Factors Affecting Yacht Charter Fees
Type of Yacht:
The type of yacht you choose plays a significant role in determining the cost. Motor yachts, sailing yachts, gulets, catamarans, and more, each come with their own pricing structures. Motor yachts offer speed and luxury, sailing yachts provide a serene sailing experience, catamarans offer stability, and gulets are the epitome of tradition and elegance.
Yacht Age:
The age of the yacht matters, as newer yachts often command higher prices due to modern amenities and comfort features. A newer yacht typically means state-of-the-art technology and stylish interiors.
Yacht Size:
Larger yachts come with larger price tags, reflecting the additional space and luxury they offer. Size matters, as it can accommodate more guests and provide more amenities.
Yacht Equipment:
Some yachts are equipped with top-of-the-line amenities, such as water toys, entertainment systems, and more. These extras can influence the charter price, as they enhance the onboard experience.
Charter Destination and Route:
The location you choose for your charter can impact costs. Some destinations are more expensive due to high demand and exclusivity. For instance, the French Riviera or the Caribbean may come with premium prices compared to less frequented locations.
Yacht Charter Period and Season:
Charter prices can vary based on the time of year. High seasons may have higher rates, while shoulder seasons or low seasons can be more affordable. Timing your charter to coincide with the offseason can yield substantial savings.
Local Taxes:
Different locations may have various local taxes that charterers need to be aware of when planning their budget. These taxes can include harbor fees, environmental fees, and more, depending on the destination.
Bareboat or Skippered/Crewed Yacht:
Opting for a bareboat charter, where you take control of the yacht yourself, is usually more budget-friendly. On the other hand, hiring a skipper and crew will affect your overall expenses. Crewed charters typically cost more but offer a hassle-free, luxurious experience with a professional crew attending to your needs.
Yacht Reputation:
Some yacht charters charge premium rates due to their reputation, which is built on previous experiences and customer feedback. Reputable yachts often come with experienced crews, top-notch service, and excellent reviews.
Yacht Charter Pricing Structures
When chartering a yacht, you will encounter two primary pricing structures, which have their own implications on your budget:
Plus All Expenses Charters (MYBA Terms):
These rates cover only the base price of the yacht. Running expenses like food, drinks, fuel, dockage, port taxes, and more are charged separately. Often, charterers pay these expenses using an Advance Provisioning Allowance (APA), usually around 30% of the base price, paid before the charter begins. While this may seem daunting, it provides a transparent breakdown of costs and allows you to have more control over your expenses. Find out more about MYBA agreements here.
Mostly All-Inclusive Charters (Gulet Terms):
This pricing structure includes accommodation, crew, fuel for up to 4 hours of cruising per day, fuel for generators, public harbor fees, taxes, recreational equipment, and VAT (Value Added Tax). Food and beverage options (half board or full board, alcoholic or non-alcoholic packages) are additional costs under this structure. Mostly all-inclusive charters provide the convenience of having many expenses bundled into the charter price, making budgeting simpler. Find out the main differences between these two terms in our blog.
Additional Costs to Consider
Fuel Consumption:
Fuel costs can be a significant factor in your budget. The cost of fuel depends on the yacht's model and engine. Smaller vessels consume less fuel than larger ones, especially if they are equipped with a generator. Fuel consumption depends on factors such as engine power, cruising speed, yacht size, tonnage, and more.
Mooring Fees:
Mooring fees depend on the size of the boat, sailing period, and location. You can choose between a berth in the marina, a berth in city ports on a jetty, mooring buoy, or anchoring. While anchoring in some places like Croatia is free, others may charge fees. Free berths or buoys may require you to dine at a local restaurant or tavern that tends to these moorings or lines. Be sure to research the mooring fees in your chosen destination.
Food and Drinks:
Food and drinks are a crucial aspect of your charter. These are typically ordered in advance to be delivered to the yacht, based on your preference sheet. Crewed yacht charters offer the advantage of freshly prepared meals every day, eliminating the need to leave the yacht. However, it would be a shame not to experience the culinary delights of your destination. Dining out in local restaurants and trying regional cuisine can be a delightful part of your charter experience.
Taxes and Value Added Tax (VAT):
Yachts operating on MYBA terms typically do not include local taxes or Value Added Tax in their charter rate. The Croatian VAT, for instance, is 13% of the base price. Be aware of the VAT rates in your chosen charter destination.
Insurance:
Charterers can purchase cancellation and limitation insurance, similar to traveler’s insurance. This insurance can help you cover the costs if you must cancel or shorten your vacation due to unexpected circumstances. Charter brokers can assist you in comparing different insurance options to ensure you have the coverage that suits your needs.
Crew Gratuity:
Although crew gratuity is not mandatory, it is definitely recommended and appreciated, especially if you were truly satisfied with your charter. Usually, crew gratuity is roughly 15-20% of the base charter fee and is given to the captain at the conclusion of the charter. This gesture shows your gratitude for the exceptional service you've received.
Delivery Fees:
Delivery fees do not apply to most charters, but you may be asked to pay these costs if you are not chartering in the yacht’s home port and if an "empty leg" is caused. In most cases, you will only be required to cover the fuel costs for the trip. It's essential to discuss delivery fees with your charter company to understand the terms and conditions.
Car Parking:
If you have a car, car parking is not included in the yacht rental price. This is an extra cost that you will need to pay directly to the marina reception. Make sure to inquire about parking rates at the marina where you'll embark on your charter.
Planning for a Budget-Friendly Charter
We would strongly recommend that you plan your activities beforehand to get the best deals on prices. If you have flexible dates, you have more freedom and options to suggest the best time to charter a yacht that best fits your budget. Here are some additional tips to help you plan a budget-friendly yacht charter:
Book in Advance:
Booking your yacht charter well in advance can secure better rates, especially during the offseason or in less popular destinations.
Consider Shoulder Seasons:
If you're looking for a balance between good weather and reasonable prices, consider chartering during the shoulder seasons. These periods often offer pleasant weather and lower rates.
Travel with a Group:
Sharing the cost with a group of family or friends can significantly reduce the per-person cost of your yacht charter.
Flexible Dates:
Being flexible with your travel dates can help you find more affordable options. Charter companies may offer discounts for last-minute bookings or extended charters.
Research Your Destination:
Explore your charter destination to find hidden gems, local dining options, and activities that fit your budget.
Get Multiple Quotes:
It's always a good idea to get quotes from different charter companies to compare prices and services. Don't forget to ask about special offers or discounts.
Contact Otium Yachts to Plan Your Dream Charter
At Otium Yachts, we are here to assist you with every detail and explain all charter costs. Let us design the charter of your dreams! Chartering a yacht is not just about the cost; it's about the experience. Contact us today to start planning your yacht charter adventure. Your next once-in-a-lifetime holiday is just a click or call away. Don't miss out on this incredible opportunity to explore the world in style and luxury. Our team is dedicated to making your yacht charter experience truly exceptional. Let us be your trusted partner in creating memories that will last a lifetime.