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The hidden dangers of cost-cutting in uk universities.

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Only through such collaborative efforts can the UK’s higher education sector emerge stronger and ... [+] more resilient, ready to face the challenges of the future

UK universities are grappling with unprecedented financial challenges. Rising operational costs, capped tuition fees and a decline in international student numbers have placed immense pressure on their finances. To navigate these turbulent waters many institutions have implemented drastic cost-cutting measures such as layoffs, wage freezes and reductions in staff benefits.

While these actions might provide short-term financial relief they often undermine the long-term stability and success of these institutions, posing significant risks to the quality of education and the broader community.

A Financial Crisis Threatening the Future of Higher Education

The financial difficulties facing UK universities are deeply rooted in funding reforms implemented in 2012. These reforms increased tuition fees to approximately $11,500 per year while slashing direct public funding, shifting the financial burden to students. By the 2022/23 academic year tuition fees accounted for 93% of total teaching income for the sector, up from 64% in 2011/12. Despite this shift the real value of these fees has eroded due to inflation, leaving many institutions in a precarious financial position.

The University of Lincoln, for instance, is grappling with a projected $38 million budget shortfall for the 2023/24 academic year, a situation it attributes to government policies, reported the BBC. To address this financial challenge, the university implemented voluntary redundancies and other cost-cutting measures, which have helped stabilize its finances. However, it acknowledges that expenses are still rising faster than revenue.

This scenario is not unique to Lincoln. The Office for Students, the regulatory body for universities in England, has reported that 40% of higher education institutions are expected to operate at a deficit this year, with some facing their third consecutive year of financial losses. These mounting financial pressures have prompted calls for government intervention to prevent potential closures. Proposed solutions include state-backed loans and a comprehensive review of the current funding model to better support the higher education sector.

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A major point of contention in the financial crisis facing UK universities is the growing disparity between executive pay and the financial sacrifices being made by staff. Of the 66 universities undertaking cost-cutting measures 43 have simultaneously increased their vice chancellors’ pay. At Teesside University, for example, a voluntary severance scheme was introduced to address financial challenges, yet the vice chancellor’s remuneration package rose by 17%, reaching over $460,000. Similar trends are observed at other institutions such as Leeds Beckett University where the vice chancellor’s pay increased by 6.5% to approximately $395,000 amid budget cuts and job losses, according to the Daily Mail .

Chidiebere Ogbonnaya, a professor of human resource management at King’s Business School, King’s College London, discussed this issue in a recent interview, stating, “The widening gap between executive compensation and the financial struggles of university staff is deeply troubling. This disparity not only undermines morale but also sends a damaging message about the institution’s priorities.” Ogbonnaya’s comments reflect the findings of his previous research , which highlight the dangers of cost-cutting initiatives. When organizations use tactics like wage reductions, recruitment freezes, or cuts to employee welfare and benefits, they risk undermining the trust and loyalty needed to maintain a strong and cohesive workplace. These actions not only damage staff morale—they also cause frustration and a sense of being undervalued, leading to more complaints and grievances.

Staff and Students Are Paying the Price

The most immediate impact of cost-cutting measures is felt by university staff and students. Reductions in staffing levels, such as the 200 job cuts at Swansea University, have led to increased workloads for the remaining staff and larger class sizes for students, according to the BBC. This increased pressure affects staff well-being and diminishes the quality of education provided. A demoralized and overburdened workforce is less likely to engage in innovative teaching and research, which are critical to maintaining a university’s reputation and academic standing.

Ogbonnaya’s research underscores how the uncertainty surrounding job security and potential further cuts creates a climate of fear and stress among staff. This environment is far from conducive to fostering a thriving academic community and may discourage talented academics from remaining in or joining the sector.

Students too are significantly affected by these financial decisions. As universities cut costs services that directly impact the student experience, such as mental health support, career services and extracurricular programs, are often the first to be reduced. Additionally, increased class sizes and reduced staff-student contact time can negatively affect the quality of education. For working-class students in particular the effects are profound as they may already face significant financial barriers to higher education.

Financial Instability Is a Threat to Local Economies

The financial instability of universities also has far-reaching effects on the local economy and community. Universities often serve as major economic drivers in their regions, supporting local jobs and contributing to economic vitality. The University of Lincoln, for example, generates over $570 million annually and supports 5% of the town’s jobs. The potential closure of a university would ripple through the community, affecting local businesses, employment rates and the overall economic health of the area.

The collapse of a university could lead to what the Office for Students has termed a “disorderly exit,” with no clear legal framework to manage the aftermath. A sudden closure would be a logistical nightmare, with students potentially having to relocate or transfer to different institutions, often at great personal and financial cost. The reputational damage to the UK higher education sector could also deter future international students, further exacerbating financial pressures.

Ogbonnaya emphasized the broader social impact of university closures, stating “Universities are not just educational institutions; they are pillars of their communities. The loss of a university would be a devastating blow to the local economy and social fabric. The long-term consequences for students, staff and the region as a whole are difficult to quantify.”

A Call for Sustainable Solutions and Responsible Leadership

The financial challenges facing UK universities require a more nuanced and sustainable approach than the current focus on cost-cutting. While reducing expenditures may offer temporary relief it is not a viable long-term strategy for maintaining the quality and reputation of higher education. Instead universities and policymakers need to explore alternative funding models that ensure financial stability without sacrificing educational quality or workforce wellbeing.

One potential solution is to diversify income streams, reducing reliance on tuition fees as the primary source of revenue. This could involve expanding research partnerships, increasing philanthropic contributions and developing new revenue-generating programs such as online education. Additionally, there is a need for a more equitable funding model that considers the actual costs of delivering high-quality education and research.

Government intervention may also be necessary to provide a safety net for struggling institutions. This could take the form of direct grants, loans or targeted investment in areas that support economic growth and social development. However any intervention must be carefully designed to avoid creating a dependency on state support and to encourage financial responsibility and accountability within the sector.

Ogbonnaya underscored the importance of responsible financial management, stating, “Universities must balance their budgets, but they must do so in a way that does not compromise their core mission of education and research. Financial decisions should be made with the long-term health of the institution in mind not just short-term gains.”

The financial crisis facing UK universities is a critical test of leadership and policy. While cost-cutting measures may provide a temporary solution they are not without significant long-term consequences for staff, students and the broader community. University leaders must balance short-term financial needs with the long-term goal of maintaining academic excellence and institutional sustainability.

For the sector to thrive there must be a commitment to transparent decision-making, equitable treatment of all staff and a strategic approach to financial management that prioritizes the core mission of higher education. Policymakers too must play a role in creating a more sustainable funding model that supports the diverse needs of universities across the country. Only through such collaborative efforts can the UK’s higher education sector emerge stronger and more resilient, ready to face the challenges of the future.

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Superyacht sinks latest: Investigators reveal where bodies were found as probe looks at 'crew's responsibility'

Italian officials revealed at a news conference there could be "a question of manslaughter" as they opened a shipwreck investigation and said the probe is also looking at the "crew's responsibility".

Saturday 24 August 2024 18:33, UK

• Superyacht sinking

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• Prosecutor: There 'could be a question of manslaughter'
• Probe 'concentrating' on crew's responsibility
• Seven bodies recovered after five-day search of superyacht wreckage off Sicily
• Saturday's papers pay tribute to youngest victim Hannah Lynch
• Hannah's sister pays tribute to 'my little angel'
• Explained: Inside the superyacht | What challenges have faced divers?
• Eyewitness: Sombre scenes greet rescue teams as final body is brought ashore
• Live reporting by Niamh Lynch

We're ending our live coverage for this evening but here is a recap of what we know:

• Prosecutors have opened a manslaughter investigation into the Bayesian sinking;
• Officials have revealed more details on their investigation and the difficult five-day rescue mission;
• The six bodies found during the search in recent days were all in cabins on the left-hand - and highest - side of the ship. Five were found in the first cabin and the sixth was found in the third;
• Prosecutors said the six passengers were most likely asleep when the boat sank;
• The probe is now focusing on the crew and their responsibilities, with the captain set to undergo more questioning.

Monday 19 August

The Bayesian yacht, flying a British flag, sinks at around 5am local time when the area was hit by a tornado.

Fifteen people are rescued from the 56 metre vessel - including a mother and baby - but another seven remain missing.

One body, later confirmed to be the yacht's chef Recaldo Thomas, is found near the wreck.

It emerges that British technology tycoon Mike Lynch and his 18-year-old daughter Hannah are among six people that remain missing.

Tuesday 20 August

The search continues for the six tourists missing.

It is reported that among those missing are Morgan Stanley International chairman Jonathan Bloomer; his wife, Judy Bloomer; Clifford Chance lawyer Chris Morvillo; and his wife, Neda Morvillo.

Police divers try to reach the hull of the ship, resting at a depth of 50 metres.

Italy's fire brigade Vigili del Fuoco say early inspections of the wreck were "unsuccessful" because of limited access to the bridge and furniture obstructing passages.

The operation is later described as "complex", with divers limited to 12-minute underwater shifts.

Tributes pour in for Mr Thomas, with his friend Gareth Williams saying: "I can talk for everyone that knew him when I say he was a well-loved, kind human being with a calm spirit."

Wednesday 21 August

The search for the six people unaccounted for enters a third day, with crews carrying out inspections of the yacht's internal hull.

A team of four British inspectors from the Marine Accident Investigation Branch (MAIB) arrive in Porticello to look at the site of the sinking.

