyard for a refit so painting the yacht will not increase the value of the yacht appreciable but actually could reduce its value because the new owner would have to pay to strip the new paint off the vessel in order yo properly repaint it. Lastly you, me, and the lamp post knows that the bank was not going to spend the money to properly repaint this yacht and what they would do is just do what in the automotive industry is commonly referred to as scuff and spay job and for decades in the US was known as an Earl Schibes and or Macao special paint job. Basically speaking they tape over the windows, bumpers, wheels, and sometimes trim (often an extra expense) wipe the car down with a solvent and a scotch brite pad and then maybe spay a coat of sealer on the car (if you paid extra) and then sprayed the car in a very low grade of single stage automotive paint that they had made to their specifications. Think about if you are the broker who is well known do you really want to try and sell this yacht with a crummy paint job or would rather sell it for a little less money as a you see what you get vessel and maybe have a shot at handling the refit of the yacht. Personally if I was the broker or an interested buyer I like option B
You have articulated in an orderly and clear way my thoughts exactly. How it got that way so quickly puzzles me a bit, but perhaps the owner knew before he got into arrears with the bank where it was headed and decided to keep the inside comfortable (and elegant) not caring about the rest. We are the same generation I think, I remember Earl Schibes paint jobs as an expression and thing. Hadn't thought of that for ages.
Autocorrect got you: it's MAACO, not Macao. And I'm old enough to remember seeing the newspaper ads for MAACO and Earl Schibe.
Can you estimate how much it would cost to paint the entire boat? Also, I would love to hear more details on how the yacht rescued the people from the life boat (how/what/when/why)..I love a good story.
Strange that eSysman thinks bank should paint the boat and then goes on to say that new owner wants to put his/her own 'stamp' on a yacht anyway by changing interior and maybe colour scheme. No point for bank to invest in a paintjob.
thanks for your great stories this year. merry christmas
M/Y Victorious was most certainly victorious! 😁
The major selling point of Sarafsa is she was built purely for personal use, not charter, and has 7 “main” staterooms for 14, and an ”her lower deck has an additional 10 staff (or junior guest) cabins for 14 guests or staff” - which is almost unheard of on a “yacht”.
As long as the paintwork deficits are only cosmetic, I’d say that €65m is a “bargain” for a Winch designed, Davenport beast with 6,000NM range of this volume. Can’t remember how thirsty she is tho, which is slowly becoming an issue for billionaires with eco-conscious friends…
A snip!
I think I’ll pick it up. 😂
Can I join you on the shakedown cruise?
Btw, save money on paint job, some folk are now “wrapping” super yachts - allegedly more environmentally friendly too!
Goodness you look tired. I've missed you but seriously, take care of your health eSysman. You were spot on about the AIS going off once the boat was out the other end of the Suez canal. Great story about MY Victorious, very nice to somehow feel like I "know" her from the video you did earlier. I really am impressed by the depth of your research into all the aspects of the situation with Serafsia. It does seem obvious that she would bring a much better price if painted properly, and I'm completly guessing, but would bring enough more to offset the price of the maintenance. But I wonder, since it is a bank seizure for non payment, perhaps it is like a foreclosure sale, where once the bank has their money the remainder goes back to the owner if there is any above the amount owed. If it's that kind of a situation I can see why the bank would not want to pour more money into it. It's sad to see such a beautiful boat left to deteriorate, I can't imagine it does any structural favors to the hull to have the paint eroding and be exposed to the salt air and water. Take care of yourself please... and I'm wildly curious about your project! ⁉️❓️🚘❓️⁉️
Thanks for your concern, I just had a fever and fatigue, getting better but I should have really still been resting when we made that video so it shows in the video!
@@YachtReport I'm glad to know you are getting better, and hope the holidays and New Year bring you health and well being. 😊
Kudos on your continued fabulous reporting! The story of Victorious is indeed heart warming & she is on the hook out here in Simpson Bay Sint Maarten!
Just a quick comment on Victorious & maybe its me & my eye but the superstructure looks "small" on the hull compared to many other vessels. She actually looks like she is missing a deck, but I am not a superyacht architect! Merry Crimbo ESysman!
Victorious is actually now in St. Barths my bad!
Great work by MY Victorious!
Your postings are too good to miss so post when you are able because we'll be watching. Take care of yourself and Merry Christmas.
Very interesting legal info on and about yachts.
It never occurred to me until now that these guys buying multiple yachts, constantly selling one year old boats, are simply money laundering at one of the highest levels possible. I am kind of stunned at this realization and have heard no better explanation for this behavior. This has been a thing with real estate forever, I don't know why it took me this long to realize. Interestingly, the ME sheiks would have no need for this because they are paid for their oil in USD and they don't seem to be the ones switching boats constantly.
It is not laundering when there is a clear audit trail. Flipping super yachts is not money laundering. Laundering is something like a casino where it is impossible to trace where the money comes from but the house is expected to always win and show a profit. A million comes in to be laundered, it could be one person or 100 with 10,000 each, 400,000 goes out as winnings and 600,000 is kept as profit. Just keep doing that over and over.
