SHARING THE SEAS, SHARING THE COSTS
While many of us dream of boat ownership, and sometimes, that boat we dream of is just out of reach, there are other options for those a little stretched to get on the water or to enjoy a higher quality or larger vessel than might be affordable individually.
The investment in a boat and our busy schedules often make us question whether we’ll use them enough to justify the initial cost and ongoing maintenance. Larger vessels can rack up tens of thousands annually for storage, insurance, and upkeep alone. Even smaller boats and jet skis, while cheaper, still require a financial commitment. And for some, in our urban lifestyles, finding adequate storage at home isn’t always feasible.
There are now several options available for boat sharing or shared ownership. These options are for individuals who want to enjoy boating without owning a whole vessel outright. We have explored these options in more detail for those itching to get out on the water!
FRACTIONAL/SYNDICATE/SHARED OWNERSHIP
This involves multiple parties sharing ownership of a single boat. Each owner typically has a set amount of time allocated for personal use of the boat, and responsibilities and costs are shared according to the ownership agreement. For a managed syndicate, all maintenance/service responsibilities are handled by the company, not the owners.
Fractional boat ownership is a concept where multiple individuals or entities collectively own a single boat or a fleet of boats. Instead of owning the entire vessel outright, each owner purchases a fraction or share of the boat, typically divided into percentages or units. Multiple co-owners (sometimes referred to as shareholders) jointly own the boat. Each owner holds a percentage of the asset, which determines their rights and responsibilities regarding the use, maintenance, and costs associated with the boat. For a managed syndicate, all shareholders have an equal share of the boat. Therefore, all of the maintenance costs are divided equally, and they all get given the same amount of usage days.
In many fractional ownership arrangements, a management company or entity is responsible for overseeing the boat. This entity handles scheduling, maintenance, repairs, and other operational aspects. They may also provide management services, ensuring the boat is ready for use whenever an owner schedules a trip. Owners typically receive a predetermined usage time based on their share percentage. Depending on the agreement, this usage can be scheduled in advance, and owners may have access to the boat during specific times or seasons. Costs such as purchase price, insurance, mooring fees, maintenance, repairs, and upgrades are shared among the co-owners based on their ownership percentage.
Owners may have the option to sell their share at any time, subject to the terms of the ownership agreement. The management company or a predetermined process often facilitates the sale to ensure a smooth ownership transition. Fractional ownership provides flexibility compared to sole ownership. Owners can enjoy using the boat without sole ownership’s full financial and time commitments. It’s also a way to enjoy a higher quality or larger vessel than might be affordable individually. As with any shared ownership arrangement, a legal agreement defines the rights and obligations of each owner. This contract covers usage rules, maintenance responsibilities, financial contributions, dispute resolution, and other important aspects to ensure clarity and fairness.
Fractional boat ownership is popular among individuals who want to enjoy the benefits of boat ownership without the entire cost and hassle of sole ownership. It’s particularly beneficial for those who want to use a boat occasionally or seasonally, prefer not to deal with the logistical aspects of boat maintenance, or find the upfront cost of purchasing a boat simply out of reach.
Shared boat ownership, like any arrangement involving joint ownership, comes with its own set of advantages and disadvantages, such as:-
ADVANTAGES
- Cost Sharing: Shared ownership allows individuals to split the initial purchase cost and ongoing expenses such as maintenance, storage, and insurance.
- Access to Better Boats: Pooling resources with a group of mates can enable access to a larger or more luxurious boat than one could afford individually
- Shared Responsibilities: Maintenance tasks and responsibilities can be divided among co-owners, reducing the burden on each individual and ensuring the boat is well-maintained or in managed syndicates, the shareholders do not handle any of the maintenance, it is all managed by the respective company.
- Flexible Use: Most shared ownership agreements include a schedule or rotation system that allows each owner to use the boat during specific times, providing flexibility and ensuring fair access to all owners.
- Diverse Expertise: Co-owners may bring different skills and knowledge to the table, which can be beneficial for maintaining and operating the boat effectively.
DISADVANTAGES
- Coordination Challenges: Coordinating schedules and usage among multiple owners can sometimes be challenging, leading to conflicts over usage times or maintenance responsibilities. With managed syndicates, this, of course, does not apply, as each shareholder is given the same amount of usage days and does not hold any maintenance responsibilities.
- Shared Decision-Making: Decisions regarding the boat, such as upgrades, repairs, or selling, often require consensus among all owners, leading to delays or disagreements.
- Unequal Usage: Depending on the arrangement, some owners may feel they aren’t getting their fair share of usage time, especially during peak seasons. Once again, in a managed syndicate, all owners are given equal peak/nonpeak days.
- Financial Liability: If one owner defaults on payments or maintenance responsibilities, it can impact the entire group financially and operationally. In managed syndicates, if one of the shareholders defaults on payments, it does not usually affect the other owner’s usage of the boat in any way.