A helicopter is drafted in to help with the search effort and remotely controlled underwater vehicles are being used, with naval units and cave divers also taking part in the search.

Five bodies are found inside the yacht on Wednesday afternoon. Only four of them are brought to shore.

Body bags are seen being taken to Porticello in the afternoon where dozens of emergency services staff wait.

Searches finish for the day just before 7.30pm.

Thursday 22 August

The search resumes for the remaining missing person.

The body of the fifth missing person, found but not recovered the previous day, is brought to shore.

A fire service boat with flashing blue lights returns with a blue body bag to the port of Porticello just after 8.45am local time on Thursday.

Tributes pour in for Mr Lynch and Mr and Mrs Bloomer after they are identified as having died.

The search is called off at around 8pm in Sicily, with divers expected to begin again at 6.30am on Friday.

Friday 23  August

The search continues for the final person missing from the wreck of the Bayesian, Hannah Lynch.

Vincenzo Zagarola, of the Italian Coastguard, says the search for Hannah has not been "easy or quick", comparing the sunken yacht to an "18-storey building full of water".

The coastguard confirms in the late morning that her body has been found.

A green body bag is brought to the port of Porticello from the site of the sinking.

A spokesperson announces on behalf of the Lynch family that they are "devastated" and "in shock" after the deaths of Mike and Hannah.

Hannah's sister Esme pays tribute to her "little angel".

Saturday 24 August

A press conference is held in the court of an Italian town, Termini Imerese.

Public prosecutor Ambrogio Cartosio tells reporters that his office has opened an initial investigation against unknown persons into manslaughter and negligent shipwreck.

As the focus now turns to the manslaughter investigation, here's another reminder of the seven victims of the sinking and the 15 people who survived. 

A close friend of the Lynch family has added to the chorus of tributes for British tech tycoon Mike Lynch, who died in Monday's superyacht sinking.

Susannah Gurdun, who lives in Suffolk, recalled being "daunted" when she first met Mr Lynch at a dinner party, before discovering he was "so much more than the corporate cliche".

"He was riveting.  He was funny, and kind, and endlessly interesting; capable of talking about anything and everything," she said.

Ms Gardun said the businessman also had a "thrilling ability" to make complicated subjects "accessible to those of us less blessed with a science acumen".

"In particular, he was wonderful with children.  I will never forget hearing him explain to a group of them - including our ten year old son - the physics of why the sky went pink at sunset," she said.

She went on describe Mr Lynch as a "true genius" and "phenomenal creative".

Ms Gardun said his daughter Hannah was also showing "serious literary promise", and added that it was "beyond tragic that we will never know where her own particular brilliance might have led".

"I still feel blessed to have shared that time with them in Spain.  Not just because I witnessed Mike’s incredible storytelling; but because I was given a chance of understanding what that moment said about all four of them as a united vibrant loving family," she said.

"He was an extraordinary human being and it was - truly - a privilege to have known him."

A yacht crew member who survived the sinking has paid tribute to Hannah Lynch, calling her a "diamond in a sea of stars".

Sasha Murray, chief stewardess of the Bayesian, has released a statement after divers recovered the final missing body from the wreckage, which is believed to be 18-year-old Hannah.

"Those who knew her will know that Hannah was a diamond in a sea of stars," she said.

"Bright, beautiful and always shining. What most people may not have seen was the extraordinarily strong, deep and loving relationship she shared with her parents, whom she adored more than anything. 

"While swimming with them she often said, if anything ever happened she would save them. 

"I have no doubt that the Irish, Latina fire that burns in her soul kept that spirited determination alive."

Ms Murray's statement comes as a new image of Hannah Lynch and her father Mike Lynch is released:

Prosecutors announced in this morning's news conference that they have opened a manslaughter and negligent shipwreck investigation.

Officials were unable to answer several queries from the media, saying they needed time to establish the facts, but what are the key questions facing prosecutors? 

Why weren't passengers who remained on board the vessel warned about escaping from the yacht?

The prosecutor in charge of the case, Raffaele Cammarano, suggested that some passengers may have been asleep when others were awake.

Asked why they were not woken up or alerted, he said that is something investigators are trying to work out from the statements of the survivors.

He called it an "essential" part of the inquiry.

Why were several of the passengers in one cabin?

The press conference heard several bodies onboard the sunken yacht were found in a single cabin which was not theirs.

Mr Cammarano said investigators currently do not know the reason for them being discovered in the same cabin.

The chief of the Palermo fire service, Bentivoglio Fiandra, said the yacht pinned to the right and suggested people tried to go on the other side, taking refuge in cabins in the higher part of the wreck.

Why did the boat sink?

The vessel had been deemed "unsinkable" by its manufacturer - Italian shipyard Perini Navi.

The Bayesian was hit by a downburst, according to Mr Cammarano, which are powerful winds that descend from a thunderstorm and spread out quickly once they hit the ground.

Officials will look into the safety equipment on the sunken vessel.

Mr Cammarano was asked about whether there is a black box and if the hatches were left open.

He said investigators do not have exact information about the black box and that the first phase of the inquiry will look into it.

Why were nearby vessels not similarly affected?

Another yacht, the Sir Robert BP, was about 150 to 200 metres from the Bayesian when extreme weather hit.

Its crew helped to rescue 15 people from the stricken vessel.

Italian officials said they would be looking at how the downburst could affect one vehicle and not other nearby vessels.

What weather warnings was the Bayesian alerted to?

Maritime director of western Sicily, Rear Admiral Raffaele Macauda, said the weather at the time of the yacht's sinking was abnormal and there was nothing to suggest such an extreme situation would arise.

He said there were forecasts of winds and a storm alert, but there was no warning of a tornado.

"Given that the conditions were such, there wasn't anything to suggest there could be an extreme situation arising," he said.

"There are vessels that can monitor, after all, these events and one would have thought that the captain had taken precautions."

How long will it take to recover the sailing vessel?

Mr Macauda could not confirm how long it would take to retrieve the shipwreck of the sunken yacht.

"Everything depends on the availability of the owners and the timeframe of the retrieval of the wreck and of course all that has to be submitted to the port authorities and in parallel of course there will be the inquiry results and it's only really then that we will be able to authorise the operation," he said.

"I can't say, like some experts who have already spoken on the subject, [said] that it will be eight weeks."

He made clear that the owners will bear the full cost of retrieval, although he could not estimate the figure.

Italian authorities detailed the challenging and meticulous rescue operation to recover the six missing people from the Bayesian wreck (see 9.18am post).

But why was the five-day search so difficult? 

Read more below...

More on this morning's press conference. 

One of the main updates from prosecutors was that they have opened manslaughter and shipwreck investigations after the deaths of seven people in the Bayesian sinking. 

Watch the announcement below...

Prosecutors have given a lengthy news conference this morning on their investigation into the sinking of the Bayesian. 

Read the full report on the prosecutors' probe below...

Marine investigator James Wilkes has been speaking to Sky News after this morning's press conference.

"Naturally, there are more questions than there are substantive answers at the moment - that's the nature of investigative work.

"Something forced that yacht to roll beyond its nominal stability limits, such that it wasn't able to right itself with the ingress of a certain amount of seawater that was coming into the yacht. 

"So the investigators are going to ask themselves one initial question - what must the conditions have been for this to happen? 

"Then they are going to look at the contributing factors to the yacht, sinking, and, and the unfortunate loss of life." 

Prosecutors said this morning that the future of the investigation is reliant on recovering the wreck. 

Mr Wilkes said the yacht is a "major piece of physical evidence in and of itself." 

"It's lying at 50 metres, which is a recoverable depth. 

"If it was significantly deeper, then I'm not sure they'd be considering salvage at this stage or certainly, the salvage question would be a lot more complicated to answer. 

"But if there was the ability to raise that yacht in one piece safely, then it gives the investigators physically more to look at."

Mr Wilkes said he was unsure if the yacht would have a "black box" - called a voyage data recorder in shipping. 

"It would record things like GPS position, heading speed, engine telemetry, whether the radars were on, what they were recording, alarms, communications from the yacht itself, any audio on the bridge.

"But more often than not, these are on merchant ships. The yacht was a commercial yacht in the sense that it could be chartered out so it's quite possible it has a voyage data recorder on, but I'm not sure that it does. I don't know that as a matter of fact," he said.

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NEWS... BUT NOT AS YOU KNOW IT

Tributes pour in for ‘loving parents’ who died onboard Bayesian yacht

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The family of a couple who were killed in the sinking of the Bayesian superyacht have paid tribute to the ‘devoted, loving parents’.

Chris and Neda Morvillo are confirmed to have been killed after the Bayesian sank off the coast of Sicily on Monday.

A statement from the family said: ‘Chris and Neda were each widely respected for their professional successes, Chris as a distinguished attorney and Neda as a skilled jewellery designer, but their true talents were that of mother and father, son and daughter, brother, sister, uncle, aunt and dear friends to so many. 

‘Neda and Chris lived their lives as devoted, loving parents who always put their daughters and families first.

‘Their passing is a tremendous loss for our family and for the countless people who knew and loved them both.’

A total of six bodies have been found so far, with emergency services saying they believe identities are tech tycoon Mr Lynch , Morgan Stanley International bank chairperson Jonathan Bloomer, his wife, Judy Bloomer, Clifford Chance lawyer Chris Morvillo, his wife, Neda Morvillo and chef Recaldo Thomas.

