Yacht Charter Trends in 2024 by Superyacht Brokerage, Moravia Yachting
Superyacht Brokerage, Moravia Yachting 2024 trends
Leading superyacht brokerages report that the yacht charter market has witnessed unprecedented growth in the past few years. According to data from Mordor Intelligence, the yacht charter market was valued at US$18.9 billion in 2021 and is expected to reach $26.5 billion in 2027, a compound annual growth rate of 5.79%.
This demand has been fuelled by the fact that an increasing number of wealthy individuals now recognise the many benefits that a luxury yacht charter offers, from enhanced privacy and exclusivity to the ability to discover multiple destinations at your own pace.
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Moravia Yachting is a leading superyacht brokerage with access to a global fleet of luxury yachts for charter. Here, they share some insights on the charter trends that are shaping the industry in 2024.
Superyacht brokerage Moravia Yachting 2024 insights
The east side of the Mediterranean now outshines the west
The Mediterranean continues to remain one of the world’s most prominent yacht charter destinations, with the Adriatic in particular seeing high demand from newer and seasoned charterers, specifically destinations such as Croatia, which Forbes named as the must-visit superyacht destination in 2022.
Croatia
Croatia boasts multiple highlights, including stunning anchorages, over 700 islands to explore, and Europe’s longest coral reef. It now also caters to the needs of the world’s wealthiest, with multiple luxury beach clubs and Michelin-starred restaurants.
Croatia’s rise in popularity was partly due to the hit TV series Game of Thrones, which was predominantly filmed in Dubrovnik and Split. The Croatian University of Zadar estimates that the TV series brought in over US$203 million in tourism between 2013 and 2018 and continues to be a major draw, including for superyachts.
Another benefit is Croatia’s favourable VAT rate for yachts, which is 13% compared to 22% in Italy and 20% in France, for example. For larger vessels, this lower VAT rate can offer significant savings on the overall cost of a luxury yacht charter.
“I’m seeing clients that would usually charter in popular Mediterranean destinations like the French Riviera now switch to the Adriatic,” says Lea Tintaud Abbas, Charter Broker at superyacht brokerage Moravia Yachting.
“They appreciate the fact that it’s 13% VAT. Many of my clients have very limited time, with most chartering for just a week. Instead of chartering for longer, they use this saving to choose a bigger yacht.”
Greece
The islands of Greece also continue to be a highly sought-after yacht charter destination, and this trend will continue in 2024, says Lea at Moravia Yachting. This is being driven in part by the increasing number of quality luxury vessels now available in the region, including new-built or yachts that have recently undergone a complete refit.
Some recent luxury yachts to join the charter fleet in Greece include the Rossinavi 66-metre superyacht ALCHEMY, the 43.5-metre futuristic catamaran THIS IS IT, built by Tecnomar, and the 43-metre motor yacht BOJI, an ultra-elegant vessel built by Codecasa.
Popular destinations in Greece include the Ionian islands, such as Corfu, as well as Mykonos and Santorini in the Cyclades. Greece’s low VAT rate of 13% further enhances this destination’s appeal.
“With hundreds of islands to discover, clients can always find somewhere new to cruise in Greece. This makes it a more interesting and exclusive destination to visit over more traditional islands like Corsica and Sardinia, which are sometimes overcrowded in peak season as well,” explains Lea.
Yacht show trends 2024
This shift towards the East Mediterranean can also be seen by the number of superyachts being presented at major yacht charter shows.
“The MYBA Charter Show was originally the leader in terms of the number of yachts presented,” comments Lea. “However, in 2023, only 27 yachts were displayed at the show in Barcelona. In 2024, the show will move to Genoa, Italy, to attract more candidates since the event will return to a strategically located area between the main west Mediterranean ports with the highest traffic.”
