Unprecedented times are back. We are working here to answer all the frequently asked questions regarding the outcome of the Russian sanctions imposed on yachting.
What to do if you are let go suddenly?
Reach out to those who can offer professional advice for your legal situation regarding your contracts. Nautilus union members are encouraging members to contact them if there is a circumstance change. Speak with financial advisors regarding mortgages and saving for the period you are looking for a new position. Also speak with recruiters to ensure your CV maximizes your experience in the market. The team here are open to helping and will give feedback on CV’s and next steps.
Will yachting recover from this?
Yes, we hope it will be swift; however, the legality of yacht ownership and the sanctions could take a time to resolve from what experts are telling me. Potentially some yachts will be auctioned or sold as this could end some owners’ relationship with yachting. No one wants to see the yachts go to waste and yards/berth will be conscious of the upkeep costs of having a sanctioned yacht. This could have a flip side of new owners purchasing yachts.
Should I stay onboard?
This is a question really for a legal professional. Some crews have been moved off legal authorities where the yacht is sanctioned. Take real advise on this. The PYA have issued a statement regarding this.
What will the Med season look like?
It has the potential to be quieter with less yachts moving but overall the percentage of yachts that have been sanctioned or are facing sanctions is very low in the contract to the 5000+ superyachts over 24m. Some of the larger yachts are sanctioned so there is a potential to have lesser jobs and opportunities than previously, however this really depends if you look at the yachting world in a wide angle lens or simply focus on the current high profile yachts.
Please feel free to message with more questions you have. We are asking industry experts for input to these questions for a fair open view.