European Union

Yacht Goes Missing in the Red Sea with Five Aboard

A private yacht with three Russians and two Egyptians on board has been reported missing in the Red Sea near the coast of Yemen for several days by its owner and the Russian embassy in Saudi Arabia.It was not immediately clear what had happened to the pleasure yacht named 30 Minutes which its owner said was heading to Djibouti to be sent onwards by ship to Dubai.The ship, which its owner said was registered in Panama, was not fitted with the standard AIS ship tracking system which…

Ferretti Opts to Pursue Dual Primary Listing in Milan

Italian yacht maker Ferretti said on March 20 it decided to proceed with a potential dual primary listing on Euronext Milan a year after it joined the market in Hong Kong.The luxury yacht group said in a statement the deal is subject to a number of conditions, including getting the green light from regulatory authorities and stock exchanges both in Hong Kong and Italy.The company added it planned to amend its by-laws to effect the changes to allow its shares to be traded in European Union venues.

UK Suspends 'National Flagship' Yacht Project

Britain won't proceed with building a new national flagship to promote business and trade interests around the world, defense minister Ben Wallace said on Monday, ending one of former Prime Minister Boris Johnson's pet projects.The ship was announced in May 2021 to host trade shows and negotiations, but tendering of contracts had not been completed.Wallace said that the project had been scrapped as he was prioritizing building ships to detect threats to cables on the seabed in…

Spain Moves Yacht Linked to Russian Oligarch After Payments Stop

Spanish authorities moved a luxury yacht linked to the sanctioned head of Russian defence group Rostec after the shipyard where it was berthed stopped receiving payments for its repairs, a transport ministry source said.The multi-million-dollar Valerie was transferred to a marina last month, the source and other officials said, highlighting the logistical challenges authorities have faced managing vessels being held across Europe because of sanctions imposed over Russia's military actions in Ukraine.Spain ordered the ship "frozen" - meaning the vessel can not be used or sold - in March, saying it was acting on European Union sanctions.

Superyacht Linked to Sanctioned Russian Oligarch Auctioned in Gibraltar

A $75-million superyacht linked to a sanctioned Russian steel billionaire was auctioned on Tuesday in Gibraltar, court sources said, in what is understood to be the first sale of its kind since Russia invaded Ukraine in February.The Axioma was granted entry into Gibraltarian waters and then impounded by the authorities in March after U.S. bank JP Morgan said its alleged owner Dmitry Pumpyansky had reneged on the terms of a $20 million loan.The 72.5-metre vessel is being auctioned by the Gibraltar Admiralty Court. It was listed for one day…

Sanctioned Russian's Superyacht Docked in Dubai

A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine.Andrei Skoch's blue and white Madame Gu was docked at Port Rashid on Friday, where Dubai's Ruler Sheikh Mohammed bin Rashid Al Maktoum keeps his own yacht, both visible to passersby.Dubai has emerged as a refuge for Russian wealth as Western sanctions target President Vladimir Putin's allies.

MAN Marine Engines Approved for Renewable Diesel

MAN Engines said it has approved all marine engines from its current product range for use with renewable diesel fuel in line with the standard EN15940 in Europe and the US-American specification ASTM D975 of the American Society for Testing and Materials (ASTM) with immediate effect. This will allow customers to replace conventional petroleum-based diesel fuel with "green" or renewable diesel fuel. Renewable diesel fuel is obtained from waste and residues of animal and plant origin…

Fiji Seizes Russian Oligarch Kerimov's $300M Yacht

Authorities in Fiji have seized a $300 million yacht of Russian oligarch Suleiman Kerimov at the request of the United States, the U.S. Justice Department said on Thursday, as Washington and its allies press Russia over its invasion of Ukraine.A Fiji court had ruled on Tuesday that the United States can seize a Russian-owned superyacht, weeks after it arrived and was impounded by police. Authorities in various countries have seized luxury vessels and villas owned by Russian billionaires in response to sanctions imposed on Russia over its invasion of Ukraine…

United States Can Seize Russian Superyacht, Fiji Court Rules

Fiji court ruled on Tuesday that the United States can seize a Russian-owned superyacht, 21 days after it arrived and was impounded by police, as the United States and its allies press Russia over its invasion of Ukraine.U.S. authorities assert that the luxury vessel, the Amadea, is ultimately owned by Russian oligarch Suleiman Kerimov, who has been sanctioned by the United States and the European Union.The U.S. Justice Department's Taskforce KleptoCapture has focused on seizing yachts and other luxury assets to put the finances of Russian oligarchs under strain in a bid to pressure Russian President Vladimir Putin over the war in Ukraine.

Russian Oligarch Deripaska's Yacht Arrives in Turkish Waters

A yacht linked to Russian aluminum tycoon Oleg Deripaska arrived in a bay near the southwestern Turkish resort of Gocek on Saturday, as more Russian billionaires head for Turkey to flee Western sanctions over Russia's invasion of Ukraine.Deripaska, founder of Russian aluminum giant Rusal, has been sanctioned by the United States, European Union and Britain. He has previously called for peace.A Reuters witness saw the 73-metre (239.5 foot) yacht Clio arrive off the coast of Gocek in the Aegean coastal province of Mugla on Saturday.

