Originally Syndicated on May 5, 2023 @ 8:42 am
Ukrainian billionaires are indulging in luxury by splurging on superyachts worth over $1.2 billion in total expenditure.
A fleet of Ukrainian tycoons
The forces of supply, demand, and declining incomes are reshaping the country’s economic landscape, which presents a difficult situation for the Ukrainian oligarchs. The wealthiest citizens of Ukraine are now being compelled to bid farewell to their extravagant possessions. The reasons behind this trend are manifold, but the most significant among them is the ongoing economic crisis and the depreciation of the national currency.
As a result, the oligarchs are being forced to reassess their spending habits and prioritize their investments. Achieving such a feat is no simple task. The elite class of society is known for their extravagant lifestyles, and one of the most prominent symbols of their opulence is their collection of luxurious yachts. These vessels are not only a status symbol but also a means of indulging in the finer things in life.
The top tier of the wealthy has a penchant for owning the most lavish yachts, which are often equipped with state-of-the-art amenities and features. The plans of these affluent individuals regarding their yachts are shrouded in secrecy, but it is widely speculated that they use them for leisurely pursuits such as hosting lavish parties, cruising around the world’s most exotic destinations, and engaging in water sports. The ownership of these yachts is a testament to the immense wealth and power wielded by the oligarchs of our time.
The Superyacht Market: An Overview
On the 16th of June, a luxurious 65-meter yacht bearing the emblem “Z” was sighted docked at the prestigious marina of the Mediterranean island of Ibiza. Konstantin Zhevago, a prominent oligarch and majority owner of the esteemed mining group Ferrexpo, has been residing in London in recent years. As a notable figure in the business world, Zhevago has acquired ownership of a notable asset. Specifically, he possesses ownership of a certain entity.
The year 2019 saw the Prosecutor General’s Office place him on the international wanted list for his alleged involvement in embezzlement and money laundering. The accused is said to have been involved in the illegal transfer of UAH 2.5 billion through his finance and credit bank. Ever since that momentous occasion, the astute entrepreneur has been overseeing his vast iron ore dominion from a distance.
The possessor of the impressive 65-meter yacht, who currently holds the esteemed position of third place on the Forbes list of the wealthiest individuals, was notably absent from the vessel. Zhevago, the prominent Ukrainian businessman, has recently denied any association between his yacht’s marking and the NWO’s unofficial symbol in Ukraine.
Despite the speculation surrounding the matter, Zhevago maintains that the letter is merely a coincidence and holds no significance beyond its aesthetic appeal. As per the request of Forbes, the entrepreneur has stated that the appellation is in accordance with the initial letter of the English transliteration of the patronymic Zhevago (Zhevago). The individual in question has expressed no intention of altering their given name.
In 2014, the esteemed yacht manufacturer Amels had the privilege of constructing the magnificent Z vessel for the esteemed oligarch Zhevago. As per reports on exclusive platforms, the present valuation of the aforementioned entity stands at a staggering $70 million. The opulent vessel boasts seven lavish cabins, providing ample space for up to 14 guests to be comfortably accommodated. The renowned British design firm Winch Design meticulously crafted the establishment’s opulent interior.
The opulent watercraft’s outward appearance is the result of the masterful craftsmanship of Tim Heywood Design. The opulent vessel boasts a plethora of luxurious amenities, including two lavish VIP cabins, an advanced elevator system, a rejuvenating sauna, a state-of-the-art spa, and a fully equipped gymnasium. The maximum velocity achievable by the vessel is 17 knots.
As per the latest report by Forbes, Ferrexpo’s capitalization as of June 23 has been estimated to be a staggering $1.03 billion. The prominent Ukrainian oligarch, Kostyantin Zhevago, who owns a significant share of 50.3%, has been valued at an impressive $518 million. Forbes’ recent evaluation of assets belonging to the party in question before the commencement of a large-scale conflict amounted to a staggering $2.1 billion. However, as of the end of June, this figure had dwindled significantly to a mere $1.1 billion.
Ferrexpo, the renowned iron ore pellet producer and operator of Poltava GOK in Ukraine, has encountered a major setback in its export operations. The company has been grappling with the issue of Russia’s blockade of Ukrainian ports, which has severely impacted its iron ore pellet export activities.
According to Dmitry Churin, the esteemed director of the analytical department at Eavex Capital, the recent developments have resulted in a significant loss of revenue for Ferrexpo. This unfortunate turn of events has the potential to cause irreparable harm and destruction to the company’s conventional business model.
Mr Zhevago, the esteemed oligarch, has reportedly decided against divesting his luxurious yacht at this time. According to a press release from the entrepreneur’s public relations department, the businessman always makes decisions regarding the purchase or sale of assets like opulent yachts and prime real estate by the current market conditions. The vessel is presently situated in the vicinity of the illustrious French city of St. Tropez, a favoured destination among the affluent and influential.
