PRESS RELEASES
2009 - The Year in Review
2008 - The Year in Review

MEDIA
March 5, 2009 - Article: Business Review Week
January 2009 - Article: Offshore Yachting Wally Regatta
September 24, 2008 - Artricle: Herald Tribune
May 2007 - Article: Ocean Magazine
November 2005 - Article: Ocean Magazine

2008 The Year in Review.

We started 2008 with great expectations and were not disappointed. Our project management team completing six months of work on a specification and agreement of GA's for a 79m and finishing a similar project for a 37m triple engine vessel.

The year saw Laurence Teisseire completing 11 years at Arrow and capably leading her team to a busy and successful year in yacht management. The number of yachts being managed increased substantially and the yacht accounting team was kept very busy. Our relationships with major banks, law and accounting offices, trust companies strengthened and the consolidation of our position and reputation as an independent service provider for yacht matters was most satisfying.

In December a second office was opened adjacent to our office at the entrance to Le Donatello. The new office will accommodate the expanding yacht project management team and private client managers.

We welcome to our team Sandrine Salomon as head of the Private Clients Section providing full concierge services to our clients. On the yachting front Yerin Hobson has come ashore after many years as Captain of the Wally 100 Dark Shadow and brings extension knowledge of "super" sailing yachts. Derek Munro has been ever present in supervising yacht refit and new builds.

The colourful Arrow Services team was as always in evidence at most of the major boat shows assisting brokers, clients, finance houses and others with information on registration, crewing and yacht management advice. Monaco Show was very busy even with the looming financial crisis. This year we hosted a very successful cocktail party on board our newest yacht under management, the beautiful Palmer Johnson 150 ft Hokulani.

Arrow was pleased to support the team from maritime lawyers Clyde & Co in their successful charity raising effort in the Three Peaks Marathon. This is a true test of endurance and well done to Matt Hannaford, Jonathan Page and Micha Withoft for their efforts.

With turmoil spreading in ever increasing waves the end of 2008 witnessed a much anticipated drop in confidence which directly hit the yacht industry. The immediate impact for Arrow has been an increase in requests from a range of clients to assist in restructuring the yacht ownership and financing. We have benefited from a substantial increase in yachts under management as Banks often insist that as a condition for new lending they will require the appointment of an approved independent professional yacht manager to protect their investment.

Changes in VAT laws are expected to be announced in early 2009 with EU member states attempting to harmonise the VAT laws applicable to yachting in an attempt to stem the abuse of differing interpretations of VAT laws within Member States. When the VAT report is announced Arrow will contact their clients advising on any changes that may be required to their ownership structure.

Employment of crew will be an increasing issue in the Yachting world. This will be influenced by the introduction in 2010 of the new Maritime Labour Convention 2006 (MLC). This will impact significantly on crew employment, contracts and the need for Employers to pay social security contributions etc. We will advise clients on what changes are required once the terms of this legislation are better known.

We look forward to the challenges of 2009 and are confident that the services our experienced team provide will provide our existing and new clients with confidence in a world where the need for independence and professionalism is essential.