Owner Peter Watson joins the conversation to explain why he insisted that she be built and operated to this demanding standard, even though it created extra work for the designer, the shipyard, and almost everyone involved in the project.

Grey Wolf II is the only FPB yacht in the fleet to hold MCA Category 0 coding, allowing her to operate commercially anywhere in the world, without restriction to distance from a safe haven. For Peter, however, the motivation was not charter income. The goal was much simpler: safety and capability.

As Peter explains, the MCA code has evolved over decades and incorporates lessons learned about stability, structural integrity, systems redundancy, and operational procedures. Achieving Category 0 status means a yacht has been designed and equipped to meet an extremely high standard of offshore safety.

The discussion also looks at the new MCA coding requirements being introduced for 2027, which significantly raise the bar for vessels seeking or maintaining commercial certification. Grey Wolf II is currently being updated to meet the revised standard, a process that involves both physical upgrades and extensive documentation.

Some of the modifications include replacing existing composite seacocks with custom stainless steel valves, installing additional electrical redundancy to ensure navigation lights remain operational even during total power loss, and adding new system shut-off controls and operational protocols.

Beyond the engineering work, the updated code also introduces new administrative requirements, from cyber security policies to expanded safety management documentation. While the upgrades themselves are manageable for a yacht built with serious offshore capability in mind, the paperwork required to demonstrate compliance is considerable.

Grey Wolf II’s ability to pass the new standards relatively smoothly is also a testament to the original design philosophy behind the FPB series and the work carried out during her construction in New Zealand in collaboration with designer Steve Dashew.

Having already cruised extensively across the Pacific, visited remote regions including Antarctica, and completed long-distance voyages in both tropical and polar environments, she has proven herself as a genuine go-anywhere expedition yacht. Her next adventure: a family holiday, a Mediterranean cruising season, travelling through the islands of Greece with children and grandchildren aboard.

It is a reminder that despite her formidable capability, she remains at heart a family cruising yacht, equally comfortable exploring the polar regions or enjoying relaxed voyages in the Mediterranean.

In a world where many yachts are built for appearance or occasional coastal cruising, she stands apart as a vessel designed, built, and certified to operate anywhere on the planet.

Episode 11. Grey Wolf FPB78-2 Adventures from the Pacific to Antarctica – Building the Ultimate Expedition Yacht - https://www.buzzsprout.com/2528535/episodes/18323395

Inside the FPB 78 GREY WOLF II MCA Category 0 Seacock Refit | Owner Interview - https://youtu.be/t4KlacOkbO4

Inside the FPB 78 GREY WOLF II MCA Category 0 Seacock Refit | Walkthrough Tour - https://youtu.be/reEV2V16IKU

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Joining the conversation is Sophie Kemp, who has recently returned to Berthon after maternity leave and celebrates ten years with the company. Sophie specialises in sailing yacht brokerage and has also been closely involved in launching Berthon Essential, a dedicated platform for yachts under £110,000 designed to give smaller boats their own space in the market.

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Together we discuss what we are seeing across Berthon’s five international brokerage offices and what buyers and sellers should understand as the new season begins. Conditions vary widely across the globe. In Newport, Rhode Island, over two feet of snow has made showing yachts a challenge, while changes to tariff structures are forcing some buyers to reconsider the costs of importing yachts into the United States and the wider implications for their businesses.

Despite this uncertainty, the brokerage market continues to move. While enquiry levels remain modest overall, Berthon’s long-standing client base continues to provide stability, with more than half of transactions coming from repeat clients returning to buy or sell their next yacht.

Pricing remains a sensitive issue across the market. There is pressure on values in many segments, particularly where there is a larger supply of comparable yachts available. However, well-presented yachts with strong pedigree, proper service histories, and good overall condition continue to attract buyers without difficulty.

Another notable trend is buyer behaviour. A significant number of active leads are currently researching and monitoring the market rather than rushing to commit. With a good selection of yachts available in certain segments, many buyers feel comfortable taking time to evaluate their options before making a decision.

The new yacht market continues to face challenges, although activity remains healthy in parts of the production segment. Major industry developments are also unfolding, including the widely reported bid by Donerail for MarineMax, a move that could have significant implications across the brokerage, marina, and service sectors.

As ever, the fundamentals remain the same. Pricing correctly, presenting yachts well, and maintaining strong service histories continue to be the factors that determine which yachts sell and which remain on the market.

Key Points

• Newport office facing difficult showing conditions due to heavy snowfall, while tariff changes are creating uncertainty for some US buyers.
 • Enquiry rates remain modest, but repeat clients continue to drive activity across the brokerage.
 • Prices are under pressure across much of the market, although well-presented yachts still sell without difficulty.
 • In segments with greater supply, buyers are taking time to research and secure the right deal.
 • A larger number of active leads are monitoring the market rather than committing immediately.
 • The new yacht market remains challenging, although activity continues in parts of the production sector.
 • The proposed Donerail bid for MarineMax is a major development that could influence the wider yachting market.

