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Tommy Ho, Voyager Risk Solutions, yacht, insurance, tips

Tommy Ho: Unexpected yacht insurance tips to bear in mind

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Tommy Ho: Unexpected yacht insurance tips to bear in mind

October 12, 2024
6:05 pm

Founder and CEO of Hong Kong-based Voyager Risk Solutions, Ho spells out sometimes-unseen pitfalls to avoid with yachting insurance, in a Column for Yacht Style.

Tommy Ho, founder and CEO of Voyager Risk Solutions

Yachting is a glamorous recreation activity. Owners invest millions of dollars in their fun; and many rely heavily on their insurance policies to protect their investments. However, owners often lack a thorough understanding of the warranties and requirements associated with those policies, which can lead to significant coverage or expectation gaps when it comes to filing a claim.

Below are a few points that yacht owners should be fully aware of about warranties or obligations in their policies.

Complexity of yacht insurance policies: Some yacht owners assume their policy provides broad, comprehensive coverage, without realising the specific warranties and requirements they must adhere to. Overconfidence can lead to a false sense of security and a failure to actively manage compliance with policy terms.

Yacht insurance policies can be highly complex, containing customised terms with numerous exclusions, conditions and warranties. Make sure you fully understand these – ask the insurance company or broker about anything you are uncertain about before signing up.

Focus on policy details rather than premiums: When securing or renewing yacht insurance, owners may prioritise factors like premium costs and basic coverage limits, rather than thoroughly understanding the policy’s content.

This emphasis on price over detailed policy analysis can result in owners overlooking important warranty requirements. Proactively managing compliance with policy terms can help ensure that yacht owners receive the coverage they expect in the event of a claim.

Lack of communication with insurers / insurance brokers: Some owners may not maintain an open, regular dialogue with their insurance providers, missing opportunities to discuss policy changes and new requirements or clarify any ambiguities. Without this communication, owners may be unaware of evolving warranty standards or policy updates that could impact their coverage.

Select an insurance broker who is an expert in the yachting field – by recommendation from an owner you know, if possible – and who you trust to keep you in the loop with policy or legal changes that affect your coverage or premium. They can also let you know if a more preferable replacement premium comes to light.

Please note the following common, unexpected breach-of-warranty scenarios that could lead to the invalidation of policy:

Failure to properly maintain the vessel: This very common scenario might miss the typical requirement in yacht insurance to always maintain the vessel in a seaworthy condition. It includes regular inspections, routine maintenance and prompt repairs of any issues. Failure to adhere to this, even if not directly contributing to a claim, can result in the insurer denying coverage.

Failure to adhere to manufacturer’s recommendations: To properly maintain the yacht, owners should follow manufacturer-recommended guidelines for the operation, maintenance and repair of the vessel and its various systems, especially engine upkeep. Deviating from these guidelines could be considered a failure to maintain the vessel, thus a breach of policy.

Modification regulations: Flag-stated requirements and yacht-insurance policies often have warranties that prohibit the owner from making any modifications or alterations to the vessel without the prior approval of the flag state and/or the insurer. This can include changes to the hull, engine or other critical components.

Exceeding navigational limits: All policies have specific navigational restrictions. These may include maximum distances from shore, within a geographical area, operating in waters of certain boundaries, or requirements to obtain permission for extended voyages.

Failure to properly secure vessel: Policies often require the owner to take reasonable measures to secure the vessel when it is not in use. This can include ensuring it is properly moored at her home mooring or at a professionally run marina – or else coverage risks being denied in the event of theft, windstorm damages or other related losses.

Inexperienced or unqualified captain and crew: Policies often require the vessel to be operated by crew with specific qualifications and experience to operate the yacht. Most require the vessel’s captain and crew to hold the appropriate licenses and certifications for the type of yacht and waters in which they are operating.

Failure to update safety equipment: Policies often include a warranty to maintain and regularly update the vessel’s safety equipment, such as life rafts, emergency communication devices and, especially, fire extinguishers (we have seen too many fire incidents). Failing to replace expired or damaged safety gear can result in the policy being invalid.

Overloading or exceeding capacity limits: It’s usually prohibited for the number of passengers to exceed the limits allowed by the relevant port authority and flag-stated requirements. Exceeding these can compromise the yacht’s stability and handling, potentially leading to an incident.

Failure to maintain adequate documentation: Yacht-insurance policies may require the owner to maintain detailed documents, such as maintenance logs and crew records. Failing to properly document vessel operations and history can make it difficult to demonstrate compliance with the policy’s warranties.

Unauthorised chartering or change of use: Some policies exclude charter use of the vessel without the insurer’s prior approval. Unauthorised commercial use of the yacht can be considered a breach of warranty, even if a claim is unrelated to a charter activity.

Failure to notify insurers of incidents or claims: Yacht-insurance policies often require the owner to promptly notify the insurer of any incidents, accidents or potential claims, even if they do not result in an immediate claim.

TOMMY HO

With over 20 years’ experience in yacht insurance for high-net-worth individuals, Hong Kong-based Tommy Ho, founder and CEO of Voyager Risk Solutions, provides risk-management services including insurance for corporate and private clients. He also provides yacht financing through Beagle Asset Management and represents Electrine electric and hybrid propulsion systems. A long-time boat owner, he is a prominent figure in clubs and associations.

cs@voyfg.com
voyfg.com

Private jet pioneers, superyacht leaders converge

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Private jet pioneers, superyacht leaders converge

October 11, 2024
9:48 am

In Monaco, VistaJet and Bombardier held a roundtable discussion about the future of high-end travel with Benetti and Fraser representatives.

The roundtable was held at the Aviator Lounge by Bombardier in the Monaco Yacht Club

Marking the 20^th anniversary of the collaboration between VistaJet and Bombardier, the global business aviation company and private jet manufacturer co-hosted an exclusive roundtable discussion at the new Aviator Lounge by Bombardier during this year’s Monaco Yacht Show.

The discussion in the Monaco Yacht Club united the two private aviation leaders with peers from superyacht builder Benetti and brokerage house Fraser to share insights into the future of luxury private aviation and its links with the yachting industry. The event delved into the future of high-end travel, highlighting advancements in technology, sustainability and new-generation consumer trends.

Matteo Atti and Simon Rochefort, VistaJet’s Chief Marketing Officer and Vice President of Sales – Europe respectively, discussed how the company has shaped the private jet industry and what drives ultra-high-net-worth individuals.

Matteo Atti of VistaJet and Bombardier’s Ettore Rodaro and Mathieu Noël

They shared the importance of understanding their clients’ evolving preferences and needs, and the value of staying agile and open to new technologies, while also revealing how VistaJet – the first and only global business aviation company – goes above and beyond to personalise every flight mission for its clientele.

Atti said: “We use technology with discretion, as you only need to change as fast as people need. It supports our teams – who in turn, become the most trusted partners for our clients – to make them more efficient and dedicated.”

VistaJet operates from 2,700 airports worldwide, providing multiple services to meet clients’ needs from all around the world. Atti shared that VistaJet “offers a unique business model and product, guaranteeing an aircraft available for its members anytime and anywhere, with the highest level of service and a consistent experience on every flight”.

Simon Rochefort and Matteo Atti of VistaJet, and Ettore Rodaro of Bombardier

Rochefort expanded on how this hasn’t been done in private aviation before, as it requires an immensely complex level of coordination across multiple roles – from private dining and client services to flight scheduling and beyond – to be able to serve flights in 96 per cent of the world, in as little as 24 hours’ notice, 365 days a year.