Hannah Lynch, Mr Lynch’s 18-year-old daughter, is still missing.

• 10:44 PM, August 23, 2024 That’s all for our coverage
• 2:58 PM, August 23, 2024 Lynch family release statement
• 11:40 AM, August 23, 2024 Divers find body of final missing person
• 10:52 AM, August 23, 2024 Search for Hannah Lynch ‘hasn’t been quick or easy’
• 10:37 AM, August 23, 2024 ‘Manslaughter investigation launched’ over sinking
• 9:53 AM, August 23, 2024 Bayesian shipbuilder says crew had time to avoid disaster
• 8:59 AM, August 23, 2024 Italian coastguard ‘trust’ there will be progress today

That’s all for our coverage

We are now wrapping up our live coverage of this story. Please stay tuned and check out the website for any further developments.

Oxford University ‘greatly saddened’ by news of Hannah Lynch’s death

Oxford University has released a statement saying it is ‘greatly saddened’ by news of Hannah Lynch’s death.

18-year-old Hannah was due to study English at the prestigious university in September after receiving her A-Level results earlier this month.

The statement reads: ‘The University is greatly saddened by the tragic death of Hannah Lynch, who held a confirmed place to study English at Trinity College from this autumn. 

‘Trinity and the English Faculty had been looking forward to welcoming Hannah to the University, and we offer our deepest sympathies to her family and friends.’

Lynch family release statement

The Lynch family have released a statement following news of the final missing body being recovered.

A spokesperson said: ‘The Lynch family is devastated, in shock and is being comforted and supported by family and friends. 

‘Their thoughts are with everyone affected by the tragedy.

‘They would like to sincerely thank the Italian coastguard, emergency services and all those who helped in the rescue.

‘Their one request now is that their privacy be respected at this time of unspeakable grief.’

Who is Hannah Lynch, the last person still unaccounted for?

While rescuers have not yet identified the body recovered earlier today, the find will sadly weaken hopes of finding 18-year-old Hannah Lynch.

The teenage daughter of British tech mogul Mike Lynch was the last person yet to be accounted for following the sinking of the Bayesian superyacht off Sicily.

Hannah had recently completed her A-levels at Latymer Upper School, a prestigious West London independent school, and was due to start studying English Literature at Oxford University.

Speaking to The Times, a friend described Hannah as a ‘supernova’ who was a ‘staunch feminist’, ‘voracious reader’, ‘natural intellectual’, ‘gentle and kind’ and ‘fun and fierce’.

Another former classmate told the Independent she was ‘incredibly shocked’ to learn Hannah was missing.

Divers find body of final missing person

Specialist divers have discovered the body of the final person missing from the Bayesian superyacht that sank off Sicily, the Italian Coastguard has said.

Hannah Lynch, 18, the daughter of British tech magnate Mike Lynch, was the only person still unaccounted for.

Search for Hannah Lynch ‘hasn’t been quick or easy’

Vincenzo Zagarola, of the Italian Coastguard, said the search for Hannah has not been ‘easy or quick’, comparing the sunken yacht to an ’18-storey building full of water’.

Mr Zagarola said: ‘From the first moment, it has not been easy or quick to inspect the boat.

‘Think of an 18-storey building full of water.’

‘Manslaughter investigation launched’ over sinking

A press conference has been announced for tomorrow at which prosecutors are expected to reveal more details of the criminal investigation being carried out.

Coastguard officials have been trawling through footage from homes and other properties with cameras facing out to sea in the area where the Bayesian went down, Palermo Today reports.

The Italian news outlet adds that the prosecutor’s office is also reviewing the actions and decisions of the ship’s crew.

Bayesian shipbuilder says crew had time to avoid disaster

The chief executive of the company that built the Bayesian superyacht has said it is ‘absurd’ the passengers were in their cabins when the storm hit.

Giovanni Costantino, who leads the Italian Sea Group, told The Times: ‘Why were in their cabins?

‘Local fishermen saw the storm was coming, why did no-one on board the Bayesian realise?

‘From 3.50am, the captain had four minutes to get the passengers out of their cabins.’

He continued: ‘They should have jettisoned the anchor, started the engine, pointed the bows to the wind and put the keel down.

‘If they had done that, no-one on board would have been afraid, they would have been back to bed in an hour and ready to push on with their voyage.’

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Pictures: Search resumes for missing Hannah Lynch

Italian coastguard ‘trust’ there will be progress today

The Italian Coastguard ‘trust’ that there will be significant progress today in the search for Hannah Lynch from the wreck of a yacht that sank off Sicily, a spokesman said.

Asked if any developments are expected on Friday, Vincenzo Zagarola, of the Italian Coastguard, replied: ‘We trust.’

Search for Hannah Lynch ends for another day

Specialist divers have stopped today’s search for the missing 18-year-old daughter of British tech entrepreneur Mike Lynch.

She remains the only person unaccounted for after the superyacht sank off the coast of Sicily around 3am on Monday.

A total of six bodies have been recovered since the sinking of the Bayesian.

Emergency services saying they believe identities are  tech tycoon Mr Lynch , Morgan Stanley International bank chairperson Jonathan Bloomer, his wife, Judy Bloomer, Clifford Chance lawyer Chris Morvillo, and his wife, Neda Morvillo.

British crew member is ‘okay’, brother confirms

A British engineer who survived the disaster is ‘okay’, his brother has confirmed.

Tim Parker-Eaton, from Clophill, Bedfordshire, is one of the 15 people who survived the sinking.

His brother Stephen told The Telegraph he is ‘okay’, but cannot say anymore.

Stephen said: ‘I’ve just been advised that he’s in a situation, and they’re dealing with it, and I should not make any comment until that has been resolved with the right authorities.

‘I am not aware of the situation – as to what is going on there – I am just aware that he has survived.’

Tim has been associated with the Bayesian for more than a decade, and in 2013 served as the yacht’s chief engineer.

Yacht sinking ‘torture’ lasted 16 minutes

The chief executive of the Italian Sea Group, which owns several boat brands including the Bayesian’s builder, Perini Navi, said the sinking lasted 16 minutes.

Giovanni Costantino told the Financial Times: ‘The torture lasted 16 minutes. It went down, not in one minute as some scientists have said.

‘It went down in 16 minutes.

‘You can see it from the charts, from the AIS [Automatic Identification System] tracking chart.’

Chris and Neda Morvillo were killed in sinking, family confirm

The family of Chris and Neda Morvillo said the couple were killed in the sinking of the Bayesian yacht on Monday.

They said: ‘We are completely devastated by the passing of Chris and Neda, and our collective hearts go out to all the families who have also been affected by this senseless tragedy.

‘Chris and Neda were each widely respected for their professional successes, Chris as a distinguished attorney and Neda as a skilled jewellery designer, but their true talents were that of mother and father, son and daughter, brother, sister, uncle, aunt and dear friends to so many. 

‘Neda and Chris lived their lives as devoted, loving parents who always put their daughters and families first. Their passing is a tremendous loss for our family and for the countless people who knew and loved them both.

‘We extend our deepest gratitude to the Italian rescue services for their unwavering dedication and to Clifford Chance for all the support they have provided.

‘As we grieve this enormous loss, our primary focus remains on Chris and Neda’s daughters and other loved ones, and we respectfully request privacy.’

Mike Lynch was a ‘visionary unlike any other’

The chief executive of legal AI company Luminance has paid tribute to its founder Mike Lynch, saying he was a ‘visionary unlike any other’ following his death in the luxury yacht disaster off the coast of Sicily.

Eleanor Lightbody said in a statement: ‘I am devastated to hear the news about our founding investor, Mike Lynch, and all of those involved in this tragic accident.

‘Mike was a visionary unlike any other. He had a unique ability to spot the next technological revolution and solve tomorrow’s challenges before others even knew they were coming.

‘Beyond that, it was his connection to people that made him special. He had a steadfast belief in the UK’s technology sector, in our incredible academic institutions, and in the talent he took the time to spot and nurture, regardless of background or discipline.

‘Above all, Mike was a kind man who had an impact on many and will be sorely missed. I feel honoured to have known him, worked with him and learnt from him over the years.

‘The UK has lost someone with the means, authority, knowledge and drive to propel the UK into technological leadership, but his legacy will live on in all of the extraordinary businesses he built and mentored, as well as his family who are in my thoughts.’

Family friend of Mike Lynch says tech tycoon was ‘lively and enriching’

A family friend of technology tycoon Mike Lynch has paid tribute to him following his death in the luxury yacht disaster off the coast of Sicily.

In a statement, Patrick Jacob said: ‘Mike’s ability to identify and solve complex problems was phenomenal as was his ability to simplify and explain them.

‘As a friend, Mike was never dull and always ready for a lively debate on almost any topic conducted with intelligence and convivial vigour.

‘He could be challenging and direct but I never came away from seeing him without feeling my life was enriched by the experience.’

Charity pays tribute to cancer research ‘champion’ Judy Bloomer

Athena Lamnisos, chief executive of the Eve Appeal, has paid tribute to Judy Bloomer who was a trustee of gynaecological cancer charity the Eve Appeal.

She described Ms Bloomer as ‘our very dear friend’ who was a ‘champion for women’s health, medical research and all that the Eve Appeal stands for’.

Ms Bloomer studied English at Homerton College, Cambridge, before working as a psychotherapist for 30 years.

She specialised in anxiety and stress.

