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Charter Market Overview: Q1-Q3 2023

Charter Market Overview: Q1-Q3 2023

21st November 2023

Year to date, the 2023 charter market has exhibited all-in-all healthy activity, following a record-breaking 2022. The charter fleet has continued to expand, with more yachts becoming available especially in popular destinations such as Greece and France. IYC also reached a significant milestone with over 150 yachts under charter management, continuing to secure its place as the largest charter fleet worldwide

Latest Global Charter Market Trends

Advanced provisioning allowance (APA) remains high: with the cost of goods and fuel at a high, clients now requested to pay 35% or 40% of total charter fee to cover the cost of provisions and running expenses

Pre-pandemic booking request pattern

Higher demand for fuel efficient vessels and 'VAT friendly' itineraries: certain clients, especially in the smaller segment, are favouring yachts that have lower fuel consumption such as luxury catamarans or sailing yachts. Destinations with 'fuel efficient' itineraries (like a cluster of islands) or have a favorable VAT structure are gaining market share

Yachts with extensive water toy collections still remain in high demand  

Last minute charter requests to secure favorable weather: shifting weather patterns, especially in the early summer season, lead to a rise in last-minute charter enquiries

A slower start to the 2024 winter season: accounting for over 70% of winter season bookings, the Bahamas and Caribbean are experiencing another slow start to the winter season. 2023 concluded at -10% in total number of weeks booked and currently both destinations are slightly behind in terms of bookings versus the same period last year. Reservations are expected to pick up in the weeks to come. Although more niche charter destinations, Southeast Asia, the South Pacific and Indian Ocean, are recording healthy booking patterns for the season.

Another strong 2023 'Med' season: following what was a record breaking 2022 summer charter season, the 2023 season saw healthy activity in the Mediterranean.

Bahamas and New England back to pre-pandemic demand for the summer season: following what was a record breaking 2022 summer charter season, the 2023 season saw healthy activity in the Mediterranean

More yachts entering the charter fleet in key yachting destinations: the very strong charter season of 2022 coupled with an increase in yacht operational expenses, resulted in more yachts entering the charter fleet across popular yachting destinations.

From January to September of 2023, the worldwide charter fleet has shown positive growth of +5%. This upward trend is expected to persist at a steady rate.

Summer Season 2023 Year To Date - Booking by Location 

Following an exceptionally strong 2022, the 2023 summer charter season (May-October) showed healthy activity, reaching 95% of total 2022 charters. Bookings in the Mediterranean account for 96% of total summer charters.

The Eastern Mediterranean is the region with the highest demand, accounting for 50% of total bookings in 2023 year to date; a 2% market share increase versus last year. 

Greece retains its position as #1 charter destination globally 

Croatia records +1% market share in bookings versus 2022 

Turkey retains market share in line with last year

The West Mediterranean accounts for 46% of total summer charters. The number of yachts in the fleet with bookings is higher compared to the Eastern Mediterranean, but with a lower average of weeks booked.

France retains its position as #2 summer destination with stronger activity in the 131' (40m)+ segment

Italy ranks #3, equal to last year

Spain (Balearics) equal market share versus 2022

The Bahamas and New England dropped to 4% from 5% market share with bookings down -33% this summer versus 2022. 

Winter Season 2023 Year To Date - Booking by Location 

Although it’s still early, the 2024 winter charter season (November 2023 - April 2024) seems to be off to a slower start than previous years. Currently, 72% of bookings are focused on the Caribbean and the Bahamas, while Southeast Asia has seen a rise in bookings, claiming 15% of the market share. The Indian Ocean is also seeing an increase in charter bookings, largely due to popularity in the Maldives.

The Bahamas are showing a slower start to 2024 versus the same period last year

The Caribbean remains the top winter yachting destination but bookings seem to be slower than winter 2023

Southeast Asia is exhibiting an increase in market share and bookings, returning to pre-pandemic levels

Indian Ocean is showing a positive start to the charter season

The South Pacific retains market share in line with previous years

IYC Retains Its Leadership Position In The Charter Market

IYC is a leading company in the charter market, managing the largest superyacht fleet worldwide, now with 150 yachts under charter management. This year, IYC also introduced its new RESERVE function on the website, allowing clients to reserve their preferred charter yachts with just a few clicks. IYC is the first and only company offering this type of feature.

We are proud to represent some of the best yachts on the market globally. See all listings here.

Interested in offering your yacht for charter? Contact our charter management team.

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