Yachts of Russian oligarchs entered the rental market

The yachts of Russian billionaires are rented out to everyone, but at exorbitant prices.
03.07.2024
Origin source
There are currently four superyachts on the luxury yacht charter market, built for Russian customers. The most expensive Flying Fox, which was associated with the owner of Domodedovo airport Dmitry Kamenshchik, can be chartered for €4 million per week, the megayacht Axioma, previously owned by the former co-owner of TMK Dmitry Pumpyansky, is rented out for the summer season for €660,000 per week, under construction as a support vessel for Axioma, the almost fifty-meter My Bro will cost tenants €300,000, and a week’s holiday on the sailing Black Pearl, which was at the center of a legal battle over the inheritance of businessman Oleg Burlakov, will cost €1.2 million.

Flying Fox, worth $445 million, built in 2019 at one of the shipyards of the German company Lurssen, is today considered the world's largest and most expensive yacht available for charter - its length is 136 m. In March 2022, moored in the port of the Dominican capital Santo Domingo's ship was investigated by US Department of Homeland Security officials. The yacht was supposed to leave the port after replenishing supplies and fuel on March 25, but left it only on April 22. Dmitry Kamenshchik, who was called the owner of Flying Fox, was not subject to sanctions, and the reasons for the detention of the yacht remained unknown. In June 2022, the management company of the vessel, Imperial Yachts, was added to the sanctions list; the US Treasury claimed that it was associated with Russian citizens subject to sanctions. Imperial Yachts called all the accusations false, its website is now down, and a statement posted on it says that the company has become a target for those who wanted to destroy it. Flying Fox is currently chartered by yacht broker Bluewater.

The same broker rents out the yacht Axioma (72 m), previously owned by former TMK co-owner Dmitry Pumpyansky. In September 2022, it was sold at auction for $37.5 million, the sale was closed after careful verification of the new owner, whose identity was not disclosed. Bluewater confirmed to Forbes that it is Axioma, which was sold at auction, that they are renting out for charter, adding that the yacht's charter is already booked for August.

Pumpyansky bought the yacht in 2013 for $67 million; in March 2022, the billionaire came under EU sanctions, all his accounts were blocked, and the yacht was frozen in Gibraltar. Pumpyansky was the guarantor for a $21.5 million loan issued by JP Morgan to the superyacht management company Pyrene Investments. To get the money back, the bank demanded the sale of Axioma. So far, this is the only case of the sale of yachts frozen due to anti-Russian sanctions. On June 26, European sanctions against Pumpyansky were lifted by court decision.

In September 2021, by order of Dmitry Pumpyansky, the Turkish shipyard Dunya Yachts began construction of his second yacht, the 48-meter My Bro. The ship, according to plans, was supposed to become auxiliary for the yacht Axioma - to receive guests arriving by helicopter without disturbing the passengers of the main ship, to transport various water toys and even submarines. The cost of building a new boat was estimated at $25-30 million; it was supposed to be delivered to the customer in 2023, but it was completed only in 2024 and is now rented out as an independent vessel, promising an unforgettable vacation for the most discerning guests.

The triple-deck sailing Black Pearl, one of the most beautiful and environmentally friendly superyachts in the world, is available for charter for €1.2 million per week. The ship, whose cost is estimated at $200 million, was built in 2018 for Russian entrepreneur Oleg Burlakov, who died of coronavirus in 2021. After the death of the businessman, the sailboat found itself at the center of high-profile litigation over his inheritance. His widow Lyudmila and adult daughters Veronika and Elena considered themselves the legal heirs, but Burlakov’s younger sister Vera Kazakova and her husband Nikolai presented the court with the entrepreneur’s will, according to which all his property should be transferred to them. On November 22, 2022, the Lublin Court of Moscow recognized the Kazakov couple as Burlakov’s heirs. In September 2023, Lyudmila Burlakova filed a lawsuit against the Kazakovs in a British court, claiming that fraud using forged documents deprived her of a fair share in the inheritance of her late husband. She estimated her damage at $1.2 billion. The dispute is still ongoing, so it is quite possible that the sailing ship “Black Pearl” along with its tenants will be involved in it.