Mike Lynch ‘retreated to his Suffolk farm’ before trip to Sicily

Mike Lynch who is was killed in the sinking of the Bayesian had recently returned to live at his Suffolk farm following his 12-year legal battle.

After he had been acquitted over multiple fraud charges in the US, he returned to his 2,500 acre farm in Wickham Market, Suffolk.

Speaking of his return, he told the East Anglian Daily Times: ‘It was one of those lovely English grey days. 

‘I finally made it home and made it up into Suffolk and that was finally the end of the journey, so that was brilliant.’

He lived in Suffolk for 34 years and moved into the farm in 2009.

‘The one thing you find you want to hear about is the most simple things from home. 

‘I just wanted to hear “the river is flooded today” or “the electricity went off” or “someone’s cow escaped” – all those things that bring you back to the real world.

‘I was lucky enough to get back to Suffolk in June. It has been a total delight to be back.

‘The lovely thing I find about Suffolk is there is still a real sense of community there. You get to know lots of people doing all sorts of things.’

Crew and passengers ‘had no warning’ about the storm

Those on board the Bayesian yacht likely ‘had no warning at all’ about the storm which caused the boat to sink, an expert has said.

Oceanographer Dr Simon Boxall said although the vessel was legally obliged to have a watchkeeper, it would have been hard to spot approaching storms at night.

He told the BBC : ‘There wasn’t a lot of time for anyone who was on watch to respond.’

Yacht victim was ‘giant in financial services’

Investment platform Hargreaves Lansdown paid tribute to Jonathan Bloomer, who was previously a board director at the firm, as a ‘giant in financial services’.

The group said: ‘We are all deeply saddened by this tragic event.

‘Jonathan was a giant in financial services, and we remember him fondly at Hargreaves Lansdown as someone who made a major impact on the business with his wealth of experience when he served on the board from 2006-2013 including as our senior independent director.

‘We in the Hargreaves Lansdown family will miss him and our thoughts go out to his loved ones, as well as those of the others lost in this awful disaster.’

MORE : Family of Mike Lynch and daughter Hannah reveal their ‘unspeakable grief’

MORE : Leeds Festival in ruins as Storm Lilian forces three stages to shut down

MORE : Hospital ‘told family their daughter was discharged – but her body was in morgue’

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How did the superyacht carrying tech tycoon Mike Lynch sink off Sicily?

Lynch’s was among five bodies retrieved by divers on Wednesday after the Bayesian sank, according to reports.

Five bodies were retrieved on Wednesday, and a sixth on Friday , by divers searching for those missing from the superyacht which sank off the Sicilian coast in the Mediterranean. The bodies found include British tech tycoon Mike Lynch , the UK’s Telegraph reported. The bodies have not been formally identified by the authorities yet.

It is understood that they were retrieved from inside the sunken yacht, which is reported to be lying on its side on the sea bed at a depth of 50 metres

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One dead, six missing after luxury superyacht capsizes off sicily coast, luxury yacht sinks off sicilian coast, uk extradites autonomy co-founder mike lynch to us, how serious are the wildfires near athens, greece.

This brings the total death toll to seven; one person, reported to be the chef from the yacht, was confirmed dead on Monday.

The yacht capsized on Monday at about 5am (03:00 GMT) after it was hit by stormy weather caused by a “waterspout” – or mini tornado – according to Italian authorities.

The cruise had reportedly been undertaken to celebrate the acquittal of Lynch in a fraud trial in the United States in June.

His co-defendant in the trial, Steve Chamberlain, who was also acquitted in June, was killed after being hit by a car on Saturday.

Here’s what is known so far about the yacht, those on board and who died or were still missing after it sank.

Who was on the superyacht which sank?

According to the Italian coastguard, the 56-metre-long (184 feet) British-flagged yacht, called the Bayesian, was carrying 22 people, including 10 crew members.

One person has been confirmed dead after rescuers located a body on Monday at a depth of about 50 metres (164 feet), the AFP news agency reported. Officials have not yet given the name of the deceased but Italian media reported that he was the yacht’s chef.

AFP reported on Tuesday that divers had spotted a second body inside the sunk boat, quoting a source close to the search operation. Authorities have not confirmed it yet, though.

While not all the names of the six missing passengers were not made public officially, they were understood to include:

• Mike Lynch, 59, a British-Irish technology businessman who co-founded British tech company Autonomy in 1996 and was once likened to Microsoft founder Bill Gates; he earned a PhD from Cambridge University
• Hannah Lynch, 18, Mike’s daughter, who had just completed her final school exams and was due to begin a degree in English at the University of Oxford this September
• Jonathan Bloomer, the 70-year-old British chairman of Morgan Stanley bank and the Hiscox insurance company, was confirmed as missing by Hiscox CEO Aki Hussain
• Judy Bloomer, Jonathan’s wife, was also confirmed as missing by Hussain
• Chris Morvillo, from British international law firm Clifford Chance, was confirmed to be missing by Salvatore Cocina, head of the Civil Protection in Sicily

Fifteen people, including Lynch’s wife, Angela Bacares, were rescued. Among others rescued were Charlotte Golunski, 36, a board director at Luminance, a software startup founded by Lynch; her husband, James; and their one-year-old daughter, Sophie. Golunski is understood to have kept her daughter alive by holding her above her head while she was in the water.

All those rescued are in stable condition, although eight of them have been hospitalised, according to Italian news agency Adnkronos.

What do we know about the Bayesian?

Italian shipbuilder Perini Navi constructed the superyacht in 2008 and refitted it in 2020, according to the company’s website.

The yacht’s owner is listed as Revtom Limited, a firm solely owned by Lynch’s wife, Bacares, according to company documents seen by the Reuters news agency.

It was formerly called Salute but was renamed Bayesian after Lynch’s PhD thesis and his software that earned him a fortune. Both of these were based on the statistical Bayesian theory, championed by mathematician Thomas Bayes.

Where was the Bayesian last seen and where was it going?

The Bayesian was last located on Sunday evening in the Tyrrhenian Sea, east of the harbour at Porticello, according to ship tracking websites Vessel Finder and Marine Traffic.

Porticello is a port city located near the Sicilian capital, Palermo.

The yacht had departed on August 14 from the Sicilian port of Milazzo. Its destination was reported to be the Italian city of Bagheria by the tracking websites.

Did a waterspout cause the yacht to sink?

Italian authorities reported that the stormy conditions that caused the yacht to sink were triggered by a waterspout.

A waterspout is a rotating column of whirling air and water mist – sometimes referred to as a mini tornado – according to the website of the US National Ocean Service.

The website adds that a tornadic waterspout is a tornado that forms over water or moves from land to water. They are similar to land tornadoes and can occur during thunderstorms.

Who is Stephen Chamberlain and how is he connected to this case?

Chamberlain, 52, was Lynch’s co-defendant in a fraud trial in San Francisco, which saw both men acquitted in June.

Chamberlain died in a hospital from injuries sustained when he was hit by a car while out running in Cambridgeshire, United Kingdom, on Saturday. His death was confirmed by his lawyer Gary Lincenberg in a statement on Monday.

The fraud case related to Hewlett Packard’s $11bn acquisition of Autonomy, the firm Lynch grew into the UK’s leading tech company before it spectacularly unravelled after being bought by HP in 2011.

Lynch was extradited to the US in May 2023 and he spent more than a year under house arrest before his acquittal. Chamberlain was the former vice president of finance at Autonomy.

The yacht trip was supposedly a celebration of Lynch’s acquittal.

How did the rescue operation unfold?

Specialist divers began a search anew for the six missing people on Tuesday. Three divers, equipped with oxygen cylinders, descended beneath the surface to examine the wreck.

They initially faced difficulty accessing the yacht’s chambers because they were constricted by furniture.

An investigation into the wreck has been opened by prosecutors in the nearby Sicilian town of Termini Imerese.

What have survivors and witnesses said about the incident?

“It was terrible. The boat was hit by really strong wind and shortly after it went down,” survivor Golunski told the ANSA news agency.

She added that she had lost hold of her one-year-old daughter in the water for “two seconds”, but then managed to grab her and hold her up over the waves until a lifeboat inflated and they were both pulled to safety. She reported that people were screaming.

Karsten Borner, a captain of a nearby yacht who witnessed the sinking, said he had turned on the engine of his ship to prevent collision with the Bayesian. “We managed to keep the ship in position and after the storm was over, we noticed that the ship behind us was gone,” he told reporters.

Bloomer’s wife, Judy, is a trustee of the Eve Appeal, a UK-based gynaecological cancer research charity. Athena Lamnisos, the CEO of the Eve Appeal, was quoted by the BBC saying she was “deeply shocked to hear the news that our very dear friend and her husband Jonathan, are among those missing”.

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Questions for Investigators Trying to Unravel Mystery of Luxury Yacht’s Sinking

The investigators searching for answers about the shipwreck, leaving seven dead, face questions about extreme weather and possible human error or problems with the yacht itself.

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By Alan Yuhas

More than 180 feet long, with a mast towering about 240 feet and a keel that could be lowered for greater stability, the Bayesian luxury yacht did not, in the eyes of its maker, have the vulnerabilities of a ship that would easily sink.

“It drives me insane,” Giovanni Costantino, the chief executive of the Italian Sea Group, which in 2022 bought the company that made the ship, said after its wreck last week. “Following all the proper procedures, that boat is unsinkable.”

