DZ&A has recently attended the ‘London on Water’ boat show organised at St Katharine’s Dock as well as the Superyacht Owners’ Summit at Old Billingsgate, in London.
St Katherine’s Dock showed off the new lines from Princess and Sunseeker. Old Billingsgate, on the other hand, showcased an array of services offered relating to land, air and sea.
During the Summit, the panel and the audience discussed ‘What considerations need to be made when purchasing, managing and owning a yacht’. Participants insisted upon the fact that it is of utmost importance that all service providers, especially brokers, are to provide the prospective owner with the correct information. The yachting sector is different to the aviation industry, where the owner is actually involved in the purchase of the asset. Brokers’ expressed the pressure they felt during the sale and purchase of a yacht to provide a transparent view on what is actually going on in the actual market. They insisted that the more reality one is to give the seller or the buyer, the better. Owners lamented at the fact that they felt that they were never given a clear idea of the full costs of maintenance of yachts by the brokers. Moreover, it is essential that new builds are built in compliance with regulations and under the inspection of Classification Societies. Should this not be done, it will eventually effect the profit generated by the yacht especially the charter income. This is a reality that must be explained and brought to the attention of owners.
Financing is also available, the difference is that different entities are providing such financing options for the yachting industry.
Finally, the panel ended on a positive note stating that an increase in the cruise-liner market will possibly mean an increase in the yachting and chartering market in years to come.
For assistance with maritime, shipping and yachting services, please contact Dr David Zahra.
