United Yacht Transport LLC announced that it will build the world’s largest yacht carrier in an effort to grow its yacht transport business.
The Fort Lauderdale-based company said the semisubmersible vessel is slated for delivery in the second tax quarter of 2015.
United Yacht says the conversion of a Panamax-size bulk vessel will produce the world’s largest yacht transport vessel and allow for passage in the newly widened Panama Canal.
A United Yacht statement says “certain market conditions in the dry bulk shipping industry have led to a substantial reduction in the value of bulk vessels, therefore creating an opportunity for the development of a lower-cost, semisubmersible vessel.”
“We are committed to meeting the demand from our large-yacht clients,” United Yacht Transport COO Paul Haber said in the statement. “It is this commitment that has led to the decision for further investment into the industry. We believe this investment will ensure the large-yacht community a safe, reliable means of transportation.”
United Yacht Transport, formerly Yacht Path International, was purchased out of Chapter 7 forced bankruptcy by Michael Uhl. The sole bidder bought the company for $250,000. Yacht Path was forced into bankruptcy when the company allegedly took in $7.9 million from customers who say their yachts were never shipped or they were unable to take ownership of the yachts when they arrived because Yacht Path hadn’t paid the freight charges.