Every headline and news piece is dominated by the Covid19 Virus, and while we don’t want to add to the fray, the effect on our industry and the wider world has been profound already.
At TWW Yachts we have already put in place safeguards for those we employ and in accordance with Government recommendations, are principally working from home. Although we are proud of the personal approach we take with our clients and crews, we also are fortunate that our business can operate so that the service we offer will barely change.
Our business is made up of four parts:
In line with all travel and leisure, there has been a major downturn in enquiries. However, once on board, a yacht is a safe haven.
So for those who are still minded to travel, some changes are already in place:
An addendum to the standard form giving the charterer the ability to cancel should the Coronavirus still be prevalent in the cruising area, or due to travel restrictions caused by the Coronavirus. Most owners are accepting this on a “without penalty” basis – i.e. you will receive a full refund OR if you prefer the ability to renegotiate later, different dates.
Guidance to owners for regular deep cleaning of the yacht and health checks for the Crew.
Guidance for ground arrangements for inbound and outbound charter guests to ensure minimum risk of contamination.
Sales and Purchase
We remain in constant contact with the market.
For Buyers: much of the initial searches and discussions are made by telephone and online and this business will continue as normal. Inspections will be more trying and therefore we expect the market to slow until buyers are able to travel freely. We’re here to help with market research and planning so that we can shortlist suitable yachts and position our buyers to pounce quickly to secure them.
For Sellers: Buyers can and will continue to undertake research, but a word of caution – the virus has caused a significant drop in the stock market which past experience demonstrates does cool the market with corresponding softening of dealing prices in the short term.
Our management division is active and fully operational during the crisis. It exists to serve the owners and help them with planning, budgeting and overall safety and security of operations on board. Advise to crew on how best to stay safe is one of the many services we offer during this time. We are also reactive to changes in cruising plans and operational budgets that our owners may decide to pursue
Our crew agency remains active and fully operational, ready to line up the right crew for owners. Careful screening has become necessary and we have initiated more thorough checks to ensure the safety of new and existing crew.
Like many businesses, we are expecting this to be a challenging year. We are fortunate to have enjoyed a very successful few years, but like many businesses we are also making some sensible reductions in our operations to ensure that once the market picks up we are in robust health and able to continue to offer our comprehensive services.
Please call us at any time to discuss your yachting needs.