PETER EDWARDS, CHAIR OF THE MYBA YACHT MANAGEMENT COMMITTEE DISCUSSES THE IMPORTANCE OF ENGAGING WITH PROFESSIONAL YACHT MANAGERS
The truth is that many people don’t fully appreciate the value of working with a good yacht manager. However, growing vessel sizes, fiscal issues and complex regulations mean that yacht management is becoming more and more important when it comes to enjoying the experience of ownership. Among the many advantages of working with an experienced professional, as far as managing and maintaining a yacht is concerned, is their foresight. Due to their solid experience, they can anticipate and effectively deal with matters before they turn into problems.
A high level of proactivity is needed when running a yacht as it allows owners to enjoy their asset whilst remaining confident of their personal safety and the vessel’s compliance with standards and regulations. Owning a yacht is a luxury that comes with a lot of responsibilities but working with a good yacht manager means that you can meet them without having to be involved in day to day tasks.
Yacht managers are usually responsible for a fleet of vessels and, over time, have accumulated an excellent working knowledge of flag state laws and are well versed with the International Safety Management (ISM), International Ship and Port Facility Security (ISPS) Codes, Safety of Life at Sea (SOLAS) Convention and Port State Control. They are aware of the manner in which relevant bodies and authorities interact and have resolved multiple issues ranging from the unpleasant such as repairs due to accidents to the more attractive such as planning improvements and working towards reducing impact on the environment.
Managing a fleet means that there are long standing and trustworthy relationships in place with shipyards, suppliers and vendors, and this can lead to an economy of scale. Whether it concerns a refit due to age or change of ownership, planned maintenance or urgently needed spare parts, they have the contacts and connections to ensure cost savings and as little downtime as possible. Which brings us to the matter of financial control and accounting. Yachts usually proceed with a very large number of transactions in a variety of currencies and this requires experienced book-keepers. They may require debit cards for their day to day expenditures, processing of purchase orders and verification of invoices. Superyacht crew are not trained accountants and appreciate the contribution of a yacht manager in this area as it allows them to concentrate on their principal task: to offer services that exceed the owner’s and their own expectations.
All things considered, choosing to work with an experienced and skilled yacht manager is key to stress-free yachting for both the owner and crew.
MYBA recognises the importance of yacht managers to the smooth operation of a yacht and has long established a Yacht Management Committee (YMC). The aim of the YMC is to connect the world’s superyacht professionals in an endeavour to create a sustainable future for the superyacht industry. By working collaboratively to open and maintain dialogues with relevant bodies & authorities, raise industry-wide concerns, address common challenges and foster the exchange of information and expertise, it strives to lead an industry transformation towards environmentally friendly and socially responsible practices and attitudes.
Trusted by authorities and regulatory bodies, MYBA possesses a strong voice which it uses to represent and defend the interests of the superyacht sector. The strength of this voice also brings with it the responsibility to promote education and that is why the YMC, in cooperation with The Training Academy, is planning the introduction of a Yacht Management Seminar to follow the successful MYBA Superyacht Brokers’ Seminars. The new Seminar is scheduled to take place at the end of the year 2020 and will offer a basic introduction to the world of yacht management including subjects such as registration, VAT, ownership structure and safety management.