VistaJet’s service is renowned and unparalleled in the industry, offering fully enabled business suites to relaxing family spaces served by cabin hosts trained by the British Butler Institute, MedAire, Norland College, and Wine & Spirit Education Trust (WSET).

Although VistaJet arranges 10s of thousands of flights each year, every flight is unique. To keep up with demands, VistaJet has developed booking and food delivery apps, offering personalised services tailored to its clients’ preferences. With a dedicated tech team of hundreds of experts, VistaJet has a strong focus on technological innovation.

Simon Rochefort, VistaJet’s Vice President of Sales – Europe

Atti disclosed that one standout feature of the Bombardier Global 7500 – of which VistaJet has 18 in its fleet – is the Soleil lighting system, a daylight simulation system that their clients highly appreciate for its capacity to help reduce the effects of jetlag.

BOMBARDIER FLYING FURTHER

In addition to technological advancements, Bombardier representatives Mathieu Noël, Director of Product Strategy and Sustainability, and Ettore Rodaro, Regional Vice President of Sales, Europe, delved into the company’s work towards sustainable aviation.

They highlighted the Global 7500 and Global 8000 aircraft as examples of industry-leading innovation, with Ettore stating: “Sustainability, when combined with technology, is rooted in engineering.”

Bombardier’s entire portfolio of in-production aircraft is covered by Environmental Product Declarations (EPD), publicly disclosing the environmental impact of each aircraft model with the objective of gathering essential information to reduce their environmental footprint at all stages of the value chain.

Bombardier’s Mathieu Noël, Fraser’s Anders Kurtén, host Kevin Koenig and Benetti’s Sebastiano Vida

The Global 8000 can allow clients to fly up to 17 hours uninterrupted. With its ability to fly nonstop routes, the Global 8000 reduces the need for fuel stops, which lowers overall fuel consumption and emissions during long-haul flights.

“We recently had a client who flew from the famous Ambani wedding in India to Paris in 16 hours straight and another who flew from Saint Martin in the Caribbean to the Galapagos in 15 hours,” Ettore revealed.

The panellists also discussed the importance of leveraging innovation to address the needs of private aviation and yachts customers.

Noël said: “Customer feedback, and responding to their spoken or unspoken needs, is an essential driver of innovation.

“Our customers are world-leading businesses like VistaJet and some of the most discerning individuals who don’t have the time for compromises. We’ve always worked hard to remove any need for compromise, from being able to land on even the shortest runways or taking off in any weather, to minimising the effects of turbulence through wing design, and enhancing the cabin experience.”

YACHTING LEADERS WEIGH IN

The roundtable also featured special guests from the yachting world: Fraser CEO Anders Kurtén and Benetti’s Marketing Director Camilla Calza and Head of Product Sebastiano Vida, who explored the growing link between private aviation and yachting.

Fraser CEO Anders Kurtén with host Kevin Koenig

Discussing how both industries serve a shared, demanding clientele, Kurtén noted: “When you talk about market trends, it’s healthy to understand that these ecosystems (yachts and aviation) are extremely scarce.”

According to Kurtén, the younger audience wants more diversity regarding yachts, as they are focused on social spaces and what they can do onboard. “Younger clients want to continue their lifestyle on board seamlessly,” he disclosed.

Features such as tenders, water toys, wellness areas, fine dining and remote trips are in high demand, reflected Kurtén, who revealed that trips to Greenland on explorer yachts have tripled this past year.

Kurtén also provided an example of how the yachting industry is adapting to evolving demands through yacht design and recruitment crew, who are increasingly expected to offer diverse skills that align with the modern, lifestyle-focused experiences younger clients seek on board.

“We recently posted a job listing for a new crew position with the following description: ‘Trilingual, teaches yoga, can make a mean martini, and plays a musical instrument’.”

Camilla Calza, Benetti’s Marketing Director

Calza and Vida shared this sentiment, mentioning that at Benetti the first step in designing yachts is to understand and often anticipate what the client wants, as every aspect of the process is based on the client relationship.

Calza referenced the need for a shipyard to keep in close contact and communication with clients, as the building process can take up to three years, noting: “It’s one of the largest investments someone will ever make without actually being able to touch the end product at point of purchase.”

vistajet.com

bombardier.com

fraseryachts.com

benettiyachts.com

Grace Chan, the face of French Eaux

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Grace Chan, the face of French Eaux

October 10, 2024
11:07 am

The actress and mother-of-three champions healthy living as an ambassador for French Eaux flask bottles and water filters.

Grace Chan with a French Eaux flask bottle

French Eaux has announced actress Grace Chan as the newest face of its premium water filters and flask bottles. Known for her dedication to family and healthy living, Chan brings her passion for wellness to the collaboration, encouraging families to prioritise safe and clean drinking water.

As a mother-of-three, Chan understands the importance of clean drinking water for the well-being of her family, and is committed to encouraging her followers to adopt healthier, eco-friendly lifestyles. Her dedication to promoting quality products that ensure the safety of her loved ones resonates with French Eaux’s mission, which emphasises the importance of clean water and hydration.

French Eaux’s filtration system can be used in homes and offices – or on a yacht

French Eaux’s range of products is designed to elevate the drinking-water experience by combining premium design with advanced filtration technology. Whether at home or on the go, French Eaux products ensure that clean, safe and stylish hydration is always within reach.

“As a mother, ensuring my family has access to clean, safe drinking water is my top priority,” says Chan, a former Miss Hong Kong and Miss Chinese International. “French Eaux’s water filters give me peace of mind, knowing my family is drinking the purest water possible. Their flask bottles are not only practical but stylish and personal, perfect for our daily lives. I’m proud to support products that contribute to a healthier and more sustainable lifestyle.”

Chan with the Aquila Pro and OneZero

OneZero and Aquila Pro water filter combo

OneZero and Aquila Pro offers an advanced, two-stage filtration system that provides clean, safe and great-tasting water for households. Powered by reverse osmosis or ultrafiltration, the Aquila Pro offers ambient, chilled and sparkling water modes for pure refreshment, ensuring endless, ultra-purified water and reducing reliance on bottled water, so cutting down on plastic waste.

The Aquila Pro’s size and design allows it to be installed on a yacht, holiday home or the office, while user-friendly features include a touch button panel that allows simple operation with just one click to select the desired water option with a temperature indicator.

OneZero

Filtering up to 99.99 per cent of bacteria, viruses, lead and other heavy metals, the system has an ultra-fine membrane ensuring filtration precision is as low as 0.0001 micron, blocking harmful substances while retaining healthy minerals.

Removing impurities, contaminants and other unwanted substances, it ensures the water provided by Aquila Pro is not only clean but also tastes great. The long-lasting filters also minimise the environmental impact of frequent filter changes.

Grace Chan

French Eaux flask bottles

Crafted to suit both function and fashion, the French Eaux flask bottles come in a wide range of vibrant colors to fit personal style while offering superior performance. Made from high-grade stainless steel, ensuring longevity and resistance to wear and tear, the bottles have a leak-proof lid, making them safe to carry in bags or backpacks, while a non-slip base also prevents accidents.

The flasks keep drinks hot for up to 12 hours and cold for up to 24 hours, making it ideal for both hot tea and chilled drinks.

