A superyacht can offer its owner tranquillity, privacy, and an enviable quality of life. And yet, as Revolut co-founder Nik Storonsky has recently discovered, acquiring one can be far from plain sailing.
Yacht specialists Cecil Wright & Partners filed a legal claim against the fintech billionaire in London’s Commercial Court in July, alleging that Storonsky avoided paying around $20 million commission on the purchase of the 102-metre Lürssen yacht Nixie, valued at $400 million.
A spokesperson for Storonsky’s family office told the Financial Times that the claim was “without merit and will be defended”.
The dispute is unusual in the yachting world, where few disagreements play out so publicly. However, the secretive nature of yacht broking can, industry watchers say, give the false impression that broking disputes rarely occur.
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‘My view is that it’s far more common than people perhaps realise,’ says Quentin Bargate, a superyacht lawyer and founder of luxury asset law firm Bargate Murray.
‘The old type of buyers, the old Russian buyers for example, kind of understood the industry a bit, but some of the new buyers who are coming in want a quicker deal,’ Bargate says. ‘Is that matched by the necessary skill set of brokers to deal and advise people? I would say that arguably not.’
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The new haves and have-yachts
A booming superyacht market and a younger generation of potential buyers are altering the dynamics in which brokers operate.
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In 2025, 211 new vessels over 98 feet were sold globally, and order books are at ‘record capacity’, according to the most recent annual report from Fraser Yachts. The same report also notes that an expected 31 per cent increase in the global ultra-wealthy population between 2025 and 2030 represents ‘an increase of 166,160 people who could potentially join the superyacht market’.
‘Particularly at the very top end of the market, demand outstrips supply, and as a result of that, we are seeing an almost unprecedented demand for large yacht ownership,’ says Jamie Edmiston, chief executive of market-leading brokerage Edmiston.
‘Currently, if you wanted to order a new yacht from a shipyard – even if you ordered it today – you wouldn’t get it delivered for about seven years because demand is so strong, so a delivery in 2033 or maybe 2034.’
It is little wonder, then, that there is fierce competition among brokers for mandates, and that commissions can become a significant source of contention.
Murky waters
In theory, a central agency (CA) agreement – the standard form of contract between a yacht owner and a professional broker – should mean disputes of the kind faced by Storonsky are rare. However, those familiar with yacht dealing speak of handshakes and gentlemen’s agreements.
‘Yacht broking is a relatively unregulated industry,’ Bargate says. ‘It’s a bit of a Wild West to be honest, and that’s why I think owners need to be careful. Anybody dealing with a broker needs to be careful that they understand exactly the parameters of where their responsibility for paying commission begins and ends.’
Ezio Dal Maso, a shipping partner at the law firm Stephenson Harwood, also advises potential buyers to tread carefully in the current market.
‘What I’ve seen recently is that there is much more tension these days around these types of situations,’ he says. ‘In the past 12 months, I’ve seen more situations where brokers approach clients saying: “You should have paid me a commission, even if you went with another broker to sign a contract”, because they think that sending an email or taking a client on board during the Monaco Yacht Show is sufficient for them to claim a commission.’
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Knowing the ropes: the superyacht brokers behind the biggest deals
According to Dal Maso, a standard commission for brokers on a sale could be between 3 per cent and 7 per cent, depending on the size of the yacht.
The largest yacht sale of 2025 was the $793 million deal for the 390-foot vessel Breakthrough, which would, in theory, put the potential commission somewhere between $24 million and $56 million. With such large sums involved, it makes sense that clients would seek the services of established brokerages.
‘There is a relatively small group of people who are absolutely at the top of their game, who are market makers, and who are dealing with the most important transactions,’ says Edmiston.
He adds: ‘My analogy would be there are 20 Formula One drivers in this world, and yet there’s about another 10,000 people trying to be race car drivers.’
As well as finding the right broker, potential buyers should also, in Dal Maso’s view, be aware that the law can take a broad view when defining broking agreements.
‘As a matter of English law, you don’t need a formal written agreement for a commission agreement or a brokerage agreement to be in place,’ he says.
‘WhatsApp messages or conversations in the context of social events can be construed to be sufficient for a brokerage agreement to be effective between the parties.’
As superyacht demand grows among a younger generation seeking quicker deals, such informal agreements are likely to come under increasing scrutiny.
Words: Jack Womack
