It is real - I saw it myself about a month ago. It was built by a New Zealander (hence the Maori emblems on the bow and exhaust 'fins') and it runs entirely on bio-diesel.
Earthrace (had some problems with this link so here's what Wikipedia has to say)
Earthrace - Wikipedia
It's going to the southern ocean soon to try and disrupt the Japanese whaling fleet's annual 'harvest'.
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