( CNN ) -- The race for line honors in the annual Sydney-Hobart yacht race is developing into a thrilling battle between three giant maxi yachts . Neville Crichton 's Alfa Romeo was leading after the fleet emerged from the first night , but less than five nautical miles separated the New Zealand 100-footer from British entry ICAP Leopard , skippered by Mike Slade , and four-time line honors winner Wild Oats X1 , with Australian Mark Richards at the helm . Light winds have ruled out a realistic chance of any of the contenders breaking the race record set by Wild Oats in 2005 of one day , 18 hours and 40 minutes , but the three-way tactical battle is the closest for several years . The official race Web site www.rolexsydneyhobart.com reported that the three leaders were traveling at just over 11 knots with an east-south east wind as they headed to the finish in the Tasmanian capital . 100 yachts started the 628-nautical mile `` Bluewater Classic '' from Sydney Harbor on Boxing Day and it made for the usual impressive spectacle . Four retirements had taken place by daylight , with Alan Brierty 's Limit , representing the organizing club , the Cruising Yacht Club of Australia , going out due to rigging problems . Limit was one of the favorites for overall victory on handicap . The annual race was first held in 1945 and has been hit by severe weather conditions in previous years . In 1998 , six competitors died and several boats were lost during a fierce storm on the first night . Two years ago the fleet was also hit by similar conditions and eight yachtsman had to abandon a sinking craft . The forecasted light winds are expected to favor the bigger yachts who can use their giant spinnakers to good effect as they head for Constitution Harbor in Hobart .
Three giant yachts are battling it out for line honors in New Zealand 's classic . New Zealand 's Alan Brierty 's leads from Sydney-Hobart and Wild Oats X ! Wild Oats X1 bidding for first straight line honors success in 628 nautical mile test .