1)   What is the purchase procedure?

 

            Ÿ  Upon deciding to purchase a share in the Caribe Explorer superyacht, you will provide a 10% reservation deposit.  This refundable (minus 10% admin fee) deposit proves interest and provides a slot in the reservations list. A further fully refundable 20% deposit places you officially in the queue for your membership share of the LLC that will consist only of Caribe Explorer purchasers and no one else. This deposit also allows you to pick your particular suite on the master deckplan. Upon the purchase of the last available share (there are 32), you will close your sale and now the LLC owns the yacht with you having exclusive occupancy of your selected suite.

 

               It should be noted that this is similar to the established real estate pre-construction condo purchase process. The big difference is, in real estate, once you have made your second or third deposit, the developer commences construction of the building. This may have taken 6 months, and now you have to wait a couple of years for the construction to be complete and you then can move in.  With the Caribe Explorer project, you will close in less than 60 days, head over to Malaysia for the trip back to Miami and move aboard, all within a couple of months of your deposit, not years!

2)  I accept there are high maintenance and operational expenses in owning a superyacht.       How are the operating expenses of Caribe Explorer covered?

 

            Ÿ  You will pre-pay your 1/32nd  share of the operating expense annually. Under ORCA’s “1-year-free” program, NO operating fee will be assessed the first year.  Your first operating share won’t be due for a whole year until after you've had 12 months to savor the lifestyle.

 

            Here’s what is covered the first year:

 

  • All amenities including: beauty salon, gym, massage, butler, chauffeur, medical center, scuba diving, and mini-sub exploring.

  • Twice-annual treasure expedition, searching for an unknown Spanish shipwreck.  Yacht has side-scanning sonar torpedo with powerful all-metals magnetometer.

  • Weekly housekeeping

  • Onboard weekend live entertainment in the lounge

  • At-sea only Casino.  Win and pocket your winnings... lose and your loss goes into the operating fund

  • $266,000 worth of cruising each year (based on current luxury cruise rates)

  • 70-day Transition cruise from Malaysia to Miami (stops at Bali, Port Moresby, Sydney, Fiji, Papeete, Galapagos, Panama, Cayman Islands, Cozumel, Miami)  Terms subject to change.

  • Laundry service

  • High-speed WiFi

  • All port fees and services

  • All ship maintenance

             

     The fee does not cover meals and alcoholic drinks

3)  Can I live aboard full time?

 

            Ÿ  Certainly.

 

4)  Can I rent out my suite?

 

            Ÿ  As of now, the rental option is not available.

               However, you and your LLC may vote to allow owner renting.

 

5)  Can I tour the yacht prior to closing?

 

            Ÿ  Yes.  The vessel may be available to tour prior

                to closing your purchase if you desire. The yacht is in Malaysia

 

            Ÿ  Better yet, if you close early, each yacht owner will be able to enjoy the transition cruise

               from Malaysia to Miami for free.  That's a $77,000 cruise for free.

 

6)  Is there financing available?

 

            Ÿ  Not officially. Check your own sources.

7)  What are the sizes of the staterooms on the yacht?

 

            Ÿ  280 sq’ to 515 sq’.  The industry average cruise ship cabin is 140 sq'

 

8)  Are there balconies?

 

            Ÿ  No. Caribe Explorer is not a cruise ship. The whole yacht is a balcony.

 

9)  Where will the yacht be located?

 

            Ÿ  There are two locations in Miami, both within 5 minutes from South Beach or downtown.                         Additional yachts in the fleet are planned for Barcelona and Singapore and you can swap                         weeks with other owners on other yachts.

 

10)  Is parking free?

 

            Ÿ  Yes.  You also own a chauffeured limousine to take you shopping or to events, etc.

 

11)  Will I need a passport?

 

            Ÿ  Yes, as the yacht will eventually be stopping at various

                ports around the Caribbean and South America.

 

12)  Are there other superyachts in your program?

 

            Ÿ  Yes, there will be, and you will be given a list of all owners of each yacht so free swapping will                 be available. Perhaps you’ll find one of the owners of the yacht in Barcelona who would love                   to trade for a week or two in Miami.  Or perhaps the yacht in Singapore.

 

13)  Will there be owner storage aboard?

 

            Ÿ  Yes, down below in the crew deck.

 

14)  Is there housekeeping?  How often?

 

            Ÿ  Yes, there will be weekly cleaning of your suite.

 

15)  Is there an owner laundry on board?

 

            Ÿ  Yes, if there are personal items you wish to launder yourself,

                there is a laundry room with washers and dryers.

 

16)  When will the yacht be ready to move aboard?

 

            Ÿ  That depends on the timing of share sales.  When the last LLC share

                has been sold, the yacht will be moved from its current location to Miami.

                It is felt that could occur as soon as this Summer or Fall (2021).

 

17) Do I need to buy insurance for my personal belongings?

 

            Ÿ  Yes. Your personal possessions will not be covered by the yacht’s policy.

 

18) Who will manage the vessel?

 

            Ÿ  ORCA is a subsidiary of Sophlex Marine Management in Port Canaveral, Florida,

                which will be responsible for all things maritime.  The yacht’s staff and crew are all provided                  by Sophlex and they are contracted to run the vessel both at sea and in port for the first year.                 Sophlex has nearly 40 years experience in managing everything from tugboats to large cargo                  carriers, as well as large mega-yachts. After the first year, the LLC will vote to renew the                          contract for a subsequent 5 years.