The inner ceramic coating preserves the purity and taste of beverages, offering a premium drinking experience and ensuring no metallic aftertaste. Suitable for acidic or alkaline drinks, such as tea or even soft drinks, the bottles leave no residual odour and are easy to clean. Like the Aquila Pro and OneZero, the French Eaux flask bottles reduce the need for single-use plastics, supporting an eco-conscious lifestyle.

The bottles are priced at HK$360 (a little over US$46), which includes a free name engraving available in six different fonts, making it a unique accessory or gift. The OneZero and Aquila Pro water filter combo is available with a classic three-way faucet for HK$35,500, or with a shower faucet for HK$35,800.

Distributed in Hong Kong by GrandTech, all products are on display at the French Eaux showroom in Kowloon Bay, with visitors able to book appointments at https://grandtechonline.com/pages/showroom
Email: info@grtech.com.hk

Website: grtech.com.hk
Online shop: grandtechonline.com

Ian Harris, Phoenix Yacht Management: Navigating The UAE Yacht Market

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Ian Harris, Phoenix Yacht Management: Navigating The UAE Yacht Market

October 8, 2024
12:49 pm

As premium yacht ownership’s rise in this region prompts a boom in ultra-luxury marine infrastructure, related services and plans to simplify regulations, Ian Harris, founder of Phoenix Yacht Management in Dubai, shares an informed overview of the current UAE scene.

Ian Harris is CEO and Founder of Dubai-based Phoenix Yacht Management

The yachting industry in the Middle East has experienced rapid growth over the last decade. An increasing number of yachts are based in the region, with 175 superyachts over 30m forecast to enter the region at least once by the end of 2024, according to a 2023 market report by Gulf Superyachts.

While 10 years ago, Middle Eastern clients preferred to charter yachts in the 40-80m

range, there is now a growing preference for building their own vessels and keeping them in the region. Government agencies are actively supporting this shift by rapidly developing ultra-luxury marine infrastructure across the Middle East.

This expansion has heightened the demand for top-tier yacht management companies that offer not only exceptional operational service, technical maintenance, and onboard care but also possess an in-depth understanding of the region’s unique market dynamics, regulatory environment, and cultural specialties.

The warm climate occasionally presents challenges and requires specific maintenance and operational strategies to ensure yachts remain in peak condition. This includes using advanced air-conditioning and seawater cooling systems, and adhering to maintenance schedules tailored to the local environment.

Management companies therefore proactively integrate these elements into their operations, ensuring yachts are not only compliant with local regulations but are adapted to the region’s unique demands.

The Middle Eastern luxury yacht market, driven by clients seeking exclusivity, demands a very high level of privacy and seeks a personalised service. Some clients might prefer culturally sensitive management that aligns with certain traditions, requiring crews to be trained in understanding particular customs and etiquette.

Where there is a strong preference for family-oriented activities, these experiences might need to cater to large, multi-generational groups.

Yacht management companies have adapted by ensuring that crew members are not only skilled in luxury service but also culturally aware, capable of delivering tailored experiences that meet the specific needs of clients of all cultures present in the region. This includes everything from dietary preferences, such as halal catering, to arranging private, culturally appropriate entertainment and activities.

Phoenix Yacht Management founder and CEO, Ian Harris (left) with Managing Director Yousuf Al Hashimi at Monaco Yacht Show

Essentially not different from any other region, the legal and regulatory framework for yacht operations in the Middle East can, however, be intricate, with significant variations not only between countries but also among the different emirates within the UAE.

On that note, the UAE introduced a new maritime law, Federal Decree-Law No. 43 of

2023, which came into effect in March 2024. It replaced previous maritime legislation, addressing various issues and confusion that have arisen over the years. Article 18 allows charterers of foreign-registered vessels to apply for UAE registration and fly the UAE flag, provided the charter duration is at least six months and all registration requirements are met.

Article 19 permits owners of UAE-registered vessels to seek permission to fly a foreign flag when renting the vessel without equipment. This new law brings comprehensive reforms to vessel registration and precautionary arrest procedures, improving clarity, expanding eligibility, and aligning with international standards. These changes are expected to streamline maritime operations, and establish a more robust legal framework for maritime activities in the UAE.

Re-registration can be a strategic move, but it requires careful planning and a deep understanding of local laws. In the context of yacht charter operations in the Middle East, compliance with local laws is crucial for ensuring safe and legal operations.

Yacht management companies should have clear policies and training to ensure that all crew members and guests are aware of and adhere to these regulations, particularly when travelling across borders where rules may vary significantly. This approach helps maintain respect for local customs while also ensuring that all activities on board are lawful.

Oman, another emerging destination for yacht charters, presents its own regulatory challenges. Foreign yachts entering Omani waters must obtain a cruising permit, a process that requires detailed preparation and adherence to strict environmental regulations, particularly in ecologically sensitive areas like the Musandam Peninsula.

Oman’s legal framework, influenced by Islamic law, also affects various aspects of yacht operations, from onboard conduct to the types of activities promoted in a charter itinerary.

The taxation landscape adds another layer of complexity. In the UAE, for example, a five per cent value-added tax (VAT) may apply to yacht charters, depending on the specifics of the service and location. This tax must be accurately calculated and reported to avoid penalties.

While Oman does not currently have a VAT system, other fees and charges apply to charter operations, requiring careful management. Yacht management companies play a vital role in ensuring all necessary permits and licenses are obtained, that yachts comply with both local and federal regulations, and that crews are trained to meet the cultural and legal expectations unique to each country or emirate.

By expertly navigating these challenges, they ensure that yacht charters in the Middle East offer not only a seamless and legally compliant experience but also one enriched with the region’s culture, fantastic cuisine, and unique adventures.

phoenix-yachts.com

Marine Service Asia welcomes new GM to steer growth

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Marine Service Asia welcomes new GM to steer growth

October 3, 2024
7:00 am

Marine Service Asia (MSA) just announced the appointment of Andrew Chan as its new General Manager – a strategic decision poised to elevate MSA’s sales and service operations.

Marine Service Asia (MSA) has appointed Andrew Chan

Chan, a seasoned professional with over a decade of experience in the marine industry, steps into a role that will see him at the helm of MSA sales strategy, aftersales service management, and key client relationships. His impressive distributorship management, sales, and service background make him an ideal fit for steering MSA towards new horizons.

In his new capacity, Chan will be orchestrating a talented team of sales professionals, leveraging his proven track record of driving business growth and expanding market share. His ability to connect with a diverse clientele and stakeholders is expected to be a significant asset in propelling MSA’s continued success and business expansion.

Expressing his enthusiasm for the new role, Chan said, “I am truly honoured to take the lead during this exciting phase of growth, MSA has been dedicated to delivering a wide range of marine services and products to our valuable clients, and we are confident to drive customer success and achieve new milestones together.”

The appointment marks a new chapter for MSA, with Chan set to work in close collaboration with key leadership team members. He will join forces with Chris Aveline, Acting Deputy Head of Aftersales; Liam Hailstone, Head of Sales; and Dylan Tyack, Head of Engineering Services and Technical Services.

This team’s mission will be to drive MSA’s business forward while ensuring unparalleled customer satisfaction. As the marine industry continues to evolve, MSA’s move to bring Chan on board signals its commitment to staying at the forefront of innovation and high-level service.

marineserviceasia.com

Boat Lagoon Yachting: Shaping Southeast Asia’s yachting landscape for 30 years

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Boat Lagoon Yachting: Shaping Southeast Asia’s yachting landscape for 30 years

September 26, 2024
12:35 pm

As Boat Lagoon Yachting celebrates three decades of growth as a Southeast Asia dealership and yacht-services company headquartered in Thailand, Group Managing Director, Vrit Yongsakul reflects on the family business and where it is heading.

