Superyachts are catching on fire the world over

Maintenance can cost 10 percent of the vessel's original price

St. Thomas, Abu Dhabi, Marmaris, Fethiye– superyachts docked in ports around the world have been going up in flames.

But these multimillion-dollar yachts–78 feet or longer–are often built with more flame-resistant technology to meet insurers’ rigorous safety requirements.

So what’s behind the slew of yacht fires? Annual maintenance, for one. Since it can cost roughly 10 percent of the vessel’s original price, some yachts might not be maintained at an expert level.

And then there’s location. Some ultra-high-net-worth yacht owners are seeking remote cruising locations where repairs are harder to come by.

“We once had to do an emergency repair on a yacht—it had a commitment with guests coming for a charter in Tahiti,” Richard Merhige, president of marine engineering firm Advanced Mechanical Enterprises in Fort Lauderdale, told Bloomberg. “We had to fly our technician halfway around the world. It was quite a logistical challenge. There are a lot of areas that are not as well equipped as Fort Lauderdale.”

 

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Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.