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Article - Why is Good Yacht Management Important

29 May 2014

Taking ownership of a yacht is arguably one of the most wonderful experiences an individual can ever go through, however it isn’t just about making the purchase and then mooring it somewhere – it takes a lot more time, money, administration and effort to be able to manage your asset properly. 

One of the first principles of yacht ownership is that the larger it is, the more complex ownership is. It can be so time-consuming that some owners find they’re no longer in a position to do all that is required due to time constraints or a lack of administrative resources required to deal with legal obstacles, yard contracts, insurance, maritime regulations, crew management and charter management. This is without taking logistics or all the other little details that go into yacht ownership into account. 

As a result of all of the above, it is imperative that a yacht owner seeks out and employs good yacht management. It is at this point which a yacht management company steps in. Its responsibility it is to take away the day-to-day burden of yacht ownership. In addition, a yacht management company allocates its people so they’re able to deal with urgent situations or emergencies in the event they arise. They are also there to share their expertise with the yacht owner and its crew as and when it is needed. 

Needless to say that boats of all kinds require their needs to be tended to. Although owners would wish it to be, owning a yacht is far removed from simply taking to the open sea as and when it takes your fancy. This notion is pushed even further when referring to superyachts. Some owners manage these vessels using  the services of a good corporate accountant and a talented captain, but for the vast majority, having good on-shore yacht management is paramount to being able to maximise their enjoyment of their vessels. 

In reality, administration, along with managing vessel safety, suppliers, crew and charter agents, is like having a full-time job. Outsourcing the work required to maintain a yacht in a sufficient manner becomes increasingly prevalent with every increase in size. In fact, owners tend to employ individual experts to manage various elements of the yacht, or entrust the management to a company.  

In certain instances, yacht management companies offer comprehensive yacht management services which are tailored to the requirements of individual owners. In others, yacht management companies may sign contracts with owners for access to their services in part. 

Good yacht management allows owners to enjoy their yachts and have them remain a thing of pleasure rather than becoming stressful and time-consuming. Additionally there are so many details to think about with yacht ownership that it something which is best left to professionals to ensure everything is taken care of in an appropriate manner, giving the owner full peace of mind and the mental space to enjoy what they have worked so hard for. 
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Article written by Vella Marine Malta 

 

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