Interview: Andrew Dembina; photos: Boat Lagoon Yachting

What does Boat Lagoon Yachting’s 30th anniversary year mean to you? What are some of your proudest achievements from these three decades?

We have sold over 500 new and pre-owned yachts in the region. In the 60-100ft market, we maintain the leading market share, solidifying our position as the go-to provider for luxury yachts in this segment.

Our success with models like the Princess Y85 and Y95 is unparalleled, as we have sold the most units globally. We are also highly active in the superyacht market, having sold many over 35m and have arranged a variety of superyacht charters in exotic locations such as the Maldives and the Mediterranean, in addition to our local Southeast Asian region.

Looking ahead, where are the biggest opportunities for BLY?

We look forward to the future with optimism. Southeast Asia is poised for significant growth in interest in leisure boating, including in the demand for luxury yachts. Our enhanced brokerage services for all kinds of boats will cater to a diverse clientele with a wide range of yachts for different preferences and budgets, including berthing locations in Asia and Europe.

The BLY team across their Princess Yachts bows at the Singapore Yachting Festival 2024

Yacht charters are likely to see substantial growth for us – as they offer a flexible and luxurious way to experience yachting without the commitment of ownership – helped by the appeal of exploring Southeast Asia’s stunning cruising destinations, especially around Phuket in Thailand. The development of charter services will include more tailored memorable experiences, catering to the unique desires of clients.

What legacy and values did you inherit from your father, Kanit Yongsakul?

A pioneering spirit and a visionary approach to the yachting industry: he was instrumental in creating Phuket’s first marina complex, Phuket Boat Lagoon Marina in the late 1980s by transforming our family’s tin mine near Phuket Town. His vision led to the development of a 180-berth marina complex, complete with upmarket villas, resort guest rooms and commercial outlets, leading to another Boat Lagoon Marina opening in Krabi in 2011.

A view over of Phuket Marina

The most significant value I inherited from him is the inspiration to continuously develop and advance the yachting industry. Since taking over the business, which has been a marine yacht brokerage and service company for 30 years now across Southeast Asia, I have focused on expanding our operations and maintaining the high standards he set.

Based in Phuket Boat Lagoon, a prime focus for us is the development of Princess Yachts’ distribution in Southeast Asia. In 2019, we invested £20 million in a brand-new fleet of Princess models, including the R35, F45, F50, F55, F62, F70, Y75, and Y85. Our commitment to bringing world premiere units to the region is evident with popular models like the 75MY, S60, 78MY, Y85, 88MY, and previous models such as P56, P60, P64, P68, and 72MY

My father’s legacy also instilled in me the importance of promoting Phuket, Thailand, as a premier yachting destination. From the stunning karst towers of Phang Nga Bay to the remote, pristine beaches of the Similan Islands and the untouched beauty of the Andaman Islands, we offer unparalleled opportunities for yachting, exploration, and enjoying local cuisine.

Jeanneau yachts – such as the DB line – are popular for sale and charter through BLY

Having operated in Southeast Asia since 1994, what are the key differences in this yachting market compared to others?

I see several key differences in the yachting market here compared to more mature markets like Europe and the US.

Firstly, Asian owners incorporate boating into their lifestyles with a focus on family and social gatherings. Unlike the more individual or nuclear family-centric boating culture in the West, Asian owners often use their boats for multi-generational family outings and social events with friends and business associates. Yachting in Asia serves as a platform for business and networking.

There is also a noticeable preference for larger and more luxurious yachts among Asian owners, driven by a desire for status and exclusivity, with extensive amenities for entertainment, relaxation and comfort. Asian owners favour yachts with customisable and versatile spaces that accommodate activities from formal dining and business meetings to casual relaxation and water sports.

Owners often prefer shorter, frequent trips, being close to attractive cruising destinations such as the islands of Thailand, Malaysia, and Indonesia – which allow for more frequent, spontaneous trips, unlike the longer cruising voyages popular in Europe and the US.

Another significant trend is the increasing focus on wellness and health among Asian yacht owners. They often seek yachts with facilities such as spas, gyms, and spaces for yoga and meditation.

Boat Lagoon Yachting team with their displayed yachts, in ever-celebratory mood at Thailand International Boat Show 2024

Thailand and Singapore are your biggest markets in Southeast Asia, which have been the most popular ranges there?

In the Southeast Asian region, our sales record for Princess Yachts over the past three years highlights strong demand and buyer enthusiasm. We’ve successfully sold three Y95s – one being a world premiere hull at the Cannes Yachting Festival 2023 – and one X80 – which was a Singapore Yachting Festival 2024 show Asia premiere. Additionally, we secured sales of nine Y85s and the sport flybridge S72 soon after its global debut in Dusseldorf in 2022.

The 50ft range has also seen notable demand, with over 11 F-class yachts delivered in the same period, including two F65s, two F62s, one F45, and six F55s – underscoring the growing popularity of mid-range elegant, luxury yachts.

Jeanneau models reflect our clients’ growing interest in day boats for leisure opportunities with families and friends, particularly in Thailand and Singapore. Merry Fisher 1295 Fly, the flagship model with three cabins is family-friendly and versatile, so popular among our clients in the region. Jeanneau Cap Camarat, known for its sensational and sporty performance and ease of manoeuvring makes it a favourite. The Jeanneau DB37, set to launch in the third quarter of 2024, and we are bringing a fleet of stock boats into the region, with some available for charter.

Sacs, a premier manufacturer of high-end tenders from Italy, fit well with our partnership with Burgess, as we often cater to clientele looking for yachts from 100ft upwards who seek luxury tenders to complement their superyachts. We have sold several units in the Rebel and Strider ranges to superyacht owners. These luxury RIBs are perfect for use as island run-around boats. Their sporty look and high-performance appeal to younger clients, too.

Jeanneau’s family-friendly Cap Camarat range

How important is bringing new models to market for clients in Asia?

We try to stay ahead in the market and invest in bringing the latest new yachts to the region. Customisation is essential, and as sole distributors, we make clients aware of the vast possibilities available. We have been able to offer tailored features such as mahjong tables instead of coffee tables, whisky cabinets, cigar drawers, and even flybridge starlights.

With five years representing Burgess in Thailand, how is the BLY superyacht segment developing?

We see great potential in the region to develop the superyacht market, particularly in Thailand, where Phuket is emerging as the epicentre for superyacht sales and charters, offering top-notch hospitality services in Asia.

The growing yachting demand in our region is significantly enhancing our partnership with Burgess and its superyacht sales and extensive charter fleet. As Burgess is the global leader in superyachts, this strengthens our unparalleled local expertise and brings their exceptional 100ft-plus yachts to our clients in Thailand and Singapore.

Sustainability projects taken up by BLY bring together their staff and clients

How else are tastes changing and demands evolving?

An increasing emphasis on sustainability sees consumers seeking yachts that integrate eco-friendly technologies and materials, including energy-efficient engines and sustainable building practices. At BLY we are committed to sustainability and support CSR projects that contribute to marine conservation.

We have collaborated with the Department of Marine and Coastal Resources in Phuket, Thailand since 2023 in releasing leatherback turtles into the sea. These now-endangered magnificent creatures were rehabilitated by the dedicated team at Phuket Marine Biological Centre. This initiative has garnered attention and appreciation from yacht owners who value our involvement.

