London Brief

London Luxury Yacht Charter & Superyacht News

The Riva Aquariva yacht tender by Mark Newson to be exhibited at Masterpiece London 2012

June 15, 2012

The splendid limited edition Riva Aquariva yacht tender by Marc Newson will be exhibited at Masterpiece London 2012, the exclusive art, design as well as antiques fair which is held from 27th June to 4th July on the South Grounds of the Royal Hospital Chelsea. This special edition Aquariva yacht is constructed by the legendary Italian builder Riva, and styled by one of the most celebrated designers, Marc Newson.

The Riva Aquariva yacht tender by Marc Newson Photo: Riva7Ventura

The Riva Aquariva yacht tender by Marc Newson Photo: Riva7Ventura

The work of Australian Marc Newson will be well known to connoisseurs of fine design, from his exclusive furniture and watches, to large scale commercial projects such as his aircraft seats and departure lounge for Qantas.

A common theme in Newson’s more sculptural work is the style known as ‘biomorphism’, characterised by contours, forms and patterns inspired by the organic, ‘living’ shapes found in the natural world. There are few straight lines, plenty of undulating curves and curved surfaces, a look that is typified by the work of two legendary exponents of the style, Henry Moore and Barbara Hepworth.

Not surprisingly, Newson was instantly attracted by the wonderfully flowing and curvaceous lines of the Riva Aquariva, and inspired to create the ‘Riva Aquariva by Marc Newson’ which is only available in a limited edition of 22. Working alongside Riva’s designers, Officina Italiana Design, Newson employed all of his skills in form, function and materials to create this very special version of the Aquariva yacht. Its simplicity and functionality are what make the boat so exceptional.

The Riva Aquariva yacht by Marc Newson - view from above Photo: Riva/Ventura

The Riva Aquariva yacht by Marc Newson - view from above Photo: Riva/Ventura

Newson’s reinterpretation of the Aquariva draws on both the current model and its forebear from the 1960s, the legendary Riva Aquarama. Newson has infused the Aquariva yacht tender with his streamlined and forward-looking style, using ideas from his work in automotive and aerospace design – epitomised by his novel treatment for the boat’s transom. For the foredeck and instrument panel, in place of the traditional wood, Newson has used a phenolic composite, a wood-like, textile-based laminate that made its first appearance in his furniture designs in 2007.

A precursor to fibreglass, this material was developed in the first half of the 20th century. While having an ostensibly organic feel and aesthetic, it is significantly more durable than wood. The wrap-around tinted windscreen is made from a single piece of laminated glass. Cleats and other deck fittings are in anodised aluminium. There are separate driver and passenger seats, and the interior can be upholstered in a choice of punchy colours that are typically Newson, including a vivid turquoise that recalls the colour scheme of the original classic Aquarama.

Mechanically, the Riva Aquariva yacht by Marc Newson is virtually identical to the current Aquariva Super from which it is derived. Twin 380hp Yanmar diesel engines drive conventional shafts through two-speed automatic gearboxes, giving the boat a top speed of 41 knots (47mph). The only addition is a bow thruster to aid slow speed manoeuvrability.

The Riva Aquariva yacht by Marc Newson - front view Photo RivaVentura

The Riva Aquariva yacht by Marc Newson - front view Photo: Riva/Ventura

Marc Newson

Marc Newson’s talent, originality, taste and skill have brought him international fame. His creations range from sculptural work, furniture, interiors and watches to the transport industry, where he concentrates on aviation and aerospace design. He has also designed vehicles, including a concept car, bicycles, a concept jet and a sub-orbital aircraft. Newson’s work has been exhibited at major museums and galleries around the world. His works feature in the permanent collections at the Museum of Modern Art in New York, the V&A in London and the Musée des Arts décoratifs in Paris.

When Newson’s chop top tables were exhibited at Design Miami 2007, all twelve examples sold in 20 minutes at $120,000 each. In 2007 one of Newson’s Lockheed loungers set a record for the highest price ever paid for a piece of furniture at $968,000. Another sold in 2009 for £1,100,000. 10 years earlier one example had failed to sell with an estimate of £50,000, such are the vagaries of the collector’s world.

