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April 2013 Network on April 3 and Expo on April 10. See pages C2, B5.
B7 The industry networks Mega Yacht Mart and Marina Bay events. A8-9
Captains putter around The Triton hits the links for a charity golf event. A17
TRITON SURVEY
Yacht Path doesn’t pay; yachts arrested
Have you been getting work done on the vessel this spring?
Yes – 80% No – 20%
– Story, C1
By Lucy Chabot Reed Since mid-February, the owners of at least 30 private pleasure boats and megayachts have had to pay again the cost of shipping their vessels after the yacht transport company failed to do so. Ft. Lauderdale-based Yacht Path was unable to make the freight payments in at least five shipments of vessels arriving in ports stretching from Hong Kong to Gibraltar since Feb. 15. In all of those
M/Y Yogi under 500m of sea Report issued on possible causes of sinking. B1
cases, the yachts were either arrested or threatened with arrest by the shipper, causing yacht owners and their representatives to frantically pay hundreds of thousands of dollars direct to the shippers before they could take possession of their yachts. Dennis Cummings, president of Yacht Path, said a legal judgment against the company in December resulted in the freezing of its bank accounts on Feb. 12 so it could
New safety rules to come? Sinking of Bounty investigation could change the rules. B1
Company files Ch. 11 By Lucy Chabot Reed The freezing of Yacht Path’s corporate accounts on Feb. 12 started a series of events that ended March 20 when Yacht Path filed for protection from bankruptcy under Chapter 11 of the Bankruptcy Code. “Today is a sad day,” company President Dennis Cummings said just prior to signing the
See YACHT PATH, page A14
See ARREST, page A13
Some owner behavior can make captains’ jobs harder Running a megayacht takes finesse. There’s a fine line between the owner’s enjoyment of what is hopefully a hobby and the business of operating a multimillion-dollar corporation. And many times, that line blurs between what’s fun for the owner and what’s right for the From the Bridge professionals who Lucy Chabot Reed run his yacht. We asked our assembled captains at this month’s lunch when that line gets crossed and when owners might behave in unprofessional ways. Given that yachts belong to owners, can they do whatever they want or is there some behavior that is inappropriate on a yacht? We kept the conversation restricted to professional behavior, not an owner’s personal behavior. We weren’t interested in making moral or social judgments, but rather to focus specifically on what owners may do or say that could hinder the safe and professional running of his yacht. And whether they even know that what they do impacts their professional crew. The conversation began with a venting session about age. The captains
in attendance are experienced and in the job market. They were baffled that owners would opt for youth over experience when hiring a master to run their yachts. “You’re in an interview and you feel it’s gone well, but then you don’t get the job, even with 30 years experience,” one captain said. They didn’t completely blame the owners, but rather the hiring party: the management company. “It all started with brokers trying to figure out, ‘how do I keep my relationship with the owner beyond the buying and selling?’” this captain said. “So they developed management companies. Captains knew how to manage boats before that; we still do. “The problem is, the manager doesn’t have as much experience as you,” he said. “So now they don’t want the 49year-old; you’re a threat to them. They’re going to grab a 28-year-old.” “Younger guys they can control,” another captain said. As always, individual comments are not attributed to any one person in particular so as to encourage frank and open discussion. The attending captains are identified in a photograph on page A15. See BRIDGE, page A15
Yacht crew dressed for show at the Palm Beach International Boat Show in PHOTOS/TOM SERIO March in West Palm Beach, Fla. See more on A10.