Risk, rewards, and the evolution of the shuttle stallion market

Cover image courtesy of Sportpix

After yesterday’s deep dive into the resurgence of shuttle stallions, TTR is back with more insights—this time, zooming out to explore broader trends shaping the Australian breeding landscape. From shifting stallion origins to the ever-evolving business of shuttling, we take a closer look at what’s driving the market and why shuttle sires are making waves once again.

A run of major success

Street Cry (Ire) in 2015/16 was the last non-Australian bred Champion Australian Sire, and before that Danehill (USA) was the last shuttle stallion to win the premiership. Lately, there has been a resurgence in internationally born stallions with Harry Angel (Ire) and Toronado (Ire) both currently sitting in the General Sire top 10, while Too Darn Hot (GB) won Champion First Season Sire honours and finished second in the 2-year-old premiership in the 2023/24 season. Justify (USA) was third in the 2-year-old premiership, and took out the Champion First Season Sire title in 2022/23.

Yulong’s Vin Cox has a theory as to why the tide might be shifting towards shuttle stallions again.

“I believe that the major swing has been due to a quality gap. When a stallion is selected to shuttle, it simply won’t be a viable business case unless he’s a proper Group 1 horse and more often than not, in the top echelon of racehorses in the world.

“However, the business model is not the same for an Australian stallion. Local racing performances, familiarity to the market, pedigree awareness, and confidence in speed over consistent eliteness has meant that many more stallions who were simply fast but not genuine Group 1 horses have made their way onto a stallion roster.

“That's not to say non-Group 1 winners can't make it, as some do, but the shuttlers are truly elite racehorses. Many Australian sires who have stood relatively cheaply and are supported with large book sizes are not.

“The cream seems to be rising to the top.”

Of the 24 new sires to stud in Australia in the 2024 season, five were bred outside Australia and New Zealand and four of those - 80 per cent - were Group 1 winners, while only five - 26 per cent - of the 19 locally-bred sires had saluted at the top level.

The shifting origins of shuttle stallions

Over the past three decades, shuttle stallions have primarily travelled from four key nations; Great Britain, Ireland, Japan, and America, dominating the numbers, with only occasional representatives from other countries such as Canada and France. However, the landscape has undergone significant changes, with some striking patterns emerging.

In 2004, a total of 61 shuttle stallions stood in Australia. Of those, 31 per cent shuttled from America, 16 per cent from Great Britain, 34 per cent from Ireland, and 11 per cent from Japan. A decade later, in 2014, the total number of shuttle stallions had dropped to 28, with a noticeable shift in the origins from where they shuttled from, half of those stallions now shuttled from America, while none were arriving from Japan.

Fast forward another 10 years to 2024, and the numbers have continued to decline, with only 15 shuttle stallions in service. However, their origins have changed once again. 53 per cent now shuttle from Great Britain, 27 per cent from Japan, and 20 per cent from Ireland, and none from America, with Street Boss now being permanently based in Australia.

“People’s tastes fluctuate, it's like a pendulum. In the late 90s and into the early 2000s, it was very trendy to have shuttlers, more so than colonial-bred stallions,” Cox said.

“In more recent times, the colonial stallions have been more popular and have had great success. The pendulum could move again, and shuttlers may become more prominent from around the world.”

Individuals trump patterns

American shuttling stallions have gone from 19 in 2004 to none in 2024, while interest in stallions from other regions has remained relatively stable. However, Widden Stud’s Cogburn (USA) is a new shuttle stallion for 2025 joined by More Than Looks (USA) for Yulong - both Grade 1 winners.

Former American shuttler, Street Boss is thriving in Australia. Justify is now based in America after having so much success in the Northern Hemisphere. More Than Ready (USA) has left such a significant impact with 96 Australian-bred stakes winners, maybe his classy Group 1-winning son, More Than Looks who is already confirmed as shuttling in 2025 is the horse to put his sire under the spotlight again.

Peter Orton of Vinery Stud commented that one of the reasons why shuttlers seem to be more scarce was related to market share. “There are two international operators that have a lot of stallions, and as a result it can be difficult to target these sirelines.

“Obviously in Australia we are looking at options to find outcrosses for Danehill so that limits it slightly and you have to be more selective. There are still a range of unused sire lines that are being used and are working.

