What are the benefits?
by Ocean Alliance
Owning a superyacht is a divine luxury. It offers an unparalleled level of privacy, adventure, luxury and relaxation. However, we all have busy lives and perhaps don’t get the opportunity to cruise as much as we would like. Chartering can provide multiple benefits to yacht Owners wishing to keep their yacht active when they are not onboard. Whether you are considering placing your existing yacht into charter or buying or building a yacht for the charter market, here are some tips, benefits and considerations.
This is the most obvious, and perhaps, discussed benefit to placing your yacht into commercial charter. Whilst you are not using the superyacht, it can be available for charter to others and therefore, a proportion of operating and maintenance costs can be classified as business costs. There are few chartering superyachts in the world which make a profit but it is still wise to consider offsetting the costs with some revenue.
Yachts which charter must adhere to the safety standards of their flag state, surveyor, insurer and, in some cases, the country in which they charter. The yacht Owner invests in meeting these requirements and very often, their yachts will attract a premium on the brokerage market as the prospective Owner will benefit from a yacht already established in the charter market.
If you are not using your yacht as much as you would hope, your crew may benefit from undertaking charters. It gives them an opportunity to sharpen their skills, expand their cruising repertoire and conduct some on the job training all to your benefit when you are back onboard. Much like employees in a company, keeping crew members active and satisfied ensures less turnover and recruiting hassles, building a strong and reliable culture on board to Owners and Charterers benefits.
Try before you buy: New yacht Owners very often charter before deciding to purchase their own yacht. If you are considering upgrading your current yacht then the most likely buyers are those who have the opportunity to experience it firsthand.
Some of the most exciting and burgeoning charter destinations are under-developed and rely on a healthy supply of chartering superyachts for economic prosperity. Chartering yachts bring discerning tourists, operational expenditure and charter licence fees to their destinations which can be invaluable. Additionally, when Vanuatu’s tourism market was heavily hit by tropical Cyclone Pam, commercial and private superyachts brought much-needed attention, aid and supplies and were one of the first segments of the tourism market to return.
Image courtesy of YachtAid Global
If you are considering a charter superyacht as your own, contact the Ocean Alliance team to discuss how they can assist with selecting the right superyacht, setting up the structure and marketing the yacht for charter.
Based in Sydney, Ocean Alliance specialises in superyacht charter, management and brokerage with extensive experience in both the Australian and international markets.
Ocean Alliance is a proud MYBA corporate member and accredited with the global association of Superyacht brokers and managers as well as an active corporate member of Superyacht Australia sitting on the national committee.
A company striving to deliver the industry’s best practice, professional service and exceptional standards whilst based in an emerging superyacht destination.