The Yachting World Has Been Slow to Embrace Fractional Ownership—Here’s Why
, 2022-11-20 08:00:00,
As a concept, fractional yachting makes sense: Shared ownership via a management company means lower costs, no maintenance or crew worries and (best case) a pleasant, turnkey experience. But the model has never found the foothold in yachting that it has in business aviation, which boasts a US fractional fleet of around 830 aircraft, ranging from $3 million light jets to $65 million Gulfstream G650s. Yachting, by contrast, has fewer than two dozen fractional vessels, most under 70 feet, owned by only a couple of companies. As for superyachts over 100 feet, there are only six.
“It’s a logical business model that gets an illogical reaction from the yachting community,” says Vincenzo Poerio, CEO of Tankoa Yachts. “A big reason is most yacht owners don’t like to share,” he says, adding that those who are willing tend to have very high expectations.
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Another challenge is that, beyond vessel and crew management, fractional operations are expected to provide white-glove services. A success story in this marketplace is SeaNet, which began its shared-ownership program 18 years ago in California and now has a fleet of Benetti superyachts sailing the Mediterranean and the Caribbean.
“Benetti’s a name our clients are comfortable with,” says Mike Costa, SeaNet’s founder and CEO. “We acquired our first in 2016 and are now moving to our sixth Benetti, the 34-meter [approximately 111-foot] Oasis, currently in build.” SeaNet limits owner shares to…
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