New South Wales yacht Loki has won the Sydney to Hobart handicap race.
Skippered by Stephen Ainsworth, Loki won on adjusted time by almost an hour, ahead of Victorian yacht Living Doll. Ragamuffin finished third.
Loki finished fourth in the line honours battle. It was the pre-race favourite to win on handicap.
Investec Loyal won the line honours title on Wednesday night.
