Managing the cost of yacht ownership

With prices and costs coming under increased scrutiny over the last 5 years, no more evident than in the yacht sales price reductions; it might be surprising to note a significant increase in the number of managed yachts. Or is it?

Owning a yacht it is said, is much like running a business. Whilst immensely pleasurable and rewarding, it’s ultimately the people who make the difference. Having experts is crucial and employing a team with an international presence is even more important now.

This support team allows the crew on-board to perform their roles safely and professionally – giving guests their undivided attention.

Together, this team of specialists will have intimate knowledge of the rules, regulations, class issues and legislation providing an owner strong liability protection.

They will be able to offer improved insurance cover and reduced premiums.

Their technical insight will be unsurpassed, allowing them to act appropriately and swiftly to maintain your asset and prevent issues becoming costly problems.

It will in turn ensure your yacht holds her value.

By managing a fleet of superyachts, a good team can reduce costs further by coordinating procurements, from provisions to entertainment packages.

A reputable, trusted team can obtain credit extensions, where direct purchases require up-front payment.

An experienced shore-based team, with offices worldwide, will be able to source the best locally, globally.

But it’s not just the direct costs a good team can control and reduce. It’s the hidden costs too, those that contribute not just to your pocket, but your enjoyment of being a superyacht owner.

It could be managing the accounts and setting realistic budgets and knowing what things “should” cost.

It should include sourcing, employing and managing the right crew (crew costs can represent 50% of a yacht’s operational costs); and knowing which crew will suit which yacht.

A good team will be available 24/7.

So for Burgess, after almost 40 years, it isn’t a surprise that more owners are seeking yacht management services. It goes some way to explain why the managed fleet has increased over 17% year on year.

Contact our team at any one of our global offices: LondonMonacoNew YorkMiamiAll Offices

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