Project Management in Yachting
why we cannot do without it
Project Management in Yachting.
As a one-stop service provider, iYacht handles everything from the initial sketches to CE marking. This wide array of services is only possible by involving numerous people across different disciplines, and the entire project requires careful coordination. Every interface between various activities and all communication with stakeholders is managed by a Project Manager, ensuring the process flows smoothly and projects are delivered on time.
To better understand the importance of this role, we spoke with Angeliki Louvrou, iYacht’s Senior Project Manager. With a strong educational background that includes a Master’s in Business Administration, as well as specialized master’s degrees in Superyacht Project Management and Yacht and Boat Building from the UK’s Maritime Training Academy, Angeliki brings an impressive range of skills to iYacht. She is entrusted with overseeing the company’s internal processes and some of its most complex projects.
“My involvement starts as early as the concept and design phase,” she explains. “During this initial stage, I oversee meetings with the client to gain a deep understanding of their vision, budget, and specific requirements. It’s crucial at this point to align expectations and set the foundation for what will follow.”
Once the planning phase begins, Angeliki creates a comprehensive project plan. “This includes developing timelines, estimating costs, and allocating resources,” she continues. “It’s during this phase that we bring together all the key elements—designers, engineers, shipyards, and suppliers. My role is to coordinate their efforts, ensuring the project progresses according to the plan.”
The job doesn’t stop there. “Throughout the construction phase, I monitor progress closely, making sure everything stays on track. Managing risks and client expectations is a constant activity that requires frequent communication with all stakeholders to keep them updated.”
Large projects are always dynamic. “Planning is ongoing, and timelines need to be constantly updated,” Angeliki points out. “These documents are revised weekly to reflect current progress and any changes that arise.” A major part of her responsibility is reallocating resources as needed, particularly when critical tasks arise that could impact the delivery date.
Project management software is an invaluable tool in this dynamic environment. “I make extensive use of specific software that allows us to track tasks, monitor workloads, and anticipate deadlines more efficiently,” she explains. “This technology helps us maintain a clear overview of the project at every stage, enabling us to adapt swiftly if necessary.”
The whole industry is stepping up
The 2024 Cannes Yachting Festival marked a special milestone for iYacht’s CEO, Udo Hafner, as it was his 20th participation in the event. This milestone provided a valuable opportunity for reflection—taking a step back to view the industry from a broader perspective and consider how far it has evolved over the years.
“A lot has changed,” Hafner observes. “From how boats are sold to how they are built, everything is now far more professional. The time it takes to bring a new boat to market is a fraction of what it used to be. The industry has moved beyond its artisanal roots—every aspect has been refined. It’s not just the shipyards that have evolved; the entire ecosystem of suppliers now operates with a much more professional approach.”
This shift toward professionalism reflects broader changes within yachting, which continues to be a melting pot of innovation, substantial financial investment, and passionate individuals. Yachting is still a dynamic industry that attracts investors and visionaries, but the nature of its projects has become more demanding. As yachts grow larger and more complex, the number of parties involved—clients, brokers, shipyards, suppliers—has expanded. These stakeholders are often located across the globe, making coordination more challenging than ever.
In this context, effective project management has become indispensable, ensuring that even the most intricate projects are delivered on time and within budget.
Yachting: a worldwide network
The global nature of the yachting industry undoubtedly adds to its appeal, but it also presents additional challenges.
Angeliki explains, “Working worldwide means, first and foremost, dealing with different cultures. Language differences can create communication barriers if not managed effectively, along with varying cultural norms. Each culture has its own approach to negotiations, deadlines, and conflict resolution, which can lead to misunderstandings if not properly understood and appropriately addressed.”
Another significant challenge arises from differing time zones. “Managing teams and suppliers spread across various time zones requires careful planning to avoid delays in decision-making,” she adds.
Why are project managers so scarce in our industry?
Few yacht design and engineering companies operating in the increasingly demanding yachting industry can rely on dedicated project management roles. Louvrou immediately identifies one of the reasons for this scarcity:
“Even though this is a crucial role—especially nowadays, as projects are becoming more complex than ever—there are currently very few educational programs or degrees focused on project management within the yachting industry.”
“At iYacht, we ensured that our project manager had the opportunity to engage in one of the few existing programs—specifically designed for project management in yachting—to enhance her knowledge and skills. However, this lack of formal education continues to be one of the biggest setbacks for project managers in the yachting sector.” Udo A. Hafner says.
Angeliki confirms, “Unfortunately, in our industry, many project managers are promoted from other positions without having received the necessary training. This can lead them to face significant challenges and the risk of underperforming in their new roles.”
Looking at other industries
Our industry is a highly specialized niche that faces several unique challenges, particularly in meeting budgets and deadlines. Managing deadlines is an issue that needs to be addressed when dealing with suppliers as well as with clients.
Due to the highly specialized nature of the field, there are often only a few suppliers for certain components. This limited supply chain can extend lead times, making it essential to forecast and schedule everything in advance to meet tight deadlines.
On the client side, we must adhere to the deadlines requested by either the client or the shipyard. In some cases, these dates are critical to ensure that the boat is delivered on time for the charter season or to participate in a boat show. The seasonality of our industry adds time pressure for all parties involved.
To ensure that different phases of the project are completed in sync without bottlenecks, Angeliki emphasizes the importance of integrated scheduling. This involves creating a comprehensive master schedule that incorporates all project phases—such as hull construction, interior fitting, and hydraulic and electrical systems—to ensure that every step of the process aligns and progresses harmoniously.
She also highlights the necessity of regular coordination meetings with team leads from each department. These meetings are vital for identifying interdependencies, discussing project updates, and managing any potential issues before they escalate. Furthermore, incorporating buffer time between major milestones is crucial, as this contingency allows for the accommodation of unexpected delays.
To remain up to date with the best practices in project management, we look to other sectors, adopting planning methods and softwares normally used in the building and construction fields.
All these strategies contribute to the advantages of having a well-structured project management system, which can be seen in three main areas: clear communication and collaboration, budget control to ensure that the entire project is financially viable, and last but not least, time management.
Ultimately, all of these factors contribute to our primary goal: client satisfaction. We take pride in being a one-stop shop for yacht design and engineering, adhering to our German DNA of delivering on time and within budget. To achieve this, effective project management is one of the key secrets that enable us to uphold our promises.
