YACHT MANAGEMENT
Guide to Yacht Management
Owning a superyacht is truly amazing and whether you decide to keep the yacht as a private vessel or charter to recoup some of the costs, it need to be well maintained and cared for. The international marine sector is governed by rules and regulations that are frequently changing and need to abide to weather its health and safety, security, or crew conditions.
SYA will take care of all the separate components to ensure that owning a yacht
is a pleasurable experience.
Crew Management
SYA will relieve the owner from liabilities of crew employment and management to provide a robust MLC compliant crew employment structure.
Safety Management
SYA will support the Captain and crew in the safety requirements of an ISM, through a Safety Management System and provide 24hr Emergency Response
Technical Management
SYA will oversee the classification requirements, monitor the Planned Maintenance System and arrange technical advice.
Logistics
SYA will support the Captain in sourcing provisions, fuel and berths across the globe
Financial Administration
SYA will prepare yacht bank accounts, develop budgets, and produce accounting reports.
Financial Administration
Transparent accounting and financial efficiency are essential to understand the value for money when owning a yacht. A yacht is an expensive investment that needs to follow strict protocols so making the books balance will take away the stress from the owner.
- Budget Preparation
- Cash to Captain
- Invoices
- Day-to-day Running Accounting
- Accounting Reports
- Quarterly Review of Cost Optimisation
Safety Management
The IMO (International Marine Organisation), MCA (Maritime and Coastguard Agency), Flag state and Classification Societies and many more control the rules
and regulations to ensure the security and safety of the crew, passengers, cargo and vessel at all times. The regulations can be a complex beast and need to be adhered to, so it is important that they are managed and monitored by an expert.
- ISM (management systems)
- ISPS (security)
- Flag state regulations (The location the yacht is registered)
- Port state regulations (port the yacht is located and visit)
- Audits and Survey
- Procedures and Policies
- Insurance
- Technical Support
- Planned Maintenance
- Dry Dock Supervision
- Monitoring of Warrantees and Guaranties
- Maintenance System
- Refit
Technical
The IMO (International Marine Organisation), MCA (Maritime and Coastguard Agency), Flag state and Classification Societies and many more control the rules and regulations to ensure the security and safety of the crew, passengers, cargo and vessel at all times. The regulations can be a complex beast and need to be adhered to, so it is important that they are managed and monitored by an expert.
- Provisions and Fuel
- Crew travel
- Berthing
Logistics
The captain plays an important role in terms of managing all aspects of the yacht while on charter and at sea. A management company can assist the captain and crew to support with the logistical duties if needed. Fuel and provisions are sourced locally and can be negotiated prior the charter/journey to help reduce costs as well as booking berths in high season.
Crew Management
An effective and competent crew will not only care for the yacht but will also offer 5-star service to the owner and chartered guests. A happy crew means happy guests, who will enhance the reputation of the yacht. It is important that the right people are caring for your pride and joy. Like every business HR employment law needs to be adhered to ensure the duty of care to all its employees.
- Recruitment
- Verification of references and certificates
- Training
- Crew Contract Information
- Payroll
- Performance Management
Central Agent
If you want to charter your yacht you will need to employ the services of a Central Agent (CA). The CA role is to schedule all the charters for your yacht to the times of the year that you have specified. The CA is an expert in scheduling who will ensure that the yacht can be chartered in the most efficient way and allowing for crew breaks and turnarounds. Positioning of the yacht is important to make the most of high season locations and making sure the yacht is in position for the next charter. The CA liaises with a retail broker or client, the owner, and the captain to ensure all expectations from all parties are met.
- Scheduling of charters
- Supports cruise planning
- Validates clients
- Liaise with broker, owner, and captain
- MYBA contracts
- Payments
