Yacht Management Explained
Some aspects of managing a Superyacht are sometimes best passed onto a team of experts at a yacht management company. Today we continue with our two-part series finding out what yacht management companies do for superyachts.
There are a variety of services provided by management companies. West Nautical is here with us to dive deeper into the more technical aspects of management services you will need to run a superyacht successfully. Today we discuss:
- Refit, Maintenance, and New Build Projects
- Safety Management (ISM and ISPS)
- Insurance Management
- Registering a Yacht
- Technical and Shoreside Support
Refit, Maintenance, and New-build Project Management:
Yacht management companies have the expertise to manage a new build or handle minor and major refit works on any vessel, from sourcing quotes from multiple shipyards to having someone on the ground managing day-to-day operations. These are all services available to yacht owners. Yacht management companies have teams of experienced engineers, captains, and surveyors who have all made the maritime industry their lifelong careers.
A yacht refit is a complex venture. Without effective management, careful planning, and ongoing evaluation, it can quickly go over budget and schedule. Having an effective management company to ensure the refit is efficient and economical is vital.
A management company will start by understanding what the owner would like from a refit. They will make a detailed plan and contact suitable yards for the refit. They will then source exact quotes, assist with logistics and have a team member on the ground who will represent the owner.
Each yacht will need to carry out routine planned maintenance according to the vessel’s build, hull material, and age. All yachts have varied legal requirements for planned maintenance. Hulls made from different materials such as fiberglass or aluminum will have different requirements for hull inspections; one may only need inspecting every five years, whereas another material will need checking every two.
Safety Management (ISM & ISPS):
All vessels must adhere to safety and security protocols. The two most important are the ISM Code (International Safety Management) and ISPS Code (International Ship and Port Facility Security). Yacht managers need to be well acquainted with both codes. They update the yacht with any changes in regulations and make sure the yacht is adhering to every regulation.
ISM must maintain an international standard set of safety and pollution prevention rules and ISPS, an amendment of SOLAS (Safety of Life at Sea), lays out the minimum safety requirements vessels need to implement onboard. This will vary from vessel to vessel based on the gross tonnage.
To travel freely and to be accepted in ports worldwide, all yachts must be comprehensively insured. A yacht management company will source key policies for vessels. Each yacht’s insurance arrangements are specific to the vessel. Premiums will often depend on the waters the yacht is sailing, the size of the vessel, and how often the owners use the yacht.
Registering a Yacht:
There are many legal procedures in the process of yacht registration. Yachts will either be registered as a commercial or private vessel, yacht management companies will assist with all legal processes and paperwork to complete yacht registration correctly and efficiently.
Shoreside and Technical Support:
Technical support management includes all aspects of a yacht that allow it to function safely. Technical items include maintenance, repairs, routine services, purchasing equipment and spare parts from vendors, and sourcing the best crew possible for the yacht.
In an emergency, the technical support team at a management company can provide shoreside support. They will contact relevant parties such as coast guards and nearby vessels.
The technical management team at a management company will be well acquainted with multiple security solutions. They will fulfill the role of a DPA (Designated Person Ashore), which is the first point of onshore contact for the captain or crew member.
Geoff Moore, MD of Superyacht management company West Nautical adds.
“Having an experienced management team is vital in ensuring your vessel is run and maintained to the best possible standard. Rules and regulations in the maritime industry are constantly changing. Therefore, it is in every owner and captain’s best interest to find a yacht manager they trust to keep them up to date to maximise the use of their yacht in the areas they wish to cruise or charter.”
To Read Part 1 of this 2 part series, please click here, or for the latest news in the superyacht industry, click here.
About West Nautical:
West Nautical sells, charters, and manages superyachts from their head office in Newcastle upon Tyne. The business currently employs a team of 21 staff throughout their offices based in the UK, Russia, France, and Cyprus.
Since its inception over 25 years ago, West Nautical has become recognised as one of the most respected, trusted, knowledgeable, and accountable professional services firms in yachting – due to their relentless determination to act in our clients’ best interests. Their approach and attitude are transparent, refreshing, and focused on providing value-added services delivered elegantly and affordably. Visit our website here – https://westnautical.com