Design Brief & Intent
Alberto Cabal designed the Puma 38-S to compete directly with premier European offshore cruisers of the era, such as the Jeanneau Gin Fizz and Carter-designed offshore racers. Rather than pursuing the extreme hull distortions characteristic of late-stage IOR rule-beaters, Cabal prioritized a more balanced, ocean-capable hull form. The boat was built to accommodate demanding blue-water passages and local club racing in equal measure.
Inside, the boat features the traditional craftsmanship typical of Nao-Glass. The interior joinery relies heavily on warm, marine-grade teak and robust bulkheads that are securely glassed directly to the hull sides. This structural integration contributes significantly to the boat's overall rigidity. The classic European layout includes a forward V-berth cabin, an enclosed head with a washbasin, and a main salon with a folding table flanked by settee berths. The navigation station is positioned to starboard, boasting a full-sized chart table designed for offshore passage planning. Across to port, a secure L-shaped galley provides safe food preparation while underway, reflecting the vessel’s identity as a serious offshore cruiser.
Variations & Configurations
The Puma 38 design was produced in two primary configurations: the sloop-rigged Puma 38-S and the ketch-rigged Puma 38-K. While both configurations share the same high-quality hull molding, they target distinct cruising priorities. The Puma 38-S features a masthead sloop rig that maximizes aerodynamic efficiency upwind. This variant draft is a deep 6.56 feet, utilizing a high-aspect, cast iron fin keel and a balanced spade rudder.
In contrast, the Puma 38-K ketch features a slightly shorter masthead configuration with a split-sail plan. The ketch version was designed with a shallower draft of 6.07 feet, appealing to cruisers navigating thin waters. The sloop version remains the more sought-after model for sailors seeking maximum sailing efficiency and fewer standing rigging components to maintain.
Sailing Performance & Handling
The sailing performance of the Puma 38-S is defined by its robust technical ratios, which yield a powerful and highly stable ride. With a sail area-to-displacement ratio of 21.52, the masthead sloop possesses ample sail area to remain light and responsive in light-to-moderate Mediterranean breezes. However, it is in heavy weather that the boat truly demonstrates its design intent. Underpinned by an impressive ballast-to-displacement ratio of 42.85 percent, the Puma 38-S is incredibly stiff, carrying its sail plan much longer than lighter-built modern production cruisers.
A displacement-to-length ratio of 267.54 confirms its status as a moderate-displacement cruiser. This hull volume, paired with a comfort ratio of 27.74, translates to a remarkably smooth and predictable motion in a seaway. The hull slices through chop without the punishing slamming or rapid vertical acceleration typical of modern, flat-bottomed hulls. Furthermore, with a capsize screening formula of 1.90, the Puma 38-S sits well below the critical blue-water safety threshold of 2.0, verifying its capability to withstand severe ocean conditions. At the helm, the balanced spade rudder delivers crisp, responsive control, though the high-displacement hull requires active winching when tacking its large overlapping genoa.
Market Snapshot & Economics
On the brokerage market, the Puma 38-S represents an exceptional value, occupying a distinct niche in the classic cruiser category. Because the Puma shipyard operated primarily in Spain, the majority of these hulls remain in the Western Mediterranean, where they command a loyal following among sailors who understand the builder's reputation for thick, overbuilt laminates.
They generally trade at a discount relative to more widely marketed Scandinavian or French classic cruisers of the same vintage, making them a premier entry point for budget-minded blue-water voyagers. Buyers should expect the purchase price to be only a fraction of the cost of a modern blue-water refit. Crucial economic considerations include the age of the masthead standing rigging, the condition of the deck-hull joint, and the status of the auxiliary engine, which was frequently a Volvo Penta MD17C or a Perkins 4.108 from the factory.
Known Issues & Triage
- Osmotic Blistering: Like many builders of the late 1970s, Nao-Glass utilized orthophthalic polyester resins. Over time, these hulls are prone to osmotic blistering. A thorough survey should assess the moisture levels in the hull bottom, and buyers should budget for a gelcoat peel and barrier coat application if it has not already been completed.
- Cast Iron Keel Oxidation and Keel Bolts: The cast iron keel is highly susceptible to rust bleeding if its protective coatings are breached. Owners must periodically grind back oxidized spots, apply a zinc-rich epoxy primer, and carefully inspect the internal structural keel bolts. Because iron keels lack the impact-absorbing properties of lead, checking for fiberglass stress crazing around the internal keel sump is a critical triage step.
- Balsa-Cored Deck Delamination: The decks utilize a balsa-wood core for stiffness and weight savings. Hardware fasteners that were not properly bedded or re-sealed over the decades can allow moisture to penetrate the balsa core, leading to localized rot. Common failure points occur around the chainplates, stanchion bases, and the deck-mounted track systems. Tapping the deck with a phenolic hammer to identify soft spots is an essential pre-purchase inspection routine.
Modernization & Upgrades
Many veteran owners have targeted the aging propulsion system as the primary candidate for modernization. Replacing the heavy, original three-cylinder diesel engines with modern, lightweight common-rail diesels not only sheds weight but significantly improves fuel economy and alternator charging capacity.
Given the boat's excellent weight-carrying capacity, it is also a prime candidate for modern electrical refits. Cruisers frequently replace the old, heavy lead-acid house battery banks with compact Lithium Iron Phosphate (LiFePO4) systems. These modern batteries, when integrated with high-output alternators and rigid marine solar panels mounted on a custom stern arch, allow owners to run modern marine refrigeration and watermakers indefinitely without relying on fossil-fuel generators.
The Verdict
The Puma 38-S is an exceptionally solid, stiff, and seaworthy classic cruiser that punches far above its weight class in heavy weather. It is ideal for traditionalists and blue-water sailors who value structural thickness and a comfortable motion over modern interior volume and flat-water speed.
Pros
- Exceptionally stiff and stable offshore behavior owing to its high ballast ratio.
- Excellent motion comfort in heavy seas with a low capsize risk profile.
- High-quality interior teak joinery and structurally glassed bulkheads.
- Attractively priced on the secondary market compared to more famous northern European contemporaries.
Cons
- Prone to osmotic blistering if the original gelcoat has not been treated or sealed.
- Deep draft limits access to shallow-water anchorages and some intercoastal waterways.
- Cast iron keel requires active maintenance to prevent surface corrosion and scale.
