From One Truck to a Business Empire
Australian entrepreneur and yacht owner Ian Malouf sat down aboard CORAL OCEAN in Cannes to reflect on a career that began with a single truck and evolved into major ventures across recycling, property, and luxury yachting with Ahoy Club.
Malouf left school at 18, bought a small truck, and entered the waste industry by chance. His hard work transformed that beginning into a 40-year enterprise that grew from bin logistics into one of the Southern Hemisphere's largest recycling operations. Strategic property purchases during the 1989 interest-rate crisis accelerated the company's growth and established a strong base close to Sydney's CBD.
A Lifelong Passion for the Water
Boating has always been part of Malouf's life, having grown up around Sydney Harbour. After years of family boating, he stepped into larger yachts with a 72-foot Princess in the early 2000s and later acquired the 54-metre MISCHIEF, his first superyacht. He used MISCHIEF both for family time and client hospitality, strengthening business relationships across construction and yachting.
Today, MISCHIEF is Australia's largest commercial superyacht and a key vessel in the South Pacific charter market, with itineraries extending to destinations such as Fiji and Papua New Guinea. "The South Pacific is amazing," Malouf said. "Provisioning can be island-time, but it's absolutely worth it."
The Reinvention of CORAL OCEAN
Aboard CORAL OCEAN, formerly known as CORAL ISLAND, Malouf discussed the ambitious refit that transformed the iconic Lürssen-built yacht with its original Bannenberg design. Initially planning to invest €5 million, he ultimately spent €35 million to restore the yacht's heritage while giving it the feel of a brand-new vessel.
Extensive structural work on the sundeck and a complete interior redesign have made CORAL OCEAN one of the most sought-after charter yachts in the world. The yacht has been fully booked since May, and its crew earned the Best Crew award in 2024—an achievement that reflects the family's high standards.
Founding Ahoy Club
Ahoy Club was launched in 2018 after Malouf recognised how outdated and opaque the traditional charter process could be for both clients and owners. The company was built around speed, transparency, and genuine owner-level expertise across charter, sales, and yacht management.
Malouf is clear that the business is customer-driven rather than commission-driven. "Get people on the right yacht and the money follows," he explained. "Put them on the wrong one and you lose them for life." That philosophy also drives Ahoy Club's approach to refits and operations, where the focus is on minimising downtime and maximising charter potential.
Embracing Technology in Charter
Digital innovation has become a major focus for Ahoy Club, particularly in the Australian day-charter market. Through the Ahoy Days platform, clients can now book smaller yachts online with instant payments and automated run sheets.
For multi-day or international charters aboard yachts such as CORAL OCEAN, an experienced broker remains essential. "You can choose the wrong boat or the wrong crew," Malouf said. "Relationships and good advice still matter."
He also noted that while the industry initially resisted Ahoy Club's entry, collaboration and respect have grown steadily as the business has proven its professionalism and performance.
The Economics of Yacht Ownership
Malouf maintains that yacht ownership can be financially viable, particularly in Europe where the charter season is longer. In Australia, the model is different but still profitable, with strong demand for corporate and event-based charters in Sydney Harbour.
He often recommends co-ownership to new buyers as a way to share costs and reduce complexity, though he acknowledges that many prefer full ownership. For those owners, chartering provides a way to offset the expense while maintaining private enjoyment.
A Philosophy Built on Hard Work
Throughout his career, Malouf has been driven by persistence and discipline. His background managing thousands of engines and heavy machinery makes yacht operations straightforward by comparison. He rejects arbitrary rules, such as the notion that owners should avoid yachts over 499 gross tons, and believes success comes from commitment and practical understanding.
"Delight your customer," he said, quoting Warren Buffett. "That's the whole business."
Looking Ahead
Ahoy Club continues to grow through new refits, brokerage projects, and expansion into the South Pacific charter market. When asked if he would ever sell CORAL OCEAN, Malouf smiled. "We love it too much," he said. "I haven't found another yacht that gives me boat envy yet."
By the Numbers:
- €35 million invested in the CORAL OCEAN refit
- 54-metre MISCHIEF remains Australia's largest commercial superyacht
- CORAL OCEAN booked back-to-back since May
- Best Crew award in 2024