Marc Newson Photo: Riva/Ventura

Marc Newson Photo: Riva/Ventura

In 2005, Time magazine included Newson in its list of the 100 most influential people in the world. In the UK, Newson has received a number of design awards and academic acknowledgements. In 2006 he was awarded the title “Royal Designer for Industry” and in 2010 he received a Lifetime Achievement Award in The Design Awards.

RIVA AQUARIVA YACHT BY MARC NEWSON

Length overall 33 ft 0 in

Max beam 9 ft 2 in

Displacement (unladen) 4.7 ton

Engines 2 X Yanmar 6 LY3/UTP

Engine power 2 x 380hp

Drive system shafts & 2-speed automatic gearboxes

Max speed 41 knots

Cruising speed 36 knots

Range (cruising speed) 150 nm

Unladen displacement 5.26 ton

Bow thruster Std

Cabins 1

Heads 1

Fuel 105 gal

Water 28.6 gal

Olympic Partnership between Royal Docks London and superyacht advisory company MGMT

May 29, 2012

The well known London based superyacht advisory company, MGMT and Royal Docks London have presented a partnership agreement whereby MGMT will deliver and operate berthing logistics as well as management support to Royal Docks during the London Olympics.

London Olympic Games 2012

London Olympic Games 2012

The Royal Docks with its prime location close to the Olympic Stadium and other Olympic venues such as the adjacent Excel Centre represent a highly sought after location for some of the world’s finest superyachts that are expected to converge on London’s River Thames during July and August.

Working in partnership with Royal Docks, MGMT Concierge will provide the complete range of services for yacht owners and their guests throughout their time in London. Superyachts berthed at the Royal Docks will be provided with a dedicated full-time marina/berthing manager for on-site assistance, a secure wharf area with restricted public access, dedicated car parking and concierge services offering preferential ticketing to Olympic events across the city.

Mark Upton Managing Director of MGMT said: “This is a hugely exciting project for MGMT and a fantastic opportunity to showcase London and the UK as leading a superyacht destination of the future.”

London Docks plan to develop the berthing facility to provide a first class location for international superyachts visiting London in the future.

London’s River Thames Diamond Jubilee Pageant to take place this weekend

May 29, 2012

In order to celebrate Her Majesty’s 60 years of service, the Thames Diamond Jubilee Pageant will be held this weekend. In preparation for Her Majesty The Queen to take part in the Thames Diamond Jubilee Pageant, up to a thousand yachts will gather on the River Thames this Sunday.

45m luxury yacht HARLE by Feadship to visit London

45m Feadship motor yacht HARLE to visit London

It will be one of the largest flotillas ever assembled on the river. With the Olympic Games taking place in less than 60 days, berth places across the River Thames are also preparing for an inundation of the world’s largest superyachts, including the 45m award-winning yacht Harle. M/Y Harle is not available for charter during the Olympics, she will be used for private use only.

This summer, VIPs will be stepping onboard superyachts, berthed on the River Thames, to enjoy the ultimate Olympics experience. Royal Docks 2012, the leading supplier of superyacht berths in London, is now taking bookings for berths from 20m to 160m with limited availability.

The Royal Docks are only 2-3 miles from the main Olympic sporting venues, so a berth here will ensure superyachts really are in the midst of the action. Working with Royal Docks 2012, MGMT Concierge, the exclusive concierge for superyachts in London, will provide all the additional services and fulfil any requirements owners may need. Three different services packages are being offered: Bronze; Silver and Gold.

Bronze provides superyacht owners with the essential concierge service – VIP transport and restaurant bookings, Silver provides owners with their own personal consultant to make sure everything runs smoothing, while Gold provides everything Bronze and Silver does while also including exclusive privileges, experiences and bespoke services – whatever one wants, whenever one wants, Gold concierge package will cover it.

Mark Upton, Managing Director at MGMT Concierge said: “Whilst London is without doubt set to become firmly established as a popular superyacht destination in the future, it is this year, 2012, that will truly be the ultimate time to visit.”

Superyacht design concepts by Claydon Reeves on display in London

May 28, 2012

The well known UK-based design studio Claydon Reeves is currently exhibiting in London, demonstrating a brief overview of their capabilities. From 110m to 15m, Claydon Reeves is able to carry out both interior as well as exterior design of a unique and bold nature.

