The End of Atina: $18 Million Yacht Sinks in Shallow Waters After Devastating Fire

Stories about yacht fires have become more frequent over the past couple of years, even raising questions about whether the number of such incidents has been increasing. That’s not the case: it’s just that the media has been more focused on these stories. The coverage has increased, but the number of incidents themselves has not.

That said, an incident like this is still uncommon. A 154-foot (46.7-meter) luxury yacht caught fire off the coast of Olbia, Italy, on August 10 and sank in shallow waters after being completely engulfed by flames. The yacht in question was a 2008 build by Heesen Yachts, sold to a new owner in 2021, transformed through an 8-month refit afterward, and then offered for charter for the first time.

There are times when a sunken yacht can still be salvaged, even if it suffered considerable damage before it sank. But that is not the case here: Atina, a pleasure craft that was last listed for about $18 million, is a total loss.

The $18 million superyacht Atina caught fire and sank off the coast of Italy

Photo: CamperAndNicholsons

What happened?

On August 10, the Atina caught fire. The exact cause of the fire is still being investigated, but videos posted online that quickly went viral showed the entire stern section engulfed in flames. Unconfirmed online reports also said a problem in the engine room may have started the blaze.

Atina was traveling at nearly full passenger capacity when the fire broke out, so there were 16 people on board. She was not underway when she caught fire, however: according to local reports, she was anchored near a beach. That spot is generally referred to as “billionaires' playground.”

All 16 passengers either jumped into the water when they realized the severity of the fire required further assistance or sailed to safety in a dinghy. All made it to dry land without injury.

The $18 million superyacht Atina caught fire and sank off the coast of Italy

Photo: Olbia Coast Guard

Also on board was allegedly Turkish billionaire Serkan Borancili, believed to be the superyacht's current owner. He had boarded the vessel in the port of Olbia with the rest of the group, also Turkish tourists, and was planning to go on holiday, it was claimed.

The port authority immediately sent a tugboat and a second vessel to try to put out the fire on Atina. They were unsuccessful and within hours the superyacht sank in shallow water. An industry publication notes that the depth at which Atina sank was no more than 8 metres (26 feet).

At the time of writing, the port authority has deployed a floating barrier intended to contain any contamination that may leak from the wreck of the Atina. The superyacht was carrying about 50,000 liters (13,209 gallons) of fuel when it sank. On the bright side, authorities say they have yet to see any signs of a leak.

The $18 million superyacht Atina caught fire and sank off the coast of Italy

Photo: Olbia Coast Guard

Atina, personalized luxury made better

Heesen Yachts is one of the most famous Dutch shipyards, and for good reason: since 1978, it has been building custom luxury yachts for the most demanding and wealthy clients around the world. As Heesen likes to say, “Any yacht can enter the ports of the world, but only a Heesen yacht can take you to the destination of your dreams.” Because a Heesen yacht is both a means to a destination and the destination itself.

The same goes for Atina, who previously sailed under Elandess, Raasta and Naseem under different ownership. She was delivered in 2008, so she wasn’t the shiniest, newest, biggest or most expensive superyacht around, but that doesn’t mean she wasn’t an outstanding achievement either way.

With a beam of 29.6 feet (9 meters), she offered 499 GT of interior space organized to provide comfortable and luxurious accommodation for up to 12 guests and 10 crew. She was part of Heesen's Heesen 4700 Displacement series of yachts, made truly special by the exterior by Omega Architects and the interior by the prestigious design firm Bannenberg & Rowell.

The $18 million superyacht Atina caught fire and sank off the coast of Italy

Photo: CamperAndNicholsons

Until 2022, when she emerged from a transformative refit at a shipyard in Turkey, she had never been offered for charter. She won a Neptune Award at the World Superyacht Awards in 2009 shortly after her delivery, and made her grand return to the spotlight at the 2023 Dubai International Boat Show following her refit.

The refit was commissioned by the new owner, at an additional cost. Borancili is believed to have spent around $18 million on the superyacht, but no figure has ever been publicly associated with the refit. It has seen the sun deck completely redesigned to include a large swimming pool, an oversized bar that could double as a sports bar, and a Teppanyaki grill.

Other areas have also been revised in the refit: the main deck has been transformed into a lounge and the garage has been converted into a casual beach club space with a built-in gym and electric swim ladder. The interiors have been completely overhauled, from the upper saloon to the guest suites, with new fabrics, a modern entertainment system and a collection of artwork on display.

The $18 million superyacht Atina caught fire and sank off the coast of Italy

Photo: CamperAndNicholsons

When offered for charter in 2023, Atina came equipped with three tenders, an inflatable pool, jet skis, Seabob and water skis and the promise of unforgettable summers, at an impressive price of €220,000 per week (approximately $242,000 at current exchange rates) during the summer season.

Thanks to the two MTU engines, the maximum speed was 17 knots (19.5 mph/31.5 km/h), while the range was an impressive 4,000 nm (4,603 miles/7,408 km) at cruising speed.

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