Just as the luxury superyacht industry recovers from the global financial crisis, it sails into another storm as wealthy Russians, hit by the weakened ruble, look set to put off their purchases.
Speaking to CNBC at the Superyachts.com Top 100 industry event this month, the chief executives of some of Europe's leading shipyards expressed their concerns about business from Russia's mega-rich.
"Someone who is ruble-based suddenly has to pay twice as much for a yacht, clearly that must have an impact," Peter Lürssen, CEO of Lürssen Yachts, the builder of the world's largest superyacht Azzam, told CNBC.
"Then the overall economic situation in eastern Europe is very difficult and possibly degrading. So far we have seen no impact on our business, but I can see it will get more complicated and more difficult in 2015."