Malaysia just dumped its superyacht for $125 million — half its original price

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Yacht Harbour

  • The Malaysian government sold its 91.5-metre Oceanco superyacht Equanimity for $126 million.
  • It spent $3.5 million on maintainence since reclaiming her in August 2018.
  • The vessel’s original price was $250 million.

The Malaysian government has announced that the 91.5-metre Oceanco superyacht Equanimity would be sold to Genting Malaysia Bhd for $126 million. It was earlier revealed, that the vessel’s maintenance had cost the government over $3.5 million since her reclaiming in August 2018.

Genting Group is a Malaysia-based investment holding and management company, engaging in the leisure and hospitality, oil palm plantations, property development, biotechnology, oil and gas businesses. The group’s market capital is estimated at $8.3 billion by Forbes as of June 2018.

The purchase price is to be paid to the Court by the end of April, and is little lower than the market evaluation done by Winterbothams at $130 million. The new price, however, halves the vessel’s original price estimated at $250 million.

Equanimity

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Yacht Harbour

Malaysia’s Attorney General, Tommy Thomas, revealed the information earlier today. “The Government of Malaysia is pleased to announce that the superyacht Equanimity is to be sold to Genting Malaysia Bhd or its special purpose vehicle (SPV) company at the price of $126 million,” he confirmed.

He also explained that Genting Group made the purchase directly from the government, without a broker, meaning that no agency commission will be charged on the sale. That will save around $4.4 mln for the Malaysian government.

Equanimity

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Yacht Harbour

The Malaysian government seized Low Taek Jho’s superyacht in August 2018, shortly afterwards putting it on sale as a part of the effort to recover funds stolen by Low and his cohorts from the state fund 1Malaysia Development Berhad, according to The Independent. That resulted in a speculation on the topic, making the vessel notoriously recognisable.

“This will rank as the highest recovery to date for the government of Malaysia from its 1Malaysia Development Bhd (1MDB) scandal, within a mere eight months from the commencement of this action,” concluded Tommy Thomas.

Equanimity

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Yacht Harbour

Nonetheless, Equanimity was famous across the yachting community, well before being pushed into the limelight by this case. The vessel was also the first superyacht designed and built to be fully Passenger Yacht Code (PYC) compliant.

The yacht is trademarked with extensive spa area on the lower deck, plunge pools and customised interior. At 2,998 gross tons of interior volume, Equanimity still belonges to the league of the world’s largest yachts. She offers accommodation to up to 22 guests within 11 staterooms including 4 VIPs and a crew of 31.

Equanimity

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Yacht Harbour

The 5-deck superyacht incorporates several pools, massage areas, saunas, experiential showers, hammams, jacuzzis and a gym all designed with the most precious of materials, it directly connects to a beach club from which guests can swim out into the ocean.

Equanimity also comes complete with two custom-designed, 10-meter Hodgdon tenders to ferry around her guests in style. The yacht can cruise for up to 5,000 nautical miles at a speed of 15 knots, with her top speed reached at 18.5 knots.

Equanimity

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Yacht Harbour

Prior to the acquisition, Genting was known in yachting for their ownership of the Wider shipyard. The conglomerate first took a 50% stake in the company in December 2012 and bankrolled the build of their Project Cecilia of which they ultimately took delivery.

The Group increased its ownership stake in Italian shipyard to a 100% in 2017, through the cruise line Genting Hong Kong. Other yachting stakes for the group include nearly a quarter of Grand Bank Yachts, 15% of submarine manufacturer U-Boat and majority ownership of Lloyd Werft.