The yacht refit: a stitch in time
Speaking with the captain of the newly refitted M/Y Martha Ann earlier this year, it was interesting to learn how frequently the vessel is given a full-scale freshen-up. Captain Zak Matten explained that the 70m Lürssen undergoes a full refit each winter to keep her in top condition.…
Speaking with the captain of the newly refitted M/Y Martha Ann earlier this year, it was interesting to learn how frequently the vessel is given a full-scale freshen-up. Captain Zak Matten explained that the 70m Lürssen undergoes a full refit each winter to keep her in top condition. The average vessel might go into a refit yard for a short period of time each year, but this is often for essential hardware upkeep or for a class society survey, which is necessary every few years to keep the vessel legally afloat.
A full-scale overhaul like that of Martha Ann - including interior fittings, crew uniforms and a revamp or replacement of the tenders - might seem extravagant to the average yacht owner or captain. Surely if the crew is keeping her in good working order, this approach may not be the wisest expenditure, particularly when many operating budgets are being squeezed by owners?
In fact, Captain Matten said the annual investment more than pays for itself, so her owner is happy to make it. The yacht has remarkably successful charter activity, particularly with repeat clients.
“Each year we carry out substantial refit work to bring the yacht back up to a fantastic standard, which we find has a very positive effect on our level of charter success. Last summer, we had nine Med charters, all of them repeat bookings,” he added.
And her success is not just in terms of number of weeks booked; the superyacht is able to capitalise on her good condition through her charter rate. At this time of often-plummeting charter fees, with clients holding out for eleventh-hour low rates, she charters for a very healthy €600,000 per week. Compared with another vessel of similar size and age, she is bringing in almost double the charter rate, and more than double the number of weeks booked. Matten explains that his owner is happy to invest annually in Martha Ann’s upkeep because he can see a direct financial return.
There are other benefits to consider when refitting regularly rather than waiting until the works list is overflowing. If a captain and crew have to wait several years between a major overhaul, it will extend the time needed in the yard to complete all the necessary items on the list. And if removing the panels once in the yard reveals a new hit list of horrors, which it inevitably does, many items could be bumped off the bottom of the works list to deal with these. The outcome? Your superyacht will either emerge from the yard later and with a much heftier bill than initially expected, or her condition will be less than good as new. Regular upkeep should minimize these nasty surprises, and keep the refits on budget and on time.
Perhaps the old adage of ‘a stitch in time saves nine’ is more relevant to superyacht refits than many owners initially appreciate. Not only could it save time and money for the yacht’s expenditure, it could dramatically increase the owner’s ability to offset these costs through charter income.
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