That a 2012 yacht is worth quite a bit more being a classed vessel (especially being a Brazilian build), than not paying to have a class surveyor simply survey it. It leads me to believe that the vessel had many things that would've cost money to fix to have it meet class rules. We're not talking about a 35 year old motoryacht with a value of $1 million. The mate stated they were alerted to it by the boat listing to port and the Captain went to investigate, there was no mention of any alarms and alarms would alert them faster then the boat would've had so much water in it that it listed. They didn't mention hitting anything. "According to Sea Tow Marine Towing and Salvage, the Serena III yacht sent out a distress call shortly before 6 pm Monday about the boat taking on water and less than two hours later the yacht was gone." So what we have here is a steel hulled vessel built to class that just sank in under 2 hours. So we have a major flooding situation and nothing was mentioned of hitting anything. Don't you read the news articles??? The mate stated that they were alerted to the problem because the boat was listing to port. It takes quite a few gallons to make a 120' boat list enough to notice it from the helm, that a high water alarm if equipped would have alerted to much sooner.