Alongside events such as the Melbourne Cup on Australia’s sporting landscape, the race pits amateurs and professionals together in yachts ranging in length from 30ft to 100ft.

Early forecasts for this year’s 72nd edition suggest strong breezes could propel the 90-strong fleet across the Bass Strait, around Tasman Island and up the Derwent River in record time. Wild Oats XI, which won overall on debut in 2005 and again in 2012, set the fastest time of one day 18 hrs 3min 12sec in 2012.

But the eight-time line honors winner, which was owned by the late wine magnate Bob Oatley, is looking to make amends for an early retirement last year because of a storm-damaged mainsail on the first night. “We’re on a mission, to redeem ourselves, to ourselves, more than anything,” skipper Mark Richards told Scuttlebutt.

Wild Oats XI faces three rivals in the 100ft supermaxi class — Perpetual Loyal also retired 12 months ago, while Scallywag (ex Ragamuffin 100 owned by Syd Fischer) and Ludde Ingvall’s newly revamped CQS, previously known as former winner Nicorette. Also in the tussle for line honors is the New Zealand 80-footer Beau Geste and the 70-foot around-the-world racers Black Jack, Giacomo and Maserati. The timing of a southerly front which could slow progress will determine

whether the record is viable for the leaders, who can reach speeds of up to 30 knots with a favorable wind behind.

“The race record is definitely on the cards,” top meteorologist Roger Badham told the Courier Mail. US entry Comanche won line honors last year in two days, eight hours, 58 minutes and 30 seconds, but is not back to defend the title.

Last year’s winner of the Tattersall’s Cup, the overall handicap prize, was the TP 52 Balance and financier Paul Clitheroe’s team will line up in Sydney Harbor at 1pm for another shot at glory.

Matt Allen, skipper of the 52ft Ichi Ban, is another eying the overall crown.

Nine yachts set sail in the first edition of the race in 1945, when Rani set the inaugural record of six days 14 hrs 22 min 0 secs. The race gained worldwide notoriety in 1998 when a savage storm sank five

Balance was awarded the Tattersall’s Cup — handicap honours for the vessel that performs best according to size — after main rival and one of the smallest competing boats, local 33-footer Quikpoint Azzurro, missed a pre-dawn arrival deadline.

American 100-footer supermaxi Comanche was first over the finish line — completing the 628-nautical-mile course in two days, eight hours, 58 minutes and 30 seconds to be the first victorious US entry since 1998.

Finishing second and third in the line honours was Ragamuffin 100 and another American entrant, Rambler.

Quikpoint Azzurro finished up in third place overall with a time of four days, 18 hours, 37 minutes and 59 seconds, behind French 35-footer Courrier Leon, which reached Hobart after four days, five hours, 28 minutes and 53 seconds.

Balance — which won the race in 2008 under the name Quest — had finished seventh in line honours with a time of three days, three hours, 50 minutes and 45 seconds.

Owner-skipper Paul Clitheroe, 60, said it was an “absolute honour” to win the blue water classic with his 10-year-old yacht, which has now taken out handicap honours in two out of five Sydney to Hobart attempts.

“I thought the little boat had beaten us, until the Derwent River decided otherwise,” the financial guru said.

Some 108 yachts had left Sydney on Saturday, battling strong winds and punishing conditions as they headed towards Hobart’s Constitution Dock on the island state of Tasmania, with more than 30 boats unable to complete the race.

Owner-skipper of second-placed Courrier Leon, Gery Trentesaux, said he had bought a whole new sail wardrobe, including a heavy maxi spinnaker, as he knew the race conditions would be tough.

“We did this because I broke all the sails with the Beneteau 45 in the 2008 race,” he said.

“I also told the builder we had to do this race.

“They asked what it would take to psych me up to race. I said, ‘the Rolex Sydney Hobart’, so here we are, with Michel Quintin, who used to own Lady Courrier.”

Quikpoint Azzurro’s owner Shane Kearns told the Australian Broadcasting Corporation the lack of wind in the pond-like Derwent River in the final stretch of the race was “frustrating”. “We really wanted to come first. But there was just no wind,” said Kearns, who had bought the boat on his credit card for Aus$23,000 (US$16,800).

“And then the cruellest cut of all at the end there, we lost second by a couple of minutes.

“So sailing can be a fun and cruel sport all in one go.”

The most prominent retirements were last year’s champion Wild Oats XI, an eight-time line honours winner, and supermaxi Perpetual Loyal.

Comanche was also damaged during the race, hitting an unidentified submerged object which broke one of her twin rudders and a daggerboard