Claydon Reeves designed superyacht COSMOS

Claydon Reeves designed superyacht COSMOS

Centrepiece to this show is the dramatic 15m Aeroboat that has prime position in the window of the showroom. This design takes its inspiration from the Spitfire aircraft and the Rolls Royce engine that powered it as well as the Schneider Trophy float planes, classic hydro plane race boats and classic cars design.

Every aspect of designing a superyacht has been undertaken by the partners at Claydon Reeves in their combined 30 years of experience. Claydon Reeves strives to always produce unique and truly personalised yachts.

If a client requires a vessel to explore the world with every conceivable piece of equipment the studio would suggest the rugged Cosmos concept. Available in two different sizes (70m and 75m) the Cosmos superyacht carries a Sikorski S-76 in a fully enclosed hanger along with a submarine, two 10m tenders, numerous jet skis and sailing dinghies along with a full compliment of diving equipment. Additionally this splendid vessel offers the rare option of divers being able to swim directly from the yacht through a ‘moon pool’ avoiding exposure to the outside environment.

70m luxury motor yacht CASPIAN concept by Claydon Reeves

70m luxury motor yacht CASPIAN concept by Claydon Reeves

To demonstrate a versatile portfolio Claydon Reeves also has the more traditional 70m Caspian megayacht. Whilst unique on the exterior, this vessel has a more familiar layout internally with a massive full beam master cabin and four guest cabins of surprising scale. On the aft main deck is a 7m swimming pool with a glass transom wall that would provide commanding views whilst swimming laps!

From tenders to the yachts that carry them, Claydon Reeves designs bespoke solutions for owners who appreciate the difference this prominent studio can bring to this most discerning area of design.

The exhibition runs from May 15th to August 15th 2012.

For more information please contact Claydon Reeves on +44 1590 643 848.

78 days left before superyachts head to London for the Olympics

May 10, 2012

In order to mark the final countdown to the beginning of the Olympic Games in London, the traditional ceremony to light the Olympic flame was held today at the ancient site of Olympia in Greece. In a break with tradition, London is preparing to host superyachts, never seen before in the UK capital, happy not to be left out of the action.

London-Olympic-Logo

The Olympic flame has begun its 78-day journey towards London this morning, making a 10,000 mile trip. It will be carried by 8,000 torchbearers, arriving in Stratford, East London, on July 27. The first torchbearer will be Spyros Gianniotis, the British-born Greek 10km swimming world champion.

From July, Royal Docks 2012 are offering a limited number of exclusive superyacht berths to provide a totally unique Olympic experience. The facility is positioned just minutes from London City airport and the city’s sporting venues. In partnership with MGMTyacht, Royal Docks 2012 will be providing a full dedicated bespoke concierge service too. Whatever one could possibly want, Royal Docks’ concierge service has it covered.

Superyachts wanting to come to London this summer must hurry as berths are being booked up fast.

Benjamin Sutton, Director of Communications at MGMTyacht said: “With only 78 days to go till the ‘Greatest Show on Earth’ kicks off,  more and more superyachts are being confirmed as coming to London this summer. This is hugely exciting. For the first time in history, London will be the top destination for superyachts this year.”

London – the hottest superyacht destination of 2012

May 02, 2012

For the very first time, London has been selected as the best place to see in the world. The reason seems to be quite clear. Hosting the Olympic Games as well as celebrating the Royal Jubilee this year, London has become the hottest destination of 2012. The preparations at Royal Docks 2012, playing host to the world´s most spectacular superyachts in less than 3 months, are well underway. Superyachts never before seen in London will be coming to the UK capital this summer to participate at the ‘greatest show on earth’, the Olympic Games.

London - the hottest superyacht destination of 2012

London - the hottest superyacht destination of 2012

The league table, compiled by tourist feedback website TripAdvisor, is based on analysis of tens of millions of reviews by visitors to 440 destinations around the world. To help visitors make the most of everything London has to offer this year, Royal Docks 2012 are offering a limited number of exclusive superyacht berths to provide a totally unique Olympic experience.

The facility is perfectly positioned just minutes from Central London, London City airport, and the city’s sporting venues. In partnership with MGMTyacht, Royal Docks 2012 will be providing a full dedicated bespoke concierge service too. Whatever one wants, whenever he wants, Royal Docks’ concierge service has it covered. But one needs to hurry, due to large demand there are very few berths remaining and time is running out to book a spot.

