July 24, 2024 By Pelagia Yachting No comments yet

The financial crisis spares no one. When you own a yacht, avoiding the costs associated with poor management is essential. Here are all the top tips for managing your yacht effectively in times of crisis and avoiding unnecessary loss of money.

Assessing the crisis and its impact on your yacht

First of all, you need to find out about the nature of the crisis. Is it a health, financial or political crisis, for example? See how the crisis may affect the management of your yacht. It is possible that the financial and political crisis will affect the import or export of goods, in which case longer lead times are to be expected. It is also possible that the maritime regulations in force will undergo some changes. Anticipate as far as possible any travel restrictions, port closures, changes in regulations, etc.

Reviewing your yachting budget

In general, a crisis always has a financial impact. So it’s a good idea to re-evaluate your budget and the investment you’re putting into yachting. Make sure you re-evaluate your needs and expenses. Try to optimise as far as possible the costs associated with the yacht, its maintenance and staff. We also strongly recommend that you build up sufficient cash to cover any unforeseen crisis-related expenses. If you’re well prepared, you’ll have nothing to worry about.

Looking ahead to luxury yacht maintenance

Like any vehicle, a yacht needs regular maintenance to keep it in good working order.

A yacht is a complex vehicle made up of numerous mechanical, electrical, electronic and hydraulic components. These components are subject to considerable stress, not least because of the marine environment. Lack of maintenance can lead to breakdowns or damage that can take a heavy toll on your budget. They can also lead to delays, cancelled trips and loss of income.

To avoid any technical problems, it is essential that you follow the yacht’s maintenance log and have maintenance carried out on time.

Take the crew’s needs into account

In times of crisis, it’s natural that your staff and crew need to know what measures you are planning to take. Be frank and keep your crew informed of the current situation. Give briefings whenever there is a change of position. Make sure the crew is trained to deal with emergencies and has the necessary safety equipment. A crew that trusts you can be an invaluable asset in a crisis.

Good human resources management

A crisis means that you may have to take drastic measures. You may have to adjust the working hours of your employees or service providers. Consider temporary crew adjustments if necessary, such as the use of fixed-term contracts or reduced working hours.

In addition, ensure that the crew has access to adequate healthcare, particularly in times of health crises such as Covid-19.

Check compliance with regulations

During a crisis, it is not unusual for the authorities to adjust their regulations in the interests of efficiency and safety. To avoid paying fines and penalties, make sure your yacht complies with all local and international regulations, including customs and health requirements. Keep abreast of any changes in maritime regulations.

Anticipating journeys and itineraries

Yachts are fabulous means of maritime transport, comfortable, pleasant and luxurious. However, the cost of a trip can quickly add up if you haven’t planned ahead.

Travel restrictions can be put in place for a variety of reasons, including political problems, natural disasters or epidemics. They may limit access to a specific country, region or site. It is important to check restrictions before planning a trip, to avoid unpleasant surprises.

Be prepared to change your itinerary if the situation changes.

Yachting, a very buoyant sector

Despite the Covid-19 crisis, the yachting sector has never been in better shape. In fact, the sector is forecast to grow by 10% in 2021. And the trend is still upwards. This is due to :