- Resale Complications: Selling a share of a boat can be more complex than selling a whole boat, as it requires finding a buyer who is willing to enter into the shared ownership arrangement.
BOAT SHARE COMPANIES
Companies offering boat share options include:-
Yachtshare was one of the pioneers of yacht sharing in New Zealand, launching in 1998 to make boating more accessible and enjoyable. Specialising in both monohull and catamaran sailing boats, Yachtshare provides a seamless way to experience the freedom of sailing without the challenges of full ownership. Offering flexible membership packages, Yachtshare’s annual membership allows you to explore the Hauraki Gulf and beyond with ease. For just a monthly fee, members gain access to a choice of meticulously maintained vessels, ranging from 30-foot cruisers to 52-foot luxury yachts. The membership includes valet services, full maintenance, online bookings and the support of an experienced team, ensuring your time on the water is entirely stress-free.
Daily by Yachtshare is a proudly New Zealand-owned company, offering an innovative approach to boating. With over 25 years of experience in subscription boating, Daily by Yachtshare provides an easy and affordable way for people to enjoy the water without the hassle of ownership. Operating from two premium Auckland locations—Westhaven Marina and Pine Harbour Marina—Daily by Yachtshare gives members convenient access to the region’s stunning coastline and waterways.
The company offers three flexible subscription options: Weekday, Any Day, and Multi-Day packages, allowing full-day bookings to give you the best opportunity to explore the Hauraki Gulf and spend quality time with friends and family. Specialising in boat-sharing, Daily by Yachtshare offers a fleet of meticulously maintained vessels, including the high-performance Buccaneer 635 HT, with more models on the way.
Yacht Syndicates offers a unique and flexible way to enjoy the luxury of owning a high-performance powerboat or sailing catamaran without the responsibilities of full ownership. With over 25 years of experience in the yacht share industry, Yacht Syndicates has become a trusted name for boat lovers who want to enjoy the thrill of the water at a fraction of the cost.
The fleet features premium vessels, including the renowned Leopard catamarans, one of the most sought-after sailing cats on the market. Yacht Syndicates offers 1/6 ownership packages, giving clients access to world-class boating experiences with the freedom to enjoy time on the water without the
hassles of maintenance, storage, or cleaning. Their walk-on, walk-off service makes it easy to step aboard and set off, knowing everything is taken care of for you. Whether you’re after weekend getaways, day trips, or special events, Yacht Syndicates provides an affordable and hassle-free boating solution.
Freedom Boat Club, the world’s largest and oldest boat club, is revolutionising the way people experience boating. Backed by Brunswick Corporation, a global leader in the marine industry, Freedom Boat Club has already proven its success in over 400 locations worldwide, including Australia, Europe, and North America. Now, this innovative concept is set to make waves in New Zealand, with operations beginning in early 2025. The flagship location will be at Auckland’s iconic Westhaven Marina, with Christchurch and Queenstown following closely behind.
The introduction of Freedom Boat Club to New Zealand is being spearheaded by Scott Williamson, a veteran of the marine industry and a driving force behind Sports Marine’s 45-year legacy. With deep roots in the New Zealand boating community, Williamson aims to make boating more accessible, flexible, and enjoyable for Kiwis. Freedom Boat Club offers an alternative to traditional boat ownership, removing the typical barriers of cost, maintenance, and time commitment while maximising convenience and enjoyment.
Members pay a one-time joining fee and a monthly subscription, which covers everything from cleaning and maintenance to insurance and marina fees. Unlike traditional ownership, there are no unexpected repair bills or storage concerns. The only additional cost is fuel, which is topped up for you after your boating adventure. Freedom Boat Club’s New Zealand fleet will include high-quality vessels from leading brands, starting off with brands such as Sea Ray and Rayglass. Whether you’re planning a family outing, a fishing trip, or a leisurely cruise, there’s a boat in the fleet to suit your needs.
Members can reserve boats using an intuitive online booking system. When you arrive, the team greets you; the vessel is ready and waiting—clean, fueled, and equipped for your day on the water. Simply step aboard and enjoy, with no post-trip cleaning or maintenance required. Safety and confidence are paramount. Members receive unlimited training, including on-water sessions with professional instructors, ensuring that even those new to boating can enjoy their time on the water with ease.
Membership comes with access to Freedom Boat Club’s extensive global network. Whether you’re exploring the coastlines of Australia, cruising in Europe, or holidaying in the U.S., members can reserve boats at any participating location worldwide. Freedom Boat Club is perfect for anyone—from seasoned boaters who want to skip the hassles of ownership to newcomers seeking a seamless introduction to boating. Even busy professionals and families with packed schedules can enjoy stress-free days on the water.