But the $40 million sailing yacht sank within minutes and with fatal results: seven dead, including the British technology billionaire Michael Lynch, his teenage daughter, four of Mr. Lynch’s friends and a member of the crew. Fifteen people, including the captain, escaped on a lifeboat.

Mr. Lynch had invited family, friends and part of his legal team on a cruise in the Mediterranean to celebrate his acquittal in June of fraud charges tied to the sale of his company to the tech giant Hewlett-Packard.

The Italian authorities have opened a manslaughter investigation, searching for answers from the survivors, the manufacturer and the wreck itself. They face a range of questions and possible factors.

An ‘earthquake’ in the sky?

When the Bayesian sank around 4 a.m. on Aug. 19, the waters in its area, about half a mile off the Sicilian port of Porticello, were transformed by an extremely sudden and violent storm, according to fishermen, a captain in the area and meteorologists.

But what kind of storm is still a mystery, compounded by the fact that a sailing schooner anchored nearby did not have its own disaster. Also unclear is whether the crew was aware that the Italian authorities had issued general warnings about bad weather the night before.

Karsten Börner, the captain of the nearby passenger ship, said he’d had to steady his ship during “really violent” winds . During the storm, he said, the Bayesian seemed to disappear behind his ship.

Severe lightning and strong gusts were registered by the Italian Air Force’s Center for Aerospace Meteorology and Climatology, according to Attilio Di Diodato, its director. “It was very intense and brief in duration,” he said.

The yacht, he said, had most likely been hit by a fierce downburst — a blast of powerful wind surging down during a thunderstorm. His agency put out rough-sea warnings the previous evening, alerting sailors about possible storms.

Locals have said the winds “felt like an earthquake.” A fisherman in Porticello said that he had seen a flare go off in the early-morning hours. His brother ventured to the site once the weather had calmed about 20 minutes later, he said, finding only floating cushions.

The Italian authorities have so far declined to say whether investigators had seen any structural damage to the hull or other parts of the ship.

Open hatches or doors?

The boat executive, Mr. Costantino, has argued that the Bayesian was an extremely safe vessel that could list even to 75 degrees without capsizing. His company, the Italian Sea Group, in 2022 bought the yacht’s manufacturer, Perini Navi, which launched the ship in 2008.

Mr. Costantino said that if some of the hatches on the side and in the stern, or some of the deck doors, had been open, the boat could have taken on water and sunk. Standard procedure in such storms, he said, would be to switch on the engine, lift the anchor and turn the boat into the wind, lowering the keel for extra stability, closing doors and gathering the guests in the main hall inside the deck.

At a news conference on Saturday, almost a week after the sinking, investigators said the yacht had sunk at an angle , with its stern — where the heavy engine was — having gone down first. The wreck was found lying on its right side at the bottom of a bay, about 165 feet deep.

12 guests occupied the yacht’s six cabins. There were also 10 crew members.

Open hatches, doors and cabin windows could have let in water during a storm, according to the manufacturer.

Open hatches, doors and

cabin windows could

have let in water

during a storm,

according to the

manufacturer.

Source: Superyacht Times, YachtCharterFleet, MarineTraffic

By Veronica Penney

Water pouring into open hatches or doors could have contributed to the sinking, experts say, but that on its own may not account for the speed at which such a large boat vanished underwater.

Asked about the hatches at the news conference, the authorities declined to comment on whether they had been found open at the wreck.

The authorities have also not specified whether the boat had been anchored, whether it was under power at the time or whether its sails had been unfurled.

A retracted keel?

The Bayesian had a keel — the fin-like structure beneath a boat that can help stabilize it — that could be retracted or extended, according to its manufacturer. On some yachts, keels can be raised to let the large vessel dock in shallower water, and extended downward to help keep a boat level.

But like the hatches, the status of the keel alone may not explain why a large ship sank with such precipitous speed. Investigators have not disclosed what divers may have seen at the wreck, aside from saying divers had faced obstacles like furnishings and electrical wiring in tight quarters. Officials want to raise the wreck to better examine it, a process that may take weeks.

Human error?

Ambrogio Cartosio, the prosecutor in charge of the case, said at the news conference that it was “plausible” crimes had been committed, but that investigators had not zeroed in on any potential suspects.

“There could be responsibilities of the captain only,” he said. “There could be responsibilities of the whole crew. There could be responsibilities of the boat makers. Or there could be responsibilities of those who were in charge of surveilling the boat.”

It remains unclear what kind of emergency training or preparation took place before the disaster, or what kind of coordination there was during it. So far, none of the surviving crew members have made a public statement about what happened the night the ship sank.

Prosecutors said they want to ask more questions of the captain and crew, who have been in a Sicilian hotel with other survivors. They said that neither alcohol nor drug tests had been performed on crew members, and that they have been allowed to leave Italy.

Prosecutors also said they were also investigating why the captain, an experienced sailor, left the sinking boat while some passengers were still on board.

Besides possible manslaughter charges, the authorities are investigating the possibility of a negligently caused shipwreck.

The bodies of five passengers were found in one cabin, on the left side of the yacht, the authorities said. The five were most likely trying to flee to the higher side of the boat and were probably sleeping when the boat started to sink, they said.

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The cost of owning a superyacht in 2024

Written by Chloe - Thursday, April 06, 2023

Superyacht sales  surged  during the COVID-19 pandemic, and there’s no sign of this slowing down as the demand for superyachts is  set to increase  over the next 10 years.   

There are currently  15,000 yachts  worldwide that are large enough to require a professional crew. A clear insight into how much the luxury yacht industry is thriving, despite their eye-watering price.

Given the exclusivity of the superyacht market, there’s limited information available on exactly how much they cost to own. So, we’ve dug into the details for you. Here you’ll find how much it costs to buy and maintain a superyacht in 2024. 

Building a superyacht is no mean feat. Stuart Bray, Director of personal yacht brokerage firm  Bray Marine International  talked us through the build process, which is as follows:

• The exterior and interior designers are selected
• A shipyard is chosen ahead of the build
• The hull is always constructed first, followed by the fitting of the engines, running gear, water treatment, A/C, and pumps
• The superstructure is built and attached to the hull
• The interior fit-out takes place
• The exterior is painted
• Sea trails are carried out
• The yacht is handed over for warranty work

It sounds simple enough, but building a custom superyacht costs an eye-watering £1.5m per m² on average and takes up to  three to four years .

Many prospective owners choose to purchase a second-hand superyacht, which costs £20m ($24m) on average, according to Rightboat , but the cost increases dramatically if any customisation takes place.

Fitting out a new or used vessel costs around £35m, but this can vary massively depending on size.

The overall operating cost of running a superyacht is 20% or more of its original price. So, a vessel costing £1bn will set you back £200m per year after paying for fuel, dockage, crew, maintenance, insurance, etc.

Just under a decade ago, the operating cost was around 10% of a vessel’s original price, demonstrating a huge increase in running costs due to soaring inflation. 

Fuel is one of the biggest superyacht costs starting at £2,000 per hour and over £24,000 per overnight cruise. A 70-metre vessel is estimated to use around 500 litres of fuel per hour.

Annual fuel costs were estimated at around £327,000 ($400,000) back in 2012 but are now estimated to hit £419,000, representing a 25% increase overall.

Bray of  Bray Marine International  says a 60m yacht will have a 16-person crew, setting the owner back around £1.2m per year based on industry-standard pay rates. Owners of superyachts of 100m and beyond will pay significantly more to staff their vessels.

Bray also states the annual operating costs of a superyacht are as follows—12% for the first four years, 15% for the next three years, and 20% annually from then onwards. 

They must come out of the water every five years for routine maintenance such as painting, underwater work, gear checks, and antifouling. 

This equates to 10-12% of the vessel’s original price, so a superyacht that costs £1bn would require around £1m of maintenance work per year. 

Insurance costs are difficult to pinpoint as many factors determine this, such as value, cruising area and usage, but a superyacht costing £1bn could cost £8m or more to insure. 

Alison Melia, a marine insurance specialist at  Insure4Boats , says that fire, theft, loss of tender, onboard injury, and collisions are the most common claims received from yacht owners. 

Not all superyachts are created equal. While a 60m vessel is enough to impress most people, they are easily surpassed by those purchased by some of the world’s wealthiest individuals.

The longest superyacht on our list is a whopping 183m and comes with a price tag of £300m, just to put their sheer size and annual running costs into perspective.

Superyacht costs go far beyond the initial build or purchase price, especially when used as a base for luxury holidays or experiences such as the Cannes Film Festival.

A two-week holiday in Marbella could cost you £60,046 in dockage alone, without considering the cost of fuel or refreshments. It’s easy to see how superyacht owners can rack up almost £300,000 in dockage fees per year on average.