As Southeast Asia continues to develop its boating infrastructure, including marinas and yachting facilities, the ease of yacht ownership and maintenance improves. This development supports the growing interest in yachting and boosts consumer confidence in investing in luxury and recreational boats.

boatlagoonyachting.com

Restructures, revamps, milestones and more for Beneteau

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Restructures, revamps, milestones and more for Beneteau

August 20, 2024
11:30 pm

As France-headquartered Beneteau Group celebrates its 140th year, Erwan Her,

an established member of its APAC team has focused on the eponymous Beneteau
sailing and motoryacht brand in recent years. He tells us of the brand’s plans for the region.

Interview: Andrew Dembina; photos: Beneteau Group

Erwan Her, APAC Beneteau Sales Director

“I’m thrilled to say I’ve been part of the Beneteau Group for over eight years now!” Said Erwan Her, in his Hong Kong office recently. “When the Group acquired Rec Boat Holdings from Cadillac in the US [in 2014], I joined as a Sales Executive; I spearheaded the development of Four Winns and Scarab brands across the Asia-Pacific.

“My passion for the industry fuelled my quick climb to Sales Manager for the Beneteau brand, where I initially focused on driving sales growth in the outboard segment. This experience led to my current role as Sales Director for Beneteau Sail, Inboard, and Outboard since 2021 – in which I supervise the sales and the marketing across the region, and manage the distribution network. Additionally, I am running the Group office operations where we are a team of eight.”

Beneteau’s Swift Trawler 54 will premiere at Cannes Yachting Festival in September 2024

TIME TO RESTRUCTURE DISTRIBUTION

While this sounds like quite an exercise in multitasking, Erwan also spoke of the restructuring of Beneteau brand’s distribution in APAC – saying that the challenges of logistics, and increase of exposure to boating during the Covid pandemic, made change the sensible way to go forward.

“This is a very busy year for Beneteau in the Asia-Pacific,” he admitted. “My primary focus has been leading the transformation of our distribution network across key markets like Hong Kong, Taiwan, Thailand, Malaysia and Singapore. This revamp will ensure we deliver an exceptional customer experience throughout the region.

“We’re not stopping there, though. We’re also revamping our distribution in China and entering the Indonesian market, further expanding our reach.

“As the Beneteau brand continues to evolve, we’re building a network with targeted expertise to ensure a personalised experience for every customer. In Hong Kong, Asiamarine is now our dedicated sailing partner, while NextWave Yachting focuses on power boats.

“Similarly, Taiwan is served by Amal Yachting, and Thailand will be by Primus Marine. I’m thrilled to welcome these new partners – we’ll undoubtedly learn a lot from each other. Together, our shared goal is to provide an unparalleled level of service and expertise to our valued owners.”

Beneteau’s 140th anniversary event at First Marine in Japan

MEANINGFUL MILESTONE

“The shipyard celebrates 140 years this year – an exceptional milestone in our industry and very few shipyards have this kind of history!” exclaimed Erwan, with palpable excitement. “To celebrate this anniversary, with the cooperation of the dealers in the region, we have organised lots of special events: 140 years races in Hong Kong, Sydney and Gold Coast, VIP and owners parties during boat shows in Auckland, Sanctuary Cove and Sydney and dedicated anniversary parties such as the one recently held by First Marine in Japan. Check with local Beneteau dealers – there will be more celebrations until the end of year. On top of this, we are running a special anniversary offer not to be missed.

“Beneteau has always been one of the pioneers of the boating industry and it all started as a wooden fishing-boat shipyard back in 1884, founded by Benjamin Beneteau in the quaint fishing town of Croix-de-Vie. Benjamin’s vision for better boats, including the pioneering use of gas-powered engines in 1909, set a precedent for daring innovation that continues to define Beneteau today. It’s fascinating.”

The Beneteau Antares 12 is a 2024 premiere in the APAC region

CHANGES IN BOATERS HABITS

“We see a swift change in the usage of our boats starting from the US and Europe where time sharing, syndication and boat clubs are gaining a lot of interest and developing fast,” Erwan explained. “One of the missions of our new network is to study the feasibility of these systems in Asia, while Australia and New Zealand have already implemented some of them.”

“Sustainability is another stronger present focus that is a very important concern for new buyers,” he added. “The Group is aware of its environmental impact through its activities and is focused on reducing them through concrete measures and actions.” While reduction of air emissions, waste reduction, eco-design of boats and accommodation, and protection of biodiversity are all a part of this mission, “at the Beneteau brand level, we are studying new material for the next generation of boats,” Erwan revealed.

“We have launched our first sailboat prototype, the First 44e with a recyclable resin called Elium, fitted with Torqueedo pods – a serial hybrid technology [of engine] and a new iroko-wood deck material, which we call Iro-Deck, that replaces teak.

Erwan has worked with Beneteau for eight years

NEW BENETEAU MODELS IN THE REGION

“This year, we have the premiere of the awaited Antares 12 in Hong Kong and in Gold Coast, Australia. It’s the flagship of the range: a family cruiser with a real all-rounder capability.

“She is a very versatile boat, packed with functionalities and with a timeless design. It’s ideal for any country in the region with an enclosed cockpit protecting from the cold weather in Victoria or the heat in Hong Kong thanks to the AC and genset [generator] options. Able to accommodate six to eight people comfortably, with a smart saloon, she offers the best weekends on the water in all weather for cruising, watersports and relaxing. Current Antares 11 owners will be amazed by the difference in volume with the 12.

“At Cannes Yachting Festival this year, we are also launching the latest newcomer in the Swift Trawler range, the brand new Swift Trawler 54. Our dealers had the chance to see the first hull during our annual convention last June in Saint-Gilles-Croix-de-Vie.

This boat is an eye-catcher! She has unrivalled outdoor and indoor living space and is a perfect passage maker with excellent stability thanks to the Sleipner Vector third-generation fins. “Do not hesitate to contact your local Beneteau representative to book a VIP tour during the Cannes Yachting Festival.”

beneteau.com

asiamarine.com

nextwaveyachting.com

Sylvie Ernoult explains the changes she’s steering for this year’s Cannes Yachting Festival

Leaders / yachtstyle2020

Sylvie Ernoult is charting change at this year’s Cannes Yachting Festival

August 15, 2024
1:44 pm

As the Cannes Yachting Festival Director for 10-plus years, Sylvie Ernoult has managed the world’s biggest – and arguably best-known – in-water boat show through positive modifications aplenty, and 2024 is no exception, she explains.

Interview: Andrew Dembina; photos: Cannes Yachting Festival/Abracadabra Studio

Sylvie Ernoult faced difficult decisions, from juggling meeting spaces and exhibitors, to making an entrance

Some changes are afoot for this year’s show, please talk us through them.

The first one is a new marina for power boats at Port Canto [one of the two in-water areas, the other being Vieux Port]. The reason for this is that construction began in the port this year – and knowing that we had to reorganise the space for the show, as some areas where we were previously were unavailable. This pushed us to be creative and now we have a new section.

As previously, we make sure that everything is easy to find in our different sectors, so that we keep the visitor and exhibitor expectations of being the ‘best show in the world’. Port Canto used to show fewer boats, but now we have an even split of about 350 boats in both [in-water] spaces.

I’ve worked with my team to make sure people realise that Port Canto will now be smaller power boats, some of them ‘dayboats’ – RIB and hard-bottom ones between six and 12 or 13m – which were previously sometimes hard to find as they were shown in different places [within CYF]. So if people are looking for this size category, it’s now going to be easier, and water presentation will give these boats great visibility.

