Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsWealthWhy the world’s superyachts are suddenly flocking to B.C. and spending 'silly money'Luxury vessels are trading the Mediterranean and Caribbean for B.C.’s rugged coast You can save this article by registering for free here. Or sign-in if you have an account.Five Waves is applying for a coastal trade licence to bring the $4 million US ship around B.C. for the summer and fall to offer private charters.B.C. is a growing destination for the world’s superyachts, with industry brokers predicting a surge this summer of luxury vessels trading the Mediterranean and Caribbean for B.C.’s rugged coastline.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Accountor“We’re expecting a really busy season this year,” said Matthew Martin, a Vancouver-based broker with Monaco-based Fraser Yachts.One of these vessels is Five Waves, a 40-metre Italian-built superyacht whose ultra-wealthy owner is now seeking federal approval to offer private luxury charters in B.C. waters this summer and fall.Federal filings show Five Waves Inc. applied this month for temporary approval under Canada’s Coasting Trade Act to allow the Marshall Islands-registered vessel to operate a scenic route from just north of Vancouver, up the Sunshine Coast, and into remote northern inlets of coastal B.C. between June 15 and Oct. 30.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againCanadian law requires foreign yachts operating charter services in B.C. waters to obtain a Coasting Trade Act licence, and applicants need to demonstrate that no other Canadian-registered vessel is available to provide the same paid services.“B.C. is a new, interesting destination for luxury yacht owners who want something different,” Martin said. “As yachts get bigger and can carry more fuel and supplies, they’re able to explore more remote places like our coastline. When they do, they spend silly money.”Five Waves was sold earlier this month. Under its previous owner, it was named Blue Force One.The vessel’s new owner, represented by Martin, contracted North Vancouver-based Freeboard Shipping Inc. to submit the commercial application on its behalf. The filing argues the yacht is exceptional due to its size, speed and luxury features.“The exhilarating cruising speed together with the luxuriously appointed interior and cabins all with ensuites, make the MY Five Waves a truly unique yacht charter experience that is not currently available on the west coast of Canada,” it states.The 2010 superyacht is comparable to a high-end resort, with five ensuite bedrooms, multiple sun decks, alfresco dining spaces and a flybridge lounge. Constructed by AB Yachts, the vessel cruises at 33 knots and can reach up to 38 knots, making it convenient for coastal travel.Documents from Fraser Yachts value the vessel at $5.5 million, listing its current location in Miami, Florida.If approved, Martin said Five Waves would mostly sail around the Strait of Georgia, Gulf Islands, Howe Sound and Desolation Sound, with trips planned up to Prince Rupert and along the west coast of Vancouver Island. The yacht is set to be unloaded in Nanaimo in mid-June, then moved to a downtown Vancouver dock in July, where space has already been reserved.Martin said the yacht’s new owner intends to mostly use the vessel themself. Still, in the superyacht world, it is common to hire a company to manage luxury yacht charters to offset ownership costs.“Privacy is very important, as most of the owners of these vessels are either very successful business people or celebrities,” he said, adding that B.C.’s remote coastline has many secluded coves where yachts can temporarily anchor.Martin said the World Cup coming to Vancouver this summer has also drawn more interest, and many foreign yacht owners are choosing to stay in North America this season because of instability tied to the ongoing conflict in the Middle East.But unlike more established superyacht hubs in the Mediterranean and Caribbean, Martin said B.C. lacks deepwater infrastructure to accommodate larger vessels.“A lot of the big yacht owners come here and get very frustrated, as a marina berth is hard to secure because B.C. does not have many facilities with enough space.”In the absence of much dedicated moorage space in the province, Mark Kelly, president of the B.C. Yacht Brokers Association, said superyacht charters accommodate groups by anchoring offshore and shuttling guests to and from shore by tender.Although megayachts typically measure over 60 metres, even larger than superyachts, they still often accommodate only about 15 guests, Kelly said.“Most superyachts are catering to folks looking to have an intimate experience of our coast. The accessibility to mountains, fjords and wildlife is hard to find anywhere else in the world.”Because of the shortage of such vessels registered in Canada, Kelly expects Five Waves’ application for a temporary coasting licence will be approved.“There are simply not many local superyacht charters. So B.C. will see foreign vessels here.”David Mailloux, executive-director of recreational boating and marine tourism organization Ahoy B.C., says that of the pleasure vessels that have cruised B.C.’s coastline in the past decade, roughly 40 per cent come from the U.S., and most of the rest come from inside the province.He said that superyacht tourism can have significant economic benefits for coastal communities.“The boat owners invest a lot to have a vessel, and they want to make the most of it,” Mailloux said, noting that visitors spend heavily on moorage, fuel, restaurants and local attractions during their trips.“The hope is that locals provide a strong hospitality experience so visitors tell their friends and family about B.C. and help grow the economy in the region.”[/related links] Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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