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Peter’s FPB story began with Little Grey Wolf, an FPB 64 he bought in New Zealand. Instead of shipping her home, he made the bold decision to drive her across the Pacific. “I looked at shipping the boat back,” he says, “and then thought, no, let’s drive it back.”
The resulting three-month journey carried a crew of five, including a retired MOD naval architect and two apprentices, through Tahiti, the equatorial countercurrents, Panama, the Azores and on to the Channel Islands. It was on this voyage that Peter learned the practical truths that would shape his next FPB: carry the spares you may need, because help is thousands of miles away, and make sure everything on board is accessible.

While the 64 was crossing oceans, Grey Wolf II was under construction in New Zealand. The design was a collaborative process between Peter, fellow FPB owner Pete Rossin, and Steve Dashew himself. “It was very much a group effort,” Peter explains. “Steve designed the hull, but we all worked together to refine how she should be equipped and laid out.” He even spent nine months in the yard during the build, ensuring the systems, access and fit-out met the standard needed for high-latitude cruising.

Safety was at the core of the project. Peter insisted the yacht be built to MCA Category Zero. “I wanted the boat to be as safe as it possibly could be. The MCA standard is one of the best internationally,” he says. Grey Wolf II is the only FPB 78 coded to that level.

Once completed, she took the long route home. New Zealand to Tahiti, then the Gambier Islands, where fuel was hand-pumped aboard from 45-gallon drums. Past Pitcairn and Christmas Island, then into Chile. From there she and FPB 78-3 Iron Lady II travelled south together and spent three unforgettable weeks in Antarctica. “The wildlife was extraordinary,” Peter says. “Orca, penguins, seals. By the end I was almost penguined out.”

The conditions, of course, were real. Charts were unreliable, ice drifted unpredictably and anchoring required constant vigilance. “You might put the anchor down and be fine, then the wind shifts and suddenly the ice is coming at you. You have to decide whether you can push it off or lift the anchor and move.”

Between Little Grey Wolf and Grey Wolf II, Peter estimates he has logged close to 100,000 FPB miles. The capability, he says, is what keeps drawing him back. “You do not go looking for bad weather,” he explains, “but you know the boat can handle it. We had 100 knots on the nose in Chile and everything held without a problem.”

If you are interested in real world ocean crossing capability, practical design lessons, or what it means to run a family expedition yacht to some of the most remote places on earth, this conversation is not to be missed. Grey Wolf II is a remarkable platform, and Peter’s miles prove the point.

Listen now and step aboard one of the most capable private cruising yachts afloat

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They start with a striking datapoint from the USA. For brokerage yachts over 500,000 dollars, 1,893 motorboats have sold in 2025, against just 149 sailboats including multihulls. As Sue says, it is a sobering statistic. Hugh sees it every day as experienced sailors quietly move to semi displacement and long range motor yachts. As he puts it, many are discovering that “straight line sailing is quite nice because you can sit inside, put the heating on and avoid a face full of salt water every fifteen minutes”.

Multihulls are another clear growth story on both sides of the Atlantic, sail and power. Deck space, comfort and performance are drawing in new owners. At the same time, more mature and heavier designs must now be priced very keenly to compete with rapidly evolving new models and materials.

New yacht sales remain challenging overall. Confidence, not capital, is the limiting factor. Yet truly new designs in the quality segment still cut through. From serious blue water sailing yachts to long range motorboats, the best of the new launches are selling off the drawing board in both Europe and the USA.

Across the group, buyers are asking Berthon to act for them in growing numbers. They want accurate, unvarnished advice on values, VAT, build quality and where a yacht really sits in the market. As Hugh says, “you are not just buying a boat, you are buying what that owner has done with that boat”.

Correctly priced, well marketed recent yachts with good pedigree, strong service history and sensible specification are still finding buyers readily. Berthon goes into the holiday period with more yachts under contract for early 2026 than we would normally expect.

None of this hides the fact that 2025 has been a bruising, turbulent year and that 2026 is likely to be similar. Reading the market accurately and telling owners the truth about price and presentation is critical. Overpriced, badly marketed yachts will not sell, however cheap the commission deal.

The episode closes with a look at the Berthon Fleet itself. The marketing team in all territories is busy, with an unusually high volume of new listings joining the fleet for the time of year. If you want a clear, honest view of where the market really sits at the end of 2025, this is the place to start.

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Sue sits down with legendary designer and lifelong cruiser Steve Dashew to talk about FPB explorer yachts, and why not every metal boat in the anchorage is created equal.