Vieux Port will still show the bigger megayachts.

An aerial shot of Port Canto with 2023 show area marked, which this year will house a new powerboat marina, dining spot, and VIP area

The new 2,000sqm power-boat marina follows a big change in in-water display areas that you introduced in 2019, when CYF divided areas for large motoryachts and sailing yachts, right?

Yes, that one was quite challenging. We decided to do that for the same reason – to make finding the types of boats visitors wanted to see easier.

Making a separate sail area was not easy then, as many shipyards, especially in France – Beneteau, Jeanneau, Fontaine Pajot, for example, and others – build both sail and motor boats. We had to ask the same company that makes both to separate and show in two different spaces.

We understood it was a lot for them to organise, but I was really convinced it was a big improvement to the show and it took us three years from telling exhibitors to making it happen by convincing and helping them. But success was direct.

Exhibitors said the new sailing area was ‘magic’ and the visitors’ feedback was great. I expect the same from the new powerboat marina this year.

You’ve announced that there will be a new dining area with 130 tables in the power-boat marina in Port Canto, which sounds like a good sociable or meeting point for attendees.

I wish I could have a show with more meeting points, restaurants, music and places to relax but at the port there is not much space, so I have to consider whether I should give the space to an existing or new exhibitor, or save space for people to have a drink – it’s not easy to decide!

The new power boat space has 450m of waterfront, so I negotiated with the port to get an upper-level terrace for the restaurant. It took a lot of logistics but we managed to do it.

Is this where a new VIP lounge that is launching this year will be too?

No, that’s in a different space in a new, modern port authority building, also on the highest level, so it will have a terrace that looks over the whole of Port Canto. It’s for those who have VIP tickets – about 1,000 people [of the approximately 55,000 attendees who attended in 2023].

Another new-for-2024 element is the Innovation Route – for those offering yachting hardware or services that represent fresh ideas on efficiency. How many stands will be taking part in this area?

About 40 or 50 exhibitors – from 600 taking part. There is a certain level of innovation needed to be selected to take part. The industry has become more and more concerned with ecology, so a lot will focus on that, which will allow visitors to learn more about this. Today it is still expensive to be ‘less dirty’, but it’s evolving. All kinds of new technology, including navigation will also be on display.

Vieux Port in 2023 was home to RIB powerboats that will be in Port Canto this year

How are entrance positions changing this year?

We will be entering at the bottom of the red steps that lead to the famous Cannes Film Festival red carpet. To be honest, it was not our choice. It’s due to construction works that are going on in the buildings that are used by that festival and also ours.

You’ve been supporting the same marine charity for a decade through CYF. Tell us about this.

Yes, the National Society for Sea Rescue (SNSM), which is made up of volunteers and saves lives in danger at sea and along the coast in France. We support the Cannes operation – and they have a stand at the show. Growing up on the ocean, and seeing how they really save people, I have so much respect for them.

About your pre-CYF working life, your first job was in a maritime office in 1985, what was this?

I worked for a big French shipyard, in the owner’s office – it was all kinds of administrative work, including finance; a great experience for 10 years. I then went into hospitality, luxury property and yacht chartering companies, in marketing. This was a good learning experience in many ways for this boat show – in logistics and accounting, but running this event needs the help of many other experts.

What’s the size of your core team, and do they work with you for a whole year in advance?

It’s very small – about four people. But I use more and more contractors and their teams as we get closer to the show time. The boat show has used some of the same technical experts and companies for 20 years – longer than I have been involved. That adds up to 2,000 people working onsite during its last weeks, but these are under their subcontractors not me and my team.

What are your plans beyond the 2024 show?

I want to continue focussing on quality, not quantity, because the show is very big already, with a very wide range of boats – from 8-50m. We will need to stabilise the new power-boat marina introduced this year. There will always be new things, though – it’s in the blood of me and my team.

cannesyachtingfestival.com

Gulf Craft Group appoints corporate veteran as new CEO

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Gulf Craft Group appoints corporate veteran as new CEO

August 8, 2024
4:29 pm

Gulf Craft Group has named Yannis Haidis as its new Group Chief Executive Officer. With over 30 years of international experience in multinational corporations across EMEA, Haidis is set to steer the company through its next phase of growth.

The majestic Majesty 175 megayacht is the Group’s flagship

The appointment comes as Gulf Craft Group, founded in 1982, and a global leader in yacht and boat manufacturing, aims to strengthen its international presence and explore new market opportunities.

Haidis will oversee the development of the group’s diverse portfolio, which includes prestigious brands such as Majesty Yachts and Nomad Yachts.

Gulf Craft Group’s portfolio also includes Oryx Sports Cruisers, Silvercraft Boats, SilverCAT Boats, and Touring Passenger Vessels.

International expansion into new market is a focus for new Group CEO Yannis Haidis

The Group already operates state-of-the-art manufacturing and service facilities, including a 462,000sqft shipyard in the UAE and a 100,000sqft manufacturing and servicing facility in the Maldives. A new 800,000sqft facility is set to launch soon, the company has announced.

Its flagship model, the tri-deck Majesty 175, is the world’s largest composite-production superyacht.

gulfcraftinc.com

Japan courts superyacht cruising

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Japan courts superyacht cruising

July 25, 2024
12:51 pm

Kenta Inaba is a partner at Super Yacht Logistics (SYL), Japan, a multi-national group that provides shore agents for visiting and cruising yachts, logistics for domestic yacht industries, project management, client representation, global vessel management, and yacht and ship brokerage. Here, Inaba provides an update on the Japanese superyacht sector.

Kenta Inaba forecasts positive growth for the superyachts sector in Japan

One of the largest producers of trading vessels globally, Japan boasts a thriving maritime industry, including shipbuilding and marine engineering. The waters around the country have become more popular as a cruising destination, where it’s possible to cruise all year round – an alluring prospect for superyacht owners.

From a stunning coastline with diverse natural beauty to indulging in incredible cuisine and discovering a blend of traditional culture and modern innovation – including fishing ports, castles, shrines and temples, Japan offers a range of experiences for superyacht owners and charter visitors.

The Japanese government has taken significant steps to make visiting superyachts feel welcome. It has eased regulations on immigration, customs and quarantine for foreign-flagged vessels and provides services and dockage for superyachts of any size. Upgrades are planned for ports to accommodate additional superyacht berths, reflecting a commitment to support the industry.

Whilst currently, we can accommodate visiting superyachts, we need to keep up with the appropriate infrastructure for the bigger yachts.

Government overhauling rules for foreign-registered superyachts has brought significant changes in Japan, and removed some of the red tape, to put the country on a level playing field with many other destinations.

Japan’s coastlines stretch more than 35,000km, and land offers many cultural treasures to explore

Three key recent changes opened the door for growth in the Japanese superyacht sector: a Naikosen cruising permit for visiting yachts, the removal of any time limit for a superyacht to stay and cruise in Japan, and an Eligible Crew Pass – valid as long as the yacht is in Japan, expiring only when a crew member leaves Japan.

Superyacht owners are increasingly drawn to Japan, as proven by a recent extended yacht visit – originally planned for three weeks but eventually a seven-month-plus stay, cruising 66 ports.

Globally, cruise ships stock provisions in main centres, whilst a superyacht does so in local communities while cruising around coastlines and contribute substantial revenue and create significant job opportunities. Studies show that one superyacht with 12 guests will spend more in a local community than a large cruise ship with its all-inclusive onboard packages.

