The yacht charter industry is without a doubt, booming. Last year the market was worth US$7.9bn and market predictions continue to be positive for 2023.
Why the continual growth? Aside from the considerable cost benefits of chartering, it is the perfect method for new clients who want to try it before they buy. Chartering is also now easier than ever before, with our marketplace facilitating the demand and increasing accessibility across various sectors of the charter market.
With the popularity of the market continuing, we discuss the advantages of chartering a yacht in 2023.
A yacht for everyone
There are so many benefits to chartering a yacht; first and foremost, you get the benefits of ownership without having to invest. Why own 100% of an asset when you only use it for a few sunny weeks of a year or a few days per month?
Chartering a yacht gives you ultimate flexibility and freedom of choice. Jason Gasparro, COO of Borrow A Boat, explains, “You can chop and change and have a different boat each week in a different place if you choose to use the BAB marketplace like ours.” Aside from the varied choice of boats, you have with chartering; you can prioritise the boats with cutting-edge and new technology each time – something you cannot do with the wear and tear associated with ownership.
Another factor that is not easy with ownership is the utilisation; however, with chartering, you can customise your experience each time. You can pick and choose the yachts that cater to your specific trip’s needs. You may want all the best water toys and fishing equipment onboard for that trip with your friends, a romantic setting for a special occasion, spa and wellness amenities to switch off or simply a comfortable boat for cruising around your bucket-list destination.
With more than 45,000 boats to choose from, our marketplaces give you a huge opportunity. “We have the ultimate choice of boats, from day boats to yachting holidays to the best selection of crewed vessels,” explains Gasparro. The marketplace is filtered in various ways, so you can easily get the options tailored to your demands. From rib to superyacht size, which can be bareboat, skippered or fully crewed, we understand that not everyone wants the same experience out on the water. And if you are looking for something completely luxurious and bespoke, then part of the Borrow A Boat group, Helm, our premium bespoke charter specialist, can help you out. There is the perfect yacht out there for your specific occasion.
Worldwide adventures are calling
Chartering a yacht is perfect for ticking off your bucket-list destinations. When you own a boat, relocation can be restricted by various factors such as ocean weather patterns, and if you want to hop from Antigua to Athens, this will rack up many miles.
With chartering, you can pick your location and then check out the yachts available to charter in that location, making it easy to chase the sun year-round. If you are interested in more remote and off-the-beaten-track areas, you can also ensure that you charter a yacht capable of the conditions. At Borrow A Boat, we have opportunities in over 65 countries for you to take your pick.
A cut in costs
“Chartering is far more flexible than owning a boat and much more cost-effective,” explains Gasparro. When you charter a boat, there are no operating costs, overheads, and maintenance to fund throughout the year. Chartering is a one-time cost, which includes everything you need to charter for the required time. If you or a group of friends decide to charter, using the Borrow A Boat marketplace can reduce prices. You can also choose the exact budget you want for that specific trip. There are plenty of opportunities through the marketplace, suitable for varying budget needs.
As well as cutting costs, completing a charter transaction through the Borrow A Boat marketplace is now more accessible with cryptocurrency payments. The reduced costs and transaction times make cryptocurrency a cost-effective and convenient way to charter a yacht.
Experts at the ready
With chartering, you can also choose a fully crewed yacht if you want to charter a boat but do not have the necessary qualifications or desire. The main advantage of a fully crewed yacht is that you can kick back and enjoy your trip without lifting a finger. A crewed yacht makes it easy, no matter your boating experience, to enjoy a charter stress-free. The onboard crew can tailor your trip to your specific needs and preferences while providing local knowledge of the area.
You can also ensure you get the correct qualified crew for specific trip requirements. When it comes to additional crew services, these can range from certified scuba diving instructors, spa masseuses, personal trainers or even specific culinary-trained chefs.
Never enough time
As opposed to owning, chartering can give you more flexibility with your time. When you are chartering a boat, it is a short-term decision. Having a boat for a week versus owning it puts a lot less pressure on the decisions that need to be made. If you are tight on time, then chartering is the perfect solution. If time or money was a previous constraint, our chartering options can be a solution to these to help you get out on the water.
Lighten your footprint
The ‘sharing economy’ has been a buzzword recently, but its benefits give another reason to charter this year. One reason the charter market has been growing is yacht utilisation; it maximises a boat’s utilisation where it would otherwise be unused for long periods.
The sharing economy reduces total resources compared to sole ownership, which helps the move towards a more sustainable industry. Today, many more yachts focus on improving their sustainability, from hybrid propulsion to smaller initiatives such as no single-use plastics onboard. When chartering, you can prioritise and choose these more sustainable yachts.
Our Sustainable Boating Guide, in partnership with the World Sailing Trust, can also help you to be more mindful of your impact when out on the water and how you can minimise it.
Try before you buy
If you still think you want to own a yacht in the future, chartering is a great stepping stone, especially in 2023 when new build waiting lists are long. Due to the post-pandemic boom and other global supply chain factors, there has been a record number of yachts on order or in build. Therefore, you may have to wait longer than expected for the exact boat you want to purchase.
The charter market has an optimistic forecast for this year, with increasing opportunities for clients to try out new experiences and destinations. “We are seeing trends of a younger audience along with individuals who have not sailed before choosing a yacht charter trip; additionally, an increase in group bookings which is a great way to charter, and all of those points are driving an increase in catamaran charters and larger vessels which are crewed,” explains Gasparro. If you are unsure, why not charter? You can then try the yachting lifestyle properly before you buy.
Help is always on hand
And finally, we are here to help. The Borrow A Boat marketplace and team will find you the perfect yacht charter even if you think you have exhausted all other options. Our technology and advanced algorithms are helping digitise the yacht charter market, matching you to the best boats based on your criteria, eventually making it easier and more accessible for everyone to get on the water.
Behind the technology, our helpful, professional and well-organised team is ready to give you expert guidance with tips and advice for the best charter solution. Gasparro says: “You can browse the boats yourself, book online, or want direction from a friendly, knowledgeable broker; we have the best choices and the fullest range of boats.”