Superyacht going cheap – 1MDB investigators auction off seized boat

[rooster59]

Superyacht going cheap – 1MDB investigators auction off seized boat

By The Thaiger & The Nation

 

 

The bidding process for the billion-baht superyacht ‘Equanimity’ will begin on Monday and run until November 28.

 

1Malaysia Development Bhd’s (1MDB) counsel Ong Chee Kwan has confirmed the matter after meeting High Court (Admiralty Court) Judicial Commissioner Khadijah Idris in chambers yesterday.

 

“Those who are interested to bid need to pay US$1 million as deposit,” he said.

 

Full story: https://thethaiger.com/news/regional/superyacht-going-cheap-1mdb-investigators-auction-off-seized-boat

 

 

-- © Copyright The Thaiger 2018-10-27

[wombat]

“Those who are interested to bid need to pay US$1 million as deposit,” 

is there time to run a Gofundme to get the deposit?

[atyclb]

me thinks could not even afford the maintenance for that

[Airalee]

28 minutes ago, atyclb said:

me thinks could not even afford the maintenance for that

No doubt.  Your comment piqued my curiosity so I did some googling.  It appears that the boat is worth far more than a billion baht $30,000,000 as the estimated build cost was $250,000,000.  An article in Forbes estimates that the annual total running costs (fuel, maintainance, salaries etc) is about 10% of the original cost.

 

https://www.forbes.com/sites/aliciaadamczyk/2015/04/08/how-much-does-a-superyacht-really-cost/

 

 

[canuckamuck]

Tempting, but I have no idea where I would park a second one.

Edited October 27, 2018 by canuckamuck

[anterian]

I wonder what the annual insurance premium is on something like that. 

[300sd]

Well I'm not cleaning that!

[quadperfect]

This boat was seized a year ago. No maintenance in 1 year means the boat is going to be in bad shape.  Nearly every system will need to be rebuilt.

Its going to cost 50 percent of the original build just to get her up and running.

 

 

[Ulic]

I talked to a chief engineer on a superyacht a few years back. A major maintenance yearly refit at 8 million, a minor maintenance yearly refit at 4 million. Several hundred thousand dollars to fill the fuel tanks. Staffing and other miscellaneous costs. 20-30 million USD to operate yearly. Even billionaires rent out their boats to offset the expenses. 250k-500k a week. 

[BritManToo]

5 minutes ago, Ulic said:

I talked to a chief engineer on a superyacht a few years back. A major maintenance yearly refit at 8 million, a minor maintenance yearly refit at 4 million. Several hundred thousand dollars to fill the fuel tanks. Staffing and other miscellaneous costs. 20-30 million USD to operate yearly. Even billionaires rent out their boats to offset the expenses. 250k-500k a week. 

You could just tow it somewhere and use it as a houseboat if the price was right.

All you'd need to pay is the mooring fee.

[scorecard]

2 hours ago, canuckamuck said:

Tempting, but I have no idea where I would park a second one.

In the bathtub of course.

[Cereal]

That is a seriously nice boat.

[Jack100]

3 hours ago, Ulic said:

I talked to a chief engineer on a superyacht a few years back. A major maintenance yearly refit at 8 million, a minor maintenance yearly refit at 4 million. Several hundred thousand dollars to fill the fuel tanks. Staffing and other miscellaneous costs. 20-30 million USD to operate yearly. Even billionaires rent out their boats to offset the expenses. 250k-500k a week. 

Ulic just out of interest - how much if you let the batteries run down ?

[Airalee]

4 hours ago, Ulic said:

I talked to a chief engineer on a superyacht a few years back. A major maintenance yearly refit at 8 million, a minor maintenance yearly refit at 4 million. Several hundred thousand dollars to fill the fuel tanks. Staffing and other miscellaneous costs. 20-30 million USD to operate yearly. Even billionaires rent out their boats to offset the expenses. 250k-500k a week. 

A super yacht like that looks like it would go for about a million USD per week.  Crazy.

 

https://www.yachtcharterfleet.com/motor-yacht-charter-fleet.htm?price_from=0&price_to=100000000&currency_code_id=3&length_from=0&length_to=999&length_id=1&guests_from=0&guests_to=40&vessel_name=&vessel_name_id=&corporate_charter=&vessel_type_id=&vessel_builder_id_list=&vessel_model_id=&season_id_list=&vessel_builder_id=&extended_name=&search=&view=&length_to_max=100&price_to_max=1000000&year_to_max=2018&display_resource_type=&vessel_sub_type_id=1%2C8&per_page=12&order_by=price_desc&licence_id_list=&no_licence=&mode=&id=

[smotherb]

15 hours ago, BritManToo said:

You could just tow it somewhere and use it as a houseboat if the price was right.

All you'd need to pay is the mooring fee.

