Lena Yacht News & Events

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Sanlorenzo yacht Lena in St Tropez

Lena

Update on Russian yachts seized

News is being shared of Russian yachts seized, here we have outlined the news behind those claims.

A number of yachting industry companies have now issued statements in regard to the war in Ukraine. Here we have summarised those statements and will continue to update this article if, and when, additional companies come forward. <img src="https://photo-assets.superyachttimes.com/photo/206970/image/large-2380e333a6a32ec0ba6fcd82b717c21c.jpg" data-gid="gid://syiq/Photo/206970"><a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>&nbsp;reports minimal impact<a data-gid="gid://syiq/Article/54694" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Seized Russian superyachts: The first two yachts seized in Italy (2022-03-03 14:30:00 +0100)">As we reported in our article on the seizure and arrest of Russian-owned superyachts</a>, <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> issued a statement last week following the news that the 38.5-metre&nbsp;<a data-gid="gid://syiq/Yacht/3108" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lena38.5m (126'4&quot;)Sanlorenzo2010">Lena&nbsp;</a>had been arrested in Italy. The company announced that despite the war, that the "backlog amount as of 31 January 2022, equal to € 1,002.6 million, related to customers of Russian nationality does not reach 10% of the total, spread over three financial years. The Company also specifies that these are subjects not affected by international sanctions , whose payments are regular, and as of today no order has been canceled."<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a>&nbsp;reassures stakeholders<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has issued a statement that “production of orders in progress and refit activities carry on without any delay, despite the sanctions introduced by the EU towards Russia, stemming from the ongoing conflict in Ukraine. As of today, no order has been cancelled and there has been no delay in the payment of the existing contractual instalments.”The statement goes on to say that <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has “only one existing contract with a Russian client; in particular the Company needs to collect 6 million Euros related to the yacht’s delivery scheduled for the beginning of 2023.” The statement points out that the client concerned is not included on any sanctions list.Finally, and with reference to various reports that have appeared in mainstream media: “<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, on the basis of the documentation in its possession and following the findings of the checks carried out by the relevant authorities, declares that the 140-metre yacht <a data-gid="gid://syiq/Yacht/6427" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Scheherazade140.0m (459'4&quot;)Lürssen Yachts2020">Scheherazade</a>, currently in the shipyard for maintenance works, is not attributable to the property of Russian President Vladimir Putin.”<img src="https://photo-assets.superyachttimes.com/photo/120948/image/large-2ef2d139f3eea033c30dba9888d4fad1.jpg" data-gid="gid://syiq/Photo/120948"><a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a>&nbsp;plays down impact of Ukraine conflict<a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a> has released a statement declaring that the current geopolitical situation is having minimal impact on its business activities:“With an order backlog of €1,272 million as of 28 February 2022 and an Order Intake of €308 million in the first two months of 2022, the <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Group</a>, which is present in over 70 countries, has a geographically diversified commercial strategy and an exposure in terms of revenues of less than 3 percent to the areas currently involved in the conflict. <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a> has no exposure to the mega and gigayacht segment, the one of greatest interest to the Russian elites most affected by international sanctions. Furthermore, as of today, the <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Group</a> is not aware of any sales to subjects targeted by these sanctions.”The statement goes on to announce that <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a> “is monitoring market developments on an ongoing basis and mitigating any risk through a distribution model involving progress payments during construction and the possibility of reallocating series and semi-custom yachts thanks to waiting lists for almost all the models in the range.”This reassurance comes at a critical time as Reuters has reported that <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a> is aiming to list in Hong Kong through an initial public offering at the end of March.<a data-gid="gid://syiq/Company/54" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Heesen Yachts (Company)">Heesen Yachts</a>&nbsp;board faces changeIn an article published yesterday, <a data-gid="gid://syiq/Article/54744" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Russian board members step down at Heesen (2022-03-10 14:30:00 +0100)">we reported that two Russian members of the Dutch shipyard Heesen's board stepped down</a> citing "developments of the current international situation in Ukraine." Pavel Sukhoruchkin and Pavel Novoselov have been on the board of directors for over ten years.&nbsp;"We have worked closely with <a href="https://www.superyachttimes.com/companies/heesen" target="_blank">Heesen</a>'s board of directors for over ten years with passion and dedication to develop what once was a family-owned business into an internationally reputed shipyard," says Pavel Sukhoruchkin and Pavel Novoselov. "The current situation imposes us to step back for the good of a company that is close to our hearts. We wish success and strength through these times to the <a href="https://www.superyachttimes.com/companies/heesen" target="_blank">Heesen</a> board of directors and all the employees."While the shipyard is in the completion of the Russian-owned superyacht <a data-gid="gid://syiq/Yacht/7394" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Galactica80.07m (262'8&quot;)Heesen Yachts2022">Galactica</a>, the vessel's owner is not among those on the sanction list, despite broad speculation online.<img src="https://photo-assets.superyachttimes.com/photo/206966/image/large-97b565e33fd9c371d882bf9dd859ebb4.jpg" data-gid="gid://syiq/Photo/206966"><a data-gid="gid://syiq/Company/6" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Camper & Nicholsons International (Company)">Camper and Nicholsons International</a>&nbsp;Last week the yacht brokerage house <a data-gid="gid://syiq/Company/6" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Camper & Nicholsons International (Company)">Camper and Nicholsons</a> announced that it would be closely monitoring the ongoing situation and working to "review our policies and will put in place any recommendations from the authorities to ensure that rules imposed are followed, as we have done successfully for the past 240 years."&nbsp;Yachties United for Ukraine Crew &amp; FamiliesIn addition to the various responses from industry companies, a number of companies have created donation funds for the assistance of superyacht crew and their families who are being impacted by the war. Yachties United is one such organisation. Founded by a team of ex.yacht crew, the organisation is sharing information, go-fund-me donation boards, news and useful links to assist anyone looking for information or assistance in relation to the war in Ukraine. With a bulletin board that advertises host families for stranded people, donation locations and more, the website is a fantastic resource for anyone in the industry looking for assistance, or looking to assist.