Emma Shaw, TripAdvisor’s director, said: ‘The capital has been very much in the spotlight over the past few years, thanks to the royal wedding, Diamond Jubilee and, of course, the Olympics, and we’re seeing travelers experience London in an increasingly favourable way.’

Mike Luddy, Managing Director of Royal Docks 2012, said: ‘For the first time in history, superyachts from all over the world will be heading to London this summer. Here at Royal Docks 2012 we’ll be offering the best-positioned berths in London, 24 hour concierge and security services and a VIP lounge and parking for clients and their guests. What better way to experience the London Olympics, officially this summer’s hottest ticket.’

Mark Upton, Director of MGMTyacht, said: ‘The results of this survey just confirm that London truly is the place to be for superyachts this summer. This really will be a once in a lifetime experience and I urge superyacht owners to act now and make sure they don’t miss out.’

Three world renowned designers presented at the Superyacht Design Summit

April 04, 2012

On the 13th March at the Design Centre Chelsea Harbour (DCCH), Andrew Winch was invited by the Superyacht Design Summit, to speak together with Terence Disdale as well as Tim Heywood at this year’s London Design Week.

The Superyacht Design Summit 2012

The Superyacht Design Summit 2012

To a knowledgeable audience of 200 Owner’s Representatives, suppliers and fellow designers, the three world renowned designers delivered a fun and fascinating insight into the experiences they have gained whilst designing for the Superyacht industry over the last 35 years!

Chaired by the Martin H Redmayne, Chairman of The Superyacht Group, the talk covered a diverse array of topics including, the foundations of their experience, maintaining Client relationships, sourcing and working with suppliers, and pushing the boundaries of design.

Having all started their careers together at the late Jon Bannenburg’s studio, the three friends have all established their own design studios; each offering unique services to their Clients. Founded in 1987, Andrew Winch Designs consists of a talented team of 50 colleagues, dedicated to creating the dreams of their Clients whether it is an aircraft, yacht or architectural project.

Attractive pricing initiatives at the 2013 Tullett Prebon London Boat Show

April 03, 2012

Yachts will be the stars of the Show at the 2013 Tullett Prebon London Boat Show. It will become a must see exhibition and will provide a world-beating experience that mixes up all the best bits of years gone by into one extraordinary Show.

Tullett Prebon London Boat Show

Tullett Prebon London Boat Show

The 2013 Show will bring some really exciting new plans and some fundamental changes, all aimed at creating a world-leading spectacle and showcase. And importantly addressing the lack of boats – particularly sail boats, product mix, costs, atmosphere and visitor experience.

NEW – attractive pricing initiatives

In order to attract a full range of boats and companies – which have been lacking from the Show – there has been implemented attractive pricing initiatives of up to 50% off the headline price.

NEW – Shorter opening hours, discounted early week day tickets and one price all day parking

To help the quieter Monday to Wednesday and the atmosphere at the Show, discounted visitor tickets will be introduced, from just £10; the Show will also close at 6pm on weekdays (excluding Late Night Thursday). Visitors will also be offered a ‘one price all day parking’, if they book in advance, to encourage them to stay in the venue longer and spend more time with exhibitors.

NEW – Layout

There will also be an exciting new layout which will look very different to the 2012 Show and is designed to deliver more visitors to the exhibitors´ stands – boats spread throughout the Show; two main floor boardwalks for power and sail; OEMs, equipment, holidays and electronics exhibiting among the boat stand; a dedicated area for starter boats and dinghies; better access to the marina; and restricted access to the boulevard.

PLUS – Used Boats Marina and additional shows continue…

All of this will be in addition to the much welcomed elements of the Show introduced over the last few years: the ever popular Used Boats Marina was a success with 11% of visitors in 2012 looking to buy a used boat and is back for 2013; the London Bike, Outdoors and Active Travel Show, will again co-locate, a benefit to us as 42% of their visitors (more than 12,500 people) were interested in the Boat Show; the Luxury Lifestyle and Supercar Showcase, planned to be larger in 2013, delivered new customers to marine exhibitors stands and promoted the show to more than one million people; and free space for exhibitors will again be offered to those who run a visitor attraction on their stand.