Well, where that yacht would have to be moored is no simple boat slip, so the mooring fee would be considerable.  Then don't forget the insurance, taxes, salaries, maintenance and operating expenses even using it as a houseboat; and, you had to get it to wherever you moored it, didn't you?

Edited October 28, 2018 by smotherb
forgot to include maintenance

[djayz]

On 10/27/2018 at 3:18 PM, car720 said:

There really are alternative universes on this one small planet.  Every now and then we get a look in but that is as far as we will ever get.

I thought the same as I was reading the article - but immediately realized that I'm happy in my own, little, insignificant universe with my missus, kid and our little house.

No mortgages, no mooring fees, no salaries, etc. to worry about/pay. 

I know everybody can do what they want with their own money, but when I read articles like this one I just think "what a waste". 

 

[Patriot]

On 10/27/2018 at 4:56 PM, quadperfect said:

This boat was seized a year ago. No maintenance in 1 year means the boat is going to be in bad shape.  Nearly every system will need to be rebuilt.

Its going to cost 50 percent of the original build just to get her up and running.

 

 

There will have been a management company involved. A skeleton crew would have been employed with probably a full compliment engineering department. Major systems will be in good order and certification will be up to date so as to have kept the yacht in class. 

[Cadbury]

I don't know why all the negative talk. Perhaps it can be "acquired" so to speak.

This vessel is most befitting a new "democratically" elected Thai Prime Minister. I can see him now in his naval uniform and captain's hat on the bridge barking orders to the crew.

"Give Thaksin a thousand lashes and hang him from the yardarm then feed him to the sharks....."

[Small Joke]

its nice to see some justice served at the big end of town, the BiB unfortunately, dont come out of this looking too hot. They arrested and held the original whistleblower for three years, on the direction of the criminals themselves. （I wonder if he will see his luxury house or wrongfully arrested thai wife again, or even ever get another visa） and yes, even squeaky clean Singapore got sucked in to corruptly and unlawfully  obstructing journalists and witnesses by that little grub who used to be the top dog in KL.

Edited October 28, 2018 by Small Joke

[Small Joke]

On 10/27/2018 at 3:18 PM, car720 said:

There really are alternative universes on this one small planet.  Every now and then we get a look in but that is as far as we will ever get.

I spent a youthful summer on a significantly smaller vessel. its mostly a folly being a boat owner. they may spend a few days a year on it. some will charter them to help with the costs. Even as a lowly deckhand, you still get a ton of magic seduction power from being near the thing. We had “holiday romances” up the wazoo. Our relaxed outgoing captain would have little sundowner parties, to which the pretty dockside curious “catch of the day” would be invited, they always showed up, and then found us to be exceedingly handsum sailors after a few drinks on the owners tab. Happy days！

[scorecard]

23 minutes ago, Small Joke said:

I spent a youthful summer on a significantly smaller vessel. its mostly a folly being a boat owner. they may spend a few days a year on it. some will charter them to help with the costs. Even as a lowly deckhand, you still get a ton of magic seduction power from being near the thing. We had “holiday romances” up the wazoo. Our relaxed outgoing captain would have little sundowner parties, to which the pretty dockside curious “catch of the day” would be invited, they always showed up, and then found us to be exceedingly handsum sailors after a few drinks on the owners tab. Happy days！

I recall listening to a big yacht owner who parked his vessel at Ocean Marina, just past Pattaya and used it for maybe 4 days a year.

 

He was bemoaning the fact that every time he came at least half the day was taken up with discussions with the staff about broken things / costly maintenance items, equipment replacement, and suggested upgrades / new IT stuff., etc.

 

My understanding is that soon after this conversation he got a huge bill for maintenance and sold the yacht with a big discount, and sold 'as is' it as fast as possible. 

 

Edited October 28, 2018 by scorecard

[bendejo]

On 10/27/2018 at 1:18 AM, car720 said:

There really are alternative universes on this one small planet.  Every now and then we get a look in but that is as far as we will ever get.

 

Not meant to drag in another subject, but recently in the US there was a hub-bub that involved a peek into the childhood of someone from a privileged family, and I was thinking something quite like the 2nd sentence in your post.

 

[bendejo]

On 10/26/2018 at 9:54 PM, rooster59 said:

 

 

 

Lots of luck with that one, matey!  The Straits pirates will have you by the time you reach the Indian Ocean side of Sumatra.

In addition to costs of fuel, insurance etc add the cost of a mini-navy as an escort.

Maybe MM should buy it as a "no hard feelings" gift for Anwar.  ????

 

 

[Blackheart1916]

On 10/27/2018 at 6:33 PM, wombat said:

“Those who are interested to bid need to pay US$1 million as deposit,” 

is there time to run a Gofundme to get the deposit?

Only if you have crashed your motorbike and have no insurance.