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Ferretti 88

Discussion in 'Ferretti Yacht' started by DAB, Jun 24, 2018.

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  1. DAB

    DAB New Member

    Joined:
    Jun 24, 2018
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    Location:
    MIA
    I dont understand? It is a 10 pax overnight / 4 cabin layout.

    Thank you
  2. Capt Ralph

    Capt Ralph Senior Member

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    Sep 8, 2004
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    Location:
    Satsuma, FL
    Since it's a Foreign boat, I don't think you have a COI.
    How does BVI Flaged boats charter in US waters?
    6 or 12 paying passengers? (6, 12 Pax?)


    From#14;
    Oh, BVI boat. Foreign flag. I don't know lots about this. Maybe enough to suggest you learn more about this.
    Hint; The boat is a foreign guest of the U S.
  3. olderboater

    olderboater Senior Member

    Joined:
    Sep 2, 2013
    Messages:
    5,198
    Location:
    Fort Lauderdale
    Without seeing it, I'd say without a major refit, it's reaching the age that it becomes more difficult to charter at a maximum price. I'd also say without seeing proof of revenue and expense history, I'd assume the broker is giving you the sunshine view. Sales brokers give you the best years. Yes, he chartered 40 days. That's likely his best year, not average.

    As to your arrogance you'll reduce costs vs what others can do. Yes, you can go the cheap route but kill your charterability.

    I was not counting fuel in the numbers I quoted. The charterers will pay for theirs and you'll pay for yours so no savings going to come there. Plus you have no idea where fuel prices will be two years from now.

    If you choose maintenance based on price, you'll pay dearly. I don't mean to overpay. Also, understand when chartering you need repairs quickly and that may carry a premium. I've seen several businessmen go in thinking they can save money. There are only two ways to save. One is to ignore and delay maintenance. The other is to diligently maintain the boat in top condition reducing unplanned repairs. Attempts at frugality often backfire and sure don't build repeat charter customers. You don't have the negotiating power of volume that operations with multiple boats might. I figured $2200 per month in my estimate of home dockage. Now on top of that though you'll have all the charter dockage and much of that will be from $2 to as high as $6 per foot plus utilities.

    You do know the broker is working for the seller, not for you, I hope. Telling you he can get you $200k credit for the rebuild is basically telling you his and the owner's perception of the engines. Are you prepared to go the first nine months or year of ownership paying out money with none coming in?
  4. Capt Ralph

    Capt Ralph Senior Member

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    Please note, no other larger charter owners are piping in here.

    O B does not charter for a reason.
    I do not charter living people anymore, for a reason.

    Did you read my post from #6.

    Oh, Find a captain AND Engineer that will maintain a boat under a cap....
    Again, in 3 years, please update us.

    I'm confused on this finance comment above #17. A US bank probably will not finance a foreign boat. Not sure of the tax to pay if you bring her in country.
    Your talking big bux, Over my pay grade & I'm not sure, maybe nothing. Again, you need to check into this.

    I'm starting to ramble and repeat myself.
    Think I've hopefully helped.
  5. olderboater

    olderboater Senior Member

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    1.5% to bring it in. I thought he was talking about a boat already here? If he has the financial strength, then financing not a problem.
  6. Capt Ralph

    Capt Ralph Senior Member

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    This is where you know and I know enough to ask. 1.5% of 2M$ still needs to be looked at.
    But if he's already strong, no woo.
    Thx
  7. Pascal

    Pascal Senior Member

    Joined:
    Feb 29, 2008
    Messages:
    4,616
    Location:
    Miami, FL
    Having spent most of the last ten years (from
    2008 to 2016) running a 70 footer in Miami on charters let me add a few things.

    Dockage. Very hard to find right now with dinner key being half shut down and Montys being rebuilt for the next year. At least. Do you really think you re going to dock a charter boat behind a private home??? You ll have to bring the boat to a marina like bayside and pay a $100 landing fee. The worst is that it adds at least 2 hours to the day for the crew...

    You re not going to get much business limiting capacity to 6 passengers. You ll have to do bareboat charters to be able to carry 12 Unless the boat is over 100GT. Bareboat charter are mostly legal with a number of pitfalls. From what I see and in the light of recent incidents the uscg is going to be a lot less lenient with bareboat than they have been in the past. As to the foreign flag, it adds a layer of complexity.

    I do agree with the fact that if a boat is run as a business some money can be saved vs the typical open checkbook yacht management. But don't count on it in your business model.

    ASSuming the 10 weeks a year can be proven, it s in the past. The boat is getting old and as others have pointed out it will be less desirable. I think the quoted daily rate is very optimistic. Competition in the day charter business in Miami has grown.

    Another issue is the existing crew. Charter success is more about the crew than the boat. If you can keep the crew you have a chance. If not you ll be starting from scratch.

    If the owners of the 70 had been dishonest and tried to market it as a business, they could have bragged about doing as many as 9 to 10 weeks a year with shown documentation probing the claim. Problem is that one customer represented close to half of the business and hired us to find and run his own boat... and our Exumas repeats followed us.

    Problem with a 10+ year boat, especially Italian, is that maintenance costs increase drastically. There are simply more things to fix as years go by. All it takes is a couple of cancelled charters for brokers to jump ship and stop booking the boat. Oh and if you cancel a charter because of a mechanical issue... the broker stil get his commission

    If you can cover some of the expenses... great but don't count on it.

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