The naval industry, particularly the luxury segment, has seen considerable shakeups since March this year, when international authorities agreed to sanction Russian oligarchs by seizing their uber-expensive superyachts. Among other equally expensive assets.
Economic sanctions are considered an efficient way of discouraging the current war in Ukraine, which Russia started on February 24. By seizing expensive assets of known allies of President Putin, international authorities hope to cut funding for the war. On paper, the idea is solid. Axioma shows how it translates in real life.
Axioma is a 236-foot (72-meter) superyacht owned by Dmitry Pumpyansky, a steel, oil and gas magnate whose estimated net worth prior to the war was between $1.5 billion and $2 billion. It was built at Dunya in Turkey, in 2013, and was the shipyard’s first and most expensive ship to date. At $75 million, it’s “cheap” compared to other oligarchs’ megayachts, but it makes up for this with a memorable design and very elegant styling.
Axioma is a beauty, regardless of ownership, but it’s the ownership that has gotten it arrested and stranded in Gibraltar, showing damage no one can – or will – fix right now.
Known yacht vlogger eSysman SuperYachts was in Gibraltar the other day and got closer to Axioma, which has been “stuck” in the dock since March 22. One day prior, it had requested an unplanned entry in the port, which was granted because its management firm was on the hook for due payments to J.P. Morgan. Once docked, Axioma was seized because of the Pumpyansky connection: Pumpyansky had been put on the EU and UK sanctions lists just days before.
As the video below and photos in the gallery will show, after it was seized, Axioma took some damage to the faring during a particular bout of bad weather. Bobbing and rolling while docked, it bumped against the concrete until the faring, painted in that gorgeous turquoise blue, came off, right down to the metal underneath. The vlogger explains that, under normal circumstances, this is the kind of repair job that would see it back into the shipyard. Because of the sanctions, the crew had to patch it up to the best of their abilities.
Back in the day, Axioma would accommodate up to 12 guests and 20 crew, and charter for as much as €635,000 per week in high season, not including VAT and onboard expenses. That’s roughly $670,000 at the current exchange rate, and fuel was not included.
Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends. Full profile
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