Banking

Photo by Ken Cage, IRG

Captains, Crew Recoup Lost Wages by Arresting Megayacht

Most yacht crew are compensated every payday, via wire transfer or check. But for some yachties, the only way to get paid is the hard way: by filing a lawsuit in federal court and literally arresting the megayacht for back pay owed.While many captains and crew are reluctant to initiate expensive litigation to arrest the boat they’ve served on, pursuing their seaman’s lien is the best route for compensation. If the legitimate amount due is well over $10,000, crew should stand on their rights and act on their valid claim immediately.

Photo: Argos Nautic

A Tender That's More Than Mere Transportaion

For many, a tender is mere transportation. At Argos Nautic, it's an emblematic distillation of the yacht it serves, reflecting its luxury, performance and status. The exclusive semi-custom 305 Yachting model is a 10' center console RIB with sumptuous seating for four. From the renowned naval architectural studio of Facheris Design, it offers its owners a refined Italian aesthetic harmoniously married to breathtaking driving dynamics.Like all Argos Nautic tenders, the 305 Yachting is truly bespoke.

Deutz Aims for Hybrid, Electric Engines by 2020

Specialty diesel engine maker Deutz aims to expand its business to include hybrid and battery-powered engines from 2020, banking on an expected boom in demand for electric vehicles. "In future, we no longer want to operate just as a pure diesel group," Chief Executive Frank Hiller told Reuters on Thursday, a day after the group acquired electric drive specialist Torqeedo. The takeover has swallowed most of the 100 million euros ($118 million) in investments allocated to the new push, Hiller said, adding he expected the new products to account for 5-10 percent of group sales within five years.

Leif Ottosson (Photo: Navico)

Navico Under New Ownership

Navico – a provider of marine electronics and parent company to the Lowrance, Simrad, B&G and GoFree brands – announced that Goldman Sachs Merchant Banking Division and Altor Fund IV have partnered and signed an agreement to acquire Navico from the Altor 2003 Fund. Navico is an innovative force within the recreational and commercial marine electronics market and has a rich history of investment in research and development. In the last two years, the company developed such technologies as the HALOTM Pulse Compression Radar technology…

Image: Richard Branson Facebook Page

Richard Branson's Virgin Group Accused of Pirating

Former Norwegian Cruise Line CEO Colin Veitch has filed suit against Richard Branson for $300 million claiming that Virgin essentially stole his ideas and business plans to enter the lucrative luxury cruise industry by building a pair of state-of-the-art ships capable of carrying 4,200 passengers each. Veitch claims he planned the start-up operation, lined up financing to build the first ship and worked out a tentative commitment with a German shipyard, according to an article by Curt Anderson, legal affairs writer for the Associated Press. Veitch was CEO of Norwegian from 2000 to 2008.

Galati Joins Boat Village Collaborative

Florida Brokerage and Service Company Joins Regional Group to Promote Online Service Coordination and Boat Management. Galati Yacht Sales has joined The Boat Village’s regional collaborative in southeast Florida, uniting with other marine businesses in the region to promote online service coordination and boat management. Galati Yacht Sales, which has more than 450 boats in brokerage and specializes in Viking, Princess, Tiara, Cruisers, Grand Banks, Maritimo, Rampage and Prestige brands…

A New Standard in Marine Communications

KVH provides and Harvey Gulf employs possibly the most sophisticated on-board SATCOM and related service package on the water. That’s no accident. If quality service, high tech hardware and quality personnel are the common bonds shared by marine communications provider KVH and its customer Harvey Gulf International Marine, then the relationship is probably a match made in heaven. Harvey Gulf, already a long-time user of the KVH suite of services and equipment, is today converting every vessel in their rapidly expanding 60+ fleet to the latest and greatest equipment standard.

The Boat Village Offers Major Enhancements

The Boat Village  announced major enhancements to its professional edition with features to help marine businesses streamline service coordination, increase customer satisfaction and drive revenue. The Boat Village Professional edition is an online service coordination and boat management tool that gives service yards the ability to proactively monitor each client’s vessel and automatically receive alerts when service is due. They can then notify clients and send an online service request for clients to quickly approve or amend, all within The Boat Village application.

Manage Crew from the Cloud

With cloud computing technology having an increasing impact on daily life, its no surprise that more and more companies are turning to the cloud and the superyacht industry is no different. i-Bos Ltd, a crew management software provider is one of the first companies to launch their software to the cloud for the superyacht sector. i-Bos Ltd’s Cello Marine software is already used on 250 superyachts to assist in crew management, proving its need at sea. Now the system can be accessed anywhere via the company’s cloud.

Jim Coburn: Photo credit YachtCloser

YachtCloser Appoints Jim Coburn

YachtCloser, the yacht brokerage industry’s web-based contract management system, names Jim Coburn to its strategic advisory board. In this capacity, Coburn will work with the YachtCloser team on the development of new and innovative products and services designed to streamline the financing process from initial application to closing. YachtCloser provides a secure online platform, complete with 21st-century e-signature technology, to expedite yacht listings, sales and purchases.