Building & purchase costs: https://braymarineinternational.com/

https://www.rightboat.com/blog/the-real-costs-of-owning-a-superyacht

https://www.burgessyachts.com/en/editorial/how-long-to-design-a-yacht

VAT: https://www.superyachtnews.com/owner/considering-a-superyacht-think-about-vat

Operating cost: https://www.worldwideluxuryyacht.com/blog/real-cost-to-own-a-yacht/

https://www.workonasuperyacht.co.uk/yacht-blog/2015/1/3/what-does-it-cost-to-run-a-super-yacht

https://www.superyachtcontent.com/superyacht-crew-lifestyle/yachts-and-fuel-how-much-do-they-really-consume/

http://www.denisonyachtsales.com/2012/06/the-various-costs-of-owning-a-boat-or-yacht/#sthash.SMvlyv8a.dpuf

Dockage: https://www.investopedia.com/articles/investing/082015/can-i-afford-super-yacht.asp

Crew: https://braymarineinternational.com/

Insurance: https://www.worldwideluxuryyacht.com/blog/real-cost-to-own-a-yacht/

Maintenance: https://www.rightboat.com/blog/the-real-costs-of-owning-a-superyacht

Marinas: https://www.marineinsight.com/boating-yachting/yacht-marinas-in-the-world/

https://www.seesainttropez.com/marinas/

https://www.sail-world.com/Australia/Ranking-The-worlds-15-most-expensive-marinas/-83130?source=google

https://barcheamotore.com/quali-sono-i-porti-piu-cari-del-mediterraneo-lo-svela-unindagine/this/?lang=en#:~:text=With%20a%20berthing%20fee%20of,expensive%20marina%20in%20the%20Mediterranean .

https://www.portofinoyachtmarina.com/en/rates/

https://www.charterworld.com/news/top-10-expensive-marinas

https://www.yachting-pages.com/articles/top-15-elite-superyacht-marinas-worldwide.html

Cannes Film Festival: https://www.cornucopia-events.co.uk/cannesfilmfestival/

https://www.insider.com/inside-expensive-hotel-le-majestic-cannes-film-festival-photos-2021-7

https://www.theguardian.com/news/2022/apr/22/secrecy-sex-and-sun-captain-reveals-life-aboard-superyachts

Please note the information provided on this page should not be taken as advice and has been written as a matter of opinion. For more on insurance cover and policy wording, see our homepage.

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• Vessel ltinerary
• Administration
• Dockage & Fuel
• Maintenance
• Capital Repairs & Reserves
• Total Expenses =
• Name Length Build
• # Total Expenses Date Saved

Advanced functionality coming soon.

Us flagged vessel, health insurance costs per crew, uniform cost per crew, training cost per crew, food cost per crew, crew turnover, hires using a professional crew agency.

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• $   | €   | £

Costs of food provisions will vary dependent upon how eloborate food Preferenaces are

Location will play huge factor in food provisons and thing may have to be folws into remorte locations.

Crew is one of the largest expenses on a superyacht and critical to the owner’s enjoyment of their vessel. As the largest crew agency in the world, we know crew. Our cost calculator contains customized crew lists for yachts ranging from 80ft to 600ft with salary information based on our reference verified salary data.

Our users also have the ability to completely tailor the crew list to the specific needs, schedule and requirements of their vessel. Each yacht is unique and may have specific owner requests in addition to the yacht’s safe manning requirements.

Management of the supplemental crew costs and strategic budgeting can help avoid significant overspend on categories such as food and uniform. This tool contains default values based on our industry expertise and recommended budget for an efficiently and safely run superyacht.

To learn more about each crew position in detail, including salary ranges, please visit our yacht department directory .

Drag the sliders to modify your results. These are not linear scales and we expect most yachts to operate within the 20-80% window. Above 80% and below 20% costs increase or decrease at exaggerated levels and we only see numbers in these levels in very rare circumstances.

This sunburst diagram is interactive. You can click into each block to see the expense break down and mouse over each block for more details.

Our chart of accounts displays seven major categories, 20 sub-categories plus a further 80 detail categories for a total of 107.

Our yacht operating cost calculator is now on it’s third major revision. We start with actual yacht expense data from our yacht management accountants and then generate formulas to extrapolate out the budget for a wide range of yachts. We have been providing accounting services to large yachts for the past 18 years.

Our operating cost calculator is tuned for yachts from 80 to 600 feet. We find operating variables create the largest variances for yachts smaller than 100 feet and larger than 250 feet. We have tested the numbers the most in the range from 100 to 250 feet.

Our budget calculator factors in the fuel burn for a range of engine sizes typically seen installed on yachts by length. By dragging the green “fuel dockage” slider to the right you will increase the projected fuel burn rate and therefore the budget cost for fuel. Our default position would be for a typical displacement fuel burn. Position the slider in the 60-80% range for fuel projections for planning hulls.

Our default values produce a budget number that we believe is generous to run a yacht to a high standard. Perfect is a very expensive word to use in the yachting industry where standards are already high. Moving the crew and maintenance sliders to 80% will provide an “industry best” quality of crew and give them the maintenance budget to operate to a very high standard. If you need to go over the 80% area then you may have unusually labor intensive equipment on the yacht.

Yes, our yacht operating cost calculator can output a budget suitable for this situation. Adjust the owner use to 2 (minimum value), owner slider to 0, crew slider to 10%, Administration to 10%, Fuel and Dockage to 0, Maintenance to 10% and then Capital Repairs to 0. This will remove all of the large charges associated with owner use and vessel movement but leave the essential base maintenance and insurance in place.

Lift on and float in yacht transport is a popular way to transport yachts across large ocean passage. The yachts that this service certainly applies to are ones that may not have the motoring range or structural integrity for blue ocean cruising. The cost of transporting a yacht twice per year is put into our budget once the “Fuel Dockage” slider hits 75%. If your yacht has the range we recommend self-sufficient ocean passages whenever possible. Whilst the transport companies sell their services based upon reportedly well oiled operated schedules the reality is that your yacht may stay waiting for pickup for a week or more with no compensation due. When factoring in all secondary factors of self-sufficient passages (increased fuel, maintenance, potential storm damage, crew time off, extra delivery crew) compared with transporting your yacht (insurance, potential loading / unloading damage, loss of schedule control, no work whilst underway, crew flights, crew accommodation) we believe that there is a 100% premium associated with float in transport and a 75% premium with lift on transport compared with self-powered.

Abandoned yachts crash in value. We recommend that even if you are trying to sell your yacht that you use the yacht for a minimum of two weeks per year so that systems are tested and working every six months. There is nothing worse for a yacht than not being used. If you truly are not going to use the yacht then you should sell it immediately for the first genuine offer as every dollar you put into maintenance will not be recovered at the time of the sale.

We did not build this version with sailing yachts in mind. Early in our development of this version we decided to exclude sailing yachts as a few of the major cost drivers scale very differently for sailing yachts compared with motor yachts. For example: To calculate paint costs we reviewed the surface area of over 100 large yachts and created a formula for painted surface area to length. Sailing yachts just don’t scale in a consistent way. Similarly crew numbers don’t scale in the same manner that they do for motor yachts. If there is sufficient demand we may build a sailing selector switch into a future version of this tool.

We hate to hear when yacht owners were told by their broker to factor in 10% of the purchase price to operate the yacht. This over used saying is sadly right occasionally (particularly for newer yachts in the $20-30M range)… but just because a broken watch tells the right time twice a day you shouldn’t rely upon it to tell the time. As yachts get older their capital value decreases but their maintenance costs increase. There is no way that a fixed 10% of purchase cost rule can be true… if your broker told you this rule then you need a new yacht broker… we know some good ones. 😊

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Average Boat Transport Costs in the UK (Per Mile)

When you plan for boat transportation, it's proper to plan your budget ahead. To successfully transport your boat in the UK, let me give you an overview of the average boat transport costs per mile for different sizes and types of boats in the UK.

In the UK, boat transport costs per mile range from £1.00 to £3.00. However, this can vary depending on the size and type of boat you need to transport. Boats under 20 feet have a transport cost of around £1.50–£2.00 per mile, while those over 40 feet have a cost range of up to £4.00 or more per mile.

The cost of transporting a small motorboat or sailboat can also be significantly lower than that of a larger yacht or boat. Let's find out what other factors can influence the cost of transporting a boat in the UK, so you can adjust your budget accordingly.

• Long-distance boat transport costs £2.00-£3.00 per mile
• Short-distance transport is priced around £1.00-£1.50 per mile.
• Boats over 40 feet require specialized equipment, and so cost more.
• Transporting a superyacht 500 miles costs around £20,000–£30,000.
• Transporting a dinghy 500 miles costs around £500–£1,000.

Average Cost Of Boat Transport in the UK Per Mile

The boat transport cost per mile in the UK ranges from £1.00 to £3.00 per mile. The average cost per mile for standard boat transport is around £1.50 per mile, but this can vary depending on the size of the boat. For larger boats, the cost can be higher, while smaller boats may be cheaper to transport.

Below is a table showing the estimated per-mile costs of moving your boat from one location to another within the UK:

Additionally, the cost can be affected by the distance of the transportation, with longer distances generally costing more than shorter trips. The price for longer hauls can range from £2.00 to £3.00 per mile , depending on the distance and the size of the boat. For example, if you're transporting a boat from London to Scotland, you can expect to pay around £2.50 per mile.

If you're transporting your boat over a shorter distance, such as within the same county or neighboring counties, you can expect to pay less. The cost for shorter-distance transport can range from £1.00 to £1.50 per mile , depending on the size of the boat and the distance.

Average cost of boat transport based on boat size

Boat transport costs in the UK are usually calculated on a per-mile basis, with the average cost ranging from £1.00 to £3.00 per mile. The size of your boat, however, can affect the cost of transportation.

Larger boats require more specialized equipment, which can increase the overall cost of transportation. The table below provides an estimate of the average boat transport cost per mile based on boat size:

Note that these are just estimates, and the actual cost of transportation can vary based on several factors, including the weight of your boat, the pickup and drop-off locations, and any additional services you may require.

To get a more accurate estimate of the cost of transporting your boat, you can contact a boat transport company in the UK and provide them with the necessary information about your boat and transportation needs.