Businesses respond to Ukraine war

A number of businesses within the yachting industry have responded to the war in Ukraine, we have outlined the details here.

The yachting industry reacts to the war in Ukraine

With more yacht arrests and sanctions occurring over the course of the weekend, we took a closer look at the legal implications for the arrest or freezing of private vessels, speaking to a number of maritime lawyers to get a more in-depth understanding of current events. All of those we spoke to pressed that these are unprecedented times both in yachting, and on legal terms.While a number of the sanctioned Russian oligarchs and elites own superyachts, at this time it remains only the 156-metre <a data-gid="gid://syiq/Yacht/5967" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Dilbar156.0m (511'10&quot;)Lürssen Yachts2016">Dilbar</a> and the 85.5-metre <a data-gid="gid://syiq/Yacht/2485" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Amore Vero 85.5m (280'6&quot;)Oceanco2013">Amore Vero</a> that have been publicly named by any international body. James Jaffa of <a data-gid="gid://syiq/Company/6454" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jaffa & Co (Company)">Jaffa &amp; Co</a>. commented, “While there is a widespread aversion to dealing with Russian individuals, legally you can still engage in commerce with Russians as long as neither they, nor their bank, are named on the sanctions lists.”&nbsp;This is important because it means that non-sanctioned Russian-owned yachts are still able to pay crew and release funds in order to maintain the operations of the vessel. On the other hand, lawyers speculate that sanctioned yacht owners cannot legally release funds in order to operate their vessels and therefore the yachts will be crippled by the legislation, whether the yachts are named or not.Read: <a data-gid="gid://syiq/Article/54681" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="How might the war in Ukraine impact the superyacht industry? (2022-03-02 16:15:00 +0100)">How might the war in Ukraine impact the superyacht industry?<img src="https://photo-assets.superyachttimes.com/photo/89438/image/large-d695c5249cebfa5c04f65b72d6e6260d.jpg" data-gid="gid://syiq/Photo/89438"></a>But, is there a legal precedent for the arrest of superyachts?Benjamin Maltby, Partner of Keystone Law shed some light; “We’re in uncharted legal waters. Yachts are, of course, arrested regularly – but vessels are usually free to go once financial security has been provided. Security is typically in the form of a bank guarantee. The current situation is more like confiscation than detention. The aim is the deprivation of assets rather than the settlement of a debt or other legal claim.”Jaffa added that under the sanctions it becomes illegal for any company, including a bank, or individual to engage in a financial transaction with a sanctioned individual. “The sanctions have a particularly wide net and even indirect financing of sanctioned individuals can lead to very significant fines and jail time.” This means that while the vessel’s owner is being sanctioned, finances cannot be provided for the vessel, meaning that its operation is essentially impossible.Read:&nbsp;<a data-gid="gid://syiq/Article/54694" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Seized Russian superyachts: The first two yachts seized in Italy (2022-03-03 14:30:00 +0100)">Seized Russian superyachts: The first two yachts seized in Italy<img src="https://photo-assets.superyachttimes.com/photo/26871/image/large-1d96660d5af20e9287281ec8d177cb98.jpg" data-gid="gid://syiq/Photo/26871"></a>What is happening to sanctioned yachts?Many people have asked what will happen to vessels if they are seized or arrested by international governments – do they then become the property of those governments, and who will be responsible for the payment of outstanding debts, including the payment of crew?