In recent years more and more superyachts are entering the charter market only a month – sometimes even weeks – after delivery to their owners.
This trend shouldn’t simply be dismissed as the onset of boredom once the ‘new toy’ has been played with; this is a shrewd move to reduce operation costs, increase the chance to network and gain a reputation within the yachting scene that can be put to use in the future.
Luxury yachts are most desirable when they are brand new, have recently been refitted or have prestige as a classic: The sooner your vessel enters the charter market, the more earning potential it has, the more stories it has to tell, and the more options you have should you decide to sell it on, buy a newer model or choose to keep and maintain it.
These are the five top reasons why owners open their yachts for charter, and why you should consider doing so yourself.
1. Maintain efficient operations
As unused houses gather dust, unused superyachts gather rust: The more your luxury yacht is in operation, the less chance there is of complex parts seizing up. If there is an issue, it is more likely to be detected early and put right before years of disuse exacerbate the problem. Chartering your superyacht therefore has the potential to reduce the cost of maintenance and increase its overall lifespan.
2. Keep the crew active and contented
There are plenty of highly skilled men and women out there able to offer instruction in jet skis, Scuba diving or yoga, while others might be highly qualified captains, massage therapists and chefs.
In a similar fashion to point number one, a crew that feels their skills are underutilised – or even stagnating – will be less satisfied with life on board… and that expert stewardess it took so long to find might start looking for work somewhere else.
As a charter yacht, your crew has the opportunity to visit different locations themselves while showing off their skills at various functions such as corporate events, weddings and other celebrations. And when the crew is happy and the guests are happy, there is the high likelihood for repeat charters in years to come.
3. Earn charter income
Each type of yacht draws a certain interested party; large yachts filled with facilities are ideal for large celebrations and lavish honeymoon getaways, while smaller yachts are popular with families of all ages who are more interested in exploring their destination than spending days at a time on board.
Make your superyacht available for the busy summer and winter seasons and there is huge potential for significant earnings to balance the cost of operations or even save for your next refit, because even though the interiors are state-of-the-art now, there is bound to be new technology and new and innovative trends in the years that follow.
4. Reduce ongoing ownership costs
Some have described owning a superyacht as ‘a hole in the water into which you throw money’ – and it can be, if the cost of the berth, the crew, fuel and maintenance aren’t somehow offset.
The best way to reduce ongoing costs is to offer your superyacht for charter, with the Mediterranean being the most popular summer destination and the Bahamas & the Caribbean taking top spot during the winter.
Other destinations such as the South Pacific, Northern Europe and Antarctica and Patagonia are becoming increasingly viable as the market caters to adventurers and water sports enthusiasts, and if your yacht has the potential to fill a niche, it can lead to great success in the region.
5. Potential for interesting networking
A yacht in use is a yacht with stories to tell – and people to tell them. Social media is an excellent (and free) way to advertise through popularity and reputation, and if someone sees their favourite celebrity on board your luxury yacht, it will make it an even more desirable choice than the other options on the charter market.
Superyacht parties also give guests the chance to network and see the superyacht for themselves; J.K. Rowling bought M/Y ARRIVA from Johnny Depp after spending time on board, while classic superyachts MALAHNE and CHRISTINA O are quickly booked up due to their historic backgrounds and atmospheric surroundings.