Expensive works of art are also a way that very wealthy people or criminals launder money.
I believe that there are also times where there is less liquidity in the market, that buyers might prefer a completed vessel over a new project, and that some take advantage of this difference. Like an arbitrage. But yes wealthy people get into assets, especially the way our monetary system has been in our lifetimes.
The bank is only concerned with getting their debt resolved, not getting the maximum price. Any extra goes back to the original owner.
Credit Suisse must have taken lessons from politicians with all of their "non-answers" to your questions
Thanks 👍 for the reports I'm learning a lot about these floating mansions
As a Yacht detailer I have never seen a yacht in that condition and it really confuses me how it got so bad so fast.
It is very confusing.
Evidence of a time slip where it entered a loop and aged in its own bubble timeline before rejoining this timeline. Pretty obvious..
You stated in an earlier video, that the crew (or workers) were seen painting the boat with rollers. Could this be some kind of attempt to make the boat look like it is in disrepair or a even a removable coating that would protect the finish during its down time (if the current owner knew he would not be able to perform regular maintenance for a while). My reasoning for this is that it would take some time for the paint to get to this condition and I believe you mention that the vessel had not looked this bad in recent pictures or sightings. Also, as mentioned the interior and upper structure looks good.
Upper structure is in equally poor condition. But I do like the idea that it is a disguise
From the photos there isn't much wrong with the hull. In fact there isn't ANYthing wrong with the hull, only the top layers of paint, purely cosmetic, have been badly sun-faded, deteriorated. Some sanding, priming, block sanding and fresh paint and it will look great! Not inexpensive, but the boat could sail anywhere right now and be fine, just do your passenger boarding at night! :)
Very informative, thank you.
I used to be a Marine Radio Officer (General RT & GMDSS) but I'm alright now.... Over!
Wilco Out. I wonder just how many, without looking it up, know what Wilco means...
@@philipmackin1025 Ahhhh but will I comply? that is the question.😀
@@philipmackin1025 Rodger that ( but we don't say either except in movies....) over.... and out!
Great video My brother !! From Ohio USA 🇺🇸 !!
Speaking with Santa, All inclusive is best, Merry Christmas...
That paint on Sarafsa looks as if it was being sanded down in preparation for a repaint then work stopped.
I wonder if you could spoof your AIS location by 50 or 100 miles to throw off pirates.
All the legal mumbojumbo sounds basically identical to a property lien. The process for sale is similar as well in that you would typically want a guarantee that any debts owed on the title are clear. So it doesn't sound unusual at all, it just has its own vehicle specific jargon.
BZ Victorious. True mariners.
great job you missed your calling
Great video, very informative.
Hopefully another video before Christmas! Miss the consistent uploads!
Thank you for the interesting details about the lawsuit and current owner. And the rescue action.
@10:27 ... not only does the paintwork look like some has taken an industrial sander to it, there appears to be an open hull penetration just above the water line (about 5-6ft to the right ofthe two fenders).
Feel better. Happy Holidays ⛄️
Well done Victorious crew and captain.
Well done on the stories! The quality of the content is super! Thank you! Please can you include an update on Imperial. Where are they now, what are they busy with?
Coming soon!
Well done for getting the bank to chat... brilliant work!! How much is a hull re paint in the same colour? 750K? Huge fan of your channel, the most professional and watchable
It sounds like if the lawsuit is not settled then it will be given to the new owner. It’s a liability, not a current debt or lien at the time of sale.
The boat tours are great! Do more please.
Have a fabulous Holiday Season ... love your channel! Lane and Larry ... Sacramento, California
Aloha
Is the mess from salt?
Clear as mud.
Nice video
Beutifull vessel
Merry Christmas and a happy new year. Glad you are feeling better. Cheers!!!!
Well we got spoiled since. About 9 months when you started more frequently video almost all days. 😉
I'm confident (although the numbers are quite a bit larger in this case) that this is no different then a house or a car that a bank repossess. It may seem odd to you or I that they don't paint the hull but they have no interest in investing more money into the asset. They will sell it a discounted amount based on its condition and then go after the debtor in court for there losses. Of course this means that the debtor who didn't honor the loan terms has other assets worthy of suing in court.
I'm no expert but it would seem the hull of Sarafsa was not "damaged" but has been prepared for painting but the painting never took place?
The bank don't care what it sells for as long as it pays off what they are owed, there is no point in them doing any maintenance.
Thanks for the update
"CLEARCOAT" appears to be and is a lot easier to repair, what is interesting is who was responsible for applying a substandard product. Just a thought.
Exemplary for the state Credit Suisse is in, scabby
Great show, hope you have a great Christmas🎄 Stay well. 💛 🇬🇧
65M I would expect the hull to be painted. because 65M you can buy a pretty nice yacht ready to go. maybe not as big but do you really need that big? do those yachts use diesel or bulk oil like freighters?
I would imagine the boat trailer needs painted also.
AIS....................they should get into trouble whenever it is turned off.
