Turkey-based Dream Ship Victory (DSV) has signed a contract to begin new 141-meter sailing superyacht, destined to become the world’s largest.

Now a construction schedule is slated to begin this summer with a five-year build plan, making for a launch date of 2016.

Naval architects Dykstra & Partners and Ken Freivokh Design collaborated with DSV’s Valeriy Stepanenko on the Art Deco-inspired all-wood yacht.

Steven Spielberg was recently spotted in St. Barth’s and St. Maarten aboard his new toy, the 86-metre Oceanco superyacht Seven Seas.

Featuring naval architecture by Azure and an interior design scheme by Nuvolari & Lenard, the ship was launched by the Dutch shipbuilder a few months back.

Said to have cost about $200 million, the yacht features an infinity pool with a 15-ft. glass wall that doubles as a movie screen.

LVMH acquired UK-based yacht builder Princess Yachts in 2008 and they are now entering the superyacht sector with the launch of the first of their M class vessels.

The first model in the series, the 32M, was unveiled at the London Boat Show in January 2011. It is also the first craft truly worthy of the world-class LVMH imprimatur.

For the yacht’s debut the company brought in some of its other brands, including Fendi, De Beers and Moet to demonstrate the glamour of the new range.

Teodorín Obiang, the son of Equatorial Guinea’s dictator of 30 years commissioned plans to build a superyacht costing $380 million.

According to Timeslive, it’s nearly three times what the country spends on health and education each year.

German company Kusch Yachts has been asked to build the yacht, housing a cinema, restaurant, bar and swimming pool, though construction has not yet started.

Russian President Dmitry Medvedev has purchased a 53m superyacht valued at approximately $42 million as a venue to host world leaders in the 2014 Winter Olympics in Sochi.

The Kremlin bought the boat last year, the Guardian reports. The explorer type superyacht, which is presently called Leo Fun, will be renamed as yacht Sirius.

The yacht was built by Proteksan-Turquoise and Turquoise Yacht Construction for an Italian businessman and launched back in 2009.

Italian superyacht builder Pershing has launched a new hull in its flagship 115’ range with all the bells and whistles plus a gut-busting engine upgrade.

Fitted with twin diesel MTUs delivering a total of 7,400 hp together with the applied thrust of the two Kamewa Rolls-Royce water-jet propellers, the standard model has an impressive maximum velocity of about 38 knots.

The new 115’ features an additional Vericor TF50 gas turbine, typically used in the aeronautical sector, with a central water-jet propeller producing an additional 5,100 hp, for a total top speed of 52 knots.