Thursday, November 8, 2012

"Star Fish" Fate Now Known

Three months after the midnight fire at McMullen & Wing’s Auckland New Zealand shipyard that damaged the 50m (164ft) steel/aluminium Superyacht Star Fish, the future of the project is now known. The remaining undamaged hull, machinery and equipment assets of the project are available for immediate sale for completion by McMullen & Wing. In need of a new superstructure and interior, the vessel could be launched in 18 months, offering a new owner an outstanding high volume custom expedition yacht, fully warranted by her original award-winning New Zealand shipyard, at a very substantial discount from normal new build cost.

The Star Fish design is a larger development of the spectacularly successful and highly awarded 45m (147ft) Big Fish, built by McMullen & Wing for the same owner, Richard Beattie. Sharing the same high efficiency displacement hull form, the vessel offers incredible volume, stability and outstanding sea keeping characteristics proven over Big Fish’s 60,000nm of cruising and astonishing charter record.

Star Fish was 75% complete at the time of the fire, and due for launch in March 2013. Her steel hull and aluminium superstructure were complete, faired and painting was in progress. Interior accommodation was well progressed, electrical and electronic systems underway and machinery installation mostly complete.

The fire gutted the interior, which has now been removed. Damage to the superstructure was sufficient to warrant replacement of the entire aluminium fabrications, which have already also been largely removed and discarded. The completed steel hull was essentially undamaged. The engine room, which was 95% complete, was also saved, with only very minor impact which can be wholly restored.

In financial terms, repair and reinstatement of the fire damage to brand new condition represents about half the total cost which had been expended at the time of the fire. The remaining value post-fire, comprising steel hull, engine room machinery & fitout, extensive undamaged equipment inventory and design investment, has been assessed at over US$14m. It is available for purchase at a mere fraction of this value.

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