The term “yacht management” has often been used to describe a variety of companies that offer services for luxury vessels. But not all of them are the same.
Depending on your individual needs, you’ll find companies offering maintenance and cosmetic services, project management, crew-related services, and assistance to operational needs. Agencies of multiple types (concierge, ports, bunkering, etc.) are also part of the list.
The differences can be confusing to understand for most. Therefore, in this article, we give a brief introduction to the different types of companies that can support the needs of your vessel.
Yacht Management Companies
Boat management companies assist owners and captains with the operational needs of their vessels. In most cases, boat management services are highly versatile and tailored to the needs of your yacht.
In most cases, this includes the provision of project management and operational management for yachts worldwide. Full-service management companies offer customized services for clients in specific regions, and will most likely collaborate with global agencies for support with concierge, bunkering, crew sourcing, and port management. In other words, they take the stress of day-to-day operations off your hands.
Some of the best yacht management companies include:
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Yacht Maintenance Companies
Contrary to most management companies, maintenance companies are based in specific locations. They offer cosmetic & maintenance solutions to vessels in specific regions and will normally assist smaller yachts (15 - 25m). Maintenance tasks of larger vessels is usually handled by the crew unless the task is too complex.
The term "guardianneage" has lately been used to describe closely monitored marinas where yachts can be stationed safely. In some cases, we notice overlap with maintenance solutions, as some guardianneage companies also offer full-service management solutions to capture a larger market.
Examples of yacht maintenance companies include:
Crew Management Companies
The core focus of crew management/sourcing companies is talent recruitment. They will source, vet, train, and pair crew members with boats.
Crew and ship management is often a paired service. Some management companies have a crew sourcing division that places the right crew on the right yachts, though most will recruit through external agencies.
The process starts by sourcing applicants, verifying qualifications, reviewing experience, and going through references. After going on a yacht crew search, crew management companies will deliver a shortlist of qualified candidates to choose from. The representative will then set up interviews and handle arrangements following job acceptance. After that, the crew management company handles all relevant paperwork, insurance claims, and payroll of the crew and stands ready to advise the owner of the vessel.
Examples of crew management companies include:
>>Read also: Private Boat Captain Jobs - How to Find Work Opportunities<<
Yacht agencies are companies with agents placed in strategic locations. They assist captains with administration tasks, customs processes, importation of goods, bunkering, marina management, hospitality and events, and occasionally concierge.
Most yacht management companies work with such agencies to offer their clients local support. The agents have in-depth, industry-related knowledge regarding a particular location and can therefore offer personalized services for yachting needs.
Examples of yacht agencies include:
Frequently Asked Questions
Which companies handle financial management for yachts?
Anything related to the financial administration of your vessel is handled by yacht management companies and agencies. More specifically, accounting is handled by qualified professionals who send regular reports to the owner or captain of the yacht. These keep track of expenses and financial tasks, assisting with the vessel’s smooth operation.
Do management companies also employ yacht brokers?
Most yacht management companies will employ or collaborate with brokers and sales managers with industry and market knowledge. They are responsible for sourcing a list of yachts that meet your requirements. They also assist you when choosing your preferred financing method. Since they are part of the management company, they will then also handle insurance coverage options and maintenance partners, depending on the vessel’s needs.
What if you want to buy a new yacht?
Apart from brokers, you might want to look into manufacturers or designers. While not part of the list above, luxury superyacht builders are in high demand. Most management companies will be able to direct you to reliable resources, but you can start by looking at directories with popular yacht manufacturers. Check this list to kickstart your research.
Do management companies also handle the charter market?
Usually yes. Management companies will employ or collaborate with charter brokers who manage the booking process. They also handle all the marketing, charter contracts, tax calculations, yacht crew, and legal documents, which in turn leads to income for the vessel’s owner.