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- Is there a legal requirement for yacht owners to have Yacht Management?
Is there a legal requirement for yacht owners to have Yacht Management?
Yachts that exceed 500 Gross Tons and are engaged in trade (chartering), have an obligation to employ a shore-based mechanism to manage ISM and ISPS (International Safety Management Code/International Ship and Port Facility Security Code) management and MLC (Maritime Labor Convention) compliance.
The shore-based management company is subject to regular audits and inspections from the Flag Administration of the managed yacht, to ensure continued compliance with legislation and regulations.