5 Key Outtakes from the 2023 Superyacht Investor Conference
10 July 2023
How superyacht owners can maximise emerging trends in the charter market.
The power of superyachts to escape goes beyond mere geography and 2022 saw a charter boom like never before. There are no signs of things slowing in 2023. Superyacht owners are becoming increasingly business minded and cognisant that the European charter market is lucrative, with a season that spans May – September.
1. Greece remains the top charter destination:
For owners, Greece is one of the safest locations for owners to base their yachts. The region is easily accessible, running costs are lower than the West Mediterranean and the margin on charter bookings is higher, with consistent demand throughout the charter season.
2. Growing allure for West Mediterranean charters with new Cruise Contracts:
Whilst the opportunity to make a profit is much greater in the East Mediterranean than West Mediterranean where the yachts tend to be larger with pedigree builders, new contracts such as the ‘Cruise Contract’ offered by smaller yachts in the South of France, are making the West Mediterranean an increasingly appealing option.
3. Demand for Explorer Yachts from luxury adventure seekers:
As the charter industry becomes ever more adventure driven, the yacht is the chosen platform from which clients can embark on unique, experiential journeys. With explorer yachts increasingly making their mark on the traditional luxury yacht industry, they are upping their standards of luxury on board to cater to all clients.
Many more layers to the traditional charter experience have been revealed over the last couple of years, with a desire for charterers to make the most of a destination offering. The yacht is no longer the destination. It is for exploring by helicopter and below sea, it is for educational experiences and conducting scientific research.
4. Going Green
The industry is slowly evolving as charterers look for more efficient and greener options, although the sustainability aspect tends to be more common in remote destinations.
To preserve and protect our oceans, there has been a clear positive step towards a greener future for the yachting industry. With a major increase in electric water toys including electric surfboards, water bikes and emission free SeaBob’s to name a few.
5. Industry-Only Events on the Up
When providing a luxurious experience, it’s important for brokers to fully understand the experience onboard, not just the yacht. Industry-only shows (such as MYBA) provide the perfect opportunity for brokers to fully immerse themselves.
Inspecting the yacht in person allows a broker to attest to the crew, experience the hospitality onboard and the level of service. By personally assessing the quality and maintenance of the yacht, clients should be able to trust the judgement and recommendations of their broker.
With thanks to our contributor Advait Deodhar, Senior Sales and Charter Broker at TJB Super Yachts. Advait is a walking-talking Yachting Wikipedia. His verve for adventure and precision has helped him to build up strong bonds with his clients, a long-term approach that is so important to TJB Super Yachts.