Lurssen has sold a new full-custom superyacht codenamed Project M, at more than 125 metres and above 6,000 gross tonnes, with delivery scheduled for May 2032 after more than five years of construction. The Bremen build was placed through Royal Yacht International, Italian Yacht Group, and Kitson Yachts acting for the buyer, and she is designed by the team behind the 119-metre Breakthrough, the hydrogen fuel-cell project.
The sale follows another major 2026 Lurssen order: the 122.5-metre Project Elusive, under construction in Bremen with Moran Yacht & Ship overseeing the project, scheduled for delivery in 2030 at around 5,500 GT with accommodation for 22 guests in 11 staterooms.
Fewer boats, bigger boats
The two sales land against the backdrop of BOAT International's Global Order Book 2026, which reports the number of yachts on order falling for the second consecutive year while average length and tonnage reached record levels. The direction of travel is unmistakable: the fleet is consolidating upward, and the yards with genuine large-yacht capacity are booked years out. For owners considering a new build, the message of 2026 is to start the conversation early.
The numbers are on another scale. Project M is more than 125 metres with volume above 6,000 gross tonnes, a full-custom Bremen build with delivery in May 2032 after more than five years of construction. Royal Yacht International, Italian Yacht Group, and Kitson Yachts acted for the buyer. She is designed by the team behind the 119-metre Breakthrough, the hydrogen fuel-cell project, which suggests where the new owner's ambitions lie.
The sale follows the 122.5-metre Project Elusive, also under construction in Bremen with Moran Yacht & Ship overseeing, scheduled for 2030 at around 5,500 gross tonnes with 22 guests in 11 staterooms. Two 120-metre-plus commissions in one year at one yard: the top of the market is not cooling.
The 2032 horizon
A May 2032 delivery means the owner signed up for more than five years of construction, design development, and outfitting, a timeline that only makes sense at the very top of the market. At more than 125 metres and above 6,000 gross tonnes, Project M sits in the company of the world's largest yachts, and the involvement of three buyer-side firms, Royal Yacht International, Italian Yacht Group, and Kitson Yachts, suggests a buyer who assembled a team before approaching the yard.
The design connection is the tell. The team behind Project M also designed the 119-metre Breakthrough, the hydrogen fuel-cell project, which points to an owner interested in where propulsion goes next rather than where it has been. Two 120-metre-plus commissions in a single year at a single yard, Elusive for 2030 and Project M for 2032, and the order book's message is consistent: fewer yachts, larger yachts, longer waits.
The clustering is the story. Elusive delivers in 2030, Project M in May 2032, and both are Bremen builds above 120 metres, which means Lurssen's largest halls are committed years out and the yard's design and engineering teams are booked with them. For anyone considering a large custom project, the message of 2026 is unambiguous: the conversation starts now, the yacht arrives in the next decade, and the yards with proven capacity to deliver at this scale can be counted on very few fingers. At more than 125 metres and above 6,000 gross tonnes, she will rank among the largest yachts in the world on delivery. The sale was reported in September 2026, and the May 2032 delivery date makes it one of the longest-dated new-build contracts currently public.
Photography: Ymblanter via Wikimedia Commons (CC BY-SA 4.0). Representative image of a Dutch superyacht yard.
