Rosemont Yacht Management, headquartered in Monaco, has forged a reputation as a top quality personalised yacht management service provider. In line with its growth strategy, the company has recently opened a new office in London. Shelley Dowie, Yacht Compliance Manager and the head of the London office, explained the company’s plans to increase both the client base and service portfolio.
Rosemont Yacht Management is part of the larger Rosemont International Group, which, since 1981, has provided bespoke corporate and trust administration, as well as an all-round multi-disciplinary service in structuring and administering the financial worlds of its clients in the best possible fashion. The evolution of the yacht division was a natural step and in 2015, Rosemont Yacht Management was incorporated in Monaco.
The company offers its extensive knowledge in the specialised environment of luxury yachting to provide clients with a personalized and bespoke approach to yacht management. All aspects of yacht management from vessel acquisition and registration through to operation are handled in-house by an experienced team of yachting experts. To summarize; the company acts as a single and dedicated point of contact for all aspects of vessel ownership.
“At Rosemont Yacht Management we are completely independent of any yacht brokerage or chartering activities, instead we focus fully on the management and the safe operation of the yacht,” explained Yacht Compliance Manager, Shelley Dowie. “We are uniquely placed in the yachting sector to support brokers and clients directly’’.
Another competitive advantage, noted Ms Dowie, is the company’s personal approach. “We do not believe in off-the-shelf services; instead we spend time with our clients developing and tailoring our services, ensuring they get a flexible solution that not only meets, but exceeds their expectations.”
A Growing Portfolio
Ms Dowie confirmed that Rosemont’s portfolio of clients and new services is growing. ‘’no two clients have identical needs, so our services naturally increase with each new project’’. Dowie continued to explain ‘’the Rosemont Group offers our clients comprehensive solutions for their needs in one company. We listen to our clients and nurture relationships’’.
“We have also spent a lot of time and effort on developing our yacht management software. We use the platform for sharing and storing information with the yacht. The client and crew can log in and access all the vessel’s documentation as part of their safety management system. We have added an Hours of Rest module so crew can complete and track their hours of rest online. In addition, we have developed a risk management platform, so risk assessment can be completed and stored online.”
In addition to constantly improving the level of service, the Company has been at the forefront of a new initiative. Rosemont Yacht Services, headed by Janet Xanthopoulos has been working with several flag states to develop a new registration programme. In 2016, the Marshall Islands Registry were the first to announce the launch of the new category of registration for yachts named Yacht Engaged in Trade (YET).
The YET program allows private yachts to charter in France and Monaco for up to 84 days a year. The main benefit of the program is flexibility, meaning the owner can use the vessel privately whilst being able to offset some of the running costs by offering the vessel for charter. Unlike a commercially registered vessel, the yacht owner need not sign a charter agreement nor pay VAT on their own charters.
Rosemont Yacht Services and Management managed the first yacht under the YET program in 2016 and is looking forward to assisting more clients engaged on the program. Ms Dowie commented ‘’the programme has now been running for two years with great success - so clients, brokers and other Yacht Management companies can see the advantages of the program.”
Following the success of the Marshall Islands YET, Rosemont have since been approached by several other flag states to develop similar initiatives, Rosemont recently facilitated Cayman Islands launch their program at this year’s Monaco Yacht Show and others are due to launch in the near future.” revealed Ms Dowie.
Focus on Growth
Summer 2017 saw the company reach an important milestone - its UK Yacht Management Division office was officially opened in London at the end of August, confirming an important step towards expansion and supporting the company’s growth strategy.
“The UK was a logical choice for Rosemont Yacht Management. It is home to several maritime regulatory bodies and several of our clients. The British superyacht industry continues to grow year-on-year and we have the opportunity to service existing clients whilst developing new relationships.”
The new office will primarily handle the fleet’s regulatory and safety compliance requirements whilst providing support to the main Monaco office. Ms Dowie confirmed that the plan is to increase the brand in the coming months and steadily expand the operation in both Monaco and the UK.
‘’Whilst Rosemont are well known in Monaco for top level legal and safety compliance advice, we are focusing on promoting these and our other yacht management services in the UK and further afield.”
‘’We are constantly researching and developing new markets; although slow, the Asia market continues to grow and develop’’ acknowledges Dowie ‘’we see more and more Asian clients coming to the Mediterranean to build and buy yachts. The Asian market is different from the Mediterranean but there is still plenty of clients interested in yachting. Clients who would benefit from first class, bespoke yacht management services’’. With a Yacht Management Office in Hong Kong and offices in Singapore, the Rosemont Group are well placed within the industry to satisfy the demand.
Article initialy published in Inside Marine : http://insidemarine.com/796575/m28/7152178.html