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Cheoy Lee 38
Designer: Ray Richards  ·  Builder: Cheoy Lee Shipyard Ltd.(Hk)  ·  First built: 1968
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About the Cheoy Lee 38

Designed by Ray Richards and built by Hong Kong's renowned Cheoy Lee Shipyard starting in 1968, this 38-foot sailboat represents classic late-1960s cruising design philosophy. The masthead ketch rig configuration provides versatile sail handling options, particularly appealing to cruising sailors who appreciate the ability to balance sail area across multiple sails in varying conditions. With a displacement of 17,500 pounds and substantial ballast of 7,000 pounds, this vessel offers the stability and sea-kindly motion characteristic of traditional cruising boats. The fin keel with rudder on skeg arrangement strikes a balance between performance and directional stability, while the comfortable beam of 12 feet provides generous interior volume for extended cruising. The boat's comfort ratio of 30.08 indicates excellent motion comfort in seaway conditions, making it well-suited for offshore passages and coastal cruising where crew comfort is paramount. The capsize screening formula of 1.85 falls within acceptable parameters for ocean voyaging, reflecting the conservative design approach typical of serious cruising vessels from this era. Cheoy Lee's reputation for solid fiberglass construction and attention to detail made their boats popular among cruising sailors seeking reliable, well-built vessels capable of handling extended voyages and challenging conditions.

Core Dimensions
LOA (Length Overall) 37.92 ft / 11.56 m
LWL (Waterline Length) 30.67 ft / 9.35 m
Beam 12.00 ft / 3.66 m
Max Draft 5.68 ft / 1.73 m
Displacement 17,500.00 lb / 7,938 kg
Ballast 7,000.00 lb / 3,175 kg
Ballast Type Iron
Sail Area (Reported) 753.00 ft² / 69.96 m²
Design & Construction
Hull Type Fin with rudder on skeg
Rigging Type Masthead Ketch
Construction FG
Designer Ray Richards
Builder Cheoy Lee Shipyard Ltd.(HK)
First Built 1968
Associations Cheoy Lee Association Web Site
Owner Reviews

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Performance Ratios
PHRF Rating PHRF (Performance Handicap Racing Fleet) is a national racing handicap measured in seconds per nautical mile. Lower values indicate faster boats. Ratings are sourced from US Sailing's national database (median across 60+ regional fleets).
Under 0 — Ultralight racer0–90 — Performance racer90–150 — Cruiser/racer150–210 — Typical cruiserOver 210 — Heavy/slow cruiser
 174
SA/Displacement Sail Area to Displacement ratio measures how much sail power a boat has relative to its weight. Higher values mean more performance and speed.
Under 14 — Heavy cruiser, slow14–18 — Cruising sailboat18–22 — Cruiser/racerOver 22 — Performance racer
 17.94
Ballast/Displacement Ballast to Displacement ratio shows what percentage of the boat's total weight is ballast. Higher values generally mean better initial stability and stiffer sail carrying.
30–35% — Typical cruiser35–45% — Stiff performance boatOver 45% — Racing oriented
 40
Displacement/Length Displacement to Length ratio measures how heavy a boat is relative to its waterline length. Lower values mean a lighter, faster boat.
Under 100 — Ultralight racer100–200 — Light cruiser/racer200–300 — Moderate cruiser300–400 — Heavy cruiserOver 400 — Very heavy
 270.8
Comfort Ratio Ted Brewer's Comfort Ratio predicts how comfortable a boat will feel in offshore conditions. Higher values mean a steadier, more comfortable motion in a seaway.
Under 20 — Uncomfortably rough20–30 — Acceptable coastal30–40 — Good offshore comfortOver 40 — Very comfortable offshore
 30.08
Capsize Screening Formula The USHS Capsize Screening Formula estimates offshore capsize risk. Lower is safer — values under 2.0 are considered acceptable for offshore sailing.
Under 2.0 — Safe for offshore2.0–2.2 — Borderline offshoreOver 2.2 — Coastal use recommended
 1.85
Hull Speed Hull Speed is the theoretical maximum speed of a displacement hull, calculated from waterline length. Most cruising sailboats reach this speed in moderate conditions. 7.42 kn
S# (Speed Number) The Speed Number (S#) is a quick performance index. Higher values indicate a faster, more powerful design relative to its size.
Under 3.0 — Slow cruiser3.0–5.0 — Average cruiser5.0–7.0 — Performance cruiserOver 7.0 — Racer
 1.72
Pounds/Inch Immersion Pounds per Inch Immersion (PPI) tells you how much weight is needed to sink the boat one inch. Useful for calculating how additional gear and stores affect waterline. 1,315.05 pounds/inch
SA/Displacement (Calc) Calculated Sail Area to Displacement ratio using actual measured sail dimensions rather than reported values. More precise than the reported SA/Disp figure. 14.15
Rig Dimensions
I (Foretriangle Height) 45.50 ft / 13.87 m
J (Foretriangle Base) 14.50 ft / 4.42 m
P (Mainsail Luff) 40.60 ft / 12.37 m
E (Mainsail Foot) 13.00 ft / 3.96 m
SA Fore 329.88 ft² / 30.65 m²
SA Main 263.90 ft² / 24.52 m²
SA Total (100%) 593.78 ft² / 55.16 m²
Est. Forestay Length 47.75 ft / 14.55 m
Engine & Accommodations
Fuel Capacity 45 gals / 170 L
Water Capacity 110 gals / 416 L
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