News, Culture & Society

Russian billionaire’s £360m superyacht docks in Gibraltar

From Russian oligarchs to Middle Eastern royalty to Hollywood producers, it takes a certain type of person to own a superyacht – crucially, they must be super rich.

Andrey Milnichenko has invested $451 million into his new vessel Sailing Yacht A.

However, the initial cost is only part of owning such a luxurious vessel.

For wealthy owners like Roman Abramovich and UAE president Khalifa Al Nahyan, owners of two of the costliest private vessels in the world, the costs associated with keeping such big boats on the water are staggering.

Insurance company Towergate estimates that 10 per cent of the initial value of a superyacht goes on operating costs.

For Chelsea Football Club owner Abramovich’s Eclipse, a 162.5m vessel with a missile defence system that cost the billionaire an astronomical $500milion (£332), that means $50m (£33m) a year.

The standard fuel usage for a 71m yacht is 500 litres an hour, meaning an average of $400,000 (£265,000) is spent on petrol every year per vessel.

The Value Added Tax (VAT) works out at 15-25 per cent of the vessel’s value while docking costs are an average $350,000 (£232,000) and $240,000 (£159,000) the standard for insurance sees the costs soar.

Add to that the expected $1million (£664,000) per year for maintenance and repairs and the wages for an average $1.4m (£930,000) for an on-board crew – which can range from less than 20 to 154 staff on the Sultan of Oman’s mysterious Al Said superyacht – and it’s a significant outlay. 

Launched: 2017

Builder: Nobiskrug (Rendsburg, Germany)

Designer: Philippe Starck 

Cost: £360million

Length: 142.8 metres (468.5ft)

World’s 9th largest superyacht 

Guests: 20

Crew: 54 

Maximum speed: 21 knots (24mph)

Cruising speed: 16 knots (18 mph)

Flag: Bermuda