 

19)  Is there an HOA fee? Do I pay even when I’m not aboard?

 

            Ÿ  There is no HOA fee as such. This is not a condo purchase. It’s a group of 31 friends who                           decided to buy a superyacht and have agreed to split the cost of buying and maintaining the                     vessel.  That cost will fluctuate according to the whims of the LLC members for things such                     as ship itinerary, schedule, and the like. The first year is free, so you won’t be billed for the                       next year’s estimated YOC (yacht operating cost) until the second year. An estimated total for                   the fee can be obtained during you 2-week due diligence period.  The fee is a one-time annual                 payment in advance so you will have to pay for the crew, hospitality staff, dock rent, electricity,                 insurance, and all in-port expenses whether you are aboard or not, of course.

20)  Where does the profit from the casino, meals and alcohol sales go?

 

            Ÿ  To Caribe Explorer's LLC operating fund for ship operations.

 

21)  What kind of medical care is on board?

 

            Ÿ  When cruising there will be a doctor in the medical center.  When in port, medical emergency                   help is just a 911 call away.

 

22)  Can I bring guests and can they stay overnight? 

 

            Ÿ  Guest cabins are available on Deck 1.  A guest suite must be reserved

               well in advance of cruise weekends and special events. The very nominal cost is put into the                   YOC fund.

 

23)  What entertainment does the yacht have?

 

            Ÿ  The vessel will have its own house band when in Miami, but may also feature

                local music from entertainers in each port.  A dinner piano player is available.

                It's mostly smooth jazz, but don't be surprised if a little Jimmy Buffet doesn't work its way in.

 

24)  What is the dining like?

 

            Ÿ  There are 3 dining areas aboard the yacht serving meals that range from café to dining room                   fare.  Every Friday, a renowned Miami gourmet chef might come aboard and prepare a                             sample of his restaurant’s signature dishes.

 

25)   What are the lounges like?

 

            Ÿ  Unlike most private yachts Caribe Explorer will

                provide three lounges including a cigar/martini bar.

 

26)   Is there a casino?

 

            Ÿ  Yes.  A small casino with 3 blackjack tables and

               some slots is available when the ship is outside

               US waters.

 

27)  Can I decorate my suite as I like?

 

            Ÿ  Inside your suite you may perform superficial cosmetic decorating.  You may not

               alter the structural integrity of the room and all changes or additions must be                                             approved in writing by the LLC and ship management.

 

28)  What is the butler service?  Is there tipping?

 

            Ÿ  Each deck will have its own valet to attend to the needs and wishes of each owner.

            Ÿ  Tipping is not required but encouraged for attending staff like bartenders, servers, limo

               drivers, butlers, and health/spa workers since their services are complimentary.

 

29)  How does the free limo service work?

 

            Ÿ  A chauffeur will be available for limo trips. While the service is complimentary, you will not be                 able to monopolize the driver and the limo for hours on end. The LLC will create the rules.

 

30)  How often does the yacht cruise?

 

            Ÿ  The first-year itinerary suggests a 4-day per month cruise to the islands. Then each year, a

               3-week cruise to beautiful destinations like Costa Rica, Panama, Aruba, or Curacao, for                             example are planned.  The LLC votes on various itineraries provided by the captain.

 

31)  When can I use the submarine?  Is it safe?

 

            Ÿ  The submarine can operate 12 hours on one battery charge.  That means on the monthly                         cruise all 32 condo owners can take a 30-minute 2-person dive as deep as 1,000 feet.

 

            Ÿ  The U-Boat Worx  Super Yacht Sub 3 is considered one of the safest mini-subs in the world.                    Numerous safety systems are built in and the sub even has a 96-hour emergency backup                         battery.

 

32)  What are the LLC share prices?           

 

            Ÿ  You own the LLC. Its membership share pricing runs from

               $1.6 million to $2.1 million depending on the location of

               your suite.

 

33)  Will there be land-line phone service to each suite?

 

   Ÿ           No. You will need your own cell phone service for calls.

 

34)  If I can’t make a cruise, can I loan my suite to a friend?

 

   Ÿ           Yes. However, LLC rules may prohibit you from renting it to them.

 

35)  Will there be shops aboard?

 

            Ÿ  Yes. A gift shop, clothing, jewelry, food, and various sundries will be available.

 

36)  What happens when a hurricane approaches?

 

            Ÿ  The good news is, we simply move out of the way. We know well in advance that

               a major hurricane is approaching. Caribe Explorer can be over 200 miles away in 24 hours.

 

37)  What special events might the yacht attend?

 

            Ÿ  When worldwide outdoor events resume, a number of festivities come to mind. What a

                fun way to attend events like Mardi Gras in New Orleans, New Year’s Eve in

               Key West, even the Beating Retreat Ceremony in Bermuda. How about Carnival in

               Jamaica or Trinidad, or the Gasparilla Pirate Festival in Tampa.  The 2026 FIFA World Cup                         Soccer event will be in the US, Canada, and Mexico. One of the US host cities is Baltimore

               and a possible destination for Caribe Explorer.

 

38)  What about repairs and maintenance?

 

            Ÿ  Sophlex Marine Management has absolute control of all things mechanical on the yacht.

               All costs associated with routine maintenance and assorted repairs are included in the LLC

               yacht operating fee. In the event of an unforeseen major mechanical issue a temporary                            assessment may be required, but that seems highly unlikely as this vessel has been                                 meticulously maintained by its previous owners.

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Questions & Answers

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