YACHT MANAGEMENT COMES OF AGE The world of yachting is seeing more technology and more legislation which is of course a good thing, but with superyachts getting larger, more external expert advice is required Words: Captain Michael Howorth
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uperyachts represent, even to the richest of owners, a significant investment. Whatever their size, superyachts are valuable assets and require careful management, from rigorous financial management to employing a trusted crew and running a well-orchestrated diary.
Specialist superyacht management services ensure that a yacht is being well maintained, operated and administered, leaving owners free to enjoy their time on board with family and friends. Good superyacht managers provide seamless and exceptional shore-side support to ensure all aspects of yacht management are dealt with efficiently. Most of the better yacht management teams have skills, knowledge and superyacht experience across a comprehensive range of services. From cost control for the operation and maintenance of a superyacht, to every aspect of operating it, enabling them to operate with efficiency, transparency and, of course, accountability. Owners considering commissioning the construction of a new build or refitting an existing yacht, should consider yacht management companies that specialise in providing project management services and have been successfully involved in the new construction and
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refitting of yachts. They would do well to choose managers who have extensive relationships with the better shipyards, designers and naval architects around the world. The business of yacht management has, over the last decade or so, developed from being a simple, add-on service offered by superyacht brokerage companies, into a big business. It has become so for a number of reasons including: increased legislation, more sophisticated vessels, a more competitive manning market and the introduction of mandatory ISM, requiring increased shore support. Yacht owners are becoming more discerning and wanting to limit their various liabilities in an increasingly litigious environment. The advantage of yacht management to the owner, is one of protection, reliability, compliance, reduced liability, improved residual value and financial accountability. As time goes by superyacht management is becoming more competitive and securing good manning by employing competent crew is becoming even more difficult. Otherwise, it is like any other kind of management and should improve and embrace change. The evidence is that over the past two decades, this has happened.
