The New South Wales yacht Loki has won the Sydney to Hobart handicap race.
Loki won on adjusted time by almost an hour, ahead of Victorian yacht Living Doll.
Veteran sailor Syd Fischer's Ragamuffin finished third.
The pre-race favourite to win on handicap, the 19-metre Loki had finished fourth in the line honours battle.
Investec Loyal won the line honours title.