Silverstar Marine

– Ownership Considerations

Purchase considerations

1. Stay critically impartial. Despite an initial emotional response to what you may perceive as a dream-boat the numbers have to stack up. Budget 10% of the purchase price annually to cover the expenses of running your vessel.

2. Sales tax changes from country to country. Its crucial to know not only what to buy but where to buy it from to get a better return on your investment.

3. Size matters. On a daily basis. It impacts dockage fees (the larger the boat, the bigger the cost to dock), crew requirements and qualifications, insurance, safety requirements and several other considerations.

 

Charter considerations

1. Safety first. Start with safety jackets. Then add life rafts, flares, horns and distress kits. Additional costs for larger charter groups need to be considered in advance of bookings and can mount quickly.

2. An intelligent charter schedule is key. Maximise your time on the water and charter availability by working to schedule refit for off peak times… and off peak prices.

3. Review your tender package. Looking at the toys and tenders you have on your vessel can drastically improve the likelihood of a booking, particularly when cruising in different parts of the world.

 

New build considerations

1. Custom, semi custom, production. Each type of build has advantages and your choice should come down to finding the right balance between budget and flexibility.

2. Quality speaks. But are you looking for the highest quality or a different value proposition? Are you willing to sacrifice speed for reliability if your intended use is cruising? This can have a significant impact on costing your new build.

3. How much time do you want to devote to your new build? Get a clear picture in your mind as to the hours you have a week to work on your build project and communicate this to your team.

 

Management considerations

1. How do you manage (often remotely) and recruit crew? Trustworthiness and capability are key – so is a personal fit with you – especially when your asset is out of your hands and potentially halfway around the world.

2. Consistent, targeted maintenance will ensure you the best resell value.

3. Get the right insurance for how and where you are going to operate the yacht. Just because the yacht is designed to travel around the globe does not mean your insurance covers you for these journeys.