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Posted AT 2:22 PM EST on 03/07/08

Smooth sailing for yacht builders

The Associated Press

NEW ORLEANS — Fuel prices are soaring and credit markets tightening, but the super-rich are still lining up to pay tens of millions of dollars for mega yachts. The well-heeled buyers of the floating mansions are increasingly coming from emerging economies — in the Middle East, Russia and South America. The source of their wealth runs the gamut — technology, venture capitalism, new industries. And, yes, oil.

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