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Firefighters put up an anti-pollution barrier around the Sea Lady II, a charter yacht that costs more than $90,000 a week to hire.
Two hours after the fire started, firefighters said they were struggling to get on board, and images on social media showed thick black smoke around the port.
"Surrounding yachts were quickly moved away and we have put up anti-pollution barriers," a fire service spokesperson told AFP. The official added that it was "likely" that the boat would sink in the port.