Captains and owners want a significant comfort level when cruising in new territories. It is important that visiting superyachts are confident they will receive support to be managed through the regulatory process, can be provisioned with their specific requirements and are provided with tailored itineraries that align with the owners’ preferences.

The team at SYL have made sure these services are in place and are getting the tick of approval from visiting superyachts – the sector is looking positive.

Information shared in this post is based on a presentation Inaba gave at a recent Global Marine Business Advisors (GMBA) conference in Singapore.

superyachtlogistics.com

Michelle Ye: Aquitalia’s ‘Goddess of Water’

Leaders / yachtstyle2020

Michelle Ye: Aquitalia’s ‘Goddess of Water’

July 5, 2024
4:44 pm

As CEO and Chairwoman of Yihong Yachts, Michelle Ye is the driving force behind Aquitalia, which means ‘god of water’ and makes its Singapore Yachting Festival debut with regional dealer Raffles Yacht.
Interview: John Higginson; Photos: Yihong Yachts

Ye will be at the Singapore Yachting Festival after attending shows in Cannes, Fort Lauderdale, Abu Dhabi and Dubai

What led to you joining Yihong, your father’s company, almost 15 years ago?

My father started his career in real estate. Later, he was an investor in a shipyard and I joined the sea trial of a boat before it was shipped to France. My first impression was how comfortable a yacht could be as a second home. I also think the experience planted a seed in both my father’s mind and my mind.

In 2005, he founded the Yihong shipyard and we had a serious discussion about whether I would join the company in the future. Based on my interests, he was starting to build a business I could help develop. I then chose to major in business and finance at Funan University before doing a master’s degree in hospitality at Cornell University.

The Yihong shipyard in Zhangzhou, about 50km west of the coastal city of Xiamen, where Ye was born

After returning to China in 2009, I joined the Shanghai branch of Yihong. I started in sales then was involved in service, design, product development and supply-chain management. In 2016, I was promoted to Chairwoman of Yihong Yachts. At that time, we mainly built the Sea Stella trawler series (40ft and 53ft) and hard top series (46ft).

What changes did you make at Yihong Yachts?

Since I studied hospitality, I realised the client experience and lifestyle is extremely important in the yacht industry, so I launched the Sea Stella Yacht Club and an aftersales centre in Shanghai. We invested in several boats to be used for charter and sea trials for potential customers, and cooperated with various brands and high-net-worth-client groups. We soon became the market leader in Shanghai and still are.

Can you describe the Yihong shipyard in Zhangzhou?

It’s one of China’s biggest yacht and RV manufacturing plants, with 1.4km of coastline and about 200 employees. The boat business includes Aquitalia luxury yachts and Sea Stella, which are mostly commercial boats and include new energy options.

The Yihong shipyard’s production includes the growing Aquitalia range

We can build catamarans, lake boats, shuttle boats, floating homes and steel-hull yachts up to 60m. We also operate as an OEM for different brands including start-ups, either from product development or just production. We also provide refit services for luxury superyachts and recently began work on a 112ft superyacht from a renowned Italian brand.

Our shipyard features a lot of modern construction techniques and technology including modular assembly since last year. Usually, modular production technology applies to mass production. Although we produce semi-custom Aquitalia yachts above 60ft, we believe the modular production enhances the quality of the boat, especially the woodwork, and improves the efficiency.

We’ve adopted digital management software for production, supply chains, sales and operations. We’re also creating a digital aftersales application to make the guidelines easily accessible through an open platform.

The Yihong shipyard produces in-house models and is an OEM for other brands

We’ve also been working on technology for electric boats since 2020 and have built an electric Aquitalia 68 and engaged in electric tourism boat projects for state-owned companies, such as the design and construction of a 41m steel-hull electric tourism boat for Shanghai. In 2022, our R&D team helped build a 53ft boat using autopilot technology in cooperation with a university.

What’s the background of the Aquitalia series?

Initially, Yihong was the OEM for Aquitalia, which we acquired in 2010. Meaning the god of the water, Aquitalia was originally a brand founded in Florence by a team of designers. The logo tells a brand story, that the pen of an angel dipped into the water creates a masterpiece. In China, the brand’s name is Shui Shen, which translates as the god of water.

The Aquitalia 68 will exhibit at the second Singapore Yachting Festival

Aquitalia believes we will capture the best inspiration from ‘the one’, who can be an owner or a designer, then turn it into reality by building a masterpiece. The inspiration is from the water and the masterpiece will return to the water. Inspired by water, we use a lot of flow in the exterior shape of the boats, while the yachts are usually wider than their competitors, which gives more space inside.

What has been your most popular Aquitalia model?

The Aquitalia 68, which we launched in 2016. We’ve built 36 hulls and still have six hulls to be built this year. The other models we’ve built or are still building are the Aquitalia 64, the new 78, the 85 and our flagship 95, as well as the 72 catamaran.

Pulina Exclusive Interiors has created a new interior design for the Aquitalia 68

We have a team of designers from Europe and China, so we’re able to customise the interiors of our boats, something most European brands only offer on larger yachts or superyachts. The 78 Sport and 108 are among upcoming designs we haven’t built yet.

Which have been your key markets and where do you think Aquitalia can grow in the coming years?

So far, we’ve been focusing on the China market and are the market leader. We’ve also sold some boats to the UAE and other places in Asia such as Japan and South Korea.

Last year, we appointed LKW Pavic in Germany as the exclusive distributor for Aquitalia Yachts in Europe and we exhibited the Aquitalia 78 at the Cannes Yachting Festival. We also appointed DuBose Industries as our master dealer for North America and hosted a booth at the Fort Lauderdale International Boat Show, where we plan to display two boats this year.

Ye attended Fudan University in Shanghai and Cornell University in New York before returning to China to join the family business

We also attended the Abu Dhabi International Boat Show and this year’s Dubai International Boat Show. In late April, we make our Southeast Asia debut at the Singapore Yachting Festival, where we’re displaying an Aquitalia 68 with our new dealer Raffles Yacht.

An increasing number of high-net-worth Chinese clients are emigrating to and investing in Singapore and the Middle East, so we think we’ll benefit from being in these markets as our brand is popular with Chinese clients. We’re also confident about the US market.

Why did you appoint Raffles Yacht as Aquitalia’s agent in Southeast Asia?

Raffles Yacht is an experienced, well connected company that has a long history in the Singapore yacht industry. The experience of Julian [Chang] and Diederik [Brinkman] will not only help us to develop the market but also help us to enhance our production.

Raffles Yacht is representing the Aquitalia 68 in Singapore

We believe the future growth of Aquitalia in the global market will be an exciting journey, so we’re happy to have the support of Raffles Yacht.

What should we know about the Aquitalia 68 that will show at the Singapore Yachting Festival?

The Aquitalia 68 we will present in Singapore is an upgraded version and features the new design by Pulina Exclusive Interiors that nicely incorporates the brand story with the product. Pulina (founded in Italy and with an office in Shanghai) offers three themes in their interior design, covering modern leisure style, the classic and Mediterranean style, and the high-tech style.

Aquitalia is working with Pulina Exclusive Interiors, which was founded by Alessandro Pulina in Pisa and has an office in Shanghai

A lot of natural elements are infused into the interior and there’s a lot of thought behind the design. For example, the main-deck ceiling will feature patterns depicting how sea influences the evolution of landscapes. The furniture and woodwork feature a lot of curves and arcs, which require complicated craftsmanship, while textured glass is used for decoration.

