June 24, 2024

ConceptCompass

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Where to find an experienced yacht manager?

An experienced manager can find the right crew for the yacht. They will liaise with the captain and the yacht’s designated agent to conduct interviews, verifying the crew members’ qualifications, experience and references. A good management company will also issue seafarer employment agreements, and facilitate monthly payroll for the crew onboard. They can also manage the yacht’s manning budget, oversee all service contracts and assist with any crew training needs.

A manager will often help the captain develop a strategy for their boat, creating Key Performance Indicators (KPIs). They will set targets and then monitor and analyse the results. They can then plan and budget accordingly for the next year to optimise performance and profitability.

A manager has the experience to create a system that streamlines these duties and saves the captain time onboard. A good manager will also liaise with the flag state and classification society on the owner’s behalf to arrange statutory surveys, audits and inspections. In addition, a good manager can act as Designated Person Ashore in the event of an emergency and provide 24-hour support as Company Security Officer.

Yachts have to adhere to a host of safety and security protocols including ISM, ISPS and MLC (Maritime Labour Convention). A professional yacht manager understands these protocols and ensures the yacht is up to date on all relevant laws and regulations. They are also able to assist with the yacht’s maintenance budget by creating and recording warranty claims from a shipyard or contractors and can oversee refit periods. The yacht’s engineer and the captain work with the manager to determine what technical issues are occurring onboard, then they can liaise with the shipyard and contractors to make sure that all maintenance is carried out efficiently.

Yacht management has grown into a big business, as it helps owners protect their assets, achieve compliance, secure optimum residual value and reduce liability. Owners need to hire competent people to take care of the plethora of details involved with running their boats and managing a crew. These specialists are known as yacht managers.

A professional yacht management like one in Ocean Life Best Yacht Management can assist the captain with a range of onboard issues, including safety and security, insurance administration, crew payroll, documentation, accounting and technical consultancy. These are often tasks that the captain does not have the time or knowledge to carry out.

 

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