Considering splashing out on the Equanimity? Have a look inside

PETALING JAYA (Feb 8): The sale of the superyacht Equanimity is progressing well and many potential buyers have visited the vessel currently moored in Langkawi, said Jonathan Beckett, CEO of Burgess, the luxury yacht specialist which is the appointed agent to sell the vessel.

Beckett, in an interview posted on his company's website (www.burgessyachts.com), said many parties are considering offers.

The 91.5 metre ice-classed Oceanco luxury yacht Equanimity had been reported in August 2018 as having been seized by Indonesian authorities. Upon its transfer to Malaysian waters, the government promised to use its sale to recover some of funds lost to misappropriation central to the 1MDB scandal. 

Boat International reports that marine surveyor Winterbothams was recruited to provide an independent valuation of the yacht, which it placed at $130 million.

Sitpah Selvaratnam, the lawyer representing the 1MDB fund said that while there is room to negotiate, $100 million “is the minimum that we should start discussing. 

“We’ve got to match that $130 million as closely as possible and, to be absolutely frank, to get any chance of getting it approved by the court, we would have to start at $100 million.” 

Beckett said that selling a yacht in the top-end sector is never a fast process.

"There are only one or two yachts of that value selling each year globally and it typically takes 12 to 24 months to sell a yacht of this calibre. 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.

"Equanimity’s build credentials hail from Northern Europe meaning she is one of the top yachts currently available for purchase in the world."

With room for 22 passengers in 11 cabins; an ice-classed hull and certified helipad which allow her to truly cruise anywhere in the world, she also boasts an array of amenities including a beach club and spa. 

"Finally, her beautiful Winch interior design has 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," said Beckett.

The first phase with sealed bids, was completed in November 2018, was legally required under Admiralty Law to pass good title to the purchaser upon her judicial sale. 

However, 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."

Selvaratnam spoke of the motives behind selling the yacht to regain the misappropriated funds used to purchase it: “Equanimity is a national pride. The new government of Malaysia has chosen to bring integrity back into the system and it’s a point of principle, as much it is a point of money, getting this sold at the valuation.” 

She also said many service providers charged reduced rates to contribute to the maintenance of Equanimity. 

“That’s how much it means to the country,” she said. “We’ve rebranded her for the world and put that prosperity alongside integrity – money alongside courage.”

For those who would be interested in purchasing this fine vessel, Beckett extends an invitation to view the yacht.

"Come and see her! She speaks for herself," he said.