&nbsp;Maltby explained, “It is not yet clear how the vessels will be cared for. They won’t become the property of the governments or port state authorities in whose possession they will remain for the time being. Under English law, you owe a duty of care to the owner of goods you have seized. This is known as a bailment, however it seems unlikely that port officials will be arranging for day workers to clean the yachts down on a daily basis and lacking essential maintenance the value of the vessels will begin to depreciate, while debts build.” As Maltby touched on here, it is not only the outstanding debts incurred by yachts since the sanctions were introduced. Vessels such as <a data-gid="gid://syiq/Yacht/5967" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Dilbar156.0m (511'10&quot;)Lürssen Yachts2016">Dilbar</a>, <a data-gid="gid://syiq/Yacht/2485" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Amore Vero 85.5m (280'6&quot;)Oceanco2013">Amore Vero</a> and <a data-gid="gid://syiq/Yacht/3527" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lady M65.0m (213'3&quot;)Palmer Johnson Yachts2013">Lady M</a> and <a data-gid="gid://syiq/Yacht/3108" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lena38.5m (126'4&quot;)Sanlorenzo2010">Lena</a> <a data-gid="gid://syiq/Article/54694" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Seized Russian superyachts: The first two yachts seized in Italy (2022-03-03 14:30:00 +0100)">which are alleged to have been arrested in Liguria over the weekend</a>, are now sitting in marinas and ports incurring fees which may never be paid.&nbsp;As Jaffa mentioned above, under the sanctions it becomes illegal for people to engage financially with any of the sanctioned individuals. This final point is particularly significant to the yachting industry, and it sheds light on why <a data-gid="gid://syiq/Article/54699" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanctions imposed against Russian-owned superyacht Dilbar (2022-03-04 09:15:00 +0100)">Dilbar has been named within an official report from the US Department of the Treasury</a>. He added, “<a data-gid="gid://syiq/Yacht/5967" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Dilbar156.0m (511'10&quot;)Lürssen Yachts2016">Dilbar</a> was apparently seized during a refit at the <a data-gid="gid://syiq/Company/23" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lürssen Yachts (Company)">Lürssen</a> facility in Hamburg, which may have been due to an ongoing transaction (which is no longer permitted) with a vessel owned by a sanctioned individual. It will be interesting to see how the costs incurred during her time at the facility, including those of the crew, will be paid in the foreseeable future.”Read: <a data-gid="gid://syiq/Article/54699" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanctions imposed against Russian-owned superyacht Dilbar (2022-03-04 09:15:00 +0100)">Sanctions imposed against Russian-owned superyacht Dilbar<img src="https://photo-assets.superyachttimes.com/photo/3916/image/large-6d93fececfa447e4a259b0ee2180df31.jpg" data-gid="gid://syiq/Photo/3916"></a>What are the repercussions?While the registered owners of the vessel remain liable for the costs and retain ownership of the vessels, Maltby added that “the yachts may be sold by the seizing body in due course – by judicial auction or tender – in order to recover the outstanding amounts”. This however should not be expected in the short term. Jaffa added that it is possible for governments to create new legislation that will permit the release of sanctioned assets for the payment of debts, but whether this will be actioned is yet to be seen.In regard to this, some US politicians have been advocating for the seizure of vessels and the subsequent sale of them to raise aid funds. According to BusinessInsider, the so-called “Yachts for Ukraine” Act has been backed by Democratic Rep. Tom Malinowski of New Jersey and Republican Rep. Joe Wilson of South Carolina. The bill would hold authority for two years after its passage but the passing of such an act is yet to be seen.While the repercussions for yacht crew and shipyards with outstanding debts is apparent, it is not only sanctioned individuals who are being impacted. Jaffa explained, “An additionally unsettling impact of the international sanctions, and the war as a whole, is that actions are being taken against non-sanctioned Russians.” The momentary Monégasque arrest of <a data-gid="gid://syiq/Yacht/5625" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Quantum Blue104.0m (341'2&quot;)Lürssen Yachts2014">Quantum Blue</a> is an example of this. While she is Russian-owned, the owner of the 104-metre superyacht is not among those wealthy elites named within the sanctions lists, but despite that she was still prevented from departing Port Hercule last week, and though the yacht was later permitted to depart, the event in itself has complicated legal implications.

