Guide to effective Yacht management
Yachting Pages //
In recent times, increased workloads and a plethora of regulations occupy much of a captain’s time. This reality makes it increasingly likely that a yacht management company ends up being hired to provide services and support the captain and crew in the day-to-day running and overall management of the yacht.
What services can a yacht management company provide?
Let’s start with the basics; some of the main services yacht management companies can provide include:
- Safety management (ISM and ISPS)
- Crew management and recruitment
- Operational support
- Technical management and support
- Financial control and services
- Logistical support
- Certification and compliance
- Project management (including new construction and refits)
What makes a good yacht management company?
A good yacht management company should “find the fine line between managing the vessel according to the safety, class and fiscal regulations and bringing all components together to enable the vessel to be seaworthy and operative at all times for the benefit of the owner and charterers from one side and the crew and captains on the other".
Which yacht management company should I choose?
1. Experience and expertise
“A good management company will have a wide range of experienced staff on hand to help. This means master mariners, naval architects, marine engineers, accountants, administrators, recruitment and human resources specialists, as well as in-house IT staff. The company needs to have sufficient people in place to deal with the day-to-day operation of their fleet, so having a look at the available resources wouldn’t hurt.”
2. Efficient management systems
“When hiring a management company you should ensure that it has high-quality management systems that the captain is happy with. A quality system which is easy to use can improve the smooth running of the yacht.”
3. The contracts and the cost
“A good yacht management company should offer a wide range of packages and contracts to suit the needs of each yacht, rather than a one-size-fits-all solution. Many companies will have existing procedures for all services provided, but they still need to be made yacht specific.”
“The number of management packages really is endless. Any combination of services is possible. The length of the contract varies. We have loyal clients that have been with the company since its conception. The cost of yacht management depends on the amount of expert time needed, the systems that are selected and the liability that we need to carry for the owner.”