Average cost of boat transport based on boat type

Below are some of the most common types of boats and their transport costs in the UK:

The cost of transporting a yacht is around £2 - £4 per mile

The cost of transporting a yacht depends on its size, weight, and distance. On average, you can expect to pay between £2 and £4 per mile to transport a yacht. For example, if you need to transport a 40-foot yacht 100 miles, you can expect to pay between £800 and £1600.

The cost of transporting a sailboat is around £1.50 - £3 per mile

The cost of transporting a sailboat depends on its size and weight. On average, you can expect to pay between £1.50 and £3 per mile to transport a sailboat. For example, if you need to transport a 30-foot sailboat 50 miles, you can expect to pay between £75 and £150.

The cost of transporting a small boat is around £1 - £2 per mile

Small boats, like dinghies and canoes, are typically easier to transport than larger boats. The cost of transporting a small boat depends on its size and weight, but the average is between £1 and £2 per mile . So, if you need to transport a 12-foot dinghy 20 miles, you can expect to pay between £20 and £40.

The cost of transporting a superyacht is around £4 - £6 per mile

A superyacht requires specialized transportation. The cost of transporting a superyacht depends on its size, weight, and distance, but on average, it costs around £4 and £6 per mile to transport a superyacht . Therefore, transporting a 100-foot superyacht 500 miles will cost you between £20,000 and £30,000.

Factors Influencing Boat Transport Costs

The cost of transporting a boat varies greatly depending on several factors, including distance and destination, boat size and weight, and the type of transport.

The distance and destination can impact the cost of boat transport

The cost per mile will vary depending on the distance and location of your move.

• Longer distances will generally cost more per mile than shorter distances.
• Moving your boat to a remote location may be more expensive due to the limited availability of transporters and increased travel time.

The boat size and weight can affect the cost of boat transport

• Larger boats will require larger trailers , which can increase the cost of transport.
• Heavier boats may require additional equipment or permits for safe transport, which can also add to the cost.

The type of transport you choose may also affect the cost of boat transport

• Open transport is generally less expensive than enclosed transport, but it may not be suitable for all boats.
• Enclosed transport provides more protection for your boat during transport, but it can be more expensive.
• During peak season, such as the summer months, demand for boat transport increases, which can drive up the cost.
• During off-peak seasons, such as the winter months, you may be able to find lower rates due to decreased demand.

Other types of boat transport methods are discussed in this article: How Much Does It Cost to Transport a 40-Foot Boat?

You can use this article as a reference for the sailing seasons around the world.

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UKSA Superyacht Cadetship Course

From cadet to officer on superyachts.

Are you between 18-25 and looking for an exciting career on superyachts? The UKSA Superyacht Cadetship Course is a structured programme designed to train the future officers of the superyacht industry.

A great alternative to university, the course begins on 1st August 2025.

About the Superyacht Cadetship Course

The UKSA Superyacht Cadetship is a structured four-year programme designed to train the future officers of the superyacht industry.

Designed in consultation with the MCA, the Superyacht Cadetship combines the most relevant training and mentoring in the industry. It equips graduates with a strong foundation of knowledge alongside offering a realistic understanding of what it takes to succeed in a career in the Superyacht industry.

The four-year programme is a career path to STCW II/1 Officer of the Watch (Yacht <3000GT) and progressing to the STCW II/2 Master (Yacht <3000GT) qualification.

Cadets also have the opportunity to undertake a  Foundation Degree in Operational Yacht Science  during phase 1 and 3 of the Superyacht Cadetship, awarded by Plymouth University. This option provides additional career and training pathways into different sectors in the maritime industry.

The programme offers some significant advantages. Whilst the average debt for a University student in the UK can amount to £35,000 to £40,000, at UKSA our students can earn while they learn. This ensures they are able to pay off course fees while actively working and training within the industry.

Download our Superyacht Cadetship Pathway Infographic

Superyacht Cadetship course stages

Phase 1 – Essential Cadetship training t o launch your superyacht career – 160 days (academic study)

The Cadet will develop skills and knowledge of seamanship and safety as well as industry qualifications. Mentoring and guidance will help the Cadet obtain entry-level deck positions on superyachts, progressing into long-term opportunities within the sector.

Qualification gained

• RYA Yachtmaster Offshore
• STCW Basic Safety Training
• RYA Powerboat Level 2
• RYA Personal Watercraft Proficiency (Jet-Ski)
• RYA Radar and Simulator training
• RYA Short Range Radio
• RYA Tender Operator Course
• MCA Proficiency in Designated Security Duties
• MCA Approved Engine Course
• Superyacht Deck Maintenance Training
• Foundation Degree in Operational Yacht Science (First year of study)

Phase 2 – Industry experience working onboard superyachts – the world is your classroom – 12-18 months (paid employment)

Our Cadets will be employed on a superyacht as an entry-level deckhand, following the guidance of the MCA Training Record Book with mentor support from UKSA.

Phase 3 – Yacht operations and management stepping up the ranks and taking on more serious roles – 3 weeks (academic study)

This is the link to progression from junior deckhand to more senior positions onboard, such as lead deckhand or bosun. Training builds on the Cadets working experience and provides the first steps to gain their Officer of the Watch (Yachts less than 3000gt) qualification. Cadet’s who are also completing the second year of the Foundation Degree will move forward with their coursework (Additional time-based at Falmouth University) and using the knowledge gained from working on board and training at UKSA, move closer to gaining their FDSC in Operational Yacht Science.

Qualifications gained

• MCA Efficient Deck Hand (EDH)
• MCA Human Element, Leadership and Management (Operational Level)
• RYA Yachtmaster Ocean (Shorebased)
• Foundation Degree in Operational Yacht Science, Year Two completion

Phase 4 – Industry experience 12-18 months (paid employment)

During this phase, the cadet will gain watch keeping experience, in line with the MCA Training Record Book. Practically applying and honing the techniques and practices learned.

Phase 5 – OOW Training from Cadet to Officer of the Watch (OOW) – 8 weeks (academic study)

This is the final stage of Officer of the Watch 3000gt training. Building on training and experience gained over the period of the course, cadets will study senior modules towards final examination and qualification competencies MCA Officer of the Watch Modules.

Qualification gained:

• General Ship Knowledge (OOW Yacht)
• Navigation and Radar (OOW Yacht)
• Proficiency in Survival Craft and Rescue Boats Other Than Fast Rescue Boats (Restricted)
• Electronic Chart Display and Information Systems (ECDIS)
• GMDSS General Operators Certificate (GOC)
• Oral Preparation Officer of the Watch (Yachts less than 3000gt)

Confirmed selection dates :

• 9th – 10th October
• 31st – 1st November
• 27th – 28th November

Assisted funding available

As a great alternative to University, our cadets can graduate debt-free

As a charity, we have funding opportunities available for many of our students. UKSA can help with assisted funding towards the Superyacht Cadetship Programme. Please follow the link for further information on UKSA’s Superyacht Cadetship funding . Alternatively, please talk to one of our course advisers who will be able to provide you with further information on the funding that is available and assess your eligibility.

Please note, even if you are not eligible for financial support, most of our Cadets earn enough during the work phases to more than cover the next phases of training. You really could graduate debt free, with all the required qualifications and experience to work at the pinnacle of the superyacht industry.

Funding Options

Meet the Cadetship Manager

James has extensive knowledge and skills from working on superyachts to teaching a variety of MCA modules. He has passed all the courses students will be completing on the Cadetship, so has first-hand knowledge of the entire programmes. He has also completed his MCA oral exam to gain his OOW 3000gt ticket and teaches these courses to our students with impressive feedback.

With the wealth of experience both working and teaching in the industry, James is perfectly positioned to support our Superyacht Cadets to ensure they fulfil their potential and rise through the ranks to progress their careers on superyachts.

Superyacht Cadetship requirements

• You must be aged 18-25 when you start the Superyacht Cadetship, but can apply when you are 17 if you wish.
• Excellent communication, oral and written skills, are essential, as is a good understanding of mathematics.
• Cadets should ideally have GCSEs grades 9-4 (or equivalent) in English, Maths & Science.
• If applying for the Foundation Degree alongside the Superyacht Cadetship 48 UCAS points are required.
• All seafarers must have an ENG1 seafarer medical fitness certificate to work at sea (click  here   for more details).Whilst it’s not essential to hold your ENG1 to complete your training with UKSA, it is required to hold this to secure work in the industry. For this reason, we recommend all students gain their ENG1 before they attend training.
• To apply, you will need to contact a course adviser who will provide you with an application form to complete and discuss your suitability.
• The next step is to book a cadet selection at UKSA. Our selections are usually run over two days. On the selection you will be required to deliver a detailed presentation on a superyacht of your choice and sit an interview with UKSA’s cadetship selection panel, where you will be required to demonstrate a proven interest in a long-term career within the superyacht industry.

Create your success story today

To learn more about the selection event and how to apply, please call us on +44 (0)1983 203038  or email  [email protected]

Here are some frequently asked questions on the Superyacht Cadetship.

What is a cadetship?

Do you get paid for a cadetship.

The 12-18 month paid placement can be with a number of different providers. It is not possible to give a figure of the actual amount that a cadet would earn. If you’d like to know more details about what to expect, please contact us and we’ll be able to give you a more accurate figure based on upcoming placements.

What is a cadetship program?

