China’s Shangong Heavy Industries has bought the Ferretti Group, taking over 75% of the Italian shipmaker’s capital.

Sleekly tailored with gleaming chrome accessories and luxurious saloons, the Ferretti Group designs some of the most exclusive yachts in the nautical world.

Ferretti has 8 yacht brands (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Mochi Craft, CRN and Ferretti Custom Line) and owns a total of 8 shipyards.

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.

Launched nearly six years ago, the masterful 289-ft. Maltese Falcon remains Perini Navi’s crowning achievement.

While the yard has constructed many stunning yachts since then, none have approached the Falcon’s impressive length.

Now Perini Navi has signed a contract for a 226-ft. sailing superyacht, that, when completed, will be the second largest PN ever built, Superyacht Times reports.

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.

Princess Yachts International have released their latest yacht, the V-85S sports yacht (measuring 85ft overall).

Ingeniously hidden within the sleek lines of her exterior is a flying bridge with dual helm controls and companion seating.

Complete with refrigeration and a sound system, this is also a relaxed space for daytime entertaining as an alternative to the cockpit and foredeck seating areas.

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.