The launch of Freedom Boat Club in New Zealand is poised to transform the boating landscape. As urbanisation and limited storage options make boat ownership increasingly challenging, Freedom Boat Club offers an innovative solution. For those who dream of boating without the burdens of ownership, Freedom Boat Club provides a simple and revolutionary answer: “The Easiest Way to Boat in New Zealand.”
Ownaship is New Zealand’s longest-running and one of the most successful boat-share companies. They manage a fleet of over 30 boats and 200 shareholders.
Their premium syndication options include Rayglass, Maritimo, Elite AT43 and Fountaine Pajot — all top-quality luxury brands they are proud to partner with. Their walk-on, walk-off boat shares are all about making boating easy, affordable and hassle-free so you can get out on the water faster, easier, and at a fraction of the cost. How it works – purchase equity in a specific vessel, pay an annual management fee, get either a 1/6 or ¼ share which gives you 57 days a year or a 10% share which gives you 33 days. They offer an online booking system, and with their walk-on, walk-off service, you will never make a bed or wash your boat down again!
36 Degrees Brokers is another Auckland company offering boat syndicates through The Yacht Collective. It provides 1/6 shares in a premium range of sailing yachts, catamarans and motor yachts.
With The Yacht Collective, owners purchase equity in a late-model boat and pay a monthly fee for maintenance expenses and running costs (excluding fuel). A 1/6 ownership in the boat entitles owners to a minimum of 54 bookable days per year and unlimited standby access. Motor vessels include a Beneteau Gran Turismo 41, Beneteau Swift Trawler 41, and they are currently taking expressions of interest for the brand new Lagoon 43 model released in 2024.
Skipperi is a boat-sharing service with a difference. They offer a membership-type service. This gives members access to Coastguard’s online day skipper course, a 3.5-hour practical training session on the water and utilisation of their new Haines Hunter boats in Auckland at Westhaven, Half Moon Bay and Gulf Harbour Marinas. They offer unlimited boating, 24/7 access to their operations team, booking check-ins and check-outs via the Skipperi mobile app and, best of all, they take care of all maintenance. They offer two different types of membership – the Week Day and the Full Week.
CHARTER COMPANIES
In New Zealand, boat charter companies operate by offering various types of vessels for hire to individuals or groups looking to explore the country’s stunning coastlines, islands, and waterways. A charter company typically operates a few different types of charters such as:
Bareboat Charter: Customers rent the boat without a crew and are responsible for operating it themselves. To charter a bareboat, renters often need to demonstrate boating proficiency and experience.
Skippered Charter: This option includes a professional skipper who operates the boat, handles navigation and ensures safety on board. Customers can relax and enjoy the journey without the stress of managing the vessel.
Crewed Charter: For a more luxurious experience, crewed charters provide additional staff, such as chefs, deckhands, and hostesses, to cater to guests’ needs.
Destinations: New Zealand’s charter companies offer access to diverse and scenic destinations such as the Bay of Islands, Auckland’s Hauraki Gulf, Marlborough Sounds and Fiordland. Customers can typically book charters in advance through the charter company’s website or by contacting them directly. Some companies offer customisable itineraries tailored to specific interests, whether it’s fishing, diving, exploring remote islands, or simply cruising and enjoying the scenery.
PEER-TO-PEER BOAT SHARING PLATFORMS
Like Airbnb, these platforms connect boat owners with individuals looking to rent boats for short periods. Owners list their boats, and renters can browse options based on location, boat type, and availability. Boat owners can list their boats for rent when not using them, making it a flexible option for both owners and renters.
Renting directly from owners often bypasses the overhead costs associated with traditional boat charter companies, potentially making it more affordable. Many platforms provide detailed listings with photos, descriptions, and reviews, helping renters choose the right boat for their needs. They may also include local tips and recommendations from the boat owners about the best places to explore on the water.
Boat Around, GetMyBoat, Boatify Bay of Plenty Boat Hire, Board My Boat, The Bareboat Hire & Drive, The Boat Hire Company and 37 South are a few of the examples of peer-to-peer boat-sharing platforms that operate in New Zealand and Australia. These platforms typically handle transactions, provide insurance coverage options, and offer customer support to ensure smooth rentals for both parties involved. As with any peer-to-peer service, it’s essential for both boat owners and renters to review the platform’s policies, understand the terms of rental agreements, and communicate clearly to ensure a positive experience.
BOAT CLUBS
Some clubs offer memberships that provide access to a fleet of boats for a fee. Members can book boats for specific dates or times, typically paying an annual membership fee and sometimes additional usage charges.
CONCLUSION
Each option has advantages and considerations regarding cost, availability, scheduling flexibility, and responsibilities. Before committing to a shared ownership arrangement, research and consider which option best fits your boating needs and lifestyle. Overall, shared boat ownership can be a practical and cost-effective way to enjoy boating, particularly for those who don’t want the full financial and time commitment.
