A very high quality and specialist practice, which offers fantastic service and knowledge.
Yachts and superyachts have long been considered amongst the ultimate luxury assets. While many are used for commercial or sporting ventures, others are intended purely for leisure. Whatever the purpose, Penningtons Manches Cooper's specialist lawyers provide legal advice on all aspects of yacht and superyacht ownership - from concept through a vessel’s full lifecycle.
With a strong history in maritime law and extensive practical sailing and seagoing experience on board superyachts, racing and pleasure craft, we combine an in-depth understanding of the industry with commercial and practical guidance which is solution focused. Our clients include ultra-high net worth individuals, owners, managers, insurers, yacht brokers, yards, designers, suppliers and marinas.
We advise on new build contracts, including fully custom yachts and any related project management and design contracts, as well as the protection of intellectual property rights. Alongside regular involvement in sale and purchase transactions, our corporate and wealth lawyers can assist with ownership structures, registration and choice of flag. Where finance is required, we provide support on the associated finance arrangements, and importantly security.
Clients frequently seek our legal advice on operational matters including management and crew contracts, and consult our dedicated employment team. Our yacht and superyacht lawyers work closely with the firm’s commercial and ship finance teams to assist with the broad range of matters that derive from owning, managing or insuring yachts, whether operated commercially (including charter) or privately.
If a casualty does occur, we have considerable experience in responding to the incident and handling disputes arising from it. Our lawyers are ready to act immediately following a serious casualty and to advise on any criminal investigation or maritime investigation by the MAIB or its equivalent. We engage with independent technical experts and, where necessary, appoint local lawyers to assist with the preservation and collation of evidence. We have handled high profile yachting incidents, calling also on the expertise of our well-respected reputation management team.
A broad range of contractual disputes may arise from build contracts, finance arrangements or the general operation of a yacht. Our proven track record in this area encompasses product liability and warranty claims, professional negligence, yard liabilities and chartering disputes. In addition to significant High Court proceedings, our litigation practice covers all forms of alternative dispute resolution including international arbitration and dispute resolution.
We have global reach with offices in renowned yachting hubs including France, Spain, Greece and Singapore. Our yacht and superyacht lawyers can readily assist on complex multi-jurisdictional issues which frequently arise in yacht ownership.
Advising on an innovative €7 million secured refinancing of an 86 metre yacht and a three year charter services agreement for a Middle East client. Our yacht and superyacht lawyers are increasingly designing such alternative financing arrangements for markets in which some traditional lenders have lost interest.
Representing the owners and underwriters of a new 28 metre production yacht that was destroyed in a fire at an overseas yard where work under guarantee was taking place. A claim was successfully brought against the yacht’s builders and repair contractors in the Commercial Court in London.
Advising on the purchase of a new build, semi-custom superyacht from an Italian yard and working alongside the yacht manager on the ownership structure. Our client required privately arranged finance and we drafted the loan agreement with supporting documents.