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THE BUSINESS OF YACHTING AND SHIPPING
By Mike Vaughn
150 pages
About the Author
Mike Vaughn is a Maritime Attorney based in Huntington each, California whose practice is restricted to maritime business and vessel acquisition and sales.
Synopsis of the Book
This is an important reference book for anyone involved in the acquisition and sale of yachts and ships. It provides a detailed, step by step series of forms to deal with almost any situation.
Table of Contents
INTRODUCTION
YACHTS – BOATS – SHIPS
Chapter 1 -- Yachts - Boats - Ships
Chapter 2 -- Sailing & Power Yachts
Sailing Yachts
Power Yachts
Selecting the Right Yachts
Sailing Goals
Sail vs. Power
Maintenance Costs
Monthly Maintenance
Annual Expenses
Bi-Annual Expenses
Other Costs
Evaluating a Yacht
Chapter 3 -- Purchasing a Used Yacht
Figure 1 – Offer to Purchase
Broker Fees & Commissions
Selecting a Surveyor
The Sea Trial
Closing
Title
U.S. Documentation
Taking Title
Sales Tax
Insurance
Certificate of Documentation
Additional Information
Chapter 4 -- Building a New Yacht
Manufactured Boats
Customized Manufactured Boats
Building a Custom Boat
Speculation Boats
Shipyards
Selecting a Shipyard
Sales Tax
COMMERCIAL SHIPS
Chapter 5 -- Commercial Ship Design and Evaluation
Commercial Ship Design
Tonnage
Load Line
Evaluating Ships
Classification Societies
Major Societies
Lloyds
American Bureau of Shipping (ABS)
Societal Codes
Surveyors
Hull Survey
Machinery Survey
Marine Consultants
Safety of Life at Sea (SOLAS)
Market Evaluation of Commercial Ships
Current Market Value
Chapter 6 -- Types of Commercial Ships
Cargo Ships
Bulk Carriers
Break Bulk Cargo Ships
Container Ships
Tankers
Specialized Cargo Ships
Ro/Ro
Refrigerator Ships
Passenger Ships
Cruise Ships
Small Passenger Vessels
Excursion Boats
Passenger Ferry / Auto Ferry
Gambling Vessels
Work Boats
Tugboats
Offshore Supply Vessels
Utility Boats
Crew Boats
Pilot Boats
Fire Boats
Research Ships
Fishing Boats
Trawler / Seiner
Longliners
Processors / Factory Ships
Non-Self-Propelled Vessels
Hotel Ships
Floating Dry Docks
Dredges
Barges
Regulation, Registration, Documentation & Certification
Chapter 7 -- Vessel Regulation, Registration, Documentation & Certification
U.S.C.G. Documentation
Commercial Ship Registration
Citizenship of Owner
The Certificate of Documentation
Figure 2 - Certificate of Documentation
Foreign Registration
Figure 3 – Foreign Registry
Permission for Sale to Foreign Buyer
The Jones Act
Sales Tax & Miscellaneous Regulations
Sales Tax
California Sales Tax
Pollution
Liabilities & Warranties
Salvage Claims
Chapter 8 -- Vessel Charters
Bareboat or Demised Charters
Time or Voyage Charter
Sale Charter
Chapter 9 -- Marine Financing
Conventional Marine Financing
Types of Lenders
Yacht Lenders
Manufacturer Lenders
Lenders of Last Resort
Venture Capital
Applying for a Maritime Loan
Alternative Types of Financing
Owner Financing
Charter with Purchase Options
Leasing
Chapter 10 -- Mechanics of the Sale
The Purchase Process
Purchase Agreement
Norwegian Sales Form
Yacht & Ship Brokers
What Should You Expect from Your Yacht Broker?
Surveyors
Classification Surveyors
Documentation Service
Maritime Liens & Ship Mortgages
Chapter 11 -- First Preferred Ship’s Mortgages
Foreclosure of a Ship’s Mortgage
First Preferred Ship’s Mortgage Form
Chapter 12 -- Seller’s and Buyer’s Checklists
Checklist for Sale of Vessel
Checklist for Purchase of Vessel
Chapter 13 -- Glossary of Maritime Terms
References
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