Benetti will bring the recently delivered 61 metre Diamonds Are Forever to this year’s Cannes Boat Show, making it the largest yacht ever to be on display at the show.

Built in 2011 and with a guest allowance of 12, Diamonds has four decks (complete with an elevator) and plenty of room for relaxing and entertainment.

The Azimut Grande 120 SL is the first megayacht with a “sport luxury” vocation, capable of combining a sporty version with elegance and comfort.

The 120SL offers speeds up to 40 knots depending on the interior selected by the owner. Power comes from two Rolls-Royce water jets and a central booster.

Microsoft co-founder Paul Allen spent the New Year holidays onboard his luxury yacht “Octopus” which sailed to the Maldives and was anchored in Addu Atoll.

While his private jet landed in Gan International Airport, he was flown to his private luxury yacht via helicopter.

The Octopus, built by Lürssen in 2003, is currently ranked as the world’s 12th largest yacht, just behind the Emir of Qatar’s 436-ft. Al Mirqab.

Abu Dhabi’s ADM Shipyards has just launched the 462.5 ft. megayacht Yas, which now ranks as the world’s 6th largest.

The yacht, whose design was adapted from a UAE Navy frigate, is rumored to have been commissioned by a member of an Arabic royal family.

The vessel features luxurious accommodations for up to 60 guests along with 56 crew and is capable of an impressive 26 knots maximum speed thanks to her military pedigree. Yas’ cruising speed is 20 knots with a transoceanic range.

A campaign, in the London Daily Mail, is afoot to build a new megayacht for the Queen of England and the British Royal Family .

Their previous vessel, the 412 ft. Royal Brittania built in 1953, was retired in 1997.

Codenamed FSP21 (Future Ship Project 21st Century), the 515-ft. vessel would be the third largest in the world, after those of Roman Abramovich and the ruler of Dubai.

With only nine months to go until the 2012 Olympics in London, the jockeying for position among megayacht owners is well underway.

Berths for about 30 yachts are being prepared around London’s waterways for the big event, but most of them will only accommodate smaller vessels.

Several more are expected to visit though they won’t all be in town at the same time.