Can Russian superyachts be seized?

We spoke to maritime lawyers to get an insight into the current events within yachting.

Insight: What are the legal implications of sanctions against Russian yacht owners?

<img src="https://photo-assets.superyachttimes.com/photo/169736/image/large-5c3a121d03dc0a99d7cc33717d8dd0ea.jpg" data-gid="gid://syiq/Photo/169736">A fine example of the <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a> 40 Alloy model, the 38.5-metre motor yacht <a data-gid="gid://syiq/Yacht/3108" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lena38.5m (126'4&quot;)Sanlorenzo2010">Lena</a> was recently spotted at the French Riviera. Built in 2010, <a data-gid="gid://syiq/Yacht/3108" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lena38.5m (126'4&quot;)Sanlorenzo2010">Lena</a> is the fifth hull of the series with an aluminium superstructure and exterior designed by <a data-gid="gid://syiq/Company/586" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Francesco Paszkowski (Company)">Francesco Paszkowski</a>. Cruising again after her maintenance visit in June to <a data-gid="gid://syiq/Company/1364" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Permare s.r.l. (Company)">Permare</a> shipyard in Italy, <a data-gid="gid://syiq/Yacht/3108" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Lena38.5m (126'4&quot;)Sanlorenzo2010">Lena</a> offers her guests few notable features such as sea terraces and lifting gull wings. Accommodating up to ten guests in five staterooms, she is powered by twin <a data-gid="gid://syiq/Company/1409" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MTU (Company)">MTU</a> engines with 2,775 hp each allowing her to reach a top speed of 28 knots and cruise comfortably at 25 knots.

39m Sanlorenzo yacht Lena in the French Riviera

The 38.5m motor yacht Lena, built by Sanlorenzo in 2010, was recently spotted in the French Riviera.

