According to Fortune Business Insights, in 2020 the global charter market was valued at around 6.83 billion dollars. Expectations are that the market will grow to 10.82 billion by 2027 at a compound annual growth rate of 6.6%. With this forecast, it is worth considering if chartering your superyacht is suitable for you.
Chartering your superyacht can be a great way to offset insurance, maintenance, and dockage or mooring fees. While insurance expenses can rise with chartering, the potential gains can make it worthwhile. Chartering can also provide tax benefits if you are willing to charter your yacht for a certain amount of days.
There are many benefits when you hire a charter agency to manage your superyacht, including maintenance support. Crewing and payroll, compliance with regulations and registrations, and general yacht maintenance can be services provided to you through your charter management agency. A broker can help arrange charter agreements and verify those who want to charter your yacht.
Superyacht charters are often selected by the number of guests they can support and the yacht’s design. Those who charter will pay a premium for highly sought-after superyachts during busy seasons in prime locations. Consistently chartering your yacht will allow it to build a reputation and a brand making it one of these highly sought-after yachts. Building this following can also be helpful when it comes time to sell or upgrade; you will have already created a pool of potential buyers. Having a professional crew that provides stellar service is one of the factors that will influence your yacht’s reputation. Ultimately, deciding whether to charter your yacht will be specific to your preference!