One of the great Sydney to Hobart battles of recent years was unfolding on Saturday night, with Australia’s line honours favourite Wild Oats XI locked in a tremendous tussle with overseas rival maxis Alfa Romeo and ICAP Leopard.

Around eight hours into the race, only a couple of nautical miles separated the three favourites.

The only boats to attract single-digit odds from the bookies, the trio led the way out of Sydney Heads.

They imposed themselves on the fleet as it headed down the NSW south coast during the evening.

Wild Oats XI headed offshore early in the evening in search of stronger wind after an expected south-easterly didn’t live up to expectations.

The leading boats were getting little help from overhead conditions as darkness developed, with southerly winds of around 8-10 knots.

The 2005 race record of Wild Oats XI looked under no threat, with the absence of strong favourable nor’easterlies making for relatively slow going.

The fleet of 100 was reduced to 97 within three hours of the start.

Among the early casualties was Victorian maxi Etihad Stadium, whose luckless campaign came to a sad halt little more than an hour after the race started.

Two mast-related issues forced her withdrawal and brought to an end an ill-fated challenge which developed into a race against the clock after she needed to fly in a replacement mast from Europe.

The 39-foot Tasmanian boat She’s The Culprit was another early casualty.

She retired after suffering damage to her railings and starboard hull at the first rounding mark.

She subsequently lodged a protest against a boat an opposing boat involved in the collisions which allegedly caused the damage.

The Farr 37 yacht Pippin became the third retiree after her diesel pump jammed.

The line honours victor for the last four years, Wild Oats XI was beaten through the heads for the first time in her five-year history in the race.

Wild Oats XI got an early jump on Alfa Romeo when the latter suffered a twisted sail in the opening minute of the race however, the tables were turned within six minutes when Wild Oats XI lowered her spinnaker too early following a breakdown in communications between the afterguard and the foredeck.

British boat Ran justified her pre-race status as one of the favourites for handicap honours by showing up well in the early stages tussle for IRC honours.

Launched earlier this year, the 72-foot boat which took out overall honours in the famous Fastnet race, was leading overall on Saturday evening.

Victorian Farr 55 Living Doll and South Australia’s 51-footer Secret Mens Business 3.5 and last year’s overall winner Quest, were also among the early handicap pacesetters.

Meanwhile, Fancied handicap contender Limit is out of the Sydney to Hobart yacht race with rigging problems.

She is the fourth boat to retire, reducing the fleet to 96.

© AAP 2012

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