Wild Oats XI has made a strong start in its bid for back-to-back line honours in the Sydney to Hobart yacht race, as the five fancied boats make their mark on the first evening's proceedings.

As darkness descends on the fleet of 78 starters, all of which are still racing after eight hours, Wild Oats XI is leading down the NSW south coast.

The defending line and handicap honours winner has opened up a slight lead over its two fellow maxis.

It is 2.1 nautical miles ahead of New Zealand boat Maximus, which has Skandia right behind it.

Three miles further astern is the Dutch representative ABN AMRO, with the other 70 footer Ichi Ban, a further two and a half miles back in fifth.

By nightfall the five most fancied boats had pulled away from the rest of the fleet with 10 miles separating Ichi Ban from handicap favourite Yendys.

Victorian boat Skandia, the 2003 line honours winner, is involved in a fascinating duel with Maximus.

Skandia's search for more helpful conditions was invariably foiled by a shift in the wind.

"The last few hours, every time we wanted to go somewhere, the wind has been coming from exactly that direction," Skandia's navigator Carl Crawford said.

"We're not really expecting any more breeze this morning."

Although the winds occasionally nudged the 25 knot level forecast earlier in the day, the seas were not quite as heavy as predicted.

Nonetheless, they were expected to favour the three maxis overnight.

"Unfortunately I think conditions are going to favour the maxis", Ichi Ban's navigator Will Oxley said.

"Everyone appears to be heading inshore and the breeze will be lighter and they can be fully canvassed and fully powered up.

"Both the Volvo (70 foot) boats are a little slower in those conditions, so unfortunately I think it's maxis conditions tonight."

The leading contenders reported few problems, though Oxley said Ichi Ban had one of its checked stays snapped.

The early battle for handicap honours is very fluid, with several boats enjoying a turn in front.

With just over eight hours completed, the 52 foot Wot Yot headed the IRC standings ahead of the 47 foot Endorfin, with ABN AMRO third.

The leading boats are well off race record pace.

Wild Oats XI, which holds the existing race record of one day 18 hours 40 minutes and 10 seconds, imposed itself on the opposition right from the start of the race.

The 30-metre speed machine was the first boat through Sydney Heads and remained at the front of the fleet thereafter.

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