The global Yacht ownership and the charter market are projected to grow at a considerable rate over the next decade. The time of the COVID pandemic highlighted the need for privacy and isolated leisure experiences that yachts can offer. There is no match for the tranquility of a boat trip onboard your own vessel.
Like anyone who likes luxury, yacht owners like to have the very best electronic gadgets and the latest gear on their boats. Yachtsman are relying on their smartphones more and more and that doesn't only involve navigation or weather alerts. Managing your vessel's administrative side can be a challenge too and having a capable application for that can solve a lot of headaches.
One aspect of owning a yacht or being a captain of one is to have its finances in order. Boats cost a lot to run and it can become complex to manage the commercial side of it. It can be overwhelming to stay on top of receipts, balances, financial details, charter costs, etc.
This is where yacht management software becomes a "must-have" tool for yacht owners. This smart solution provides an intuitive and easy-to-use platform for managing yacht expenses and various financial aspects of running and owning a boat.
The most important annual expenses that you will surely have are:
1. Mooring - it is a fixed annual cost which can also include the costs of taking the boat out of the water in winter and putting it in the boathouse if you live in an area where this is the common procedure during cold months.
2. Marine insurance - can take various forms and before choosing a policy, it is worth looking for agencies that specialize in nautical insurance, as there are many clauses and technical language that are inscrutable to non-specialized insurance agents.
3. Operational expenses - we have to include the most important expense: fuel. This is also the most difficult expense to estimate as it can vary greatly from month to month and year to year. Fuel is not the only operational expense to consider. If you intend to sail to distant ports on weekend cruises and dock at a marina at night, you will have to consider the cost of the mooring. For some ships, you have to count the cost of gas for cooking, warming the water, and for a heater.
4. Maintenance - these costs vary depending on the type of boat. We need regular antifouling paint, Engines require regular maintenance, including periodic inspections, overhauls, and oil changes, as well as extraordinary maintenance, in the case of mechanical breakdowns. Outdoor fabrics and pieces of vinyl also have a limited life span and will need to be replaced at some point. And while deck equipment can last decades, some elements of the maneuver - such as mooring lines and sheets - need to be replaced on a regular basis. You still have to add the costs of cleaning products, teak oil, wax, and polish.
5. Bureaucracy - another cost that we must take into account if the boat that we are going to buy is more than 6 meters, is the cost of the mandatory periodic inspections.
If you are thinking about buying a slightly larger boat, you are probably also thinking about whether it is necessary to hire a crew. Even if you know how to steer your boat, recruiting a crew member to take over the daily maintenance tasks that a larger boat requires will give you another piece of mind. Obviously, this has a considerable cost and must be taken into account.
Knowing how much accounting is involved to run a boat, with useful software like the SEAZONE, you can manage your yacht expenses in a safe and easy way.
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