Yacht Maintenance Cost

Posted on:
28.06.2022 11:35
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Your Guide to Fleet Maintenance – How To Keep Your Expensive Asset In Shipshape Condition

Owning a yacht certainly sounds like a dream come true. However, before you sign the check, you should know that owning and operating a yacht has its expenses. With the purchase of that pretty vessel, you commit yourself to an ongoing expense. Just like any asset, you need to take good care of it through regular maintenance to ensure a smooth operation and minimize its depreciation.

Yacht Maintenance schedule

Yachts, especially the larger ones are expected to stay in the water throughout the year. In this situation, proper maintenance helps to keep it in good health and increase its longevity. The highly saline and corrosive sea waters cause significant damage to vessels. That is why for yacht owners, having a well-defined fleet maintenance plan is of critical importance.

A yacht maintenance program can be divided into the following categories:

  • Regular maintenance of critical equipment
  • The occasional maintenance in the event of a breakdown or damage
  • Painting at regular intervals
  • Cleaning of specific products such as teak, leather, and so on

The specific maintenance tasks include

  • Washing and cleaning the yacht
  • Systems check
  • Waxing the boat
  • Annual servicing of engine, AC system, and other critical components
  • Cleaning and annual repairing of the bottom of the yacht

Yacht maintenance cost

Here the rule of thumb is the annual operating cost is expected to be around 10-15 percent of the yacht’s purchase price. The maintenance cost is included in this expense along with costs relating to fuel, docking fees, insurance, and a few others.

This 10 percent rule, however, can vary according to the condition of your boat. For a new yacht model, the maintenance cost may be a bit lower than older models as they have brand new equipment which is supposed to be in a good condition. Even if they get damaged somehow, they are to be covered under the new yacht warranty. As per an estimation by the US Superyacht Association, a 180-foot superyacht and/or mega yacht  should allocate an annual budget of $1 million for maintenance

The larger the yacht, the higher the maintenance cost because larger vessels, have bigger and more complicated machinery that has more elaborate maintenance needs.

In case you are planning to acquire a pre-owned yacht, your purchase price may be lower but not the maintenance cost. In a used yacht, dated equipment has more complicated and more frequent maintenance needs, adding to the overall maintenance cost. That is why it makes sense to get a clear understanding of the maintenance cost while buying a used vessel. The sales agent can be the best person to guide you on this matter.

Yacht maintenance software – why use one

For owners looking to learn more about fleet maintenance should note that the costs of maintenance and upkeep will be a bit higher if they sign up for yacht maintenance services by specialists.

You can curtail your maintenance costs significantly by using an automated system.  Acting as a dedicated assistant for the crew, these software applications ease and streamline the maintenance process. These automated, feature-packed systems help to keep the vessel in top shape and thus preserve the asset value.

These software systems send notifications to remind you of upcoming check-ups, task allocation requirements, inventory replenishing needs, documentation requirements, and likes.

These applications also provide a centralized view of all tasks and their status so that everyone can be on the same page concerning a particular task and its status. As a result, all the crew members automatically know what task to perform and when. This system also allows the crew members to take proactive steps when it comes to repairing and upgrading.

This feature contributes towards achieving operational efficiency. The higher efficiency level on the other hand helps to cut back on maintenance costs. With the implementation of fleet maintenance software, you will have a safe vessel to operate and enjoy.