Yacht Maker Ferretti Secures $176m in Capital Increase
Italy's Ferretti has signed three deals to increase its capital by a total of around 250 million euros ($276 million), the maker of luxury speedboats said on Tuesday, as it prepares for a potential stock listing on the Milan bourse later this year.Chinese industrial conglomerate Weichai, Ferretti's top shareholder, has agreed to convert a shareholder loan of around 212 million euros into an equivalent capital increase, the Italian group said in a statement.At the same time, billionaire Piero Ferrari, who already owns a minority stake in the shipbuilder, and financial investor Adtech Advanced T
Ferretti's Owner Aims to List Yacht Maker
Chinese conglomerate Weichai Group, which owns a near 87 percent stake in Ferretti, plans to list the luxury yacht maker but has still to decide a timetable for the deal, the Italian firm's chief executive said on Tuesday."The listing is an opportunity," Ferretti CEO Alberto Galassi said. "Our Chinese investor sees it as a natural evolution of its investment."He added that the formal process for the initial public offering had not yet started, and that it could be difficult to complete the deal by year-end."It is up to shareholders to decide…
Scallywag Drops out of Sydney-Hobart Race
Hong Kong super-maxi Scallywag became the first high-profile withdrawal from the 74th edition of the Sydney to Hobart blue-water classic yacht race on Wednesday.The Seng Huang Lee-owned yacht, which had been fourth out of the Sydney Heads, retired at sea after suffering a broken bowsprit.Scallywag was one of five super-maxis in the race, which started at 1 p.m. local (0200 GMT), with Black Jack holding about a minute lead out of the harbor.The Mark Bradford-skippered Black Jack took advantage of a drop and shift in the breeze as the leading yachts approached the entrance to the harbor.However…
Sailing-Stars & Stripes Team USA Joins Challengers for America’s Cup
Stars & Stripes Team USA has been accepted by holders Emirates Team New Zealand and the Royal New Zealand Yacht Squadron as the fifth challenger for the 36th America's Cup, which will take place in Auckland in 2021.The team was co-founded by sailors Mike Buckley and Taylor Canfield and represents the first all-American team in more than 15 years to compete for the oldest trophy in international sport, Long Beach Yacht Club said in an emailed statement."Our name is a nod to Dennis Conner's ‘Stars & Stripes’ campaigns that defined all-American America's Cup racing for decades.
Dutch Superyacht Builders Propelled by Rising Economic Tide
With three lounges, three dining rooms, an open-air jacuzzi, a bar and six luxury cabins, the 50-meter "Aster" is one of Dutch shipyard Heesen's more modest superyachts.The Netherlands, which amassed huge wealth through the technical superiority of European shipbuilders during its 17th century Golden Age, is continuing its maritime tradition by carving out a prominent place in the luxury yacht industry."It's a big year for us," Johan Kaasjager of Heesen Yachts told Reuters at his shipyard in Oss. "We'll have delivery of three yachts this year and still a lot to come.
Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia
A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.
Cincinnati Teacher Completes Record trans-Atlantic Row
Cincinnati schoolteacher Bryce Carlson set a record for the fastest solo unsupported west-east row across the North Atlantic ocean on Saturday and also became the first U.S. citizen to complete the feat.The 37-year-old landed at the port of St Mary's in the Scilly Isles, off the coast of south-west England, some 38 days six hours and 49 minutes after he set off from St John's in Newfoundland.The previous record for the solo west-east crossing was 53 days eight hours and 26 minutes set by Canadian Laval St.
Women Set for Volvo Ocean Race First as Finish Line Looms
For some of the crew members battling it out in the Volvo Ocean Race there is an additional motivation, they are in the running to become the first women to win the round-the-world event.A change in the rules for the current edition which encourages mixed crews has ensured an end to the male domination of the grueling round-the-world race, which began in the 1970s, with women on board each of the seven competing yachts."To be able to say that you are the first woman to win the Volvo Ocean Race is obviously something very special...
New Zealand Sailors Race for Triple Crown in Volvo Finale
New Zealand has a lot at stake in the final stages of the Volvo Ocean Race, with two of its best sailors vying for an elusive "Triple Crown" along with the America's Cup and Olympic gold.Peter Burling and Blair Tuke, Olympic partners in the 49er class and fellow America's Cup winners, will go head to head in the penultimate leg of the race which sets sail from Cardiff for Gothenburg, Sweden on Sunday.But only one of them can win the round-the-world race and achieve the treble no sailor has managed…
Ainslie in Hunt for Cash to Fulfil America's Cup Dream
When Ben Ainslie is not out sailing with his crew, he is busy inside Land Rover BAR's futuristic headquarters raising the money he needs to make his America's Cup dream a reality. Ainslie, the most successful Olympic sailor and a winner of the "Auld Mug" with Oracle Team USA in 2013, is racing to secure at least 100 million pounds ($141 million) needed to design, construct and race the latest version of America's Cup boat. "We are on that funding trail right now ... Land Rover have been fantastic as title partner and some of the other partners are coming back in…
Greek CG Nabs 1.3 tonnes of Cannabis
Greece's coast guard seized about 1.3 tonnes of processed cannabis, hidden aboard a foreign flagged fishing vessel intercepted off the southern island of Crete, it said on Sunday. The drug bust was the result of a three-day operation. Greek authorities had been informed by French customs that a suspect ship was sailing to the southeast of the island, possibly carrying illegal cargo. The operation involved four coast guard patrol vessels and two planes, one belonging to Frontex - the European border and coast guard agency.
