Glossary
Refit
Definition: Refit is the comprehensive renewal of a yacht or vessel. Different from annual routine maintenance; large-scale work like interior reconfiguration, systems renewal, engine overhaul and hull repair. A major refit cycle typically occurs every 10 years.
Scope
- Interior renewal — cabins, saloon, galley
- Systems upgrade — navigation, HVAC, generator, audio
- Engine overhaul — main engine, generators
- Hull paint + anti-fouling — exterior renewal
- Class survey + certificate renewal
Duration + cost
- Typical duration: 3–12 months (depending on scope)
- Cost: can reach 10–30% of vessel value
- Done at specialised yard / refit yard
Financing side
Refit financing is typically:
- Short-to-mid tenor (3–7 years)
- Additional limit on top of existing vessel mortgage
- Sometimes a one-off bridge facility
- Value-uplift refinancing opportunity post-completion