MarNav, a shared ownership program, has entered operation today. The scheme comprises a fleet of five superyachts — including an Explorer vessel — located in key cruising destinations. The scheme aims to provide to its signing members corporate ownership of the fleet.
These yachts will be available for MarNav member’s at a cost of less than one vessel of its size.
Speaking at the international launch event that took place in London, Werner Trotz, MarNav founder and MD, explained that the program will provide owners a range of benefits and savings due to the economy of scales. “The owner will benefit from overall fleet cost savings, tax savings, income, and changeable yacht locations for worldwide cruising. The program will look after provisions, maintenance, compliance, and a certified crew.” In partnership with Shell, MarNav will also provide tax free basis to the yachts based on its commercial operating status. Trotz also said that €230,000 in savings a year is expected for the smallest yacht in the fleet.
MarNav’s current fleet comprises one-year-old yachts built by the same shipyard. The name of the yard was not disclosed. Trotz said that is in negotiations for a 45m Explorer yachts, and talks for a fifth yacht of 38m are also underway.
All yachts in the fleet are registered in Malta. Two vessels will be based in the Med to cater both west and east cruising, a third yacht in Bahamas, another in Asia, and the Explorer will be strategically based in the US for cruising to the Antarctica.
MarNav is operated by two companies. MarNav (BVI) is the major shareholder, comprising all investing yacht owners, and MarNav (Malta) the administrative entity looking after the operation of the fleet. The program will operate through an online system operative 24/7.
The entry fee to the MarNav Program is €4.4m, and the target is to have nine investing yacht owners, each signing up for a minimum three-year contract. On top of the €4.4m investment, the owners will also have to meet operating expenses and costs.
The program is currently operating with two yacht owners, but talks are underway with others.