Business plan: Hatteras 48' YF

[isaac51]

I am developing a business plan for a Chater fishing/whale watching/ pleasure cruise vessel. I am seriosly looking at a 48' YF. After inspecting Her, I have a strong understanding of what will be required prior to such an activity. (Owner of a gillnet fishery boat in a previous life)
However, nothing would be more helpfull than to communicate with someone who has experience with the Hatteras 48' YF. She is fitted with DD V871 TI

What are usual costs for Dry dock/ removal ?
Annual Insurace Policy for 100,000 Hull value performing charter activities?
All positive input will be greatly appreciated!
Thanks, Skipjack Johnson

 

[Pascal]

Depends on where you are... Are you re going to run charters as an non inspected vessel (up to 6 pax) then your costs will not be very high, if you want to carry more pax then the inspections and rules/mods will probably not work out.

Ballpark numbers for haul out and bottom paint? $40 to $50 a foot but again costs will vary depending on location and how many rules and regulations the yard has to deal with.

For fishing charters, I have to wonder why you d want a YF instead of a sportfish

 

[lumina]

Hi All,

Isaac,

I run around 15 or 16 thousand dollars a year to keep her in really good condition (not Bristol), just properly maintained and cared for and looking great. Making her better is an add-on to the perpetual costs ie some new gadget, new electronics, upgrades, big repairs or making her cosmetically and visually better ie new sunbrella etc....

Example of Perpetual Costs: (appx based on a 1974 48 YF in the north east)

Slip fee - $5200
Insurance - $2300
Haul out and storage $1800
Shrink wrap and winterize both engines and generator - $1500
spring commission - $1400
Diesel - $4.00 gl x 725 gl = $2900 per fill up x maybe 2 in my case so $5800
State, local and federal fees - $800
Maintenance - $2000

Many of the things on this list are obviously different by region of the country.

If you’re a do it yourselfer you can mitigate some of these costs, unfortunately I’m not. I’m not clueless by any means, I can understand what’s wrong and what’s needed and how to fix it but I wouldn’t attempt anything other than small stuff.

If you're going into any Hatteras but especially a Classic Hatteras you need to fully understand the perpetual costs, (which plus your mortgage if you have one, and repairs and upgrades is really your TCOO).

Also, realize that most yards today and probably all yards in the near future will NOT let you work on your boat in their yard if they provide the service required. ie If you need to grind some fiberglass and apply a repair, even though you are fully capable of doing this if the yard provides fiberglass services they are going to deny you the opportunity to do it yourself and force you to pay the yard to do the work.

Also realize that a yard may not provide a service such as marine electronics however they may have a reciprocal arrangement with a third party. In that case again they are going to deny you the opportunity to do it yourself or of hiring your own technician and force you to use the yards third party. The third party is required to give the yard a cut. Some third parties will inflate the bill to cover that expense.

I'm not going to put forward an argument regarding the new yard policies but I will say it makes it much harder and much more expensive for boat owners.

 

[isaac51]

The 48YF belongs to my very close childhood friend. His Father recently passed, leaving him with this asset/ongoing expense. The value continues to drop and is now to a point where selling her in the current condition would be a shame. I have the seatime, and skills, to manage the enterprise, and the love for the Ocean. He has a Hatteras, but no resourses to keep and maintain her.
The greatest obstical, is that she has sat for quite some time now, and I am concerned about the engines. I researched the engine manuals last month, and learned how serious this will become if not properly returned to service. DD requires valve covers removed and saturated with oil and on and on. I can do this work and am qualified to do so. I inspected the vessel and was very pleased with what I saw. No visible structural damage. She is in, and always has been, in fresh water, covered and protected moorage. Engine room is spotless. Wiring is like new. It's like going back in time 37years.
Hard to say when she was last run. Fuel may be bad. A lot to do before halibut season.

 

[geofish]

My 46C sat for 12 years without anyone starting the 8v92's...

First thing I did was look in the airboxes to view the pistons and liners which all looked good while I had someone turn the engine by hand

I pulled the injectors and aftercoolers and had them serviced (some injectors were froze up) I inspected the turbos and spun by hand, some needed a little extra force to get spinning but I never used anything but my fingers then I pumped out the fuel tanks and filled with new diesel, Changed all filters and oil in the red gear and engine, freed up the emergency stop flappers changed zincs and coolant and fired the engines up. They run excellent, no smoke good temps and the gears sound good as well.

I read a bunch of accounts of people starting these engines after many many years and most of them had no problems and quite a few didn't do anything before starting them...

Good luck!

 

[isaac51]

Thanks! I'm feeling better already. The plan is to go for the 6 pack license, and fish the Northern Washington coast and into Canadian waters off Vancouver Island. Having the size, speed, and comfort of the YF, fitted with the latest Navigation/electronics, will increase our safety margin.
I'm targeting the customer that wants to catch fish and appreciate the Hatteras 48'YF. High Adveture! I will fit with downriggers and perhaps a auto jigging unit out of Europe.
Your advice is sound and much appreciated.
Skipjack

 

[mike]

Not to pour cold water on your plans...FWIW charter business was reported to be real slow in PNW this past year. A long time friend and respected charter capt said business was 1/2 of what it was in 2010 in the Anacortes, Port Townsand and Seattle areas. Folks aren't spending.

 

[Seabrooke]

Not to pour cold water on your plans...FWIW charter business was reported to be real slow in PNW this past year. A long time friend and respected charter capt said business was 1/2 of what it was in 2010 in the Anacortes, Port Townsand and Seattle areas. Folks aren't spending.

Hopefully Isaac will benefit from not having cover the repayments on an expensive boat purchased specifically to charter. He'll have all of the other ongoing costs of course but not having the large monthly overhead of the loan repayments might give a bit of room to get through lean charter times.

Good luck Isaac, I hope you do well.