Clearly Credit Suisse were reluctant owners....to let a ship deteriorate like this is frankly madness
As a general rule, the first lien holder, ie, the bank gets paid first. If there is more money than the bank is owed, the second, third ... lien holders get paid. If there is less money than the bank is owed, no one else gets paid. The laws in France maybe be different, but as a general rule second lien holder, in this case the workers, will not get paid. Sorry
In a bankruptcy or seizure , the rules of the state of incorporation apply subject to the law of the state where the vessel is located. Wages are normally priority claims. If a vessel is arrested for nonpayment of wages then a mere sale of the vessel does not free the vessel. Lawyers are always involved in these complex cases. Happily, in most cases where crooked companies do not pay wages and where a vessel is arrested, the crew does get paid something in order to free the vessel.
@@seantwomey396 Hi Sean, this is not a bankruptcy. This is a lien holder trying to get his money back. I don't want to be defending banks, but if it were otherwise, banks wouldn't lend money. Lastly, the "state" in this case France, may have something to say about it.
Thank doesn't have a lien on the yacht, they own the yacht. As mentioned, in order to sell the yacht clear of any debt they need to settle the debt.
@@YachtReport They own the yacht because they had a lien on the yacht. When the senior lien holder takes ownership and the sale of the yacht does not satisfy the loan amount, it may dissolve the liens of lesser lien holders. France may have laws that allow the workers to jump to the head of the line, but normally, no.
I would suggest that the person responsible for the care and condition of the hull is one of the people currently suing for wages. Sounds fishy to me.
I am wondering what a yacht like this costs to repaint the haul and what a refit would cost. I know it varies but I am wondering if you can give an approximate amount.
i would say about USD 4M to 6M for this because they would have to do extra things before painting do to the ship's Not normal conditions !
if the ship was normal and just going for a new paint it would have be something like 2.5M to 3M
BTW dark colors cost more not just for the paint also for the pre paint surface prep, any imperfections will pop up when the sunlight hit dark colors !
But the bank is the current owner right? So with that in mind shouldn’t the bank be liable to pay it? Can you find out if the crew has been paid already? Thank you
After the debacles with SBM with FTX and FTT there is a lot to be talked about our whole money banking system
I guess the feeling of many people over the Sarafsa crew payment issue isn't so much over legalities as morals. The previous owner engaged the crew, promised them a certain salary, and didn't pay it, and those were all his actions regardless of the legalities surrounding who exactly was employing them.
However, I imagine that back pay owed the crew would be taken into consideration with the sale price. Credit Suisse implies otherwise, but since they're not exactly forthcoming (why be cagey over whether they own it? Why lie about the condition when we can see with our own eyes it's a lie?) I see no reason to take them at their word. I suspect they chose "lien" very deliberately, since we already learned that's not the applicable term here. That would be claims or incumbencies, and might be regarded as an element of the condition of a yacht being sold "as-is".
That abandoned yacht looks really bad.
Too much wealth is a perversion. Imagine all the means available to the old owner and the new owner and not a one willing to pay the crew.
Perverse!!!
60M is to much that thing looks like it's from the 80's !
25m to 30m USD max !
Such a shame that MY Sarafsa has suffered in that way. Any interested buyer would immediately deduct $5-6 million for a new paint job. Goodness knows what skeletons lie in other cupboards.
I was confused as to why Credit Suisse can conflate the physical appearance of the yacht with Flag and Class maintenance requirements as they have absolutely nothing to do with each other. Notwithstanding, if the crew haven't been paid, I bet they haven't been putting their heart and soul into planned maintenance and repairs. That's another 10 million off the offer price.
What would be the cost of Painting a Hull of that size?
So what happened to the boat that was in distress? Did it sink, or they couldn't find it?
I get the law, the bank should be paying the crew.
Judging by your comments about the condition, is 65 million an appropriate price? Or is that more of a price that reflects a yacht in excellent condition?
What would the Credit Suisse owned yacht be worth in good condition, which leads to the question of how much could be made by buying it, making it look good and reselling it?
Well the EUR 65 Million is an estimate that will have been made based on original price and where in the market she sits. But yeah it could be possible to make some money, buying the yacht, changing the name and painting the hull and reselling.
Were I a bazillionare I would buy container ships and keep them in service but kit them out with a penthouse. My yacht is 900 ft long and has a net negative cost to operate. Oh and I have 12 of them.
Q, is it possible to get ownership of an abandoned super yacht without paying for it?.
Technically that is what the bank did. They got ownership of the yacht because the owner most likely didn't pay a loan where this was the collateral. A government or likewise body can seize ownership because of international sanctions or outstanding port fees or the like. All must be based on the law. Simply seizing the yacht and changing the ownership in the registry of the home country of the ship will most likely end with a particular set of troubles for the new "owner".
$65k Going once? Hurry before the paint is completely peeled off, Then I would have to change my mind to $64,99k
I just hope, in the near future, you get to get back to posting what you did before the foolishness started...it's was actually quite good.
Merry Christmas and Happy New Year.
Sounds to me like the crew are being seen off with regards wages. Big fish win again
Well the current owner is the bank. Let the bank pay the crew.
Can you have a yacht clear of liens from the bank and still owe fines to the government?