A superyacht is the ultimate lifestyle purchase. However, a luxury yacht requires constant operational and maintenance oversight which can be time-consuming and stressful.
Many owners opt to instruct the services of a reputable yacht brokerage which offers turnkey yacht management services. If you’re considering purchasing a yacht, or are new to yacht ownership, here’s everything you need to know about yacht management.
What is yacht management?
Yacht management essentially refers to managing the day-to-day operations of a yacht. A superyacht management company acts as your representative across the entire eco-cycle of your boat, helping to ensure its smooth running while mitigating risk, both legal and financial.
Some of the yacht management includes overseeing and managing a vessel’s administration, maintenance, and compliance regulations, as well as assisting with insurance, crew management, accounting, and identifying and securing berths.
By working with an experienced yacht management services brokerage, Owners can enjoy stress-free yacht ownership and enjoy more time doing what they love.
What are the benefits of working with a yacht management services company?
There are multiple benefits to working with an experienced yacht management services company beyond enjoying worry-free yacht ownership.
A well-established yacht management company will be able to put in place multiple cost-saving measures so your boat runs as efficiently as possible. A yacht management services provider will be able to support you in making informed decisions and help find cost efficiencies across the entire vessel.
A professional and qualified crew is central to the yacht ownership experience, especially if you plan on chartering your yacht. Yacht management services include crew sourcing and administration, verifying your vessel has the right crew with the technical expertise and service skills it needs to operate at its very best.
Yacht management services also extend to technical expertise, checking your yacht is up to date with all compliance and regulatory requirements. This includes adhering to flag-state operations and robust health and safety measures. A yacht management service brokerage will also make certain your yacht is adequately insured.
Finally, a yacht management company will check the value of your yacht is future-proofed, working to ensure it continually operates at optimal levels. This includes overseeing regular maintenance checks and even full refits.
How can I pick the right yacht management services company?
Every yacht is unique in terms of the size of the vessel, the type of operation, and the number of crew. Therefore, it is essential to work with an experienced yacht management team with in-depth knowledge of managing similar sized vessels to yours.
An experienced superyacht management company will also boast a network of industry contacts, from shipyards to crew recruiters, helping to ensure you can access the very best service providers.
Make sure you work with a reputable yachting company. The world’s leading brokerages are members of any key industry bodies, such as the Leading Yacht Brokers Association (LYBRA), the International Yacht Brokers Association (IYBA), the Worldwide Yachting Association (MYBA), the Asia-Pacific Superyacht Association (APSA) and the European Committee for Professional Yachting (ECPY).
Stress-free cruising is guaranteed with the right yacht management services providers at your side. Contact a luxury yacht brokerage to learn more about yacht management.
