In a shipyard in Germany, Blohm Voss workers are building a mammoth yacht called the Eclipse.
Like many things in the secretive world of superyachts, its exact length is hard to pin down. So is the name of its owner, and the cost of building it.
But according to the Web site of The Yacht Report, one of several publications that track yachting with the same intensity that gossip magazines cover Hollywood hunks, the Eclipse is 531.5 feet, or 162 meters, long.
That is six and a half feet longer than the Dubai, an 11,600-ton behemoth that holds the record as the worlds largest yacht. Its owner is the ruler of Dubai, Sheik Mohammed bin Rashid al-Maktoum.
The extra length on the Eclipse is not an accident. Supersized yachts are the latest examples of one-upmanship among billionaires, many of whom already own a private jet, a Rolls-Royce or two and multiple mansions.
Despite fear of an economic recession and unrelenting job pressures among those who remain yachtless, there is still a lot of money floating around the world. And as the superrich get richer, the size of yachts grows bigger and bigger, too.
“When a yacht is over 328 feet, its so big that you lose the intimacy,” said Tork Buckley, editor of The Yacht Report. “On the other hand, youve got bragging rights. No question, thats a very strong part of the motivation.”
Who will be the one to wrest bragging rights from the sheik? Blohm Voss, a leading shipbuilder, is not saying. According to an executive at a different yacht company, who requested anonymity because he was concerned about losing clients, it is being built for Roman Abramovich, a Russian tycoon.
Abramovich already owns the 282-foot Ecstasea and the 377-foot Pelorus, and Web sites that track yachts speculate that he may be the owner of a new 394-foot yacht called Sigma that resembles a battleship. A spokesman for Abramovich declined to comment.
Just four years ago, when Lawrence Ellison, the chief executive of the Oracle, took possession of the 454-foot Rising Sun, he gained crowing rights over Paul Allen, the Microsoft co-founder.
Allens yacht, the Octopus, is relatively minuscule at 417 feet.
(Since then, David Geffen, the Hollywood executive, has bought a 50 percent share of the Rising Sun from Ellison.)
Many yacht owners are entrepreneurs or industrialists, rather than royalty or bold-faced names from Silicon Valley, according to yacht designers and builders. “One of my clients is a woman who started her own business and ended up making cocktail-type quiches sold through Costco and Wal-Mart,” said Douglas Sharp, who owns a yacht design company in San Diego.
Like Abramovich, a growing number of yacht buyers are from emerging markets. “Theres an incredible amount of disposable money in the world at the moment, and a lot of money is coming out of new markets like Russia and Ukraine, as well as India,” said Jonathan Beckett, chief executive of Burgess, a company that helps owners build and charter yachts. “These people have made a lot of money very quickly and have an appetite.”
According to ShowBoats International, a luxury yacht magazine, 916 yachts measuring 80 feet or longer - the traditional definition of a superyacht - were on order or under construction as of last Sept. 1, four times the number in 1997. The biggest gains were among the biggest yachts: 47 yachts were 200 to 249 feet long, up 68 percent from a year earlier, while 23 were 250 feet or longer, an increase of 28 percent.
“When I started in the early 1970s, a 60-foot boat was considered pretty large,” Sharp said. “A 150-foot boat was queen of the show in Monaco in 1982. In 2008, you wouldnt be able to find that boat in the marina.”
Some new megayachts are so big that they have to dock in commercial ports. The growth in the number and size of yachts is also making it hard to find qualified crew members.
Still, many yacht owners trade in their boats every few years for bigger models.
“People want more toys to play with. Thats something that drives it,” said Wim Koersvelt, director of Icon Yachts in the Netherlands. “Gyms were unusual 20 years ago, and no yacht is being built now without a gym. Theyre buying two- to four-person submarines, have four Jet Skis and little sailboats stored on board, as well as helicopter landing pads.”
It takes two to four years to build a yacht, and prices are rising so quickly that some owners are selling their boats before theyre even finished - for a tidy profit. Beckett of Burgess says prices rose 10 percent to 20 percent in the past two years alone. He estimates that a yacht 328 feet long would cost about $230 million today, with prices rising to $650 million for a 500-foot yacht.