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Industry Insight

Yacht Management in a New World

The world has changed significantly over the past few years. From a global pandemic to supply shortages and economic crises - there has been a lot to adapt to.

The world has changed significantly over the past few years. From a global pandemic to supply shortages and economic crises - there has been a lot to adapt to, and the pressure on family, offices, captains, crews and yacht managers has been immense. 

From the beginning of 2020, yacht management teams have had to juggle quarantine and social distancing requirements, operational restrictions and the obvious requirement to respect the individual needs of crew members during a challenging period. 

But as we began to emerge on the other side of the pandemic, yacht owners were faced with supply shortages, price increases and late delivery times as a result of the bottlenecks in China, combined with the invasion of Ukraine - which also called for additional support for individual Ukrainian crew members where possible. 

Yacht captains have been confronted with situations never experienced before. But with reliable and responsive shore support, they have strived to keep up in an ever-changing travel environment. 

Unsurprisingly, these challenges have also impacted the financial side of yacht management. Banks have reported a 40% increase in sanctions checks, with algorithms flagging individual transfers for manual checks. This has resulted in a significant and unpredictable delay on payments to crew members, agents and suppliers, regardless of ownership, place of registration or area of operation. 

And irrespective of nationality, yacht owners have been increasingly confronted with a higher number of KYC checks, which adds significantly to the administrative workload.

It has been an immensely challenging period for the industry, and undoubtedly, more challenges are ahead of us. Yacht owners must adapt, evolve and transform the approach of managing their yacht.  

Now more than ever, being aware of upcoming trends and potential hurdles is key to adapting to the challenges of the future. 

But with competent and proactive yacht management support, you can rest assured that the situation is under control. 

From upcoming legislation changes to shifts in energy prices, supply and access to raw materials - a dedicated yacht management team has all relevant trends, news and forecasts on their radar, so you know you’ll be prepared for what lies ahead. 

At Ocean Independence, our yacht management team is fully dedicated to helping you, your family and your guests get the most out of your yachting experience. With our years of expertise, knowledge and unparalleled service, we ensure continuous, seamless operations in the face of uncertainty. 

Yacht care, financial services, crewing, technical management, compliance services and 24/7/365 emergency support are all part and parcel of our yacht management offerings, covering all your operational needs so you don’t have to. 

Please contact us to discuss our professional support services and what we can do for your yacht: [email protected].

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