Renting a yacht in the Mediterranean this summer just got cheaper
Fteri beach in Kefalonia, Greece.
Miljko | Istock | Getty Images
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Yacht companies are offering discounts and special offers on charters in the Mediterranean this summer as geopolitical conflicts dampen demand.
Yacht brokers say summer charters in the Mediterranean are down 20% to 30% compared to last year, and an increasing number of yachts are offering special discounts for the remainder of July and August. The softness has also led to increased last-minute bookings from charter customers looking for a deal.
Jonathan Beckett, CEO of superyacht brokerage Burgess, said American bookings for charter yachts in the Mediterranean this summer started strong at the beginning of the year but slowed after the outbreak of the Iran war.
“The market was on fire in December, January and February,” he said. “Then the war started.”
Beckett estimates that the summer charter season in the Mediterranean could drop by 30%. Many Americans book at the last minute, hoping for a deal. While charter customers typically book their boats months or even a year in advance, they are looking for a quick turnaround this summer.
“People are booking a big yacht on Monday for a holiday that starts on Friday,” said Anders Kurtén, CEO of Fraser Yachts.
Kevin Merrigan of Northrop & Johnson said some customers called with a last-minute offer only to find boats for rent.
“There are a lot of last-minute rentals and deals that need to be made this year,” he said. “But people who wait until the last minute to book also find out that the yacht has just been chartered or that a deal is already on the table.”
Still, brokers say there’s a flurry of midsummer deals and sales. The 130-meter “Club M” offered a special rate of 210,000 euros ($239,000) for the third week of July, down from its regular rate of 250,000 euros. Other yachts offer “rare availability” in late July and August.
Beckett said the biggest demand was for the largest boats (those over 70 metres). He said although interest for the summer was slow, bookings for September were up from last year.
“People are postponing their holidays until the end of summer in the hope of finding a solution in the Middle East,” he said.
