It is our mission to ensure that the yacht is administered, operated and maintained to the highest possible standards.
We provide a level of support that we believe is unparalleled within the industry and do this while maintaining close contact with Owners as well as their Captains and Representatives.
1 Ocean Yachts
1OY will act as the Owner’s representatives across the full spectrum of the yacht’s operations.
From financial reporting to the supervision of yard time, 1OY has the specific knowledge and experience to deliver the highest caliber support. With effective planning and communication we deliver reduced downtime and costs. Effective checks and balances, both operationally and financially, give the Owner peace of mind that the yacht and crew is operating safely and efficiently.
WE FOCUS ON:
- • Vessel Accounting
- • Safety Management
- • Insurance
- • Crew Administration
- • Technical Consulting
WHEN SELECTING 1OY
You will see from the following pages that our role is focused on putting in place systems that will assist and support your Captain in his daily operations.
Our main aims are to:
- • CHECKS and BALANCES - Provide checks and balances to ensure efficient and safe way in accordance with best industry practices.
- • AVAILABILITY - Make sure that your yacht has maximum availability for your use.
- • COMPETENT CREW - Assist in putting together a competent crew that will serve you for many years.
- • SUPPORT and ADVICE - Give support and advice to the Captain to help with his day-to-day responsibilities.
- • INFORMATION - Produce information to help you keep up with the latest industry developments and trends.
- • MONITORING and CONTROL - Monitoring of expenditure to ensure control of costs.
- • Current fleet ranges in size from 25m to 50m
- • Yacht Managers in Miami, and Mexico
- • Yachts operating worldwide
- • 24 hour a day support
SERVICES & SUPPORT
Working from an annual budget agreed with Captain and Owner, 1OY will administer expenditures against specific categories, pay bills and reconcile bank statements and credit cards. Custom financial software can be installed on board for efficient daily entries by the crew with transmittal to the office via email. Other services will include the following:
- • Opening a dedicated bank account in the name of the Owning Corporation of the vessel; from this account all payments will be made, including funding of Captain’s cash and credit card.
- • Provide cash to the yacht by the most appropriate economical means.
- • Production of annual budget in conjunction with the Captain and/ or the Owner – the budget will form the basis for funding requests from Owners.
- • Production of monthly, quarterly and annual reports where the actual operating costs are compared to the budget and detailed explanations provided as appropriate where variances have occurred.
- • Detailed checking of the Captain’s cash account and credit card receipts on a monthly basis,reconci l iat ion of t he Bank Statement and the Captain’s Credit Card Statement for incorporation in the monthly accounts.
1OY has developed one of the most effective Safety Management Systems in the industry. It is certified to international industry standards and provides a continuous cycle of improvement in both quality and safety. The use of the system is monitored by:
- • Monthly returns from each yacht designed to highlight deficiencies and ensure corrective action is taken.
- • Onboard audits carried out by a Technical Superintendent.
We take a proactive approach to our relationship with the insurance providers for our yachts. We work closely with a number of insurance brokers and conduct regular reviews of hull & machinery and indemnity policies as well as crew health insurance.
1OY will assist the owner and Captain to build a good crew. On recruitment of each crew member we will check their certificates and documents to ensure validity and if requested we will carry out pre-employment verification. They will then be given an approved Employment Agreement. On an ongoing basis 1OY will administer crew salaries, make travel arrangements if required and handle any crew related insurance matters.
Through visits to the yacht and working with the Captain in the selection and monitoring of vendors, contractors and shipyards, 1OY will help to align maintenance and repair work with the budget and cruising itinerary. 1OY will conduct a periodic review of vessel upkeep, planned maintenance schedules and other issues affecting safety and vessel operation, providing a written report of vessel status. Elements of this service include the following:
- • Recommending and organizing vendors, contractors and shipyards
- • Maintaining certification status and coordinating the requirements of Classification and Flag State surveys
- • Coordinating with the Captain to monitor warranty items following shipyard work
- • Ensuring on board Planned Maintenance schedule is maintained
- • Carrying out regular inspections to monitor condition and report as appropriate to Owner and Captain
- • Handling insurance claims Further to these activities, upon negotiation of applicable fees, we are able to offer Project Management services that can include:
- • Coordinating production of refit / works specifications
- • Obtaining quotations and selecting yards, contractors and parts suppliers
- • Reviewing and negotiation of refit contractual conditions
- • On site supervision of shipyard works in progress, monitoring quality, work and timescale in relation to agreed completion date
LEADERS IN LUXURY YACHTING
Managing luxury yachts demands professional expertise and extensive market knowledge. 1OY has been involved in the management of some of the world’s finest yachts. This expertise and in-depth knowledge is shared across the whole company ensuring that our management team is familiar with many of the models in operation today. The team also visits shipyards around the world every year and is in regular contact with designers, naval architects and suppliers. This ensures our team stays up to date with technical developments ensuring new technology and regulations are implemented wherever possible. Whether you are new to yachting or an experienced yachtsman, our professional team of yacht managers will give you confidence and security as well as ensure the most cost effective management of your vessel, leaving you to sit back and enjoy the benefits of your yacht.