Half built projects are anything but 'toxic' assets

VK_1, the 42.1m superyacht originally embarked upon in 2008, is being offered to potential buyers by Bluewater Brokerage for €4.5 million. The aluminium vessel, which can accommodate 12 guests, is 50 per cent complete and the engines, gearboxes and generators have already been installed with other equipment and machinery purchased too. She is available for inspections in the now-defunct Vulkan shipyard near Valencia, Spain.

The Vulkan shipyard began life as a family venture, and opened its doors in Spring 2007 as a new foray into shipbuilding for its owners. As a result, the mothballed facility is comprehensively equipped for superyacht construction but lies dormant following the yacht’s repossession by the yard and the site owners’ subsequent decision to cease building activity.

But its flagship project remains incomplete at the shipyard, a prime example of the raft of unfinished superyachts that are on the market at very competitive prices. Contrary to the negative connotations that unfinished vessels may harbour, buyers can secure vessels that are still fully customisable, with a greatly reduced delivery time, at a very attractive price.


VK_1’s sales broker, Jim Acher says a buyer is “in a very good position to continue the project”. “‘Where buyers are now looking at the market more closely than ever before, anyone with an appetite for a new build superyacht in this size range should consider this project before making a final decision”, he explained.



Because of the nature of the situation – the yard is also inactive and is, itself, up for sale – the Vulkan site could be utilised by a prospective buyer for the completion of the work. Alternatively the ship could be transported to another facility to be finished.


“It’s a shipyard that’s in mint condition so you either bring your own [subcontractors] in or you can take it elsewhere to add your own pedigree”, Acher added.

Profile links

Blue Water Yachting

Edmiston & Company (Brokerage)

Caterpillar Financial Services Corporation

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