GENOA – “A bombshell” is how Fabio Pesto, president of Federagenti-yacht, the super-yacht section of the shipping agents’ federation, describes the article that appeared in the Financial Times following the seizure by financial police of Flavio Briatore’s Force Blue at La Spezia. The FT says that “some legal advisers are telling their worldwide clients, 90 per cent of whom have their yachts under a Cayman Islands flag, to take care before venturing into Italian waters”.

“A bombshell” is how Fabio Pesto, president of Federagenti-yacht, the super-yacht section of the shipping agents’ federation, describes the article that appeared in the Financial Times following the seizure by financial police of Flavio Briatore’s Force Blue at La Spezia. The FT says that “some legal advisers are telling their worldwide clients, 90 per cent of whom have their yachts under a Cayman Islands flag, to take care before venturing into Italian waters”.

WILDFIRE – The Financial Times reports that word is spreading like wildfire among sector professionals across the globe: Italy is risky. “We’ve already had the season’s first cancellations and they’ve come from very big yachts. Owners have ruled out Italian ports and will be heading for Greece and Croatia”, says Mr Pesto. But this is just the beginning. Mr Pesto goes on: “The whole summer season is at stake here, and more besides. This will snowball. If super-yachts don’t come to Italy for summer, they won’t stay on in winter for dry-dock work. The upshot is that they won’t be back next year”. Near the Pesto Sea Group offices in Genoa’s old harbour, a 45-metre yacht with the interesting name of “Alibi” has just cast off. American billionaire Paul Allen left just a few days ago on his 126-metre monster. Coincidences, perhaps. “We’re not defending people who commit offences”, notes Mr Pesto. “Those who break the rules should pay. But there’s a lot of confusion and this is a world with a very direct, Anglo-Saxon outlook: if the rules aren’t clear, go somewhere else. End of story. We’re looking to send out positive signals but it’s not easy”.

Full text article of “Corriere della sera” in English and Italian.

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