The unique cadetship program at UKSA is aimed at those wanting a career in the maritime industry, specifically at full progression to be a superyacht captain. The 5-phase structure builds technical knowledge and experience, gains industry qualifications, and real industry experience, travelling around the world.

How to get a cadetship?

See the apply now section to find out more. There are some cadetship requirements to make sure you quality for acceptance, and there are funding opportunities available for candidates that qualify.

What are the benefits of a cadetship?

The cadetship programme at UKSA is unique, we’re the only ones that offer this type of structured pathway. It’s a fantastic alternative to university and provides an entry to the amazing world of working on board a superyacht. You’ll get industry qualifications alongside real world experience, providing you with all the skills you need in your future career.

Why train with UKSA?

From our unique waterfront campus in Cowes, on the Isle of Wight, we have a wide range of facilities and fleet to ensure that our students have the very best learning experience. This course is all-inclusive, meaning everything is on site and all of your food and accommodation is included, so you can focus on your training.

Register Interest

Don’t just take our word for it

“I particularly like UKSA’s well structured and organised approach. It feels more like going to university than your typical sailing centre.”

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The Real Costs of Owning a Superyacht [Complete Guide]

November 25, 2019 1:00 pm

Owning a  superyacht  is a status symbol available only to the world’s wealthiest individuals and corporations. Although there is no strict definition, the Red Ensign Group Yacht Code is applicable to “motor or sailing vessels of 24 meters in load line length and over…and which, at the time, is in commercial use for sport or pleasure and carries no cargo and no more than 12 passengers 1 .” There are currently just over 10,000 superyachts in the world with around 200-250 new builds delivered each year. The vast majority are  motor yachts , with sailing yachts counting for less than 20% of the total. The world’s largest private vessel, Khalifa bin Zayed Al Nahyan’s 180m (590-foot) AZZAM,  cost $600 million to build when it was delivered in 2013. Eight of the ten most expensive luxury acquisitions of all time were superyachts.

Purchase Cost

Buying a new or used superyacht will most likely cost the buyer several million dollars. Pricing varies widely based on the yacht size, age, and other factors such as builder, guest capacity, speed, range, and more. The market is worldwide and extensive. Any potential buyer would be well-advised to engage a professional, certified broker to guide them in the selection of their dream yacht and through the myriad of complications in making the purchase.

• • Financing the Purchase
• • Immediate Post Purchase Costs

Operating Costs

In years past, owners and their brokers would work on 10% of the purchase price as an estimate of annual operating costs, but the vast range of yacht size, operating location, and usage profile makes this approach less useful without giving the question more thought. Building a budget for a yacht requires consideration of the following elements:

Crew – Salary, payroll taxes, recruitment fees, uniform, health insurance, food, and travel for vacation and repatriation are all crew-related costs. A good guide for salary costs is published by Dockwalk magazine every year based on an extensive survey of the crew and placement agents. Using their most recent article as a guide, a crew of eight full-time crew on a 150-foot yacht will cost over $650,000 per year in salary alone. Get a complete crew cost breakdown.

Dockage – Unless the owner plans to spend the year at anchor, then keeping the yacht in a marina incurs a significant cost. Dockage is normally sold per foot of the yacht’s full length and per night, although contract rates for longer periods may be available. High-quality marinas in peak seasons are currently running in the $6-8 per foot per night range. Electricity, fresh water, and waste removal are all additional costs to be considered.

Fuel – The captain or engineer should be able to provide the fuel consumption per hour at any given speed, so if a yacht owner knows roughly how much he wants the boat to travel, then he can estimate the total fuel consumption and budget the fuel cost. There is also the fuel cost for generators, particularly at anchor. A typical 150-foot motor yacht cruising at 12 knots will consume in the region of 150 U.S. gallons per hour. At today’s fuel prices, that’s going to be close to $500 per hour. 500 hours per year will give us the main engine fuel budget of around $250,000. To this, we must also add the generators’ fuel consumption at anchor plus any additional cost for tenders.

Communications – Everyone onboard, crew and guests, want to remain connected to their social media, streaming services, and email. The technology available in this area moves fast and with 5G coming online, near-shore costs will likely come down. For those who want broadband speed while offshore, costs are high and depend on the upload/download speeds required. Start with an estimate of $4-5,000 per month and work from there. Additional communications costs include satellite TV subscriptions, crew cell phone costs, mail, freight, and more. Get a complete communication cost breakdown.

Maintenance, Consumables, and Other Operating Costs – Having considered crew payroll, marina costs, fuel, and internet, the budget will start to materialize. One must take all other costs into account, such as hull insurance, liability insurance, maintenance and consumables, warehousing, safety and survey costs, upkeep of the navigation outfit, computing support, car rental, and more.   

Looking for more details?

Receive the complete Cost of Yacht Ownership Guide including:

• • Offsetting Expenses With Charter
• • Superyacht Financing
• • Budget Development + More

This should not be considered a financial guide. For a more accurate estimate, contact Clive McCartney .

1 Red Ensign Group Yacht Code Section A 1.2(1) 

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The UK offers extraordinary capabilities in the superyacht sector, from the creation and refit of some of the world’s leading luxury yachts and innovative development and support of high quality equipment, through to key services that owners and captains can trust.

Great Britain’s impressive superyacht capability is advocated by Superyacht UK, which additionally draws on the resources of the 1500 member British Marine trade organisation, founded in 1913, of which we are a part. Founded on decades of craftsmanship and innovation, our members are at the forefront of superyacht development, from naval architecture, design and engineering, through all the many skills necessary to see a superyacht into service and and effectively managed and supported throughout its service life.

Young Designers Competition 2024

This year’s competition, in partnership with Sunseeker International, introduces two categories for entry for pre-graduation and master’s university students.

Twelve places are available. Participants will hand-draw their designs according to specific briefs during the two-day event at the Southampton International Boat Show in September.

Completed entry forms must be submitted by 19 April 2024.

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Superyacht UK is running the 2024 edition of its highly successful Superyacht UK Young Designer Competition this year at the Southampton International Boat Show from 16-18 September 2024.

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846 Superyachts for Sale Worldwide

Northrop & Johnson is proud to offer an extensive, global and all-encompassing selection of luxury superyachts for sale. We sell some of the world’s most luxurious, well-designed, top-performing yachts in a wide range of styles with amenities to suit your needs.

Browse our super and megayachts for sale below to find yours. Once you’ve found your dream yacht, get in touch with one of our expert brokers to begin the buying process.

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Which Superyacht is Right for You?

The type of superyachts best suited for you depends on the on-water experience you want. You may want power and speed, ensuring a motor-powered superyacht is right for you. Alternatively, you may want to feel the wind pushing you across the water, so a sailing yacht is best suited for your needs. In either respect, the most popular superyachts feature incredible amenities, top performance and exceptional design that allows them to retain their value for resale or charter.

When choosing the ideal superyacht, you – with the help of your broker – will weigh various options and features, including style, type of yacht, build pedigree, crew layout, facilities, décor and more. Whether you are looking for a large, modern motor yacht or a classically styled gentlemen’s yacht, Northrop & Johnson has a wide selection of superyacht types available for sale.

When buying or building a yacht, remember: first and foremost, your yacht is for you and your family or friends to use. What type of experience and use are you looking for in your ownership? Are you interested in a new or used yacht? Custom built or semi-custom? How are you planning to use your yacht? If you are planning to charter your yacht to help offset some of the running costs, then factor in the charterer, but remember, a yacht is very personal and you must consider your own needs as a priority.

What Types of Luxury Mega and Superyachts Do We Sell?

What type of boat best suits your needs

Our legacy of exceptional of exceptional yacht sales stretches  back to 1949.  We’ve forged strong relationships with premier shipyards to bring you the finest luxury mega and superyachts.

Superyachts vary in size, from intimate 20m vessels to grand 100m marvels. Motor yachts  deliver the power and speed to whisk you across oceans, while sailing yachts yachts provide a serene, wind-powered journey.

Here’s a glimpse of a few types of superyachts:

• Explorer yachts : Perfect for long-distance travel and adventure, these luxury explorer superyachts feature reinforced hulls for ice navigation and superior fuel capacity for extended voyages.
• Sportfishing yachts : These specialized motor yachts are designed for deep-sea fishing expeditions. Equipped with top-tier fishing gear, large bait tanks, and luxurious amenities, sportfishing superyachts are a fisher’s dream.
• Sailing yachts : Combining performance and classic elegance, sailing yachts primarily harness wind power but also come with engines for added versatility. They’re ideal for traditionalists and eco-conscious enthusiasts alike.

Let Us Help You Choose the Right Superyacht

Selecting the ideal superyacht is an exciting journey, and with the expertise of our brokers, you’ll navigate through a myriad of options and features, from style and type to décor and amenities.

At Northrop & Johnson, we prioritize your personal needs. Your yacht is a sanctuary for you, your family, and friends. To ensure we find the perfect match, we take the time to understand your lifestyle, how you intend to use the yacht, and whether you plan to charter it to offset some of the running costs. With this insight, we can recommend the most suitable mega yacht from our exclusive collection.

Whether you’re drawn to a sleek, modern motor yacht or a timeless, classically styled gentleman’s yacht, our diverse selection of superyachts for sale is sure to impress. Connect with our exceptional brokers today and experience firsthand how we go above and beyond for our clients.

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Superyachts For Sale

466 luxury yachts for sale from around the world

Featured Yachts

Royal Denship

• LENGTH 44.0m

Mitsubishi Heavy Industries

• LENGTH 82.6m

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