Resources

Yacht buying & charter, in plain English.

Every industry has its own dictionary. This page exists so first-time buyers and charter guests can decode the contracts, surveys and listings they encounter — without a broker hovering over the page.

Buying

MoA (Memorandum of Agreement): The contract between buyer and seller for a yacht sale. NewSail typically uses the MYBA or IYBA standard form, modified for Italian/EU specifics. The MoA fixes price, deposit, survey conditions, closing date and acceptance criteria.
Sea trial: A buyer-attended test run, usually 2–4 hours offshore, used to assess engines under load, handling, noise/vibration, and onboard systems. Standard contractual right under most MoA templates, with the buyer covering fuel.
Survey (Pre-purchase condition survey): Independent inspection of hull, machinery, systems and structure by a SAMS- or YDSA-credentialed surveyor. The report becomes the basis for either accepting the yacht, renegotiating, or withdrawing. Normally paid for by the buyer.
POA (Price on Application): A listing where the asking price is not publicly displayed. Standard practice on superyachts and high-end private hulls — protects seller anonymity and discourages tyre-kickers. Genuine offers receive the figure on request.
Subject to survey: Offer language that makes the contract contingent on a satisfactory pre-purchase survey. Standard MoA clause that lets the buyer renegotiate or walk away if the survey reveals undisclosed condition issues.
Lien search: Pre-purchase verification of any outstanding mortgages, maritime liens, or legal claims against the yacht. Performed by the maritime lawyer drafting the MoA. A clean lien search is a closing condition — outstanding liens must be discharged before ownership transfer.
Escrow agent: A neutral third party (typically a maritime lawyer or specialised yacht escrow company) holding the buyer's deposit and balance of funds until all closing conditions are met. Releases funds to the seller only on confirmed ownership transfer. Standard in MoA-template transactions to protect both parties.
Bill of Sale: The legal document transferring yacht ownership from seller to buyer at closing. Executed alongside the MoA. Recorded with the relevant flag registry as the basis for the new ownership registration. The Bill of Sale is the document that legally completes the transaction.

Tax & Flag

VAT-paid status: A yacht that has had EU VAT paid at some point in her history. Critical for free movement within EU waters. Yachts sold without VAT-paid status face import VAT on first EU entry — typically 22% in Italy.
Flag: The country in which a yacht is registered. Affects tax exposure, regulatory regime (MCA, RINA, ABS), and crew certification rules. Common European pleasure flags: Italian, French, Maltese, Marshall Islands, BVI, UK.
MCA Coding: Maritime & Coastguard Agency (UK) commercial codes — Cat 0, 1, 2 — applied to yachts in commercial charter. Cat 2 is the most common Mediterranean coding (60nm from safe haven). Required for legal commercial charter.
Bareboat Charter: Renting a yacht without crew. Renter holds appropriate licence (RYA Coastal/Yachtmaster Offshore, ICC). Distinct from crewed charter — different insurance, contract and skipper-on-paper structure.
Temporary Importation: EU regime allowing non-EU-flagged yachts to remain in EU waters for up to 18 months without paying VAT or import duty — but only if used by non-EU residents and exited from EU waters at the end of the period. Restarted by clearing customs outside EU waters. Post-Brexit, also applies to UK Red Ensign-flagged yachts owned by EU residents.
IMO Number: A unique 7-digit identifier assigned by the International Maritime Organization to commercial ships and yachts over 100 GT. Permanent — does not change with ownership or flag changes. Useful for identity verification in registries and lien searches.
HIN (Hull Identification Number): Unique 14-character identifier embossed on the hull (typically on the starboard transom). Equivalent to a car's VIN. Used for registry verification, recall notices, and ownership-history tracking. Required for all CE-marked yachts.

Charter

APA (Advance Provisioning Allowance): A deposit of roughly 25–35% of charter fee paid before the trip, used to cover fuel, dockage, provisions, communications and other variable expenses. Settled at the end of charter with a reconciliation; any unused balance is refunded.
MYBA Agreement: Standard charter contract drafted by the Mediterranean Yacht Brokers Association. Defines crewed-charter terms, gross charter fee, APA, delivery/redelivery, force majeure, and dispute resolution. Industry default in the Mediterranean.
Crewed charter: Charter with a professional crew aboard — captain, chef, stew(s), engineer as applicable. Standard model on yachts over 18 metres in the Mediterranean. Crew is paid by owner; service tip (5–15% of charter fee) is customary.
Cruising ground: The agreed area within which a charter operates — e.g. "Costa Smeralda + La Maddalena" or "Croatia (Šibenik–Dubrovnik)". Defined in the MYBA contract; transit outside this area requires owner approval.

Specification

LOA (Length Overall): Total horizontal length of the hull from bow to stern, including bowsprit/swim platform if integral. The primary length metric in brokerage. Distinct from LWL (load waterline length).
Beam: The widest point of the yacht — typically near midships on a motor yacht, further forward on a sailing yacht. Determines marina fit and interior volume per metre of length.
Draft: Vertical distance from waterline to lowest point of the hull (or keel). Limits which marinas, anchorages and rivers a yacht can access. Shoal-draft hulls (under 2.0m) open up more cruising options in the Adriatic and Aegean.
Displacement: The mass of water displaced by the hull, equivalent to the yacht's weight. Measured in tonnes. Determines fuel efficiency, sea-keeping, and ride comfort. Heavy-displacement = slower but more comfortable in seaway.
Refit: A planned overhaul — typically engines, electronics, interior, paint — used to bring an older hull to current spec. A 2024 refit on a 2008 hull changes both the look and the survey result. Refit year is a critical brokerage data point.

