Australian supermaxi Perpetual Loyal has won the Sydney to Hobart yacht race in a blistering race record time.
The Anthony Bell-owned and skippered boat from Sydney crossed the finish line at approximately 2.30am on Wednesday in an official time of one day, 13 hours, 31 minutes and 20 seconds.
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Wild Oats XI retires from Sydney to Hobart
Perpetual Loyal hits the front of the Sydney to Hobart yacht race after the race favourite was suddenly forced to pull out. Vision courtesy ABC News 24.
The result carved almost five hours off the previous record of one day, 18 hours, 23 minutes and 12 seconds set by Wild Oats XI in 2012.
Eight-time line honours winner Wild Oats XI was more than four hours ahead of her record when forced to withdraw on Tuesday morning with hydraulic problems impacting the ability to control the keel.
She is due to reach Eden on the NSW far south coast about 10pm where she will undergo works while the crew is bussed to Sydney.
While the exact repairs are yet to be determined, crew centred and stabilised the keel allowing Wild Oats XI to make nine knots into shore as race officials explained the intricacies of the fault.
"Approaching the northeast coast of Flinders Island in eastern Bass Strait, she suffered damage to the hydraulic ram that adjusts the angle of the canting, or swinging, keel beneath the hull," a spokesman said.
"The keel counteracts the weight of the wind on the sails, enabling the boat to remain more upright. It also reduces leeway, the distance the boats veers from its compass course."
Markos said he was yet to speak to any connections of Wild Oats XI.
Needless to say they must be devastated after having to also withdraw early from the 2015 race with sail damage to crew failings.
"I'm deeply sorry for them – they've campaigned very well," he said.
"They've put an enormous amount of effort into the performance of the boat with the intention of taking this race.
In a year of such "perfect" conditions, the withdrawal is all the more bitter for determined skipper Mark Richards.
"I'm not aware of these sort of conditions ever in the history of the race, the way it's been set up," Markos said.
Giacomo remains a strong contender for handicap honours in a process that could take days to decide as smaller boats track south.
From the starting pack of 88 there are 83 yachts still racing, following withdrawals due to damage.
With the exception of one boat still trying to make repairs at Eden, all competing yachts have made it at least as far as Bass Strait.
AAP