Gianetti Delivers Oneiro I After a 20-Year Build and Two Owners

How did Oneiro I take almost 20 years to build?

Oneiro I took almost 20 years because her hull was started on speculation in 2007, passed through several Italian yards, and then lost her first client in 2020. She only reached the water in July 2026, after a second set of owners bought the unfinished yacht in November 2024.

Boat International reported on 5 November 2026 that the 38.5-metre aluminium yacht, formerly known as Project 401, began life as a speculative build in 2007. Early work was done at several Italian yards, among them Intermarine, working through Italia Super Yacht. Gianetti signed the hull purchase agreement in November 2014 and the hull reached its Viareggio facility in April 2015.

The yard then spent about five years turning the platform into a bespoke yacht with a first client. That client died in 2020 and construction stopped. The unfinished boat was sold to the current owners in November 2024, and Gianetti completed the structure, fitted the interior to their wishes and commissioned the systems. She launched in July 2026 and the yard announced the delivery on 5 November. The yard's own news item calls it a new chapter for its bespoke programme, and notes that work continues on a sister hull, Project 402. The broker listing for the series adds a detail about lineage. It says the Mirage hulls draw on the craftsmanship of the former Gianetti and Benetti Sail Division yards, which tells you the Viareggio workforce behind her has built aluminium and composite yachts at this size before. It does not tell you who welded which section of this hull between 2007 and 2015, and that is the part a surveyor will want in writing.

What does Oneiro I offer on board?

Oneiro I is a three-deck, wide-body yacht with five cabins for 10 guests, a five-metre pool on the sundeck and a lift serving every deck. Seven crew live aboard.

The layout began as a Tommaso Spadolini design and was reworked around the new owners. The owner's suite sits on the upper deck and a full-beam VIP suite is on the main deck. Two double cabins and one twin are on the lower deck, which gives five cabins and room for 10 guests. Crew quarters sleep seven. Boat International counts a beam of 8.1 metres, which is generous for the length and the reason the saloon and cabins read larger than a 38-metre boat usually allows.

Outside, the aft deck carries the al fresco dining area and the upper deck has an aft lounge. Forward on the sundeck sits the pool, which the yard puts at five metres, and the lift that connects all decks. Both were developed around the owners' brief, according to the yard. The interiors are finished in natural wood, marble and leather. We have not seen the interior in an independent photograph yet, so for now that description comes from the yard. The cabin count is another small point of disagreement. Boat International and the yard's description give five cabins, while the BOATPro directory entry lists four, so a charter or purchase brief should confirm the final plan on board.

How fast is Oneiro I and how far can she go?

Oneiro I tops out at about 16 knots on twin 1,300 hp Caterpillar C32 ACERT engines. Boat International puts her range at around 2,700 nautical miles at 11.2 knots.

The power is modest on purpose. Two Caterpillar C32 ACERT diesels of 1,300 hp each drive her twin screws, and the broker listing for the Mirage series gives 10 knots economical, 12 cruising and 16.5 maximum. That is a displacement-minded cruising yacht, not a fast one. Electric bow and stern thrusters help in a tight berth and CMC zero-speed stabilisers settle her at anchor, which is where a boat with a pool and a wide beam earns its keep. Fuel capacity of 29,000 litres in the listing is large for a 38-metre yacht, and it is what makes the long-range claim credible on paper.

The listing for the series quotes 29,000 litres of fuel and a range of 2,400 nautical miles at 10 knots, or 1,700 at 12. Boat International reports 2,700 at 11.2. Those two figures do not match and nothing published reconciles them. Gianetti's own newsroom item gives no range at all. The odd part is that the higher-speed figure also claims the longer range, which suggests the two were calculated on different assumptions about load or reserves, though neither source says how. Until a sea-trial fuel table appears we would treat the exact figure as open.

Why do the published figures for Oneiro I differ?

The published figures for Oneiro I differ because the sources describe a series listing and a finished boat. Gross tonnage runs from 320 to 350, and class appears as both Bureau Veritas and RINA.

Boat International's delivery story gives 340 GT and a class of Bureau Veritas. A broker listing for the Mirage series gives 320 GT and RINA class, with Malta as a provisional flag. BOATPro's directory entry lists her at 38.35 metres and 350 GT, while the delivery story rounds her to 38.5 metres. The yard's own text calls her 38 metres. None of these is necessarily wrong, since a listing written years before delivery will describe the intended boat and a final tonnage is only certified at the end. The flag adds a further wrinkle, because the listing shows Malta as provisional and BOATPro shows Malta as registered, so the paperwork seems to have moved since the listing was written.

For a buyer the lesson is practical. The tonnage decides manning rules and some port and survey costs, and the class society decides which surveyors and which rulebook sit behind a future purchase. Ask for the final tonnage certificate and the class certificate by name before relying on any listing, including ours. A broker listing also shows a price of EUR 13.5m, tax not paid, on one Mirage page, while another broker lists her as price on request. We cannot tie either figure to this particular hull.

Should a buyer consider an unfinished hull like this?

A stalled hull can give a buyer a faster and cheaper route to a custom yacht, provided the structure's history is documented. Oneiro I took about 20 months from the new owners' purchase to launch, against years for a fresh custom build.

The new owners bought in November 2024 and the yacht launched in July 2026, so about 20 months from purchase to water. A new custom yacht of this size from a European yard usually takes longer from signature. That is the attraction of an unfinished hull. The structure exists, the aluminium is cut and welded, and the owner's money goes into the interior and systems where personalisation is visible.

The risk sits in the years nobody saw. A hull that spent time at several yards, with a pause after 2020, needs a full structural and corrosion survey, a record of every weld and coating, and warranties that actually transfer. Gianetti's sister hull, Project 402, follows the same logic. Its hull and structure are in place and a future owner can specify the interior and selected design details. The yard appears to have made a product of the very situation that delayed Oneiro I. For a buyer weighing the route, the questions to ask are simple. Who owns the build records for each stage, what was inspected when the work restarted in 2024, which parts of the structure date from before 2015, and what the class society signed off. A yard that can answer all four in writing has turned a long delay into a documented asset. A yard that cannot has sold a story.