Transforming yacht services with Praxis Select

In this Q&A Bruce Maltwood, our Yacht Services Director, shares his views on the newly launched Praxis Select suite of yacht services solutions for pleasure and commercial vessels.

Designed to support to the specific requirements of the captains and owners of sub 500-gross ton yachts, Praxis Select is transforming the yacht services landscape and setting new benchmarks in delivery and efficiency.

What was the inspiration behind developing Praxis Select yacht services solutions?

In recent years, many of the superyacht owners and captains we have spoken to have expressed concern about the set up costs for yacht services and the unpredictability of a variable fee structure. In response to this, we identified an opportunity to develop a tiered fixed-fee offering for sub-500-ton yachts that encompasses ownership, and yacht and crew management with the flexibility to cater to yacht-specific requirements.

The result is Praxis Select, which significantly streamlines the effort required in developing personalised yacht plans with ownership and administration support ashore while at the same time ensuring safety, efficiency, cost effectiveness and the highest professional standards on-board.

By integrating advanced technology and expert knowledge, Praxis Select significantly reduces the administrative burden for captains and owners creating efficiencies in time and cost. Our platform ensures that management tasks are executed quickly and accurately, freeing our clients to enjoy their yachts without the hassle of day-to-day management complexities.

Our specialist teams can handle everything from company incorporation services to crew payroll, ensuring all aspects are covered with the utmost care and expertise.

Can you explain how Praxis Select differs from traditional yacht services solutions?

Unlike many other yacht management and corporate service providers, we do not rely on ‘white label’ arrangements with business partners – all our services are provided by Praxis in-house, which ensures our service levels, quality assurance and team responsiveness are where they need to be.

Praxis Select is available in three packages: LITE, Classic and Enhanced, all delivering a combination of ownership, yacht management and crew services under a single monthly fee. One of the other key USPs is the ability to select a zero-cost set-up fee option, which helps owners and captains to manage their costs on a monthly basis, avoiding both unforeseen invoices and the onboarding costs that other firms demand. We believe this to be unique in the market and it is being very well received.

The first step is to consult with the client to establish the most appropriate solution at which point we can also outline the pricing model and onboarding timeframe – this makes the process transparent from the get-go.

What are some of the key features of Praxis Select yacht services solutions?

The Praxis Select suite features tailored management plans, set monthly fees, advanced technology integration for streamlined operations, specialist corporate ownership, proactive crew management, and 24/7 client support.

We also offer extensive financial oversight, which simplifies the complex financial aspects of yacht operation, ensuring clear and concise management. These features collectively provide a seamless and efficient experience catered to each yacht's unique needs.

What should yacht owners and captains consider when choosing a yacht services provider?

A good yacht service provider offers transparency, flexibility, and a proven track record of excellence. Our yacht services team provides all these, coupled with a commitment to continuously adapting our offering to meet the evolving needs of our clients.

What future developments can we expect from Praxis’ yacht services division?

We are continually seeking ways to innovate and improve and are committed to maintaining the standards, ensuring that our clients always receive the best possible service.