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The Royal yacht was a motor vessel presumably used for pleasure, so would not be a SY but perhaps a MY. Nowadays for most people a yacht has sails. I suspect a vessel is regardless of size although most people would use it for a larger vessel eg motorboat vs motor vessel. I suspect this reflects the difference between a boat and a ship. One never referred to a ship as a boat.
Perhaps the change comes from SS meaning steamship originally so one moved to MV and SV rather than confusing SS with sailing ship.
So Giulietta's son can still have a yacht while his father almost has a SV.
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