“America can be difficult with dirt raced stallions so that can narrow it down and make it tricky with selections.”

Expense, risk, and reward

One of the reasons that only the elite horses end up on the shuttle run is the substantial financial cost involved in transporting a stallion across the world. Ensuring a stallion arrives safe and sound in a new country requires a significant financial investment, and the risks are high.

“Expenses play a major part,” said Cox. “If you know you are going to get significant commercial support you will be okay, if you take the gamble and it doesn't happen for you and the stallion, it can be costly.

“But, with how expensive it is, taking into consideration freight, insurance, risk etc, you won't and can't bring just any horse over. There is an incredible amount of risk as these stallions are extremely valuable, they are worth a lot of money.”

The risk of flying a horse down under is not just the health of the horse and how he copes with travel, but the way breeders will respond to him and if he’ll cover enough mares to make the entire exercise profitable. It costs at least $80,000 to fly a horse from Europe or America to Australia. Stallions cost more, as the standard three-horse pallet is used for just one stallion to reduce the risk of them interacting with each other.

“Risk is always there when it comes down to expenses, and the cost of stallions. Getting the right one is so important with the costs involved and the risk,” said Orton.

“You just can't put anything on the plane, you have to think things through. Breeders need to understand the horse, that is crucial.”

Breeders have access to international data now, and are being more selective and are doing more pedigree work, which makes it even more important for studs to get their selections right. It means business models for studs and finding the right horse is very important.

“We are now in a period where people are looking at crosses and duplications even more and are being more selective on who they use. We need to be very aware of the market, breeders need to be on board. We need to look at horses that people know and that the market place understands the horse well.

“When we go for another shuttler, we need to get that blend right. The cost is substantial, so you need to get the right horse.”

Negotiations with partners

One of the biggest challenges in shuttling a stallion across hemispheres—particularly when not solely owned by a single entity—is the negotiation process.

Stallions are incredibly valuable assets, and beyond their monetary worth, numerous financial and logistical factors must be considered before an agreement can be reached. Each case is unique, with a range of variables to account for, including age, health, value, quarantine requirements, travel costs, expected demand, and service fees in each hemisphere.

In addition, some stallion ownerships have complex partnerships who want to stay involved in dual hemisphere equity. Others set up an entirely new ownership arrangement based on the hemisphere and there can be lease agreements as well, where the first portion of revenue is tied up in a payment to the owners.

Obviously with organisations like Yulong, where there is one primary owner, the business deal is far more straightforward. However, stallions with external major partners can add complexity to arrangements, with conditions such as maximum covering numbers often added to contracts to preserve the stallion in his ‘secondary’ hemisphere.

“Any partnership has complexity,” said Cox.

“You need to work out what works for both sides and then massaging those things out. The key is making both sides happy, it might not be the same for both sides but as long as both are happy. It’s not so much marriage, more so forecasting future divorce, in terms of what could happen. It is very much devil in the detail.”

Striking the right balance ensures both parties benefit while mitigating potential risks—a crucial factor in order to strive for long-term success.

“It is as simple as getting what you want out of the process and being happy with the details, getting the right one with conditions you are happy with is important,” said Orton.

A long-lasting impact

There is no doubt about the lasting impact shuttling stallions have had—and will continue to have—on the Australian breeding industry. Without shuttle sires like Street Cry and Royal Academy (USA), Australian racing would have missed out on two of its greatest champions: Winx (Street Cry {Ire}) and Black Caviar (Bel Esprit).

Black Caviar's sire Bel Esprit is an Australian-bred Group 1-winning son of Royal Academy, who himself was an American-bred stallion that shuttled from Japan. Winx, meanwhile, was the result of a mating with Street Cry, an Irish-bred stallion who achieved major success in the United Arab Emirates before shuttling from America.

Gallery: Two of the greatest Australian racing champions that were a result of shuttling, images courtesy of Sportpix

Looking even further back, Redoute’s Choice owes his existence to the influence of Danehill shuttling, while I Am Invincible is a direct result of Invincible Spirit (Ire) making the trip to Australia.

These examples highlight not only the crucial role shuttle stallions play in shaping the local racing industry, but also the truly global nature of thoroughbred breeding.