The 2013 Show is being designed to help achieve one´s objectives; the sales platform will not only help make sales but also gain new leads, offer networking and help raise your brand awareness. With special packages for boat companies, affordable rates for exhibiting and free space for those offering something interactive, it really will offer return on investment.  Can one afford to not be there – and miss out on a great selling opportunity in January?

Many companies are already confirming their interest for the Tullett Prebon London Boat Show, with the new plans and pricing options proving very attractive. Just some of the names already confirmed include: Fairline; Flexisail; Key Yachting with their sail and power brands J Boats, Grand Soleil and MJM Yachts; Mersea Trailers (MacGregor Yachts); Northshore; Princess Yachts; Roche Marine (Sea Bob); and Sunseeker.

Superyacht Fiscal Summit 2012

March 30, 2012

The 2012 Superyacht Fiscal Summit, taking place at London’s Glaziers Hall, got underway with a keynote address from The Superyacht Group’s Chairman Martin H Redmayne, who was joined on stage by Floating Life’s general manager Andrea Pezzini as well as Chairman Barbara Tambani. The trio spoke about the driver for all fiscal matters – the superyacht owner.

Superyacht Fiscal Summit 2012

Superyacht Fiscal Summit 2012

Redmayne opened by outlining the key aim that all corporate and fiscal service providers should grasp – the retention of owners in yachting. This is achievable he said, through the conveyance of clear, honest and consistent information and advice, the lack of which, Pezzini said, is a major problem facing the superyacht industry in 2012.

Tambani identified the regulatory minefield that comes with cruising European waters as a further source of discouragement for owners, many of whom are opting to build their vessel for private use to “avoid the headache”. Redmayne agreed, predicting that this trend could be reflected by a quieter summer season for the Mediterranean this year.

As Pezzini said, the fundamental way of retaining a broad base of clients, and expanding the number of clients who want to own superyachts is “to change our mentality.” “It’s our problem not theirs. They don’t want to have to learn about every change in tax legislation; they want the best advice,” he added.

Pezzini then went on to explain that there will be monetary issues and challenges wherever a commercial vessel chooses to cruise – the only safe place being “in the middle of the sea” – and it is the job of a well run management company to overcome these challenges by being well informed and well organised. He cited one example of a client whose captain was left to discuss discrepancies with the local port authority for 48 hours, by which time all manner of unnecessary information on the owner and his family had been leaked. This sort of scenario must be avoided.

The floor was then opened to questions, with Quentin Bargate and Adrian Jones saying that, on the whole, there are a lot of very good practices, a point that Tambani expanded upon, saying, “it’s about dealing with people who are honest, and don’t just say ‘yes’.”

Both Alex McBarnet and Carlo Galli then said that owners needed to be aware from the start that they would have to pay tax on transactions. Once that was negotiated they said, the service providers could work towards more achievable exceptions and caveats, on the assumption that owners understood what was expected of them. This led Redmayne to close the session by returning to a recurrent theme: our role as an industry is to realistically manage the expectations of owners and we do this by performing our duties well and asking the right questions.

The day continued with the very aptly titled ‘Taxing Times”  session in which the complex but highly contemporary subject of tax laws in Europe, with France, Italy and Spain the main focus, was broached. The panel comprised Patricia Bullock, director of Altius Yacht Services, speaking on behalf of the Spanish situation, Thierry Voisin, ex MYBA president who shed light on France and Carlo Galli head of the Italian tax department at Clifford Chance. Joining these country representatives were Freddy Desplanques at Ince & Co and Adrian Jones, Director of VAT at Blackstar.

Bullock started the session off with an update on the matriculation tax in Spain, which has proved somewhat crippling to the prosperity of its yachting industry. The tax as it stands requires all yachts with a Spanish flag and, most contentiously, all yachts over 15m chartering in Spanish waters to pay a 12% matriculation tax. Bullock has called on the government to “get rid of the 15m limit” and simply say “no matriculation tax on charter vessels.” It is hoped the government will include this new legislation in the 2012 Budget, being formalised in the next few days. Bolstering hopes is the fact of the new right leaning government. “A socialist government can’t be seen to eliminate tax” for the rich said Bullock, adding that the current government had been “totally in agreement” with illogical fact of the calculated 600 million euro loss to Spain through the tax on charter.

