Why the world’s superyachts are suddenly flocking to B.C. and spending 'silly money'

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.

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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.

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“We’re expecting a really busy season this year,” said Matthew Martin, a Vancouver-based broker with Monaco-based Fraser Yachts.

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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.

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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.

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Canadian 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.

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“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.”

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Five Waves was sold earlier this month. Under its previous owner, it was named Blue Force One.

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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.

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“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.

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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.

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Documents from Fraser Yachts value the vessel at $5.5 million, listing its current location in Miami, Florida.

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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.

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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.