5 Ways to Save Significantly on Yacht Maintenance Costs

Instability of exchange rates has affected many yachts owners. It’s no secret that the maintenance of this water transport costs up to 10% of the yacht’s cost, and this amount is rather big.

We will tell you how to save on your yacht’s maintenance in the times of financial crisis!

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Saving on customs duties on imports

The most profitable solution for reducing parking and storage costs is not to bring the boat to countries with high customs duties. In some of the countries the duties make up about 40% of the boat’s cost!

In winter, the vessel often has to be kept in a special hangar. It is possible to raise it from the water only in large cities while properly equipped parking areas are scarce, and the cost of renting a spot is very high.

 

Reduction of the crew during downtime

The second way to save is crew reduction to a safe level. In the period of ship’s downtime, only the key crew members can be kept: on small boats –only the captain, on larger ones – the captain, the boatswain and a sailor. In the period of downtime, you could cut down on the employees’ wages, and in summer recruit seasonal crew members. Proper cost optimization can help you reduce expenses up to 30%!

 

Cutting fuel costs

The third option is to cut fuel costs (especially for a private yacht). In the majority of countries fuel for yachts is bought duty paid (taxed).

In order to save, experts recommend refueling your yacht duty free in Tunisia, Gibraltar or Montenegro and not using the maximum speed modes.

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Yacht co-ownership

Fractional ownership of the yacht makes it possible to use the boat for several weeks a year, according to the contract. The owner receives a flexible schedule for the yacht usage while the costs for the crew and maintenance are divided among all the owners.

 

Chartering a yacht

To save costs and even earn some money on your yacht, you can let in a charter. Demand for the purchase of yachts has fallen, but the interest in charter has increased by an average of 10%, especially in the Caribbean islands.

The cost of the charter depends on the size of the yacht and its fame, equipment and the region of navigation.

 

As you can see, these tips will help you not only to reduce the cost of maintenance of the yacht, but even make some money with its help! Therefore, think twice before selling your “Beauty”!

 

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