The alarming measures imposed by the Spanish tax authorities continued with revelations on how yachts are valued in order to calculate the amount paid in tax ( 12% of the yacht’s value for matriculation and 18% of its value for VAT). Authorities are reportedly browsing brokers websites to calculate this value where prices are notorioulsy highly inflated and not a reflection of their true value. Bullock said “we are disputing this and it will be taken to the Supreme Court.”

Moving onto the tax situation in France, Voisin prefaced his thoughts by saying, “We have a unique situation in France, we have people who are in favour of yachts.”  Voisin’s talk hinged on the limbo that france is in, having flouted the EU directive to impose VAT on all commercial vessels in French waters, exempting yachts in the high seas. Currently, France is waiting for the verdict to be delivered early next year – until then it is operating as per normal at the 0% VAT rate. It was urged that the French tax authority should “write a letter” to explain the situation to superyacht owners. However Voisin said this was unlikely because a French authority that wants to remain popular with the industry  “doesn’t want to cause [them] difficulties.”

In Italy, where the recent tax on yacht owners in Italian waters has just been repealed to target Italian yacht owners only, Galli said crunch time had come. “Filthy rich having fun should pay taxes” is the approach in Italy now, adding “we have a  more VAT able system coming on.” Galli said that new aspects of VAT included a rise in to 21- 23% by the end of the year and more scrutiny on charter vessels. The latter would result in “no questions asked” for commercial operations where more than 50% of the profits went to non shareholders, but any less than this figure would require proof of charter – “proof is key”, Galli concluded.

Other tax issues affecting the Mediterranean generally were broached by Desplanques and Jones. The temporary Admission Regime (TA) was a hotly debated subject, which in broad terms means any yacht can stay for 18 months maximum in the Med at a reduced VAT rate. There were problems cited by Jones in proving a yacht has been in the Med for this time limit, with no formal paperwork system in operation and citing instances of having to trek back to marinas or countries visited to gain the necessary proof. Jones said that in Holland there were no loopholes to be found, such as going out of EU waters to Algerian Ports (an example found by Bullock) and back again to re set the 18-month clock. Jones added that the TA law is the same across all 27-member states but with “different interpretations.”

Whether charter yachts could be classed as for passenger transport and thereby have more favourable VAT benefit was another subject discussed, but with no easy solutions.

The session was summed up neatly by Jones, “The yacht industry is not a cottage industry as it once was. It’s got bigger. The law needs to grow up, to catch up with where the industry is now.”  Growth and improvement is never a smooth process so it is no wonder yacht tax in Europe is a minefield and rather messy even at the very top of the legal and judicial processes. The industry is indeed in the midst of very taxing, but not boring (if this can ever be said of tax) times.

The day concluded with a broad and candid discussions of all matters fiscal, entitled, ‘A Question of Money Matters’. Paddy Behan of Behan & Co., opened the discussion with a retrospective look at some of the most pertinent tax issues raised in the previous session. He said that, contrary to popular opinion, “sometimes [an owner] wants what they didn’t think they’d want – VAT registration in a benign country, which can practically bypass all HMRC ‘anti-avoidance zones.’”

Behan said that, in a “science fiction mode”, an ‘Authorised Economic Operator’ voluntary system of tax compliance that could be carried on board and presented on demand. Adrian Jones concurred from the audience, saying that it could be a good tool for furthering the collective cause of the industry, although the prospects of popular uptake were slim.

The talk then turned to banking, with Bob Atkinson of Barclays Wealth, the industry’s biggest institutional lender acknowledging that banks had had to “hugely” readjust their targets. Now, unfortunately, it is not the clients who need finance who will secure loans, but those who can present a healthy portfolio, diverse assets and a longstanding banking relationship. In short, today banks follow “more cautious lending schemes”.

Redmayne asked what had happened to the toxic loans that have accrued during the bleak years. Atkinson said that they are still covertly marketed and have been substantially written down, although they will not be disposed of and there have been audacious offers to buy entire books of ‘distressed’ vessels. CRS Insurance’s Simon Ballard thought that this was a superb opportunity for those prepared to take the plunge. Shipyards too must demonstrate greater transparency and a more secure business model in order to secure a loan. As Atkinson said, “that’s never an easy conversation!”