Yacht types

Flybridge: An open upper deck above the main saloon, with helm, seating and often a wet bar. Standard layout on Italian and northern European motor yachts. Provides 360° visibility for the helm and outdoor entertaining space.
Catamaran: Twin-hulled yacht — common in Mediterranean charter for its stable platform, shallow draft, and large guest spaces relative to monohull length. Sailing cats (Bali, Lagoon, Leopard) and motor cats are distinct categories.
Sportfish: Motor yacht optimised for offshore fishing — typically with fighting cockpit, tower, outriggers and fast cruising speed. Less common in the Mediterranean than the Atlantic but seeing increased interest.
Superyacht: Industry convention: any yacht over 24 metres LOA — the threshold for MCA / Large Yacht Code applicability. Below 24m is "yacht"; 24–50m is "superyacht"; over 50m is "megayacht" in common parlance.

Construction

GRP (Glass-Reinforced Plastic): Composite hull construction using glass fibres in a polyester or vinylester resin matrix. The dominant hull material for production yachts since the 1970s. Modern variants include vacuum infusion and vinyl-ester layups for better osmosis resistance. Most Bénéteau, Jeanneau, Bavaria, Lagoon, Bali, Fountaine-Pajot, Ferretti and similar volume builders use GRP.
Aluminium hull: Hull construction using marine-grade aluminium plates welded over a frame. Lighter than steel for the same strength, common on superyachts (Heesen, Wally, Vitters), explorer yachts, and high-performance designs. Demands specialised welding for repairs and sacrificial anodes to manage galvanic corrosion.
Steel hull: Hull construction using steel plates welded over a frame. Heavier than aluminium or GRP but exceptional impact resistance and durability. Standard for displacement-hull explorer yachts (Damen, Feadship lower hulls), commercial vessels, and traditional motorsailers. Requires consistent rust management.
Composite construction: Modern hull construction using a mix of GRP, carbon fibre, and core materials (typically PVC foam or balsa) in a sandwich layup. Used by performance builders (Pershing surface-drive hulls, Wally, custom builds) for stiffness-to-weight ratio superior to monolithic GRP.

Classification

RINA (Registro Italiano Navale): Italian classification society — the IACS-member body that issues hull certifications, surveys, and code compliance for Italian-flagged yachts. RINA Charter, RINA Pleasure, and RINA Yacht codes apply to different yacht categories. Comparable to UK's Lloyd's Register or US ABS.
Lloyd's Register: British classification society — historic IACS member founded 1760. Provides hull certifications and structural verification for commercial-coded yachts and large private yachts. Particularly common on UK Red Ensign-flagged superyachts.
CE marking: European Conformity marking on yachts sold in the EU — divides yachts into Categories A (Ocean), B (Offshore), C (Inshore), D (Sheltered) based on design wave height and wind speed capability. Required for new yachts placed on the EU market.

Brokerage

Listing agreement: The contract between yacht owner and brokerage authorising the broker to market the vessel for sale. Defines commission rate (typically 6-10%), exclusivity status, duration (typically 6-12 months), marketing budget, and termination terms. NewSail uses MYBA-template listing agreements adapted for Italian law.
Exclusive listing: A listing agreement where one broker has the sole right to market the yacht for a defined period (typically 6 months). The broker invests in photography, marketing and promotion in exchange for the exclusivity. Non-exclusive (open) listings allow multiple brokers to market the same yacht — generally results in lower marketing investment per broker.
Co-broking: When a buyer's broker and seller's broker split the commission on a transaction. Standard in the brokerage industry — the seller pays the full commission, which is then divided 50/50 between the two brokers. NewSail co-brokes with all major Mediterranean brokerage networks.
Off-market listing: A yacht for sale that is NOT publicly advertised on YachtWorld, Boat International, or other public platforms. Marketed only through the broker's private buyer network. Suits owners seeking privacy, premium yachts where price discretion matters, or strategic timing reasons. NewSail handles off-market listings regularly.
Commission: The fee paid by the seller to the brokerage on successful completion of a yacht sale. Standard Mediterranean rate is 8% of gross sale price for yachts under €5M, with tiered reductions for larger yachts. Commission is paid only on completion — no retainer.

Operations

Bunker: Fuel and water taken aboard at marinas or fuel docks. "Bunkering" the act of refuelling. Mediterranean marina fuel prices vary 20-30% across regions — Italian and Croatian generally cheaper than French and Spanish.
Marina berth: A reserved water space in a marina, where a yacht is moored long-term. Berths are sold (transferable rights, e.g. Porto Cervo, Porto Mirabello) or rented (seasonal or annual). Marina berthing for a 25m yacht in peak Mediterranean season: €30k-€150k annually depending on location.
Anchorage: A water area outside a marina where yachts anchor temporarily. Some are formally designated; others are informal but well-known (Calanque, La Maddalena, Hvar lagoons). Many of the Mediterranean's most photographed yacht spots are anchorages, not marinas — Capri Marina Piccola, Positano, Faraglioni.
Sea trial: A test run of the yacht at sea — typically 2-4 hours offshore. Used to verify engine performance under load, handling characteristics, noise/vibration levels, electronics function, and full-system operation. Standard contractual right for buyers under MoA; buyer covers fuel.
Skipper: The person in charge of the yacht — captain or owner-operator. On commercial-coded yachts, the skipper must hold the appropriate licence (e.g. STCW + Master of Yachts 200T for charter operations). On private yachts, skipper licensing depends on flag state requirements.
STCW: Standards of Training, Certification and Watchkeeping for Seafarers — the international maritime crew certification standard. STCW Basic Safety Training (BST) is required for all crew on commercial-coded yachts. Higher STCW certifications (Master of Yachts, OOW) apply to captain and senior crew positions.

Still uncertain?

These definitions cover the common cases. For yacht-specific or transaction-specific questions, a 15-minute call with a NewSail broker usually settles it.

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