05
As the yachts grow ever bigger and the regulations
keep piling up, that old adage of `big boat � big
problems' has never seemed more true than today.
But as The Yacht Report's Editor-in-Chief, Martin
Redmayne, discovered during a recent lunch
with Alex Braden and Franc Jansen of Yachting
Partners International and Jay Tooker, partner
at law-firm Holman Fenwick Willan, the problems
inherent in buying a yacht can all too often be
easily avoided.
A far-removed location from the heart of the yachting world, the south bank of
London's River Thames was the obscure venue for a brief lunch with Yachting
Partners International's senior management. The Tate Modern was chosen for
its diverse mixture of culture, dynamic backdrop and modern perspectives on
life and art. Immediately opposite the imposing gallery is the already iconic
Foster's Millennium Bridge, linking the lower side of the Thames to the heart
of the city of London and the Wren-designed St Paul's Cathedral. This eclectic
mix of classicism, modernism, technical expertise, stability, business and culture
seemed to perfectly summarise the brains that were due to sit for lunch at the
seventh-floor Tate Modern restaurant.
Having walked across the metallic structure suspended like a backbone over
the muddy waters of the Thames, Alex Braden, Chairman of Yachting Partners
International, Franc Jansen, head of YPI Yacht Management, and their guest Jay
Tooker, partner at Holman Fenwick and Willan, renowned legal firm in the world of
large yachts, joined me in a conversation about the onerous world of yacht ownership.
Having found our way through the maze of elevators, corridors and crowds � and the
odd glimpse of art � we descended on a table with a panoramic vista over the city.
Alex highlighted that London had become a second home in his current business
world. Brokers today spend more time in lawyers' offices dealing with the contract
negotiations and minutiae rather than walking up and down passerelles with clients
in tow, presenting their latest offering.
This obviously begged the question: Why? As Jay highlighted, the problem today
is the fact that contract complexities and the size of deals are no longer part of
a simple negotiation. With nine-figure sums now involved, the playing field has
changed dramatically. It's not just a matter of one broker and the owner's lawyer
talking to a shipyard and designer and poring over a standard two-sheet contract for
a 40-m project; the historic issues and pitfalls have created an uneven minefield,
rather than a flat playing field. This, as Alex added, is where there has been the
biggest area of confusion and concern for owners today. Sometimes they will walk
Modern Art and Old Masters:
THE FINE LINES OF OWNING A SUPERYACHT IN TODAY'S WORLD
Left
Umbrella Weather: Alex Braden chats with
Jay Tooker of Holman Fenwick Willan and
YPI Yacht Management Director Franc Jansen
in front of St Paul's.
MODERN ART AND OLD MASTERS: THE FINE LINES OF OWNING A SUPERYACHT IN TODAY'S WORLD

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