The yacht brokerage, charter, and management firm Moran Yacht & Ship has built a reputation for selling and managing some of the industry’s most renowned superyacht builds. This year alone, the company has delivered two world-class projects: the 122-meter Lürssen yacht KISMET, one of many builds undertaken with the German yard, and the 61-meter ASIA from Royal Hakvoort. With several major projects underway, including two 60+ meter yachts in-build at CRN, we sat down with Managing Director Taylor Craig to learn more about the complexities behind new-build project management and to understand what sets the team at Moran Yacht & Ship apart.
How involved is Moran in the contractual process and why is this an important step for the success of a project?
Our project managers work as the connecting bridge between the designers, shipyard and client—the point guard of the basketball team if you will. The aim is to become involved in the project from the moment of inception and to follow the journey right through to warranty, because this enables us to help define the scope of the project and to maintain control over the project through every stage.
This is incredibly important for a number of reasons. Firstly, we invest a great deal of time in understanding the owners wishes and expectations before a builder, and sometimes even a designer, is involved, which allows us to safeguard those wishes during the entire project. Secondly, because a thorough scope leads to a clear contractual agreement and only a really thorough specification can prevent change orders, which are the number one issue with long-term build projects.
Our team lays the foundation for the new-build project, and the earlier they are involved, the stronger that foundation is. We need to know and understand what was agreed upon from the beginning and that is why this process is essential for the project’s success. At Moran, we really believe in this foundational approach, and we pride ourselves in delivering on that construction specification to the highest level.
How does your team protect the interests of the owner during the course of complex and lengthy builds?
It is really important for our team to have a good history and relationship with clients, designers and builders in order to advance discussions and to keep the client’s priorities as the focus. That knowledge helps them understand how the different parties function; an invaluable skill when it comes to items of contention for example. It also allows you to troubleshoot issues with the shipyard, in order to problem solve and come up with compromises that reduce costs while delivering results.
Of course, having that high-level Moran specification gives you a head start because it allows you to eliminate areas of possible contention or dispute before they arise. The goal is to prevent or minimize change orders that increase costs for both the client and the builder and we are known for successfully delivering on the contract price.
What do you think sets Moran apart?
We demand a deep level of technical knowledge and knowhow within the team, which means that all of our client representatives and brokers have a robust network of expertise around them to help overcome any challenges. Moran is also unique in that we don’t put our team into specific boxes. Rather, we ensure that each member of the team is competent in performing the full spectrum of brokerage tasks, from charter to new-build management.
This creates a real sense of collaboration with the projects we work on, both internally, as well as with the shipyards and designers. A big part of that comes from the relationships that our team builds with those stakeholders. That really sets us apart—that and the fact that we are so focused on the early development of that high-level specification that really enables us to deliver the promised results.
While we are the advocate for the client, we are also there to support the entire ecosystem of the project and we make sure that before we set out on any build, we do a thorough due diligence of all parties involved. At the end of the day we don’t want shipyards or clients losing money, so it is our responsibility to create and develop solutions that benefit everyone.
Our belief is that our team’s knowledge and experience enable them to take care of all aspects of a project to the highest level, which we demand for our clients.
Looking specifically at the recently delivered projects KISMET and ASIA, can you share an insight into some of the complexities?
We are very proud of both of those projects. The 122-meter KISMET is the third new construction project that Moran had done with that client, which is a rare thing and a testament to the success of our process and team.
It is always our goal that clients will return to us yacht after yacht. Too often you hear about an Owner having a bad experience during a build, they decide that yachting is not for them, and when that happens the whole industry suffers. KISMET’S owner has also been building successively larger yachts each time, from 68-meters, to 95-meters and now 122-meters. That is really representative of the clients we work with today, who are mostly in that upper market segment. This, again, says a lot about our capabilities because these are increasingly complex projects. A return client like this also demonstrates the trust the client has in us to deliver what we promise, for the best possible price, which is the standard we set for ourselves.
The 61-meter ASIA at Royal Hakvoort was also a lovely and exciting project. We’ve completed a number of builds at Royal Hakvoort, which is a really impressive family run business. ASIA’S owners were heavily involved in the development and design of that yacht, which always gives us a lot of fulfillment, especially seeing their satisfaction as the project unfolded.
Moran has a long standing relationship with many Northern European shipyards, how has the current process been with CRN on these two custom projects?
CRN has been excellent and the team at Ferretti Group have been incredibly supportive during these builds. They are a great example of a shipyard that we spent time looking into before we began working with them. We found that they were really enthusiastic when it comes to custom projects, and that they are motivated to build world class yachts. CRN wants to deliver the best possible product for their clients and they are also open to collaborating with us during this process which has been rewarding for all parties involved.
So far the build of the two boats, the 68-meter Project 146 and 67-meter Project Maranello, is progressing well and I look forward to this continued relationship.
When it comes to warranty and yacht management, what kind of service does Moran offer its clients?
So typically, prior to delivery, we will introduce our management team to prepare certain regulatory aspects, to assist with the implementation of the crew, and to oversee the finishing touches that go into delivering a turnkey boat. We are then heavily involved over the following years in overseeing the warranty process to ensure that everything continues to run smoothly.
Our fleet is given a high level of attention, not just from the management team, but also from the brokers and support staff. The goal is that owners can turn to Moran for any questions and queries relating to their yacht, and if one person doesn’t have the answer because it’s not related to their involvement in the project, someone within the team will. Again that comes down to our development of a deeply knowledgeable and robust team, able to understand and quickly address any issues that might arise throughout yacht ownership.
Written by Francesca Webster for SuperYacht Times