Thorough planning is imperative to help achieve the optimum end product for each Client.
Although a yacht is a product to be used to gain great pleasure and relaxation, as with a business it requires the correct management to minimise losses and improve gains.
Nobody who builds or owns a yacht wishes to see their hard-earned money being mismanaged and effectively thrown away.
Hence, when you decide to build, carefully consider what you are expecting as the end product. Is it global cruising, ‘green’, speed, private use or charter and how you would like that project to be managed to achieve that goal.
What route would you prefer to take to find your perfect yacht and which yard to build it for you?
Do you want to have the help of a large brokerage house or would you prefer a smaller independent (‘YachtFinder’) to advise you and work with your legal counsel.
Then consider the team you will have around to help protect you.
You will need the help of those who understand the industry you are about to get involved in, such as but not limited to:
- Marine Lawyers
- Technical Consultants / Owners Representatives
- Company Structure specialists
- VAT advisers
- Insurance advisers
- Yacht Management Company
- Charter Broker (if commercial).
Ensure that you get your team in place before you sign the build contract. Have your Technical Consultant /Owners Representative undertake a thorough Specification and GAP review. This is to ensure that all clauses in the Specification are to the highest possible standards and that the GAP meets Regulatory requirements, is functional and will allow optimal Client comfort and safety.
By ensuring a through Specification review prior to contract signing you can reduce the risk of increased expenditure through multiple VTC’s (Variations to Contract) during the build.
It’s not about having the best equipment (which in itself is a subjective topic) but more that the equipment supplied (and agreed in the contract) is installed in such a way that it meets the Manufacturers requirements and can be easily accessed for maintenance.
This will save the Client substantial costs in the long term.
As with any business, different concepts require different approaches.
Whether you are considering a Production yacht, a Semi-custom yacht or a full Custom build yacht the approach will differ.
Depending on the size and intended use of the vessel it may be required to meet Classification, Code orFlag regulations (SOLAS, MARPOL, IMO) in which case the Client team will need to ensure these are adhered to.
Generally a Production yacht will have less Owners team input than a Semi-custom or Custom yacht.
Owning and running a yacht is an expensive business. Vessel operation budgets are high and every bit of maintenance costs more than a similar item on a land based project.
If you build a yacht without an Owners Representative you risk poor system installation, late delivery of the vessel, increased build costs (multiple VTC’s) and future increased operation costs.
On top of that who will inspect and sign off for the installation of: Machinery, Plumbing, Electrics,Electronics, Paint systems, Carpentry as well as quality checks of the stainless steel, teak decking and sea-fastening systems (to name a few).
An experienced Owners Representative and Technical Consultant will be able to help reduce these costs, by working with the yard, to improve system installation, monitor the build schedule (Yard schedule plus Owners Supply schedule), check all of the above mentioned items and more whilst reducing VTC’s and in turn operating costs.
Divergent Yachting is an Independent UK Registered company that is not involved in Brokerage. In fact,we work directly for the Client.
We and our affiliated Independent Yacht Consultants have years of experience working on yachts globally and Representing Clients during the new build process throughout Europe. Once you know where to avoid the bumps and potholes it stands to reason that you’re going to be working smarter and not harder and longer, which means we have better efficiency in delivering our services.
Our goal is to ensure the Client will receive a yacht that exceeds all initial expectations and will provide all guests on-board many hours of pleasure whilst reducing the running costs for the Owner.
Our experienced new build Owners Representatives will guide a project from conception to completion and do so in such a way as to help the yard and Client achieve improved efficiency, cost-savings and ingenuity within the project.
Divergent Yachting Representatives have years of experience working on yachts globally, whether as a Captain, an Engineer or both. Their collective experiences give them a better idea of what can be done on-board the yacht to help mitigate difficulties and unnecessary costs, whilst ensuring improved comfort for the Client and Guests.
An increase in Quality goes hand-in-hand with enhanced effectiveness provided by an experienced team.
If you have any questions regarding this article please don’t hesitate to contact us