A successful rescue with discretion
Following a recommendation by a fellow yacht owner, a North American client approached ASM for initial advice on the ownership structure and management of the vessel and crew pending the relocation of the yacht from the US to Europe. This included the change of the vessels registration from Private to Commercial.
Amongst the numerous issues involved were the new structure of ownership and flag to minimize operation and VAT issues in Europe. The synergy achieved with the client in the first meeting resulted in ASM receiving a full management mandate
In close cooperation with the Directors of the Channel Islands yacht owning company the restructuring and flagging was achieved quickly. Moreover a new cost effective crew employment structure was initiated to meet MLC requirements using our affiliate company Cornerstone Crew Management.
Once the yacht arrived in Monaco after the Atlantic crossing she yacht was met by the Arrow management team and the Captain’s first requested were for medical and dental issues with the crew to be addressed. Within the day the Arrow team had addressed all crew medical problems.
Captain’s comment was “Wow never had this service before”
Then, ASM met with several main charter agencies to discuss their services and Arrow recommended to the client the charter company that they believed would best service and promote the client’s yacht.
Extensive discussions were undertaken with the yachts insurers to ensure that the new structure and operation of the yacht met their criteria and in conjunction with them arranged for a “risk assessment” of the vessel and its operations.
Furthermore ASM were also responsible for researching, interviewing and suggesting to the client a new captain when the long term incumbent wished to retire ashore. The replacement worked well and quickly established a great professional relationship with the client.
ASM assisted the client in negotiating successful charters via the brokers and resulting in the yacht developing a great charter reputation.
Financial management and control of the yacht was critical for the owner and regular meetings were held to discuss the full management accounts and cash flow. In conjunction with our regular client meetings ASM submitted refit proposals and budgets for discussion and agreement with the Owner and Captain.
Active ASM management is a 24 hour service and for this client included an urgent 3am call from the Captain to CEO Paul Archer outlining a serious engine issue that had incapacitated the yacht with a full charter party on board. The Arrow response team quickly was in action and arrangements were made to contact all parties and ensure the security of the passengers, crew and vessel. Arrangements were made to tow the vessel to a yard where repairs had been negotiated. Charter guests were transferred that day to a replacement vessel.
“We recently had cause to work with Arrow on an unfortunate yachting incident that, but for their extremely professional & timely reaction, could have turned into something quiet nasty & quite expensive! Their lines of communication with the Skipper were excellent. The combination of Arrow & a very competent Master meant that the incident was dealt with in the most efficient & cost effective manner. Additionally, the owner was able to take re-delivery of his yacht in the shortest time possible.”
Mark Feltham -Executive Director, Marine & Superyachts – Willis Insurance
“With new regulations entering into the yachting world in the last few years, I was looking specifically for a Yacht service company that could provide me with comprehensive knowledge concerning this changing environment. I am very pleased to be able to recommend Arrow Services, not only for the level of services provided in this complex area but in the general handling of the accounts and maintenance of our vessel.”
Owner – 52m Amels
“Having enjoyed the opportunity to work with Arrow Services Monaco in the capacity of both Charter Manager and Sales Broker of yachts managed by them, I cannot deeply enough express my thanks and gratitude for a job superbly executed. In each case, ASM was entirely supportive and helpful in all paperwork, handling of both charter and sales funds, and as liaison between the yacht’s crew and our offices. Seldom have we seen such cooperation, especially when such assistance relates to a sale which would result in the yacht leaving the ASM fleet. ASM was instrumental in getting the transaction closed in record time and with complete ease. Thanks, ASM!”