HFW’s yacht team has once again been ranked Band 1 in the Chambers and Partners High Net Worth Yachts & Superyachts guide. Five members of our industry leading team have also been recognised. Chambers noted that “between the Monaco and London offices, and a global presence, their network allows them to address every issue that may arise in yachting.”
As we enter another Mediterranean yacht season we are pleased to bring you a bumper edition of Comprehensively Yachts. In this edition, we begin with a look at yachting’s role in the development of future sustainable technology in the move towards more sustainable yachting. Secondly, our sanctions experts consider briefly the latest developments in a recent, high profile case. Our employment colleagues consider the steps that can be taken to ensure a positive working environment in the yachting industry. Next, our British Virgin Islands team review the impact of the recent blacklisting of the British Virgin Islands by the EU Council. Finally, we finish with a detailed analysis from our admiralty and crisis management colleagues of recent yacht casualty trends and suggestions for how the risk of a serious incident be mitigated.
HFW’s yacht team is, as ever, busy dealing with a range of transactions, commercial disputes, regulatory matters and marine insurance claims, with our work reflecting the spread of issues and opportunities faced by the yachting industry at this time. Drawing from across our global network, our latest edit of Comprehensively Yachts, is one of our widest ranging yet and includes contributions from members of the team in Monaco, Houston, Geneva, Paris and London.
Our yacht team remains busy on all fronts; however, the impact of Russian sanctions has been felt everywhere. Supported by our global regulatory team, we have been actively advising, often on an extremely time pressured and sensitive basis, a wide cross-section of stakeholders in the yachting industry on the application of the complex international framework of sanctions related rules and regulations and the mitigation of their impact on their businesses and operations. It is therefore natural that we begin this briefing with an overview of the international Russian sanctions framework and its impact on the yachting industry.
The yachting industry continues to boom on all fronts and the volume of new building contracts, design contracts and sale and purchase transactions handled by the HFW yacht team shows no sign of abatement. We have been involved in a significant proportion of the largest new building and sale and purchase projects to come to market in 2021 and, though there are concerns in some quarters as to the sustainability of the current market, for now at least it remains all hands on deck to service demand.
Though the 2021 Mediterranean yacht season may have been a little late in its start, it appears that yacht ownership is as popular, if not even more popular, than ever. Whether you are new to the industry or an old hand, there will be something of interest to you in the following compilation of topical and legal developments affecting the yachting industry.
From new environmental requirements and the potential impact of Brexit on VAT arrangements, to the use of yachts as film locations and the protection of crew personal data, the 6th edition of Comprehensively Yachts provides an overview of some of the issues encountered over the past few months, and those anticipated for the new year.
At the end of a landmark year for our yacht team and another busy year for the yachting industry as a whole, we are pleased to publish our latest yachting industry. In this issue we provide an overview on yachting in Australia and the UAE, as well as analysis on the Poseidon Principles, lithium-ion batteries and Mortgagees Interest Insurance.
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