Now retired from full time yacht building, Steve and Linda have swapped FPB commissioning for land yachting in Arizona, photography, and a very serious Ford truck and camper project. But Steve is still studying hulls, watching the America’s Cup, advising quietly in the background and thinking deeply about what makes a truly capable long range cruiser.

Drawing on hundreds of thousands of sea miles, including Greenland, the South Pacific and long upwind slogs that most of us try to avoid, Steve explains why their approach was always “cruisers first, designers second” and how that changed the shape of FPB.

A core theme in this episode is the importance of consistently high average speed at sea. Many boats can post an impressive top speed in flat water, but very few can maintain meaningful pace through crossing sea states, head seas, or long downwind passages. Steve explains why average speed, not peak speed, is the fundamental pillar of safe passagemaking.

 A yacht that can reliably deliver consistently high average speeds unlocks shorter passage times, the ability to ride or outrun weather systems, and, most importantly, a calmer, more predictable experience for the crew. Comfort and safety are not separate ideas; they are linked directly to whether a boat can keep moving fast while keeping motion under control.

In this conversation, we dig into:

• Steve explains how maintaining 10–11 knots in real ocean conditions lets you stay with favourable systems, avoid the worst of storms, and dramatically reduce fatigue on passage. As he says, “If you can keep your average up, the weather works for you. If you can’t, it works against you.”
• Why explorer style yachts have exploded in popularity, and why many look like FPBs but do not behave like them when the barometer falls.
• The idea of yacht design as a zero sum game, where every interior gain, hull tweak or fashion line has a direct impact on motion, steering control and safety.
• How to evaluate an explorer yacht if you are planning serious miles: why you should sea trial in ugly weather, insist on going out when the broker would rather stay alongside, and look closely at the people behind the design.
• The difference between a boat that “can take it” and a crew that actually wants to keep going. As Steve puts it, successful cruising is about being mentally and physically comfortable, not just structurally safe.
• The story behind FPB 83 WIND HORSE. Steve and Linda staked their own money and miles on a radical concept that many experts said would not work. Tank testing, CFD and ratios got them part of the way, but the real proof came after 15,000 to 20,000 miles at sea.
• Why steering control is everything offshore. FPBs are designed to surf safely at speed, why many owners are initially afraid to do so, and how average speed around 10 to 11 knots lets you work with weather systems instead of being punished by them.
• The trade off between interior volume and true seagoing ability.

If you care about long range cruising, motion comfort, or are quietly shopping for an explorer yacht that can really cr

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1. Cannes and Newport were information-gathering, not deal-making.
2. Brokerage enquiries are well up on 2024 levels.
3. Marketing teams are flat out as new listings swell stock.
4. Sweden is seeing a rebound after a slow August.
5. Buyers are focusing on value, ignoring overpriced yachts.
6. Owners should heed broker advice when offers arrive.
7. Custom yachts are out of favour in today’s price-sensitive market.

The message across the group is clear: the market is active yet disciplined, with serious buyers stepping forward, price sensitivity dictating movement, and residual value under close watch.

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• Why August is traditionally a quiet month for yacht sales, and what made this year different.
• The surge in repeat business from long-standing Berthon clients.
• Busy activity in Scandinavia around the Öppet Varv show.
• Growing interest from American buyers in Mediterranean yachts.
• Legal challenges around YachtWorld and what that could mean for the industry.
• Which yacht sizes and styles are most in demand right now.
• Encouraging early signs of renewed appetite for new yacht sales.

It’s a mix of clear insight and open conversation, blending market analysis with first-hand perspective, aimed at making sense of where the yacht market stands today, where it’s heading, and how these shifts affect both buyers and sellers.

If you’re curious about the state of international yacht sales, this episode gives you an inside look at the conversations shaping the market right now.

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Berthon is a fourth-generation, family-owned business with shipyard roots stretching back centuries, and today we’re one of the most established international yacht brokerages in the market. We sell around 200 yachts a year, across sail and power, from 35ft bluewater cruisers to 120ft performance yachts, working out of offices in the UK, Sweden, Spain, and the USA.

In this introduction, Sue shares:

• The history and heritage behind Berthon.
• What makes our brokerage different, from specialist brokers to in-house photography and video.
• Our passion for yachts, people, and the incredible stories that come with them.
• A look at the publications and events we produce, from the Berthon Book to our annual Market Report.
• What you can expect from this podcast — future episodes will cover yacht sales insights, bluewater cruising, interviews with owners and designers, and much more.

Whether you’re buying, selling, dreaming of bluewater horizons, or simply curious about the world of yachting, this podcast is here to share insights, stories, and a bit of behind-the-scenes life at Berthon. We’re glad you’re here at the start — subscribe, follow along, and join us for the journey.

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