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Luxury Yachts – Nothing But a Class Apart

A very expensive and professionally crewed yacht, luxury yachts are one of the prime symbols of wealth and affluence. These floating machines are a sight to behold owing to their often majestic customs and designs. The popularity of luxury yachts have significantly increased over the past two decades and their warm presence are seen ever so frequently these days, moored across the private and posh harbors or sailing the tranquil waters around the world. Although a yacht is generally registered with one particular port of a country, it does not really have a home port. Some yachts are privately owned and are thus only used by their owners; others are handed out for chartered businesses which are used throughout the year.

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A luxury yacht can vary greatly is size and can range from 24 meters to over 100 meters. The ones which are over 50 meters in length are also often termed as “super yachts” and usually have 3 decks and can accommodate at least 10-12 guests.

These yachts usually have a lower, main, upper as well as a sun deck. A lower deck consists of a swimming platform as well as some cabins to accommodate guests. Some of these yachts also have “VIP” suits made for special guests. Each of these cabins of course has showers and baths attached with them. The main deck generally consists of a saloon as well dining rooms and galleries. Conventionally the cabin of the owner lies in this particular deck. Next, in the upper decks there are usually facilities present for outdoor dining as well as bar which is often well staffed. Having a gym equipped with it is not unusual either. The sun deck is almost like a special feature and can sometimes include a Jacuzzi. Most modern yachts have multiple flat screen televisions as well as satellite communications facilities throughout the premise.

The sheer numbers of luxury yachts have increased significantly over the last 20 years and more importantly, it is only the ones which are over 65 meters in length that stands out. Yachts of such tremendous sizes are usually extremely costly and can go up to as high as 10 million dollars. Some yachts can cost their owners more than what they had paid for their luxurious homes – which are normally amongst the best homes around and are also extravagantly priced.

Today, the numbers of the 100 meter ones are still low but constantly moving towards an upward trending curve. Some of the very large ones have started to add more features to their already impressive suite. For one thing, helicopter hangers and indoor swimming pools are also being added while some also have small submarines attached. This growing number of super-yachts has given rise to more colloquial terms such as “mega-yacht” and “giga-yacht” so as to differentiate them from the other smaller luxury yachts.

Luxury yachts are a class apart and are a true indication of a person’s wealth and are also extremely convenient modes of transportation in water. They make life easy on their users and enable them to spend a leisurely and enjoyable experience.

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Pros and Cons of Buying Or Selling Direct Or Through Luxury Yacht Broker

The sale or purchase of a luxury yacht is like buying a residential property and you can expedite the transaction by getting the professional help of a luxury yacht broker. The following are the simple and easy-to-follow guidelines that you should consider when you are using a broker or directly selling or buying a luxury yacht.

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Choosing your yacht

Competent and experienced yacht brokers have direct access to a deep database of yachts and valuable market leads and information. They may also have the capability to find the perfect luxury yacht to suit your taste and requirements. By this alone, you can effectively cut down on the time that you have to spend searching for the right luxury yacht that meets your requirements and preferences.

The luxury yacht broker can provide the required assistance and guidelines in order for you to make an informed business decision. He can help you go through and complete the selection process by guiding you in establishing and defining your requirements and providing the relevant information that will help you come up with your final decision.

There are some of us who are under the impression that we will end up paying less if we elect to deal directly with the private seller and will have more leverage to negotiate for a price reduction. Most of these private sellers are willing and accommodating when it comes to data and information about the luxury yacht they are intending to sell.

However, the big question is whether you will be able to ask the right questions. This is where a luxury yacht broker becomes important in the entire process. These professionals have the knowledge and experience and they are able to show you some of the important aspects about the yacht and the transaction that you need to seek some clarifications. There may be some information and findings by the yacht broker which you might use as your leverage in haggling for a reduced price.

Buying the great yacht

On the other hand, if you are dealing directly with a private seller, you can immediately arrange for the payment terms and arrangements as soon as you are able to agree on the terms of the sale. The payment is normally made through bank draft or through cash payment. There are also instances where the seller agrees with other forms of payment.

If you are negotiating through a luxury yacht broker, he will be able to provide guidance and assistance during the negotiation phase specifically on aspects concerning price, payment terms, financing, and such other things which might become relevant in the negotiation such as repair work, inspection arrangements, dockage, etc. A trained and reputable yacht broker shall be able to give his insights and advice to the buyer through the whole negotiation and buying process.