Luxury Yacht Seized in Money Laundering Probe
Indonesian police on Thursday questioned the captain and crew of a luxury yacht in Bali at the request of U.S. authorities, probing alleged money laundering at a Malaysian state fund, they said. The yacht was impounded in Bali on Wednesday amid a multi-billion dollar corruption investigation launched by the U.S. Department of Justice (DOJ) and tied to Malaysian state fund 1Malaysia Development Berhad (1MDB). Police seized the yacht, Equanimity, after receiving a letter on Feb. 21 from the U.S.
Deutz Aims for Hybrid, Electric Engines by 2020
Specialty diesel engine maker Deutz aims to expand its business to include hybrid and battery-powered engines from 2020, banking on an expected boom in demand for electric vehicles. "In future, we no longer want to operate just as a pure diesel group," Chief Executive Frank Hiller told Reuters on Thursday, a day after the group acquired electric drive specialist Torqeedo. The takeover has swallowed most of the 100 million euros ($118 million) in investments allocated to the new push, Hiller said, adding he expected the new products to account for 5-10 percent of group sales within five years.
Young American Sailors Call for Action on Marine Pollution
Leading offshore sailors Charlie Enright and Mark Towill are sounding the alarm about the danger posed by marine debris and pollution, after recent research from the Ocean Conservancy estimated a staggering eight million tons of plastic trash is entering the ocean every year. The duo spent much of last year in the most remote waters of the globe during the 2014-15 Volvo Ocean Race - and observed an eye-opening amount of debris littering the ocean all over the planet. Enright, 32…
Mick Fanning Claims Victory at J-Bay Open
Three-time WSL Champion Mick Fanning (AUS) has won the J-Bay Open, stop No. 6 on the 2016 Samsung Galaxy World Surf League (WSL) Championship Tour (CT), defeating John John Florence (HAW) in an exciting Final in three-to-four foot (1 metre) surf at Jeffreys Bay. Today’s incredible victory comes a year after a dramatic incident during the 2015 J-Bay Open Final where Fanning was attacked on live television by what is believed to be a Great White Shark. “It’s definitely a very different feeling this win,” said Fanning. “There was a real emotional build up coming back here this year.
Fast and Furious Volvo Ocean Race
The Volvo Ocean Race fleet, battered but unbroken as they battle through the Southern Ocean, face the toughest 48 hours of the nine-month marathon, reports Reuters. It is now heading for Cape Horn in southern Chile, a graveyard for countless sailors since it was first used as a trading route in the early 17th century. Cape Horn, at the southern-most tip of South America, is regarded by sailors as the most iconic and feared landmark in the world. What makes it so challenging? It's cold, it's bleak and it's dangerous. Its home to biblical storms and gale force winds, making visibility difficult.
Ebola Fears Hit the Maritime Market
Brazil, Argentina and the United States have tightened port entry procedures for ships that have sailed from West Africa in a bid to control the potential spread of the deadly Ebola virus. Ebola has killed more than 3,400 people in Guinea, Sierra Leone and Liberia, and its spread has become a global concern -- with worries for trade, which could affect the airline and tourism industries together with seaborne activity. The virus is already threatening to disrupt logistics activity…
Cheeki Rafiki: Under Pressure, USCG Resumes Search
U.S. authorities resumed a hunt on Tuesday for four British yachtsmen missing in the Atlantic Ocean after a public appeal backed by UK politicians and British billionaire Richard Branson not to give up on finding them just yet. The sailors on board the yacht Cheeki Rafiki went missing on Friday as they were returning to Britain from a sailing event in Antigua in the Caribbean and reported that the vessel was taking on water, forcing them to change course to head to the Azores. The U.S. Coast Guard, supported by U.S. and Canadian air forces…
Brazil's Batista Target of Insider Trading Probes
Eike Batista, who was Brazil's richest man for most of the past decade, is under investigation for allegedly engaging in insider trading while he chaired his now-bankrupt oil-producing and shipbuilding firms, securities industry watchdog CVM said on Friday. In a statement sent to Reuters, Rio de Janeiro-based CVM confirmed that Batista is a respondent in six of nine probes that executives of his Grupo EBX conglomerate are facing for breaching securities rules. In two of them, regulators are examining whether Batista allegedly took advantage of his access to privileged information.