10 Ways to Boost the Charter Power of Your Yacht

In our last blog post about yacht charters, we discussed the powerful advantages to be gained by chartering your yacht, including offsetting some of the yacht’s running costs, attracting significant tax incentives, and benefiting from a more skilled and satisfied crew.

Yet it’s not always as simple as just listing your yacht on the charter market and waiting for the bookings to come rolling in. Some yachts perform much better on the charter market than others, due to a range of factors that we’re going to share with you today. In fact, three yachts of exactly the same size can very easily differ in charter rates by as much as $75,000 per week, while some boats are booked out summers in advance because of certain onboard features or the brilliant reputation of their crew.

That’s why it’s incredibly important to make the right choices when purchasing, hiring crew, refitting, and marketing your charter yacht, so that your yacht brings in great revenue over its lifetime because it stands out from the pack in some way or fulfills a common need. 

If you’re searching for a charter yacht to buy, then we’ve included some great tips to follow, while those of you wishing to charter out your existing yacht might want to make a few cosmetic or personnel changes to your yacht to make it more attractive on the charter market. Of course, a good charter manager will be able to offer extensive advice on why some yachts are perennially in demand while others languish on the market, and tailor an individual charter plan for your yacht.

Here are some of our top tips for boosting the charter-power of your yacht, drawn from our years of experience in the luxury yacht charter market.

Some factors that affect the ‘charterability’ of your yacht

1. The crew. A great crew is the single most crucial element of a charter yacht.  Things to look for when crewing up your yacht for charter or training your existing crew include:

• A captain with strong charter experience is worth his weight in gold. Not only are experienced charter captains personable and professional with guests, but their reputation can draw their past charter customers to your yacht.
• A chef that is skilled in different cuisines will be a major asset, while an award-winning chef or one with Michelin-star restaurant experience will always attract charter clients.
• Versatile crew who are also watersport instructors, masseuses, beauticians, or personal trainers are highly sought after by charterers.
• A well-trained interior crew with extensive experience in cocktails, themed events and table-dressing, as well as different service styles and cultural etiquettes, will ensure that your yacht quickly gains an excellent charter reputation.

Bruce Schattenburg, director of the Super Yacht Division and Charter at Denison Yachts, has seen first-hand just how important a great charter crew is to the success of a charter yacht. “I can charter out a row-boat if I have the right crew,” he says.

2. The cabin layout. Family groups are the most common type of charters, so a cabin layout with at least one twin cabin for children and personal staff tends to perform well in the charter market. Even better, choose (or refit) a yacht with convertible cabin arrangements between twin and double beds to appeal to all markets — whether that’s a family, group of friends or corporate charter. Also consider fitting out a VIP cabin that has a real ‘wow’ factor to bring it more in line in terms of luxury with the master cabin, as this will better attract joint family charters and groups of friends who wish to split the charter costs.
3. The number of cabins. Yachts that have a higher than usual cabin-to-guest ratio for their size are very attractive on the charter market. For example, while most yachts under 45m will have between three and five cabins, the occasional yacht will have six, or on a rare occasion even seven cabins, thereby opening up this lower size range to larger groups and making charter fees more affordable per guest.
4. The décor. It’s important to avoid overly striking decor that might polarize opinion: you might love it, but will everyone else? Remember that a great charter yacht will attract as much of the market as possible — so wild color schemes aren’t generally a good option. Also consider whether something that is popular and eye-catching now will date well — after all, yacht design has fluctuating fashion trends, just like anything else!

   

5. The ‘show-off’ factor. Certain names in yachting carry great weight — whether it’s a prestigious yacht build, a renowned interior designer, or a brand new boat with a bit of a buzz about it. Charter clients will often choose their charter yachts based on these factors, so if you’re buying or refitting a yacht, then it’s helpful to discuss this element with your charter manager.
6. The stand-out features. Whether it’s installing a large screen on deck so you can boast of an outdoor cinema, or decking out the swim platform with a sophisticated beach club set-up, there are certain key features that charter guests actively search for. Zero-speed stabilizers and deck Jacuzzis are two of the most commonly requested features, so have a chat with your charter broker about how you can upgrade your yacht to keep it in line with guest requirements.
7. The water toy selection. The ‘treasure chest’ of watersport equipment the yacht carries is a hugely important factor to charter success. Waterslides, trampolines and inflatable waterparks currently are extremely popular with family charters, while dive equipment, kayaks, and jet skis remain perennially popular. Keep your eye out for new water toys that hit the market so you stay current with trends and can offer repeat charterers something different each time they visit. A large towed tender for fishing or diving is a major factor for many charterers, while a sportfisher or chase boat is particularly popular in the Bahamas and Caribbean.
   
   

8. The onboard entertainment and communications. A great AV system well-stocked with movies, music and games is vital. However, what’s even more important these days is your onboard 24/7 WiFi capability. Even if you and your family don’t require fast internet while on vacation, don’t make the mistake of assuming you can skimp on internet capability throughout the yacht. These days, it’s considered a must-have for the majority of charterers, and most prospective clients will enquire about download speeds before chartering — and will often complain if it’s not up to speed.
9. The current reputation of the yacht. Many owners buy an existing charter yacht and promptly change the name to something more personal to them. However, this squanders the reputation the yacht has already built up in the market. A good name is worth a lot in a ‘high-status industry’ like yachting, so consider whether changing the name is worth having to remarket the yacht under that name and build up its reputation all over again. The yacht name is your charter brand, so it’s worth considering whether a successful brand in the corporate world would change their brand name just because they changed owner. On the other hand, if the yacht has a poor reputation or the name is off-putting in some way, then it might be a very good idea to change it.
10. The right charter management company. It’s incredibly important to choose the right charter management company — the one who can use their years of expertise to advise you where the current gaps in the charter market lie and where there might be attractive opportunities for your yacht. They’ll also market your yacht to their established client list and advise you on how you can make your yacht even more attractive. Having the right charter management company on your side is a game-changer.

So whether you’re in the market to purchase a yacht, considering offering yours on the charter market, or just wondering why your yacht isn’t getting the charters you hoped for, perhaps it’s time to call your charter broker to discuss how you can boost the charter power of your yacht.

For more information on chartering your yacht, contact:

Susan Harris
Superyacht Charter Specialist
Susan@denisonyachtsales.com
561.870.4142
954.763.3971