On top of these enumerated tasks by the yacht broker, he will also be able to recommend how the detailed inspection and survey will be undertaken and even make the necessary arrangement with the qualified and competent marine surveyor to undertake the required inspection.

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Who Benefits From Training in the Mega Yacht Industry

What follows is an attempt to get the luxury yacht charter industry to face some severe shortcomings in what is being taught and what is being learned by the people in it. The time has come when we must bring ourselves, whether kicking and screaming or through mutual co-operation, onto the next level of professional development for the benefit of all us privileged to be working in the industry. Obviously, some will dismiss all this as a waste of time and another excuse for training providers to screw a few more Euros out of yacht crew: if you instinctively agree with this last statement then this article is addressed to YOU more than anyone else!

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Whatever your views many observers both inside and outside the industry feel that ongoing training is essential. A large Italian yacht builder, for example, has recently set up its own crew school and regularly hosts training seminars for its fleet. So if it is already happening what’s the problem?

The impression that I get from the luxury yacht charter crew that I teach seems to reflect both sides of the argument. Like any good instructor I teach in as interactive a style as I can. This means that crew often say things to me that they might not say to their captain or owner (or to my bosses in Blue Water!). Here are a few quotes…

‘Owners should be doing this course!’

‘Captains have no concept of man management!’

‘Crew are lazy and are only looking for the easy way out!’

‘Management companies have very little training in management skills!’

‘Training establishments are only interested in taking your money!’

Of course as many will be quick to point out, the charter yacht industry has already changed a huge amount. In the early 1990s it was recognised that a professional system of qualifications was required for the industry. Yachts were beginning to be built in such numbers and to such a size that t was becoming generally acknowledged that if the industry didn’t take the initiative for training then the government would step in and impose its own standards, not necessarily adapted to the yachting environment. The Professional Yachtsmen’s Association was formed specifically to do this. The result was the old master class 4 and 5, now replaced in line with STCW95 and with a parallel structure for engineers. At first people howled about it but now no one seriously challenges the need for these qualifications. But what has happened since then?

Many people, having got their tickets, seemed to think that they had ‘made it’ and were only bothered to keep their skills updated if required by the MCA, I estimate that only 3% of certificate holders voluntarily return, for non required training or refresher courses, to keep their skill levels up to date.

So, back to the original question, who is benefiting from yacht charter training; the Owner or ships officer who does not have to attend or pay for extra training, or, is it crew and guests who entrust their lives in the yacht management team’s levels of competence? Surely professional skills like passage planning, radar operation, navigation should be maintained to a high level. We often hear of high profile yachts involved in collisions and groundings, but they are just the high profile ones; many more incidents occur which do not receive the same level of attention (but I hear about them on my courses from the crew who witnessed them). In my view increased ongoing professional training would go a long way toward improving this.

In many industries and professions across many parts of the world ongoing professional and personnel training is an accepted and welcome fact of life. In the UK a quality organisation called ‘Investors in People’ has been set up to promote this very thing. In France the government ‘Formation Continue’ scheme is specifically designed to encourage personal and professional training amongst salaried employees. This type of training ensures that the business or organisation continues to improve because the staff avoid professional stagnation.

Investors in People, in fact, promote some strategies to improve the organisation which are conspicuously lacking from the current MCA training programme in areas such as leadership and personnel management, appraisal and assessment skills The Investors in People benchmark offers a framework for improving business performance and competitiveness through good practice in human resource development. Companies and organisations who wish to gain the ‘investors in people’ kite mark must show that they have procedures to monitor performance and develop training strategies to improve it. It runs along similar lines to other quality assurance systems and yachts who are already certified for ISM might not find it too difficult to add type to system on to it. I believe this type of training could improve the wellbeing of everyone connected with the industry.

I have emphasised the importance of continuation yacht charter training in areas concerned with safety but we are not just talking about safety here, we are talking about PERFORMANCE across every aspect of a yacht’s activities. In businesses companies devote resources to training because in the long run it makes them more profitable and efficient. Yachts should not just passively assume that they provide the best possible level of service to owners and charterers they should actively make sure they do by continuation training. Here are some subject area for training that would improve the performance of every yacht

Change management

Time management

Team leadership & management skills

Inter personnel skills

Interviewing skills

Appraisal systems

Safety Management

Project management

Negotiation skills

Financial and accounting skills

Train the trainer

If the industry wants to move on and be seen to move to a higher professional level I feel certain things need to change, Out must go the attitude ‘ It was good enough for me so its good enough for you’ and in must come ‘how can we improve’. Attitudes like ‘its not broken so don’t fix it’ are ultimately doomed to consign any organisation to mediocrity. If you always do today what you did yesterday you will always obtain the same results. How about a course in change management? It is a skill which can be learn: with just small adjustment in how we approach a new concept change can be a positive, informative and helpful process.

