Advait Deodhar, Senior Sales and Charter Broker at TJB Super Yachts had the privilege of attending the Superyacht Investor Conference 2023 as a key speaker alongside 170 senior executives for invaluable networking time, to share his insight and gain new perspectives on all things yacht charter related.
From the importance of attending industry-only yacht shows, to how owners can maximise return, and the evolving ‘green’ chartering, Advait’s panel discussed the world of chartering and changing requirements.
“I had the pleasure of being part of the panel at the Superyacht Investor Conference, where I discussed the present state of the charter market alongside my esteemed peers in the industry.” – Advait Deodhar, Senior Charter and Sales Broker.
Influx of Charter Yachts
“2022 saw a charter boom like never before, and 2023 has seen a lot of demand already.“
More and more yachts are making a splash on the charter market as owners are becoming increasingly more business minded. While yacht sales may be navigating uncertain waters, the charter market is thriving.
Having emerged from charter, or having purchased with the intention of chartering their yachts out, the far more educated owner is recognising the money-making possibilities when it comes to charter.
Not only is Greece easily accessible, the highly-popular charter season which runs from May to September makes it an attractive destination to base a yacht.
“Greece is one of the safest bets to get as close to covering your running costs as you can because it’s easily accessible. The boats are lower price than the West Mediterranean and you have the demand, starting charters from early May and chartering till the end of September, so you have a much longer period to charter in Greece.“
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 is making the West Mediterranean this an increasingly-appealing option.
American charter clients continue to dominate the market too, taking a share of 56.2% and 57.3% of the global retail and management market respectively.
The Desire for Experiential Travel
As the charter industry becomes ever more adventure driven, the yacht is very much becoming a platform from which clients can embark on unique and amazing experiences. 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 under land, it is for educational experiences and conducting scientific research.
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 for example.
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 provide the perfect opportunity for brokers to fully immerse themselves.
Inspecting the yachts in person allows the broker to attest to the crew, and experience the food onboard and the level of service. By personally inspecting the quality and maintenance of the yacht, clients are able to trust our judgement and recommendations.
“It is so important to have charter-only shows. There are boats which we need to present to a client but haven’t updated their imagery in years. Seeing these boats, meeting these crew members.. it is extremely important. The MYBA show has been fantastic, especially being early in the season.“