How expensive is it to charter a luxury yacht?

There are different provisioning allowances and price variations to consider before deciding to charter a luxury yacht. Have you ever wondered how expensive it is to charter a luxury yacht? We put together all costs clients encounter when booking a dreamy charter vacation.

The first thing to take into account is the base price, referred to as “charter fee” or “charter rate”. Besides this, there will be another amount to pay on top of it. All-inclusive charter rates are not very practiced, so clients have to expect to pay more than just the basic fees that appear on the broker’s webpage or brochure. 

For example, if you go to a car dealership you probably will not buy a car just by saying “I’ll take that one”. The salesman will start asking whether you want a change of wheels, a radio, the two-tone paint… Similarly, yacht brokers will also provide an accurate estimation of all costs involved.

What does it mean to charter a yacht?

Chartering a yacht means paying a fee to rent out an owner’s superyacht for an agreed period of time and with a pre-arranged itinerary of where you will be cruising. During the charter’s vacation, you have access to all the yacht’s amenities. This could include a swimming pool, beach club, cinema as well as the toy box that often provides equipment for watersports. 

During charters, guests are looked after by the yacht’s crew, who will take care of guest’s needs including washing their laundry, providing cooked meals or ferrying them to and from shore. 

What factors determine the cost of a yacht? 

The yacht itself: Probably the most important factor that determines its cost is its size, design and age. A research conducted by Northrop & Johnson found out that the number of cabins and guest capability followed by its reputation affected the price of more expensive yacht charters. 

Moreover, the type of yacht can also affect its cost. There are sportfishing, expedition yachts, multi-hulled catamarans, classic yachts… but by far, motor yachts are the most popular type of chartered yacht followed by sailing yachts. 

Regarding passenger size, this does not vary as much. Small yachts may carry six people onboard, but even many superyachts can allow a maximum of 12 guests due to the SOLAS Convention (Safety of Life at Sea) set by the International Maritime Organization. As a curiosity fact, the first version of this treaty was adopted in 1914 after the sinking of the Titanic. 

Destination: In those locations with an established yachting industry prices tend to be less expensive, while remote and hard-to-reach destinations such as the Galapagos Islands are more expensive. 

Moreover, during high-season, yachting is usually more expensive as well. Mediterranean charters are costlier during the summer, while Caribbean yacht charters are highest from December to around March. Moreover, if you try chartering around special events, they tend to be even more expensive: New Year’s Eve, Cannes during the Film Festival, Monaco during the Grand Prix, the sidelines of the America’s Cup…

Additionally, some destinations have short seasons, and this increases the demand. Travis Peterson owns Alaska Charter Services’ Adventurous, a 56-foot charter vessel that provides guests with sportfishing and sightseeing trips in southeast Alaska. Due to the weather of Alaska, he only runs tours for half the year. 

Key tip: choosing times carefully. A difference of one week (high season to low season) can affect the cost drastically. For yachts measuring between 30 and 40 meters, the high season price can increase its cost by around €6000 per week. 

Trip duration: On average, yacht charter is around one week and many companies have a minimum stay of five days. Very occasionally an owner will accept a shorter duration, but this is not very common. Moreover, prices do not go down for longer holidays: if you want two weeks instead of one, you pay twice the price. There will likely not be a discount for extended stays. 

Equipment: When a yacht includes kayaks, paddle boards, underwater Seabobs, jet skis or even personal submarines, the price tends to go up. Some yachts even come with zorbs, sea pools and slides that can be deployed at the top of the yacht. 

What is the cost to charter a private yacht?

Bareboat charters are the least expensive option: Yachtico, an international booking platform, has yacht charters in popular destinations for well under €4500/week. However, if we are talking about a vessel in the superyacht industry, the charter vacation can range from a minimum of €14,000 per week (20 metre yacht George V as an example) to a maximum of €3,000,000 per week (136 metre Flying Fox). 

According to BOAT International’s listings we can expect superyacht charter rates to be:

• Under 30 meters: average €40,000
• Between 30 and 40 meters: average €70,895
• Over 40 meters: average €100,000
• Between 50 and 60 meters: average €219,826
• Between 60 and 70 meters: average €444,521
• 80 meters and over: average €1.7 million per week

This is an average price, however, each charter rate is affected by the different factors mentioned before. Moreover, knowing the base price of the charter is the starting point. Depending on the location, the terms of the contract may be included in the initial fee or not, such as insurance or cancellation policies.

Moreover, as each yacht is owned by a different person, the owner’s set the rules. While one yacht may include a “standard” selection of wines with every meal, another yacht might have wines a la carte. 

Types of charter contracts

Depending on where the location of the yacht is, you might come across different types of charter contracts: 

• Mediterranean Yacht Brokers Association (MYBA): These are the most common type of charter contract, and under it the charterer is charged for the hire of the yacht, fuel, marina fees, crew wages, guests’ personal laundry, insurance, water toys, food and drinks as well as engine room maintenance and other expenses. Depending on how much fuel the yacht uses expect to add 25% to 50% of the charter cost.
• Greek Terms (GT): When travelling around the Greek Islands and the mainland, a common phrase yacht charterers come across is “Greet Terms” or a GT contract. This includes the cost of the yacht and its equipment, crew wages and laundry as well as specific berthing fees required. 
• Caribbean Terms Inclusive (CTI): Also called Standard Caribbean Terms (SCT) is a more inclusive type of charter contract. It accounts for three meals per day and fuel for four hours of cruising per day. Some yachts include basic beverages, but this happens mainly in the Virgin Islands. 

More expenses to consider

Part of the yacht charter contract includes an Advance Provisioning Allowance (APA). This is around 30-35% of the charter fee for “plus all expenses” charter and about 5% for “all-inclusive” charters. The APA covers: 

• Food and drinks: Before booking a charter, the charter broker provides an estimate of additional costs, and food is one of the largest depending on how fancy you plan to dine. If you want to have several bottles of Champagne per meal, then you can expect costs to be higher. 
• Fuel: Another cost that depends on how much the yacht cruises and how fast it goes. Moreover, time spent at anchor includes the fuel for generators, while shore-side electricity when docked is also included. Fuel is also charged for tenders and water toys.
• Harbor fees and docking: These are variable and can range from very expensive dockage (if you dock in a front-row at the Monaco Grand Prix) to little or nothing in other areas.

• Laundry: Yacht laundry, including the towels, sheets and table linens, are included, but some yachts charge to launder the guest’s personal items. Most however will usually not be responsible for delicate items. 
• Delivery fees: If a charterer requests boarding the yacht at another location from where the yacht is normally based, he/she can expect to pay a delivery fee. 
• Tipping: At the end of a yacht charter, a cash tip is given by the guest to the captain to divide amongst the crew. On average, it ranges from 5-20% of the base charter rate, and while this cost is not included in the APA, some brokers advise that any APA funds leftover at the end of the trip are used to make up as part of the tip. 

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