| Heesen | 80M | "Genesis" ex. "Galactica"/ Project 'Cosmos'/YN19480 | (2021)2023|

now named Genesis.

Wasn't the owner of this yacht the owner of the shipyard?

And the sanctions and partial ownership risks to the yard extend far beyond Galactica.

Heesen held a press conference a few days ago to announce the transfer of shares to an independent Dutch foundation thus making both yards 100% Dutch owned. A board was formed for oversite and to insure the future success of the company and of its current 13 yachts under construction. Both yards Oss and Winterswijk are fully operational and the parts and materials embargo has been lifted allowing major components such as Rolls Royce MTU engine packages to flow freely now to the builds.

That's great news, thanks for the update!

I've seen that announcement although strangely their web site doesn't reflect it. I realize what they've announced. They've done what they could to quickly remedy the situation. However, questions do remain as to the 13 yachts under construction and as to ownership of the foundation and financial structure or strength. A lot of details related to the transfer to the Dutch Foundation are unknown and a lot of uncertainty as to impact remains. There supposedly is a long term interest free loan involved. It took some time and some failed attempts at a transfer to get one that a notary signed off on. The price of the "transfer/sale" to the Dutch foundation is unknown.

While immediate bankruptcy was avoided with this, a lot of unknowns do remain. I do hope they work out favorably for a Dutch owned company with no remaining ties. There also remain 13 boats with unknown buyers and some uncertainty.

Then there is the question of future customers and what it will take for them to be comfortable with Heesen.

14 october come Strand Harlingen and keep outfitting