Meyer Werft loses contract to Chinese shipbuilder
In April last year, Meyer Werft announced its intention to build ‘Ulyssia’, one of the largest and most exclusive residential yachts. The contract has now been awarded to a Chinese company.
Meyer Werft and Ulyssia Residences AG signed a memorandum of understanding in April 2025 for the construction of the residential yacht Ulyssia, with building work initially expected to begin in Germany later that year.
However, the 320-metre vessel will now be built in China. Ulyssia Residences, founded by Frank Binder, has selected China Merchants Shipbuilding as the contractor for the project, which is reportedly valued at around €2 billion.
Designed as one of the world’s most exclusive residential yacht communities, Ulyssia will feature 133 private residences and 22 guest suites. The smallest residence, at 110 m², is expected to cost more than €9 million.
The vessel has been designed by architect Espen Øino, with interiors by FM Architettura. At 320 metres, Ulyssia would become the largest yacht ever built, surpassing the 195-metre Rev Ocean and the 180-metre Azzam. Delivery remains targeted for 2030.
China Merchants Shipbuilding Industry Group (CMI), headquartered in Hong Kong, operates several shipyards across China. Its core business includes car carriers, offshore vessels, tankers and ferries, but the company has yet to deliver a yacht.
In the cruise sector, CMI has built the Infinity-class expedition vessels for SunStone Ships. While this project provided experience with passenger vessels, it remains to be seen whether the shipyard can meet the demanding expectations of the ultra-luxury residential yacht market.
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