Russian Oligarch Vekselberg's Superyacht Seized in Spain

Spanish police on Monday impounded a superyacht belonging to Russian oligarch Viktor Vekselberg on behalf of U.S. authorities, the first time the United States has seized property belonging to a Russian oligarch since its invasion of Ukraine in February.Valued at more than 90 million euros ($99 million), the 78-metre-long "Tango" (255 ft) was seized in a shipyard on the Mediterranean island of Mallorca, the Guardia Civil police and the U.S. Justice Department said in parallel…

UK Tightens Sanctions Targeting Russian Oligarchs' Yachts

Britain put in place new legal powers on Wednesday to prohibit maintenance on aircraft and ships belonging to specific sanctioned Russian oligarchs or their businesses.The government is acting in concert with Western allies to try to cripple the Russian economy as punishment for Moscow's invasion of Ukraine. It has targeted Russia's access to the international financial system, industries like shipping and defense, and wealthy elites close to President Vladimir Putin.Britain said…

Ukraine's Zelenskiy Urges Italy to Seize Yacht Believed to Belong to Putin

Ukrainian President Volodymyr Zelenskiy urged Italy on Tuesday to seize a mystery yacht worth some $700 million that has been linked to Russian President Vladimir Putin.In an address to the Italian parliament, Zelenskiy said Putin and his wealthy backers often went to Italy on holiday and should have all their assets frozen to put pressure on them to end the invasion of Ukraine."Don't be a resort for murderers. Block all their real estate, accounts and yachts - from the Scheherazade to the smallest ones," he said, referring to a superyacht that is moored in the Italian port of Marina di Carrara.The sleek…

Russian Billionaire's Yacht Detained in Gibraltar

A luxurious super-yacht linked to the owner of Russia's largest steel pipe maker, who is currently under British and European Union sanctions, docked in Gibraltar on Monday and was then detained by the authorities.Western sanctions on Russian oligarchs over Moscow's invasion of Ukraine have triggered an exodus of luxury yachts from Europe in recent weeks, with several heading towards the Maldives, which has no extradition treaty with the United States.Reuters TV footage showed the "Axioma", believed to be owned by Dmitrievich Pumpyansky…

Yacht Linked to Russian Oligarch Docks in Turkey

A superyacht linked to Russian billionaire Roman Abramovich docked in the Turkish tourist resort of Bodrum on Monday, after skirting the waters of European Union countries which have sanctioned the oligarch over Russia's invasion of Ukraine.Abramovich was among several wealthy Russians added last week to an EU blacklist, and EU governments have acted in recent days to seize yachts and other luxury assets from them.World governments are seeking to isolate President Vladimir Putin and his allies over Russia's invasion of Ukraine…

Spain Detains Yacht Thought to Be Owned by Rosneft CEO

Spanish authorities on Wednesday detained a mega-yacht called "Crescent" that is believed to belong to Igor Sechin, the sanctioned chief executive of Russian oil giant Rosneft, a police source told Reuters.The 135-metre-long yacht, described by specialist publications as one of the biggest in the world, sails under a Cayman Islands flag and arrived in Spain from Italy in November 2021, according to monitoring site Marine Traffic.Spain's Transport Ministry, which confirmed the detention but not the ownership, said it docked…

France Seizes Yacht Reportedly Belonging to Rosneft Boss Sechin

French customs have seized a yacht belonging to Rosneft boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of EU sanctions on Russian oligarchs, Finance Minister Bruno Le Maire said.The move came as western states are implementing massive sanctions, including asset freezes, against Russia for invading its neighbor Ukraine. A separate nearly $600 million luxury yacht owned by Russian billionaire Alisher Usmanov has also been seized, by German authorities, Forbes reported. The 88-meter "Amore Vero" arrived in La Ciotat on Jan.3 and was due to stay there until April 1st for repairs…

Tito's Restored Former Flagship to Become Hotel and Museum in Croatia

The restored flagship of former Yugoslav leader Josip Broz Tito is being converted into a hotel and a museum devoted to its turbulent history, from banana boat to meeting place for world statesmen.Berthed in Croatia’s Adriatic port of Rijeka, the Galeb (Seagull) will open to the public in its new role next year.The ship was built in 1938 in Italy to transport bananas from Africa. During World War Two, it was used first by the Italian navy and then by the Germans and it was sunk by Allied planes at the end of the war.In communist Yugoslavia…

Global Piracy Up in 2018, Gulf of Guinea Leads

Piracy increased on the world’s seas in 2018, with a marked rise in attacks against ships and crews around West Africa, the International Chamber of Commerce’s International Maritime Bureau’s (IMB) latest annual piracy report reveals.Worldwide, the IMB Piracy Reporting Centre (PRC) recorded 201 incidents of maritime piracy and armed robbery in 2018, up from 180 in 2017.The Gulf of Guinea remains increasingly dangerous for seafarers. Reports of attacks in waters between the Ivory Coast and the Democratic Republic of Congo more than doubled in 2018…