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Flying Fox Returns to the Charter Market After Sanctions Lifted

October 15, 2024

The 446-foot Lürssen-built Flying Fox recently re-entered the global charter market after being cleared of U.S. sanctions that had previously restricted its availability. This development means that she is now available for unrestricted charter, reclaiming its position as the largest and most exclusive vessels on the global charter market.

The sanctions, imposed in 2022, were due to the yacht’s connection to Imperial Yachts, a Monaco-based brokerage firm tied to Russian oligarchs. However, following investigations and management rearrangements, the U.S. Office of Foreign Assets Control (OFAC) removed Flying Fox from its Specially Designated Nationals (SDN) list in early October.

In this article, we explore the reasons for the sanctions, why they were lifted, and provide a closer look at this exceptional yacht as it re-enters the global charter market.

From Sanctions to Seizure

By the time sanctions were imposed on Flying Fox in June 2022, the 446-foot megayacht, built by the renowned German shipyard Lürssen, was considered the largest and most desirable yacht on the commercial charter market. These sanctions were part of the broader U.S. government response following Russia’s invasion of Ukraine earlier that year, which targeted the assets of Russian oligarchs and companies linked to their interests.

Flying Fox was connected to Imperial Yachts, a Monaco-based brokerage firm accused of providing their services to Russia’s elite. As a result, OFAC placed the vessel on its SDN list, even though the yacht’s owner, Dmitry Kamenshchik, was not personally sanctioned.

After the sanctions were enforced, Flying Fox was seized by authorities in the Dominican Republic at the request of the U.S. government. This seizure caused some confusion within the yachting industry since Kamenshchik, who also owns Moscow’s Domodedovo airport, was not himself subject to sanctions. The situation became part of a larger pattern of sanctions on yachts linked to Russian interests, with numerous vessels around the world being detained as part of a global enforcement effort against Russian-owned assets.

The Key Factors Behind Flying Fox’s Return

In late 2023 and early 2024, the liquidation of Imperial Yachts marked a critical turning point in the lifting of sanctions on the Lürssen megayacht. With the brokerage no longer in operation, Flying Fox was distanced from its former management, a factor that played a key role in OFAC reassessing the yacht’s status. OFAC conducted a thorough investigation and determined that Dmitry Kamenshchik had no direct ties to the Russian government or any other sanctioned individuals. As a result, global sanctions were officially lifted in October 2024.

The lack of any illicit financial activity tied to Flying Fox also played a key role in the decision, allowing the yacht to re-enter the global charter market. By early 2024, the vessel had already become available for charter to UK and EU clients, though restrictions for U.S. citizens remained until the sanctions were completely removed. Today, with all sanctions lifted, she is free to operate in prime charter destinations such as the Seychelles, the Red Sea, and the Maldives.

According to data from BOATPro, the yacht is currently located off the coast of Kuah, Malaysia. As the largest yacht available for charter, Flying Fox boasts an impressive array of luxury amenities, including a 39-foot transverse swimming pool, dual helipads, and a two-deck spa—features that solidifies its place as one of the most in-demand vessels in the world.

Come Aboard Flying Fox

Built by Lürssen in 2019, Flying Fox is once again the largest vessel available for charter, surpassing Octopus, a 414-foot expedition yacht, which temporarily held the title during the sanctions. With its impressive length of 446 feet and 73.8-foot beam, Flying Fox features six expansive decks designed by Norwegian architect Espen Øino, with luxurious interiors by Mark Berryman. The yacht’s sleek, distinctive exterior is highlighted by two helipads and a 39-foot transverse swimming pool—the largest on any yacht.

Inside, Flying Fox offers accommodation for up to 22 guests in 11 elegantly designed staterooms. The owner’s suite, spanning the entire upper deck, is a sight to behold, featuring a full-beam bedroom, private lounge, beauty room, office, and an outdoor terrace complete with a Jacuzzi and fire pit.

Additional accommodations include seven double cabins and three twin cabins, all designed with refined materials and thoughtful layouts to ensure maximum comfort. Guests also have access to opulent amenities, including a cryo-sauna, spa, cinema, fully equipped gym, and multiple lounges. Flying Fox also boasts a 2:1 crew-to-guest ratio, with 55 crew members on board, ensuring personalized and attentive service throughout the charter.

Flying Fox’s Charter Rates

Pearl 82

Prior to the sanctions, the weekly charter rate for Flying Fox stood at an impressive $4 million, positioning it among the most expensive yachts available for charter. Now, with the yacht back on the global market, Flying Fox is available for charter at a rate of $3.2 million per week, regardless of the season. Given its size, exclusive amenities, and reputation, Flying Fox remains one of the most sought-after charter yachts, with significant running costs to match its status. Despite this, demand for the yacht continues to be strong.

 

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