Lea adds: “The MEDYS Greek charter show in Nafplio, Greece, had more than 100 yachts presented in 2023, while the TYBA Yacht Charter Show in Goeck, Turkey, had 60 yachts presented in 2023, 27 of which were above 35-metres in length. Additionally, there is growing interest in the International Charter Expo, ICE, a B2B yachting show in Zagreb, with many yachts presented that are not necessarily on the main platforms used by superyacht brokerage companies.”
Exotic and remote destinations in 2024
There are an increasing number of charterers who want to travel beyond the popular ports of call in the Mediterranean and Caribbean, opting instead to explore lesser-known destinations such as Costa Rica, Norway, French Polynesia, the Seychelles, and Thailand.
Remote destinations such as the Polar regions also continue to grow, superyacht brokerage houses like Moravia Yachting report. This trend for remote exploration is being further facilitated by the growing number of luxury expedition vessels that are not only designed for long-range cruising in the world’s most remote destinations but are also now built to offer all the luxuries of a traditional superyacht.
Some recent expedition yachts to join the charter market include the Damen Yachting 77-metre yacht LA DATCHA. With her two certified helipads onboard, she can cater to the most exigent clients wanting extreme flexibility while heliskiing in Patagonia.
The 77-metre French-built YERSIN was crafted with a mission to explore the world’s most remote corners, and yet, her purpose runs far deeper. With every material and process carefully selected, she embodies a commitment to sustainability and recycling. From zero emissions to optimised fuel burning through diesel-electric propulsion, every detail has been designed to minimise her ecological impact.
Quite new in the expedition yachting game, you can also find the 85-metre WANDERLUST built by SilverFast, sistership to the world-famous 85-metre BOLD (the ultimate expedition vessel), which will cruise the Northeast of Australia this year.
Motor yachts dominate the global charter fleet in 2024
Motor yachts remain the most popular yacht charter vessels, with the highest demand in the 40 to 55-metre category, according to Lea at Moravia Yachting.
“Sailing yachts remain a niche part of the market, with only around 10% of yacht charters on a sailing vessel,” says Lea.
Indeed, there are currently 2,078 yachts represented by MYBA members available on the global yacht charter market, with 281 motor yachts versus 36 sailing yachts above 50-metres in length.
Growing demand for yachts that can carry more than 12 guests
Lea notes that there is increasing demand for vessels that can carry more than 12 guests, reflecting the changing way people holiday, often wishing to enjoy luxury getaways with groups of friends or extended family members, making it great value if you look at the price per cabin.
Moravia Yachting’s brokers note that the passenger vessels that are proving to be in demand for 2024 include the 106-metre yacht DREAM, a converted cruise ship, which can carry 36 guests; the 77.4-metre yacht LEGEND, which can sleep 22 guests across 11 cabins; the 55-metre yacht ARGO, which can sleep 26 guests across 14 cabins; the fine looking 52-metre motor yacht ANTHEA, which can sleep 20 guests across 10 cabins; and AGAPE ROSE, a stunning 48.3-metre yacht that can sleep 24 guests across 12 cabins.
Catamarans increasingly sought-after
Catamarans, especially those that are engine-powered, are increasing in popularity due to their large volume, Moravia Yachting’s brokers report, which makes them ideal for those seeking plenty of onboard space.
The catamaran market is especially popular in the 27 to 32-metre class, confirms Lea, with options like MANTA, a 23.8-metre Sunreef Yachts catamaran, proving especially popular, and the aforementioned THIS IS IT, the world’s largest motor catamaran for charter that boasts enormous volume and an incredible 14-metre plus beam.
Events booking up a year in advance
Yacht charter bookings for luxury events continue to remain buoyant, says Lea.
Key events in 2024 on the luxury yacht charter calendar include the Monaco Grand Prix, MIPIM, and the Cannes Film Festival. Yacht charters for these in-demand events are often booked a year in advance to secure prime berths and vessels.
“With booming demand and more luxury yachts joining the charter market, crazier designs to discover, enhanced capabilities, covering more grounds to explore, and allowing more guests to gather onboard, there’s no question that 2024 will be a successful year for luxury yacht charters,” Lea concludes.