Wealthy shipowners are being given the opportunity to prise back the superyacht limelight from Russian oligarchs courtesy of the Supreme Court of Gibraltar and JP Morgan Bank.

The British enclave’s highest court has ordered that the 1,620-gt motor yacht Axioma (built 2013) be sold at auction after its owner, Pyrene Investments, a British Virgin Islands-registered company, defaulted on the covenants of a €20.5m