Many people in the industry (ashore and afloat) believe they deliver the premier maritime leisure experience available. They could well be right BUT, how can they be sure? Levels of service in yachting (at its best) are second to none, but the level of knowledge required to manage crew (i.e. people), needs to be dramatically improved.

There are still many people in the industry who believe the concept of ongoing personal and professional training is just a distraction. Sometimes they are the first to ask for help; not by asking their own management companies for the information they require for fear of being seen as less than competent, but by asking friends or companies in the industry!!

In conclusion, the above may sound like a training provider looking for work, but I’m sure all who read the article will be able to identify areas where they wish they knew more. Being honest about this and then taking it further and seizing ownership of an industry wide ongoing training programme is what I really would like to promote. Only by working together will we manage the industries’ prolific growth and maintain a large pool of highly motivated and trained staff. There are many people out there wanting to embrace change I believe it’s a great industry but like all great things there is always room for improvement. Lets do it!

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Monaco Yachts

Sea and rich people: where else to find a better combination than in Monaco! A real Monaco yachts parade can be admired throughout the year in the Hercule Port, beside the local yearly yachting events. From imposing, big-sized ones to neat, small, jewel yachts. If you are a yachting amateur or if you are hardly interested in the matter (as I was before seeing this impressive display) you will find something to like here.

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There is a restraint, exclusivist rich group that has a thing for yachting, mainly because they can afford to! You and I, we both know that we’d like to own even a small, “unpretentious” sailboat, don’t we? And have at least once dreamed to relax on the deck of a luxury yacht in Monaco. But, hey, who needs a yacht in a so busy world? Do we wake up in the morning with nothing better to do than dress in white completely (maybe some blue too), have our cafe au lait (maybe a croissant also if not on diet) and go to the quay ordering around the employees to rub up better that side? We certainly don’t! If you say you do, that’s another story!

What better place (and object) for a competition: who has the bigger, more expensive model, envies arise, disputes start… Shirley Bassey reportedly complained of the big size of “Le Grand Bleu” belonging to the Russian billionaire Abramovich. The yacht apparently spoiled the view on the port of her uphill apartment. Well, what else would you like rich people to do?…

Beside occasional cruises and constant care some rich people find a practical use to their yachts: some rent them, others live there. Owning a yacht can be extremely useful if you are a tax exile, especially UK citizens who live in Monaco but work in the UK. Renting is very profitable, especially during holidays season or when big events happen in Monaco: prices go from 25,000EUR per week to 365,000EUR per week, depending on the size and facilities.

Some of world’s famous yachts rest in the waters of the bay. Some of them are so big that they have helicopters on their top decks. Among worlds’ 100 largest yachts are:

* Octopus – owned by Paul Allen, the Microsoft cofounder;

* Tatoosh – owned also by Paul Allen;

* Atlantis II – owned by the Niarchos family, descendants of Onassis’ rival Stavros;

* Le Grand Bleu – owned by the Russian billionaire Roman Abramovich;

* Delphine – owned by the American car magnate Horace Dodge;

* Montkaj – owned by Prince Mohammed bin Fahd, son of Saudi Arabia’s King Fahd.

Following its policy of capitalization of all (though scarce) natural resource, the Principality quickly became aware of the potential of the Hercules Bay and started a yachting tradition. There is a Yacht Club founded in 1953 by Prince Rainier and it was all along supported by him and his son Albert, who is also its President. The Yacht Club de Monaco gained international fame attracting worlds’ greatest names in sailing to come and battle on the Monegasque waters.

Naturally, there are also prestigious yachting events of international interest, excellent opportunities for yacht owners all over the world to show off.

* Primo Cup – Trophée Credit Suisse

* Challenge Inter-Banques

* Monaco Classic Week

* Fête de la Mer

* Régates Corporatives

* Monaco Yacht Show

The events are organized with the support of H.S.H. Prince Albert I and of H.S.H. Prince Rainier III. All these events have display and competitions parts, except for Monaco Yacht Show, which is the greatest in-water yacht exhibition in Europe, without competition show.

So, rich or less rich, you can at least enjoy a great show for free if you happen to be in Monaco at the right time. Welcome aboard!

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