A yacht to pay the rent

A yacht to pay the rent

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A “super yacht” called Samar has just docked in Beirut’s Zaitunay Bay marina. At around 77 meters, it dwarfs the dozens of other smaller yachts in the marina (see below right).

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Samar has a helipad, gym, private movie theatre, cold and hot pools, guest elevator, three jet skis and a Mini Cooper as well as some 20 staff to serve you, according to a charter company that claims to rent it out.

But I wonder how much the Solidere marina charges it to park?

I wonder if the owner and the crew on-board are taking advantage of yacht crew tax accountants to keep their finances in order? Running a ship of this size must be expensive.

I recently reported for The Guardian that the marina around Zaitunay Bay has been rented for 50 years at the cost of just $1.60 per square meter. The marina is 66,000 square meters so that comes out to a total government fee of around $100,000 per year.  Thus the annual berthing fees for one yacht alone can pay the whole government fee,  Al Akhbar economics editor Mohamad Zbeeb, told me.

But what about a yacht as big as Samar? It’s not easy to find the rates of berthing at Solidere’s website but another site called Port Booker offers a calculator.  It only allows boats of a maximum of 30 meters, so I calculated a single day cost and it came out to $638 for one day. I tried for one month and it quoted about $17,000; multiply that by 12 months and you get over $200,000. But again this for 30 meters–which is less than half the size of Samar. If we were to double the fees, Samar would cost at least $400,000 per year to park, meaning it could pay off the annual government fee in just 3 months.

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Screen grab of www.portbooker.com Beirut rates for a 30 meter yacht, less than half the size of Samar

 

And remember, Samar is just one of dozens of yachts bobbing around in the marina.

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The boat is apparently registered in the Cayman Islands according to MarineTraffic.com and is rumored to be owned by Kuwaiti billionaire Kutayba Al Ghanim, number 4 in Kuwait on the Forbes list.

I spotted Samar once in 2008 in Beirut and did a short post on it.
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I wonder how many times she’s been to Beirut since then, and how much money her owner has paid Solidere.

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A glimpse of Samar’s interiors via CharterWorld.com

 

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