|Burgess CEO Jonathan Beckett discusses the current state of affairs on the sale of the 91.5m yacht Equanimity|
Let’s first speak about Equanimity, please tell us about the yacht itself?
JB: Equanimity’s build credentials hail from Northern Europe meaning she is one of the top yachts currently available for purchase in the world. Her features include PYC status which allows for 22 passengers in 11 cabins, an ice-classed hull and certified helipad which allow her to truly cruise anywhere in the world, and finally an array of amenities including a beach club and spa. Finally, her beautiful Winch interior design has a broad appeal, which could also be easily modified should the new buyer wish to make changes. If you combine all these features, Equanimity would be the ideal yacht for any owner tempted by go-anywhere cruising, not to mention the potential to perform extremely well on the charter market.
How is the process of selling the yacht going? Please also explain the rationale for the change from a Sealed Bids process to a Private Treaty process?
JB: It is progressing well with many parties having visited the yacht and considering offers. As explained by the Malaysian Court lawyers, the first phase with sealed bids which was completed in November 2018 was a legally required step under Admiralty Law to pass good title to the purchaser upon her judicial sale. Of course, if during that step a bid would have met the requirements of the Court, then we would have all been delighted to see Equanimity sold. But the offers submitted were below the independent professional evaluation of the yacht. Once the mandatory sealed bid phase was completed, the Court was able to move to a more familiar Private Treaty sale format. This is the standard superyacht sale process which all superyacht stakeholders know well. New offers can be submitted at any time for the Court’s consideration and response.
Some people wonder why it is taking so long to sell Equanimity…
JB: Well, selling a yacht in this sector is never a fast process. There are only 1-2 yachts of that value selling each year globally and it typically takes 12 to 24 months to sell a yacht of this caliber. So, nothing unusual about the time frame as officially the yacht has only been on the market for three months, since the end of October 2018.
Speaking of price, can you comment on the USD 130 Million guide price?
JB: The Guide Price has been set from a formal appraisal by Winterbothams, following a full condition survey. We think it is a very reasonable guide price considering the quality of the yacht, and the Malaysian government has indicated that they would consider all ‘nine-digit’ offers. This makes Equanimity a yacht that must be considered as a key option for anyone looking at that sector of the market.
What is her condition, has she been well maintained?
JB: Yes, she is well maintained by 21 professional yacht crew under the supervision of a specialist yacht management firm. The yacht has cruised extensively since her launch and has had a very little downtime, so she needs some time in the yard and a repaint but otherwise is in good condition.
Any last word for our readers who would be interested in the yacht?
JB: Come and see her! She speaks for herself. She now lies in Langkawi, which is a beautiful resort island on the coast of Malaysia with daily direct flights to Kuala Lumpur’s international airport from all over the world.