As we launch the Aquitalia brand in Southeast Asia along with the new 68 design, we’ll invite people to visit and experience the boat. Pulina has also worked on interior designs for other Aquitalia yachts and we’ll also cooperate with them on Aquitalia Home, offering our interior design service to homes for high-end clients.

The Aquitalia 78 exhibited at Cannes last September and will show at Fort Lauderdale this year

What was the reaction from visitors and media when you showed the Aquitalia 78 at the Cannes Yachting Festival last year?

Many of the European visitors like our design language. Even though many brands have started to design boat with more edges, there are still many people who like the classic, streamline Italian yacht style with a lot of flow. People gave good feedback on our spaciousness, especially in the saloon and the engine room.

www.yihongyachts.com

www.aquitaliayachts.com

Yacht insurance is money well spent

Leaders / yachtstyle2020

Yacht insurance is money well spent

June 19, 2024
8:00 am

With yacht insurance, it’s vital to understand the importance of cover versus premium – and the value of a specialist insurance broker, says Colin Dawson, who is such a specialist.

Photo: Ocean Sailing House

Insurance is a necessary evil. A broker offers an owner a product that they both hope will never be used. Many believe the likelihood of a claim is slim, so they see little point in spending money on insurance.

While claims are rare, they do happen and are complex and expensive, often leading to significant downtime for a yacht. These problems can be minimized by buying quality cover from a specialist broker.

Unplanned downtime is frustrating, especially for a charter yacht where it’s a costly headache not covered by standard insurance. It’s best for a yacht to be up and running quickly after an incident, and good crew and insurance help with this.

If there are arguments with insurance over a claim, the costs for this additional downtime will likely outweigh any difference in premium cost. It’s therefore extremely important that a policy responds in the way an owner expects it to. This means an owner must fully understand what cover they have and more importantly, what cover they don’t have.

When arranging yacht insurance, it’s crucial to look at the actual cover being given and who’s providing and advising on it. Experience shows that quality cover saves costs and headaches in the long run, so is much more important than the initial price paid for it, especially when it comes to claims settlements and risk-management discussions.

Photo: Ocean Sailing House

A cheaper offer will invariably result in less cover being given and much more difficult discussions during a claim and when a change or flexibility is required. Someone once mentioned to me the phrase: ‘There’s no more expensive insurance than a cheap insurance that does not pay a claim’. This is a very true statement.

People buy insurance to protect themselves (and others) in the event of an accident, so it’s vital to ensure that proper cover is in place. There’s little point paying any premium to an underwriter, however cheap it may sound, if the cover that owners think is in place is not actually there when it comes to needing it, or the insurer knows little about yachts.

A specialist broker will only use underwriters they’re sure provide comprehensive cover and have a full understanding of yachts. In many cases, these are sailors themselves and therefore appreciate the feelings of owners, which is extremely important, especially when it comes to appointing surveyors to handle claims for them.

It’s far easier to discuss technical aspects of a yacht with such people than those who look at yacht insurance as part of a general portfolio.

While premiums from specialist providers may be higher, owners can be confident that the cover is extensive, with no gaps. Often, owners are unaware that their cover with some poorer-quality insurers is restrictive, as they or the broker may not know what to look for to ensure full cover is in place.

Yacht insurance specialist Colin Dawson shares questions to ask when considering yacht insurance

QUESTIONS TO ASK

We believe there are gaps in cover in certain clauses. Below are areas to consider when insuring a yacht:

● How are the tenders and toys secured to the yacht and are they towed? Some insurers are strict on this.

● Are there any personal effects on board? Do you want these covered? Most covers allow for this, but sub limits are often low.

● If you have high-value items on board, such as art or wine, how are these insured? Some high-net-worth property insurance covers this, so why pay premium twice?

● Some clauses exclude cover for damage to motors, connections, and electrical equipment if caused by heavy weather.

● For smaller yachts, liability cover will not be in place if the boat is operated by a yacht broker, marina, yard operator, or employee. Some professional yacht brokers will refuse to handle yachts unless this aspect of insurance is fully catered for.

● How much liability cover are you getting? Is this sufficient in today’s environment? For superyachts and charter yachts, this is well catered for by buying separate protection and indemnity (P&I) insurance. However, for smaller yachts, where this is included within the Hull and Machinery programme, cover may be limited.

● Does the yacht have a boat from which water skiing or wakeboarding takes place? If so, you will likely need to extend cover.

● Within the Institute Yacht Clauses, unless amended, cover will not be in force if the yacht is at anchor off an exposed beach or shore; fire will not be covered unless the yacht has an automatic fire-extinguishing system in the galley; if you hit rocks, no cover will be in place for the propellers, struts, rudders, or shafts.

● Check your deductibles, as some cheaper insurers offer cover with very high hidden deductibles that will affect you in the event of a claim.

● We think it’s extremely important to ensure owners are aware of the difference between Agreed Value and Market Value. Unless specifically stated, a policy is likely to be on a Market Value basis. Agreed Value means the stated sum insured is what will be received in the event of a Total Loss. Market Value means that, although you’re paying a premium based on the stated value of your yacht, the sum received in the event of a loss may only be a market value, which could be considerably less.This may also apply to Partial Loss claims where deductions may be made considering a yacht’s age.

● Taking someone from your office or a client on your boat can be seen as corporate entertainment and might not be covered.

● Where and how is the boat moored? Many insurers are very particular about this.

Photo: Galeon Yachts

PREMIUM PROTECTION

Many owners shop around each year for cheaper premiums without understanding this may do more harm than good. The yacht insurance market is small and has contracted significantly in the past five years, with fewer insurers willing to offer cover, especially for yachts with wider cruising patterns.

If more than one broker is asked to offer quotes, the same insurers will likely be approached by different people. This does not help the owner’s cause when trying to negotiate a lower cost or expanded cover.

A good insurance broker should approach all reputable underwriters available for the type of risk involved and promote the best quality, value for money, and appropriate cover to an owner – not necessarily the cheapest one.

When it comes to renewals, it’s best to try to remain with the same insurer. A long-standing relationship helps in the event of a claim or when changes are needed. If the insurer is confident an owner is not going to continuously shop the market, he’s likely to be more flexible when needed.

While a cheaper premium may look attractive, compare the cost of insurance to the annual operating cost of a yacht. The globally accepted cost is between 10-15 per cent of the new delivery price of a yacht.

For example, a yacht with a delivered value of US$20 million that carries a premium of US$120,000 will have an annual operating cost between US$2 million and US$3 million. Insurance is about 4.5 per cent of this annual cost.

A premium costing US$100,000 as opposed to US$120,000 saves US$20,000 or 0.9 per cent of the owner’s annual operating cost.

But maybe now the saving doesn’t look so attractive, especially when the potential consequences are thought through.

With the above in mind, we believe any additional cost for quality cover from a specialist insurance broker and underwriter is money well spent when considering:

● The above points

● Their specialist knowledge of yachts

● Their specific approach to risk management

● The specialist nature of the underwriters used to insure the asset

● The quality of surveyor used when the need arises

● The very high levels of service given by a bespoke operation – think of the difference in how one is looked after by boutique hotels as opposed to a three-star hotel chain.

If there are any queries relating to the above or any other areas you wish to discuss, please do not hesitate to contact us.

howdenhk.com

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Japan courts superyacht cruising

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Michelle Ye: Aquitalia’s ‘Goddess of Water’

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Yacht insurance is money well spent

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