Is there a venture waiting at Vulkan?
Last year, Vulkan Shipyard repossessed the half-complete project, 42.1m motoryacht 'VK_1', after the original buyer defaulted. The nature of the situation meant that work on the boat ground to a halt, the yard remained inactive and was, itself, put up for sale. SuperyachtNews.com speaks to the yacht's broker, Jim Acher, to get an update on the status of the yard and its last project.…
Last year, SuperyachtNews.com announced that Vulkan Shipyard in Valencia had repossessed their half-complete project, 42.1m motoryacht VK_1, after the original buyer defaulted, and put the yacht up for sale through Bluewater Brokerage. The nature of the situation meant that work on the yacht ground to a halt and the yard remained inactive and was, itself, also put up for sale. SuperyachtNews.com speaks to the yacht's broker, Jim Acher, to get an update on the status of the yard and its last project.
The last update from Vulkan Shipyard was that the yard was up for sale, but with very little success. Unfortunately, this still seems to be the case as Acher reveals that the yard is still up for sale and enquiry levels do not sound promising. “There has not been a huge amount of interest to be honest,” says Acher. “There has been some but we are telling people that, with the boat up for sale, they can also buy the yard as well or they can finish the boat at the yard with their own people.”
VK_1, the 42.1m superyacht originally embarked upon in 2008, is being offered to potential buyers through Bluewater for €3,895,000, following a recent reduction in price. The aluminium vessel, which can accommodate 12 guests, is 50 per cent complete and the engines, gearboxes and generators have already been installed with other equipment and machinery purchased too.
But does the yacht's failure to sell thus far reflect some negative connotations held over incomplete yacht projects? “The problem that you get when it’s a little bit further down the line is that, if the buyer doesn’t like certain parts, you have to rip things out and re-do it,” Acher explains. “When it comes to unfinished projects, you need to be able to pick up the thread from where work has stopped. If you are unable to do that then it can be like opening Pandora’s box and the project can run into much higher costs. So it is very important for someone who is taking on such a project to be able to pick up the thread, which one can do in this case.”
The disinterest shown so far from the industry towards the defunct shipyard perhaps shows it represents an unappealing asset. But, due to the nature of the situation, the chance to buy both yacht and shipyard at particularly low prices could provide an innovative buyer, who is willing to invest in the industry, with a very exciting opportunity.
The last update from Vulkan Shipyard was that the yard was up for sale, but with very little success. Unfortunately, this still seems to be the case as Acher reveals that the yard is still up for sale and enquiry levels do not sound promising. “There has not been a huge amount of interest to be honest,” says Acher. “There has been some but we are telling people that, with the boat up for sale, they can also buy the yard as well or they can finish the boat at the yard with their own people.”
VK_1, the 42.1m superyacht originally embarked upon in 2008, is being offered to potential buyers through Bluewater for €3,895,000, following a recent reduction in price. The aluminium vessel, which can accommodate 12 guests, is 50 per cent complete and the engines, gearboxes and generators have already been installed with other equipment and machinery purchased too.
VK_1 unfinished at Vulkan Shipyard.
VK_1 is an incomplete project but Acher claims that there has been a high level of interest in the project, particularly within the last 12 months. “Right now the project is at a stage where it is just waiting to be picked up and finished off,” he says. “We have had lots of viewings because it is a boat that can be bought at a low price and is at a stage where you can reconfigure it. There is still scope to change the interior layout to an owner’s individual taste. It can get buyers on the water quickly without having to start cutting metal from scratch.”But does the yacht's failure to sell thus far reflect some negative connotations held over incomplete yacht projects? “The problem that you get when it’s a little bit further down the line is that, if the buyer doesn’t like certain parts, you have to rip things out and re-do it,” Acher explains. “When it comes to unfinished projects, you need to be able to pick up the thread from where work has stopped. If you are unable to do that then it can be like opening Pandora’s box and the project can run into much higher costs. So it is very important for someone who is taking on such a project to be able to pick up the thread, which one can do in this case.”
The disinterest shown so far from the industry towards the defunct shipyard perhaps shows it represents an unappealing asset. But, due to the nature of the situation, the chance to buy both yacht and shipyard at particularly low prices could provide an innovative buyer, who is willing to invest in the industry, with a very exciting opportunity.
Profile links
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
