Luxury yachts are among the most expensive asset
What are the running costs associated with owning a
Is it possible to do a test run before buying the yacht?
Vadim Blaustein: Yes. In fact, it is advisable to take the
Vadim Blaustein: The expected operational costs after the
yacht out for a test run before purchasing it to make sure
purchase of a yacht is around 10% of a yacht's initial
that the yacht you are planning to buy meets your needs.
purchase price. The costs include fuel, insurance, dockage
It is important to consider though that taking a yacht out
fees, maintenance and repairs, and crew salaries.
for a test is usually done at your own expense, but it can be well worth it. It would also be useful to have a survey
purchases. Before you start cruising the world's most dazzling waters in your super yacht, there are many things
What do yacht owners need to know when purchasing
team to inspect the yacht, in case you are buying a used
you need to know and consider, and the initial capital is
insurance policies and coverage?
one, for any engineering or mechanical issues before you
just one part of the equation.
Vadim Blaustein: Insuring a yacht is a multi-faceted
agree to buy.
consideration. Therefore, purchasing insurance policies Vadim
and coverage for your super yacht, such as hull and
What is the average fuel burn rate of a yacht?
protection and indemnity insurance must be given
Vadim Blausten: Sea conditions vary more widely than
purchase and financing transactions, as well as tax
adequate attention. Some buyers hire a surveyor to
road conditions, so fuel consumption is measured in
planning, tells in this interview what aspiring yacht owners
examine the yacht thoroughly prior to purchase, as it is
gallons per hour. The cost of fuelling a yacht will depend
need to know before purchasing the luxury yacht of their
also often considered by an insurance underwriter to
on many factors, including the duration of use and the
understand the vessel's state. As there is no standard
tank capacity. The standard usage for a 71m yacht is 500
form of super yacht insurance coverage, the owner must
litres an hour. The best way to get an idea of the exact fuel
How do you finance buying a super yacht?
analyse the coverage of each policy offered by insurance
consumption of a yacht is to install a fuel flow meter.
Vadim Blaustein: There are several ways to finance the
companies and understand the exclusions and limitations
purchase of a super yacht. Banks and marine lenders
that can have a direct impact on the quality of the policy
How much does a yacht maintenance and repair cost?
that you have.
Vadim Blaustein: Estimating marine repairs is extremely
difficult. In general, maintenance of new yachts is low for
transaction for a fixed period or via a marine mortgage, registered on a yacht in her flag registry. Another option
What do crews normally consist of?
the first three years. However, the costs will start
is the fractional ownership, which essentially gives the
Vadim Blaustein: The crew composition ultimately
increasing significantly after three years. Irrespective of
buyer the opportunity to enjoy the benefits of a yacht
depends on the needs of the yacht owner. However, in
type, major machinery will often require major repairs in
ownership for a fraction of the price.
general, it consists of a mid-grade captain, first officer,
deckhands, chefs, stewards, and engineers. How much does it cost to rent a yacht?
What is a fractional ownership and how does it work? Vadim Blaustein: In a fractional ownership, the costs of
What are the options available in terms of mooring?
Vadim Blaustein: The cost of a yacht charter is dependent
purchasing and managing the yacht are divided among
Vadim Blaustein: The yacht owner's biggest continuous
on a number of factors, including the charter destination,
the owners. It allows you to purchase a share of a yacht
outlay will be mooring fees. Depending on the size of the
type of yacht, local taxes, and the base cost. Charters can
entitling you to a number of days of use per year. The type
yacht you plan to buy, as well as your lifestyle, you can
cost from EUR 10,000 per week on smaller sailing yachts
of fractional program you choose will determine the
either buy or rent a marina berth. There are many
and catamarans, while on the most luxurious super
number of owners, the number of days of use and the
companies offering various leasing options, such as
yachts, these costs can go up to EUR 150,000+ per week.
duration of ownership. The company that manages the
annual renewable contracts and seasonal mooring
There are also many options available in terms of the price
fractional program handles the management and keeps
rentals. In addition, there are also companies that can
structure. For instance, you can have an all-inclusive yacht
record of each owner's personal preference. However, the
help you sub-let your berth if you are planning to vacate
charter price structure where rates are based on the
extent to which the company will go in personalising the
it for some time.
number of guests and include all other costs, such as food and drink, water sports and fuel costs.
yacht each time an owner comes aboard varies per company.
What are the berthing possibilities and prices in Monaco and other nearby marinas?
Thank you very much for participating in this interview and
What are the advantages and disadvantages of fractional
Vadim Blaustein: There are two ports in Monaco: Port
for sharing with us a lot of valuable information. Your time
Hercule and Port Fontvieille. Port Hercule is the only
and willingness to share your insights are greatly
Vadim Blaustein: The main advantage of fractional
deep-water port in Monaco and has 700 berths, 110 of
ownership is that you own the yacht for a fraction of the
which accommodate yachts over 24m and its largest
cost and with less hassles of management responsibility.
berth can accommodate a yacht up to 130m in length.
It also cuts some of the ongoing costs, such as the
Berthing spots during prime-time events such as the
maintenance costs since they get split among the owners.
Monaco Grand Prix and the Monaco Yacht Show can cost
However, there are also some drawbacks, such as the fact
around EUR 100,000 or more for a five-day stay. You can
that your time aboard is pre-scheduled and you will not
also find some excellent marinas near Monaco, such as
More info about Vadim BlauStein and BlauStein Business
be able to personalise the yacht the way you would want
ports in Menton, Cap d'Ail, Beaulieu-sur-Mer, Cap Ferrat
Lawyers you can find on www.blaustein.pro