Alfa Nero readies for the charter market

The relaunch of the 82-metre Oceanco Alfa Nero following a refit completed by Martinique Shipyard potentially marks the end of one of the most infamous stories in yachting, and a return of one of the fleet’s iconic vessels. Having been beset by controversy and litigious tennis matches since its owner was sanctioned following Russia’s invasion of Ukraine, the yacht is now available for charter for a sizeable sum.

Until now, the Fort-de-France-based shipyard, which opened in January 2024, only had dry-docked military vessels operating in the Caribbean, with the Alfa Nero refit marking its entry to the yachting market.

“We are very satisfied to have completed this project within the tight deadlines requested by our client,” says Gilles Guichet, CEO, Martinique Shipyard. “The successful dry docking of Alfa Nero positions us at the highest level for dry dock services and refits of yachts in the Caribbean. Our ambition is to become the undisputed leader in this region.”

Before its re-entry to the market, the yacht underwent a month-long refit. This included removing and polishing the propellers, replacing the seals on the shaft line and carrying out piping work. The shipyard also serviced the steering gear, hull valves and hydraulics for the garage door and starboard gangway. A new water heater was also installed, the hull was repainted and the antifouling and anodes were reconditioned alongside minor deck hardware repairs.

Its much-awaited return has been plagued by controversy, however, during its years spent in limbo. Originally launched in 2007, the yacht became entangled in international sanctions due to its links to Russian billionaire Andrey Guryev. After being abandoned in Antigua’s Falmouth Harbour in 2022, the yacht sat idle, accumulating maintenance costs while legal disputes prevented it from being sold.

Its sale then became possible due to an unconventional legal framework created by the Antiguan government. Under the Port Authority Amendment Act, the yacht was treated as a wreck, which allowed the government to expedite the sale by deeming it abandoned and an environmental hazard. 

Further disputes arose because this amendment enabled the government to forfeit any remaining sale proceeds to a consolidated fund for its own use after costs to debtors were covered. While these measures may seem draconian, the vessel posed a serious environmental threat to a country that relies heavily on nautical tourism and is prone to seasonal hurricanes.

The sale itself was not straightforward either. The initial 2023 auction to sell the yacht for $68 million to Eric Schmidt, former Google CEO, was derailed by a lawsuit from  Yulia Guryeva-Motlokhov, the daughter of Guryev, who claimed ownership of the vessel.

Guryeva-Motlokhov challenged the legality of the yacht’s seizure and the constitutionality of the Act itself, arguing that it violated her ownership rights. Despite this, an interim injunction to block the sale was denied by the court, allowing the government to proceed with the sale, although legal challenges continued.

Meanwhile, the yacht had been costing Antigua significant sums in maintenance. During this time, Nautilus International successfully secured a settlement for the crew after an Antiguan High Court ruling, guaranteeing over a year’s worth of unpaid wages. Despite some complications, the ruling was a significant win for the union, as it ensured that the crew were compensated amidst ongoing ownership and auction disputes.

Despite these intricacies, Alfa Nero was eventually sold earlier this year for around $40 million to an undisclosed buyer.

Now back on the water and available for charter through Northrop & Johnson, Alfa Nero is poised for a new chapter. Clients can expect to pay upwards of $810,000 a week to charter the iconic Oceanco, hopefully without fear of any further complications.

While the sale of Alfa Nero generated less than its initial auction price, its re-entry offers important relief for Antigua. The risk of environmental damage or other marine incidents, as well as the ongoing monthly expenses for maintenance and crew wages, will no longer burden the government or the nation’s thriving tourism industry.

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Northrop and Johnson (Brokerage)

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