The TritonVol.9 No.7

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www.the-triton.com

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October 2012 Triton Expo Oct. 10th Don’t miss it! Page C6

B12 Monaco show Highlights include VAT news, crew at work, awards A10

Wireless driving? Technology puts bridge controls right in your hand. B1

Wish I’d thought of that The innovator of line cutter inspires those around him. A16

Port state control What inspectors focus on for compliance issues.

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Drinking with the boss

SHOWTIME IN MONACO

It’s a given; how much is where it depends After all this time interviewing captains and picking their brains every month (more than 100 times now), we’re still surprised at what they say. This month’s captains lunch was no different. We posted a question a fellow captain was grappling with to see From the Bridge what other captains Lucy Chabot Reed thought: do you drink with the boss? There was no hesitation, no qualifications of “it depends” – at least initially. These captains said “yes.”

“I’ve been with the same guy for years,” one captain said. “As soon as we get to the dock, he will hand me a rum. If I resist and say something like ‘I’ve got work to do, I can’t,’ he’ll start with the wash down so we’re done faster. “Or he’ll trick me and say ‘here, hold this’ and then walk away,” this captain continued. “After all this time, we kind of have that rapport.” As always, individual comments are not attributed to any one person in particular so as to encourage frank and open discussion. Attending captains are identified in a photograph on page 15. “Yes,” another captain said. “I was See BRIDGE, page A15

– Story, C1

TRITON SURVEY

What electronic devices do you use to help run your vessel? 56 46

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33 23 Crew from M/Y Lazy Z, a 169-foot Oceanco, shine on opening day of the Monaco Yacht Show in late September. Read more Mediterranean PHOTO/LUCY REED news from the event on A10-11.

8 My Yacht My Yacht My Yacht Yacht My Laptop Cell phone Smart phone Desktop

12 My Yacht Tablet

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My Yacht Blackberry

Foreign funds back yachts’ construction in U.S. By Lucy Chabot Reed Broward Superyachts laid the keels in late August of two vessels that just might become the first of their kind: funded mostly by investors seeking immigration status in the United States. The yachts – hull No. 1201 M/Y Challenger and hull No. 1202 M/Y Voyager – are being built for WorldSea Yachting, a Belgian company who plans to merge yacht chartering with cruise ship operations and offer individual cabins on yachts for vacations.

Construction of the two Broward yachts is being funded, in part, by the EB-5 visa program, a job creation and foreign investment program created to encourage high net worth individuals from other countries to migrate to the United States and stimulate its economy through business and job growth. In this scenario with Broward Shipyard, 12 foreign nationals will invest $1 million each to build these two 135-foot (41m) tri-deck motoryachts. Additional financing for the construction will come from personal

investors, and bank financing. The individual investors are not building the yachts; they are investing in Broward Superyacht 1201 and 1202, two companies created to build each yacht. For each $1 million investment, 10 U.S. citizens will be employed and the investor receives a two-year conditional U.S. visa translatable to permanent residency status once the investment proves successful, that is that 10 jobs have been created. Ultimately, the construction of each vessel must employ 60 people, or 120

people total at Broward Shipyard. “At the end of the day, you have to be creative, especially when financing from the bank is not coming,” said Larry Behar, a Ft. Lauderdale immigration attorney who wrote the legal documents for the foreign-national investment plan. The plan falls under the U.S. Customs and Immigration Service program called EB-5. The EB-5 (employment-based fifth preference) Immigrant Investor

See BROWARD, page A12


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