- 115 yachts started at Sydney Harbour on December 26, 1998, in the annual Sydney to Hobart Yacht Race. Fierce storms and violent winds battered the fleet and only 44 boats made it to Hobart.
- Five boats sank, 66 boats retired from the race, six sailors died, and 55 sailors were taken off their yachts, most by helicopter.
- First across the line on December 29 was the US maxi yacht Sayonara owned by Larry Ellison.
- Over-all winner on handicap was Midnight Rambler owned by Ed Psaltis and Bob Thomas which finished 10th across the line. It was the smallest yacht in a decade to win the race.
- A coroner's inquest was held on the race deaths.
- Overall winner: AFR Midnight Rambler, Ed Psaltis/Bob Thomas, NSW
- Line honors: Sayonara, Larry Ellison, USA — 2:19:03:32
On December 12, 2000, two weeks before the start of that year's Sydney to Hobart Yacht Race, New South Wales Coroner John Abernethy handed down his findings on the 1998 race deaths, saying the Cruising Yacht Club of Australia had "abdicated its responsibility to manage the race."
"From what I have read and heard, it is clear to me that during this crucial time the race management team played the role of observers rather than managers and that was simply not good enough," the coroner said.
The six sailors who died during the storm-ravaged 1998 Sydney to Hobart Race were Phillip Charles Skeggs (Business Post Naiad), who drowned on December 27; Bruce Raymond Guy (Business Post Naiad), who died of a heart attack; John Dean, James Lawler and Michael Bannister (all on the Winston Churchill) who drowned on December 28; and Glyn Charles (Sword of Orion) who drowned on December 28.
The Bureau of Meteorology was also criticised for not doing more to alert the club of an upgraded forecast on the severe storm south of Eden (close to the New South Wales-Victoria border) nearly a day before the fleet was due there.
Coroner Abernethy praised the Cruising Yacht Club for having taken safety precautions after the 1998 race and made a number of recommendations. He also said the weather bureau should add maximum wind gusts and maximum wave heights to its forecasts.
On December 13, a day after the State Coroner's findings, race director Phil Thompson resigned his position.
He was race director in 1998 and, until his resignation, held that position for the 2000 race.
The coroner had said in his report: "Mr Thompson's inability to appreciate the problems when they arose and his inability to appreciate them at the time of giving his evidence causes me concern that (he) may not appreciate such problems as they arise in the future."
The coroner found Thompson responsible for the error which saw the yacht Business Post Naiad allowed into the race despite having a poor stability rating than required.
Nokia Breaks Record
- Sydney to Hobart Yacht Race: Danger and Death at Sea
- 1998 Sydney to Hobart Yacht Race: Tragedy at Sea
- 1999 Sydney to Hobart Yacht Race: Nokia Breaks Record
- 2000 Sydney to Hobart Yacht Race: Nicorette Takes Line Honors
- 2001 Sydney to Hobart Yacht Race: Assa Abloy's Win
- 2002 Sydney to Hobart Yacht Race: Alfa Romeo's Turn
- 2003 Sydney to Hobart Yacht Race: Duel of the Super Maxis
- 2004 Sydney to Hobart Yacht Race: Nicorette Wins Line Honors
- 2005 Sydney to Hobart Yacht Race: Wild Oats XI Wins the Treble
- 2006 Sydney to Hobart Yacht Race: Back-to-Back Win for Wild Oats XI
- 2007 Sydney to Hobart Yacht Race: Wild Oats Makes It Three in a RowXI
- 2008 Sydney to Hobart Yacht Race: Wild Oats Makes It Four in a RowXI