It is the best boating experience, with little to no disadvantages

Boat sharing – sometimes called co-ownership or fractional ownership – is a concept that allows for optimum enjoyment of the vessel, at reduced costs and hassle. This concept is a modern evolution of the more traditional idea of timesharing. Generally, one buys the right to use the yacht in a timeshare, and many (sometimes too many) people can share the usage of the yacht at once. Boat sharing, however, is buying the yacht itself with a select few other owners. As before, a management team will take care of the vessel for you, eliminating the stresses of ownership.

This is exactly what our Pen Marine Boat Sharing plan is all about. Honest and transparent calculations on expected costs, and hassle-free ownership.

Is boat sharing is for you? Yes, if…

You don’t have enough time to enjoy the boat and justify the cost of outright ownership. The emotional and psychological appeal of owning a yacht must always be weighed against the practical. Owning a boat will cost a tidy sum of money. If you are in a situation where you can only use the yacht one weekend out of the whole month, we would advise that co-ownership is first explored. Generally, most owners only use their yachts 6 weeks out of the year. This makes boat sharing the smarter decision. If there are four owners sharing the boat at 6 weeks annually each, there’s still a lot of time left to maintain the boat and even charter the boat too.

The aggravation of maintenance is too much. Boats that have a few owners are almost always larger and more complicated. Even lifting her out of the water requires a small crane. That’s why a management team like ours can schedule regular inspection, source parts, and generally take the maintenance load off your shoulders. The cost of the maintenance is known by all owners up front (barring any emergency and unexpected repairs), making it easier to project the budget for the year.

You’re new to boating. You just want to dip your toes into the water first before deciding if this life is for you. That’s perfectly fine, and boat sharing is one of the ways you can really experience the full reality of this hobby with less risk involved.

The many advantages to boat sharing.

• All costs are shared. Our Boat Sharing plan recommends four co-owners, but of course when more parties share the boat, overall costs per owner will go down.
• The boat will be kept immaculate by the management team. This means better resale values, and better overall hygiene on board.
• It’s all about your convenience. No matter the number of co-owners, our Plane ensures you will have your time in the sun, even if it may just be one weekend in the year.
• Great for the inexperienced. All owners will undergo a handling course with this plan, because safety is paramount. When captains are skilled, there’s also less chance of scuffing the boat when docking or pulling up to another vessel.
• Cheaper way to try out boating. Co-owners can sell shares at any time, and you may even think of it as a ‘trial period’ for this particular boat, where you can eventually become her sole owner if you wish.
• It’s a flexible experience. Co-owners can swap slots as their schedules dictates, and even share slots together so they can head out more often.
• The yacht can be put up for charter when no one is using her. This is a great way to offset some expenses.
• Tired of this cruising ground? Just head to another one. The cost of transferring the vessel and new marina fees will be borne by all equally.
• It’s always a personal experience. Our role as a management team is also to make sure the yacht is in perfect condition for different owners. That means personalising the yacht to the different owners each time they are due to use the boat. Things are exactly where they should be, and so the boat feels like your boat every time.

How much is all this?

For a full and detailed breakdown, please get in touch with us. The summary, however, is as follows:

• Up-front buy-in fee (inclusive of fractional capital of the vessel, shipping, initial fueling and commissioning, and insurance). This is divided equally among the owners equally.
• Management fee. This is an annual payment to Pen Marine for the cost of upkeeping the boat.
• Variable costs. Here is where we lay out the minute details.

Let’s conclude.

Boat sharing lowers the daunting bar of ownership to a more approachable level. Really, the only disadvantage of co-ownership is that some schedules will clash and some allowances need to be made for each other. This is a small price to pay, however, as the list of advantages outweigh it significantly. We have more details, so get in touch with us and get started on your boating journey today.