New Zealand. Assets of 50m luxury expedition motor yacht Star Fish available for sale.

Thursday, 08 November 2012


Three months after the midnight fire at McMullen & Wing’s Auckland New Zealand shipyard that damaged the 50m steel/aluminium motor yacht Star Fish, the future of the project is now known.

The remaining undamaged hull, machinery and equipment assets of the project are available for immediate sale for completion by McMullen & Wing.

In need of a new superstructure and interior, the vessel could be launched in 18 months, offering a new owner an outstanding high volume custom expedition yacht, fully warranted by her original award-winning New Zealand shipyard, at a very substantial discount from normal new build cost.

The Star Fish design is a larger development of the spectacularly successful and highly awarded 45m Big Fish, built by McMullen & Wing for the same owner. 

Sharing the same high efficiency displacement hull form, the vessel offers incredible volume, stability and outstanding sea keeping characteristics proven over Big Fish’s 60,000 nautical miles of cruising and unparalleled charter record.

Fire Damage

The vessel was 75% complete at the time of the fire, and due for launch in March 2013. 

Her steel hull and aluminium superstructure were complete, faired and painting was in progress.  Interior accommodation was well progressed, electrical and electronic systems underway and machinery installation mostly complete.

The fire gutted the interior, which has now been removed.  Damage to the superstructure was sufficient to warrant replacement of the entire aluminium fabrications, which have already also been largely removed and discarded.

The completed steel hull was essentially undamaged. 

The engine room, which was 95% complete, was also saved, with only very minor impact which can be wholly restored.

In financial terms, repair and reinstatement of the fire damage to brand new condition represents about half the total cost which had been expended at the time of the fire. 

The remaining value post-fire, comprising steel hull, engine room machinery & fitout, extensive undamaged equipment inventory and design investment, has been assessed at over US$14m.  It is available for purchase at a mere fraction of this value.

Survey

The vessel has been extensively surveyed post-fire to confirm the state of remaining structures and equipment to ensure only items which can be delivered to brand new superyacht standard are retained.

Laser measurements have been taken of shaft alignment and specific structural items, confirming that the fire caused no distortion to the steel hull.

Experts from classification society Germanischer Lloyd have identified isolated areas of local damage to steel decks and bulkheads which would be replaced with new to ensure that the entire completed steel structure represents a foundation of 100% confidence and quality.

Opportunity

The fire was a catastrophic event for owner, builder and subcontractors alike, however the unique circumstances do present some opportunities.

As a sound and proven hull platform with extensive equipment inventory and nearly complete machinery installation, in need of a new superstructure and interior, the project can be seen as a well-developed blank canvas with a significant head start and attractive value proposition.

A new owner can choose whether to take advantage of the existing design and development, or to chart a new path in styling and/or interior design to create a completely bespoke custom yacht.  With so much technical work already complete, the new yacht could be completed in as little as 18 months and delivered at a discount of as much as US$9m on equivalent new build cost.

The project assets for sale include the spectacular and fully developed Star Fish design package, offering the fastest and lowest cost delivery.  With a 38m owner’s deck, flexible layout offering up to 6 staterooms and extensive outdoor living options, this is an extremely attractive design for owner and charter use alike.

For owners looking for a different direction, McMullen & Wing has also engaged with a select group of prominent designers from around the world to explore the potential design directions for the project.  The resulting concepts will be published over the coming weeks.

Inquiries

For further information, interested parties can contact Michael Eaglen, Commercial Manager at McMullen & Wing at michael.eaglen@mcmullenandwing.com or by phone at +64 27 275 4467.

McMullen & Wing Limited

21 Gabador Place

Mount Wellington

Auckland 1060

New Zealand

www.mcmullenandwing.com

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Last Updated ( Thursday, 08 November 2012 )