39m Sanlorenzo yacht Lena anchored in St.Tropez

SuperYachtsMonaco has announced the launch of its intriguing new website at <a href="http://www.superyachtsmonaco.com" target="_blank">www.superyachtsmonaco.com</a>. The company has grown steadily since its rebirth in early 2009 and it now announces the delivery of two significant yachts under its Brokerage and Project Management arms.<img alt="" src="https://photo-assets.superyachttimes.com/photo/131982/image/large-57c1b8eac60a16e7dc74d48a29e9ebe2.jpg" data-gid="gid://syiq/Photo/131982" class="legacy">M/Y <a data-gid="gid://syiq/Yacht/127" data-legacy="true" href="#managed-by-application">Bacarella</a> (Trinity 60 metres) is soon to arrive in the Mediterranean and is the result of a successful three year collaboration with YCO. <a data-gid="gid://syiq/Yacht/127" data-legacy="true" href="#managed-by-application">Bacarella</a> is the largest yacht delivered from Trinity to date with a modern interior by Bannenberg &amp; Rowell Design. The yacht will not be available for charter during this current season whilst her delighted Owners take their first cruises but she will likely entertain enquiries for the Christmas season in the Indian Ocean and beyond.Also coming to fruition this July for the energetic and well connected young company is the delivery of M/Y <a data-gid="gid://syiq/Yacht/3108" data-legacy="true" href="#managed-by-application">Lena</a> (SL40), the latest in the series of the much admired 40 metre Sanlorenzo fast yachts designed by Francesco Paskowski.SuperYachtsMonaco have Project Managed the build of the yacht with technical support provided by BCTQ. The yacht has been delivered to the Client on time. With several exciting projects currently in progress the coming year looks interesting for SuperYachtsMonaco who are based in the Beau Rivage in Monaco and will be present at the Monaco Yacht Show 2010.

SuperYachtsMonaco launches new website

Sanlorenzo has launched the 5th hull in their 40 Alloy series. The yacht, christened Lena, is 40 meters long and has a beam of 7.90 metres. Built in Viareggio, the 40 Alloy series is a sensational line of fast aluminium superyachts with a planning hull.<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/131792/image/large-23a78c4649f5ca2836eed6db3e3f132f.jpg" data-gid="gid://syiq/Photo/131792"><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/131793/image/large-757d9c0257a5df7972c18f43500f7a30.jpg" data-gid="gid://syiq/Photo/131793">Designed by Francesco Paszkowski, the 40 Alloy is a true head-turner, with her modern lines, striking features, such as sea terraces and lifting ‘Gull Wings’, and original design.

Sanlorenzo launches 5th 40 Alloy superyacht, Lena

Sanlorenzo moves forward with the construction of two new units of the successful 40 Alloy series, which has won prestigious international awards, including the award for best exterior styling at the recent World Superyacht Awards.<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/127690/image/large-6c95a1bb8d1306c9f7b53eb2f2c7d0c1.jpg" data-gid="gid://syiq/Photo/127690">Despite the slowdown in the new build market, the Sanlorenzo Viareggio Division is busy working on two new 40 Alloy superyachts, which are both commissioned, and just launched the third vessel, <a data-gid="gid://syiq/Yacht/2231" data-legacy="true" href="#managed-by-application">iBoat</a>.The two hulls, with completed superstructure, were transported from Viareggio’s up-country, where Sanlorenzo assembles the hull and superstructure, just one week after each other. The spectacular night transportation through the Tuscan city saw the yachts pass the balconies of the houses by just a few inches.<img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/127691/image/large-fba2e38cc433ae36efbeb272812cf34e.jpg" data-gid="gid://syiq/Photo/127691"><img alt="" src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/127692/image/large-1affafbd527998ddbf0617cfdf0db69c.jpg" data-gid="gid://syiq/Photo/127692">These latest 40 Alloy superyachts will be delivered to their owners in the Spring 2010.