He concluded, “the asset is what it is and the scrutiny remains on the client. If they don’t play ball and bring other business to the table, then sorry, it’s a no. And unfortunately it’s not those who need it that are driving the industry.”

For insurance, Ballard conceded it had been a “very drastic year”, and the worst ever for the wider insurance industry. With the high profile sinkings of Costa Concordia and Yogi, premiums are set to rise somewhat, although an overcrowded underwriter’s market and a larger fleet means that premiums remain lower than insurers would like. The risk has undoubtedly risen in the eyes of underwriters but yachts are still seen as safer to cover than commercial vessels. In the case of Yogi, he predicted the process of paying out would be a protracted one, and could take as long as six months, with the investigation’s stalled conclusion delaying the process.

The talk turned back to the need to manage owners’ expectations and ask the telling questions that exposed the best service provisions. Ballard cited a genuine case where a client opted for a cheaper premium that turned out not to offer machinery failure cover. “This problem has always been there but it seems to be getting worse [in light of the recession],” he added. Ince & Co’s Albert Levy said that, from a lawyer’s perspective it would be negligent to recommend insurance services without the relevant knowledge, and this ideology should pervade the industry.

Rob Tobin, of Dohle Private Clients, neatly rounded off the session with the management perspective. “It’s a relationship industry,” he said, “but that often leads to poor purchasing practice.” Broadly speaking he said, he was happy with the state of yacht management and highlighted the “well resourced” business models of the ‘big five’ as blueprints for other management companies. However, for smaller service providers he said too many were “good administrators dressed up as yacht managers”, and that they should place a greater emphasis on recruiting taskmasters.

The Superyacht Fiscal Summit concluded with Redmayne calling on superyacht professionals to balance the cost of enjoying a yacht by providing value for money. We as an industry need owners to stay in the market and must not question their expenditure because it has not afforded them value.

“We have a huge a potential client base and a healthy future if we can get owners to tell their friends about how enjoyable yacht ownership is. We must protect that process or our client base will decrease.

“Empty promises from service providers are biting us. We need to grow up; the cream of the industry, who attend these conferences, must work together and build a better industry.”

London 2012 Olympics: Superyachts hosted by Portland Port and Weymouth Bay

March 12, 2012

In June 2005 London won the bid to host the 2012 Olympic Games. One of the few events to be held outside the Capital City will be the sailing competitions. Portland Port and Weymouth Bay will be the venue for the London 2012 Olympic and Paralympic sailing events.

Portland Port - view from above

Portland Port - view from above

About Weymouth and Portland

The venue comprises the Weymouth and Portland National Sailing Academy (WPNSA) and the adjoining commercial marina.

It has kick-started the regeneration of the former Naval Air Station at Portland, now known as Osprey Quay, where new residential, commercial and marina facilities are already underway.

Weymouth and Portland provides some of the best natural sailing waters in the UK, with facilities on land to match. The site has already hosted numerous international sailing events, including the 2006 ISAF World Youth Championships attended by over 60 nations.

Work to enhance the sailing facilities at Weymouth and Portland has been completed. The enhancements to the existing WPNSA facilities include a new permanent 250m slipway and new lifting and mooring facilities.

The project was completed on budget and ahead of schedule, providing world-class facilities for elite athletes and the local community more than three years before the Games.

Weymouth Bay

Weymouth Bay

During the Games

Weymouth and Portland Bay is a natural amphitheatre and there are several vantage points to watch the Sailing events from if one does not have a ticket. The Local Authority will be also providing a big screen to watch the Games coverage on Weymouth beach, and putting on a range of free sporting and cultural activities.

After the Games

The National Sailing Academy will benefit from the improved facilities that the Olympic Games will leave behind, providing a state-of-the-art facility for elite training, competition and local community use.

This use has already started: from a community programme through to hosting the Olympic Windsurfing discipline, RS:X class World Championship in 2009, and the IFDS (Paralympic Sailing) World Championship in 2011.

The Olympic Games are taking place between the 29th July 2012 – 11th August 2012. The Paralympic Games are taking place between the 31st August 2012 – 5th September 2012.