People in the industry are saying that a lot of the custom vessels that are currently being built are potentially meant for oligarchs since Americans and Russians own the largest chunk of the world’s superyachts. On the other hand, transferring the contracts could lead to potential issues for the shipyards if sanctions are lifted soon, and the ultra-rich that were previously targeted would want their under-construction luxury yachts back. Several industry representatives told Bloomberg that the situation is uncertain and that it caught everyone by surprise, which is why there are still many questions that need answers.
Another consequence of the spotlight on the oligarchs’ assets is that the superyacht industry itself is facing “an unprecedented public scrutiny” that could shake things up. Just when things were starting to go back to normal after the two-year crisis, Russia’s invasion of Ukraine came with massive financial ramifications for multiple industries.
For now, it looks like Russian moguls will also be losing the superyachts that they didn’t even get to enjoy, while other customers with big pockets get the chance to snatch some of these custom toys at a much better price.