How Does it Work?
Marinetti has formed a partnership with Moonen Shipyards, the award-winning Dutch manufacturer of ‘pocket superyachts’.
The New Moonen 84 (25.75 metres) is an aluminium semi-displacement motor yacht. It is fully equipped with safety, comfort and adventure in mind and has ample accommodation for 8 people in four double/twin berths including the owner’s master suite. The crew quarters are separate from the guest accommodation.
The yacht has fuel tanks with a capacity of 17,300 litres giving it a range of over 2,200 nm and zero-speed stabilizers ensuring a minimum of movement at anchor. It has a transom with bathing platform and single or twin hydraulic cranes to make tender deployment as routine as possible. The yacht is approved by Lloyd’s Register and with MCA certification it has the safety and environmental features to make it ideal for private and charter use.
Yacht syndication
Each Moonen luxury motor yacht is brand new and is owned by a ‘syndicate company’ in which the owners are issued shares in proportion to their percentage of ownership. A management contract is issued to Marinetti by the syndicate company for the duration of the programme.
Operating and maintenance costs – including administration, crew, repairs, insurance, mooring, cleaning etc. are shared between the owners in the syndicate. This usually equates to approx. 10% of the cost of the yacht per annum, split between the owners in proportion to their shareholding.
Each owner is allocated a guaranteed number of weeks cruising each year in the Mediterranean or Caribbean. The alloted weeks are rotated so that everyone gets an allocation during peak season.
During unused periods, the boat will be chartered and the revenue (less charter fees) will be paid directly to the owner, thus contributing towards operating and maintenance costs.
The programme runs for 8 years at the end of which the boat is sold and the proceeds of sale are returned to the shareholders.
Owners can opt out of the program at any time after the first year and Marinetti will re-market the ownership share with proceeds, minus associated costs, being returned to the owner.
The syndicate company does not allow the yacht to be used as security, thus protecting the syndicate company and its shareholders from the creditors of any one or group of owners.
The financials of shared ownership are compelling compared to outright ownership or charter. A typical syndicate programme will return a substantial portion of the owners’ investment through chartering the unused time and the proceeds from the sale of the yacht at the end of the term of the agreement.
Marinetti is being advised by Moore Stephens the leading marine accountants and tax consultants and Pantaenius, Europe’s largest marine insurance company.