Wild Oats XI

Yesterday, joint owners Bob Oatley and his son Sandy pushed the button to lift the 100ft sloop from Sydney Harbour to reveal the small "winglets" they hope will give their ocean-racer an edge over its rivals in this year's race.

Sandy Oatley said the shark-fin shaped wings on the rear of the yacht's massive 12-tonne keel bulb would act like the winglets seen on the wingtips of many international long-haul aircraft. He said they helped cut turbulence and allowed the yacht to sail faster.

Wild Oats XI set the record for line honours in the 628 nautical mile race in 2005, taking just 1 day, 18 hours, 40 minutes and 10 seconds. The boat's skipper, Mark Richards, believes that given the right conditions Wild Oats XI could now reach Hobart in less than 24 hours.

In recent offshore passages, Richards and his crew have clocked continuous speeds of up to 35 knots, and the yacht would have to average only 27 knots to reach Hobart in under a day.

"Last year's line honours result (when Wild Oats XI was beaten by super-maxi Investec Loyal by just over three minutes) confirmed that every second counts, so this year we have gone in search of where we can gain seconds as well as, possibly, hours," Richards said.

"The winglets on the keel will make us just that little bit faster in all weather, and the new retractable centreboard will give us more speed in light winds, as will our new huge Code Zero headsail. That sail is like replacing a rifle with a cannon."

But Wild Oats XI will not be the only yacht sporting new sails and some underwater surprises in this year's race. Grant Wharington's super-maxi Wild Thing, which has suffered a string a failures in recent Hobart races, is ready to go again with a complete set of new sails and a modified underwater shape that makes it two feet longer and more than three feet wider.

Wharington won line honours with Wild Thing in 2003 but the following year, when leading the race, the yacht lost its canting keel and capsized. In 2008, after being rebuilt, it finished second to Wild Oats XI. Three years ago the boat lost its mast a few weeks before the race and, despite flying in a replacement spar from France, was forced to retire just after the start.

In 2010, Wild Thing was damaged in a collision with a media boat at the start but still managed to finish fifth across the line.

Earlier this year, Wharington cut the yacht in half just aft of the mast and grafted on a new stern section that took it to the race's maximum length of 100 feet, and widened the stern.

With a new low-key but cashed-up American partner, Wharington will be starting in what is virtually a new boat with new sails. He will also be sailing with a full crew rather than the reduced crews he favoured in past races to save weight.

The third contender in the battle for line honours glory, Syd Fischer's super-maxi Ragamuffin Loyal, will be sailing again tomorrow after having its mast re-stepped today, following an incident last week.

Ragamuffin Loyal's rigging was damaged when the yacht hit the Anzac Bridge that spans Blackwattle Bay near Fischer's Sydney City Marine boatyard.

Fischer, who is attempting to take line honours for the third time at the age of 85 and in his 44th race, said he was quietly confident of giving the more fancied Wild Oats XI a real run for its money.

Unlike the past few years, Ragamuffin Loyal will not sail with a gaggle of sporting identities and media celebrities aboard but with Fischer's race-hardened crew from his previous Ragamuffin. The only "celebrity blow-in" in the crew will be recently retired swimming champion Geoff Huegill.

Fischer only met Huegill for the first time last week but is said to be enormously impressed by the keenness and fitness of the man mountain.

As of last night, the fleet for the Boxing Day start stood at 77.