REFIT READY: A BLUEPRINT FOR SUCCESS
How to master the art of a yacht refit period that sets you up for summer this winter…
Every yacht, whether six months or six years old, will require refit periods in its life cycle. Refits come in many shapes and sizes, whether necessary for warranty work, essential maintenance, special surveys, system overhauls, a complete redesign, or smaller aesthetic upgrades.
Today, with many shipyards at full capacity, refits have emerged as an excellent opportunity for the yacht charter market. Refitted yachts are gaining significant traction in the sector, offering a blend of top-tier shipyard construction quality with specialized refitting expertise, completing upgrade projects necessary for yachts to stand out in an increasingly crowded sector.
However, yacht refits are not an easy feat, with no two projects the same. A team that manages all the moving parts to help navigate the intricacies of the refitting process is second to none. This is where the expertise of the seasoned IYC Yacht and Charter Management teams becomes invaluable, leveraging their extensive knowledge and industry network to ensure a successful outcome.
Start Early
As the adage goes, ‘failing to plan is planning to fail’ couldn’t be more relevant in the yacht refit sphere. The planning stage is essential in eliminating potential issues, delays, financial miscalculations, and any other challenges that may prevent the yacht from beginning a new season. Prior to any refit, it is crucial to have a clear scope of work and a detailed worklist outlined while coordinating any parts, trusted vendors, and suppliers well in advance.
Yachting spans the globe, and seasons fluctuate, but it is typically optimal to begin a refit process during the winter months to not hinder summer cruising and charter schedules. Betty Gkika, Head of Yacht Management for IYC Greece, notes: “Considering the Mediterranean season runs from May to September, logically refit works are carried out during the winter, starting immediately after the season ends as basic works tend to require a minimum of three months.”
Cassandra Bruno, IYC’s Global Yacht Management Director, echoes this preparation: “If we know there is a yard period coming up, we start ordering parts months, sometimes years in advance. For example, HOLDIN' MY OWN entered its refit in May, and the parts ordering began in November of the previous year.” Such a proactive approach accounts for today’s increased lead times on equipment and scheduling vendors, ensuring everything is in place when necessary. Since the pandemic, lead times have remained challenging, so advanced organization is fundamental.
Not just parts but also shipyard availability and contractors are essential to consider. Choosing a shipyard is a core factor in a refitting period; the IYC team has extensive experience dealing with ships worldwide, and the collaboration between all parties makes a refit a success. Gkika adds: “In recent years, there has been an enormous increase in yachts, and the workloads have tripled, so it is important to anticipate a shipyard booking and find available technicians as it has become harder to fit yachts in.”
“Whether charter or not, you always need to have maintenance carried out correctly. As yacht managers, we anticipate months in advance to see when surveys are due, certificates are expiring, etc., to ensure things are done in time rather than just before the rush of the start of the season.”
Balance Maintenance
While yachts often focus on aesthetic improvements, essential maintenance can be overlooked. The IYC fleet benefits from the team’s knowledge, experience, and trusted external network to ensure optimal performance and safety year-round.
Jocelyn Mattana, an IYC Yacht Manager, explains how he anticipates needs beforehand regarding safety and maintenance: “Whether charter or not, you always need to have maintenance carried out correctly. As yacht managers, we anticipate months in advance to see when surveys are due, certificates are expiring, etc., to ensure things are done in time rather than just before the rush of the start of the season.”
One tool the team has at its disposal to streamline this process is the game-changing in-house software BLUE. Exclusively available to the IYC fleet, this platform centralizes all aspects of yacht management, from crew coordination and safety to document handling. BLUE harnesses the power of artificial intelligence (AI) to automate tasks, significantly reducing any potential for human error. This technology then enables the Yacht Managers to have increased capability for more skill-based requirements.
As Bruno highlights: “It’s not just about adding more toys, switching out cabinets, modernizing, and painting. Effectively prioritizing and managing maintenance tasks is an important balance within a refit period because you will lose a charter if, for example, the power system or air conditioning malfunctions.”
Charter Appeal
For yachts in the charter market, staying competitive is crucial. IYC takes a holistic refit approach, considering every aspect that could enhance a yacht’s charter appeal. Alongside maintenance and safety factors, the charter teams feed back any previous preferences and requests, industry changes, and new features that can add more value and opportunity to the offering.
Liliana Lopez, IYC’s Head of Charter Management USA, explains the advantage of working with such a large fleet of over 170 charter yachts: “We have our finger on the pulse of what is trending in the charter scene and what clients are requesting. There are so many aspects of a refit from the functional to the aesthetics, the amenities and even the branding. We tour the boat, speak with the crew, and use our charter experience and knowledge; we can then equip an owner looking to refit with all that information and work to include the right elements.”
Such elements ensure the yachts are regularly requested, as Bruno highlights: “Yachts must keep up with trends and be on par, and better, than others that are chartering on similar size and price points. If you don’t have a certain amenity, you will drop off the sought-after list.” The combined expertise of IYC’s team ensures that each refit strategically enhances desirability.
Bruno explains: “While HOLDIN' MY OWN had an excellent previous charter reputation, without one negative review, her owner wanted some upgrades to make her the absolute best charter vessel in her class. One comment mentioned in the previous season was to add awnings on the sundeck, so that’s what we have done; we always listen to the charter clientele.” There are also unique client requests to account for: “We also put a Big Green Egg barbecue on the sundeck as requested by the owner. We didn’t need to do this for chartering, but of course, additions like this in a refit benefit other clients too,” adds Bruno.
“We know the intricacies of what the popular charter yachts look like and have, we are seeing clients gravitate toward more modern and fresh looks while increasing their versatile entertainment spaces for them to offer unique experiences,” adds Lopez.
Gkika explains specific trends for the charter fleet: “Over the years, especially in Greece, we have seen a big trend of older vessels going into a refit to aesthetically transform them into a more modern and minimal style, while in refit, these vessels also generally undergo a technical upgrade.” Last year’s winter refit period saw OURANOS receive an overhaul of the beach club area, significantly increasing its charter appeal for this Mediterranean summer season.
The client’s longer-term vision for the yacht remains fundamental when managing a refit project; whether they will be chartering for another year or five, the IYC team creates a bespoke refit plan for each charter yacht.
The IYC Advantage
The unique needs of each yacht and client are factored in when keeping projects on time and within budget. The team carries out meticulous planning and research, ensuring that the main priorities and any potential add-ons throughout the process can be met within the timeline.
As a refit project progresses, new ideas may appear to enhance the experience, overall quality, and charter offering. Gkika explains: “You typically start a refit project with two or three big jobs, and others can be added to the list, especially additional interior and aesthetic jobs that may not have been requested beforehand. This is why it is advised to prepare as far in advance as possible so we can cater to all requests within time and budget scopes.”
Ultimately, the success of such refits like those of HOLDIN' MY OWN and OURANOS hinges on the decision made before the works are executed. Regardless of why a yacht enters a refit yard, having IYC on your side, will be the difference between a smooth experience, maximizing your summer cruising and charter potential or one full of setbacks. A refit with IYC will not only meet the needs of the owner but also seamlessly align with what the charter market demands.
A refit with IYC will not only meet the needs of the owner but also seamlessly align with what the charter market demands. If you would like to find out more please contact us.
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This article was featured in the Fall/Winter Issue of HORIZONS Magazine. Browse the full issue here.