Chartering a yacht has become one of the most premium holidays the common public enjoys. Chartering a Yacht is the ultimate luxury and an elite way of enjoying your holidays without burning a hole in your pockets.
The first thing that comes to mind while planning a trip is the budget and the things you need. The most common question that arises amid all of this is what amenities you shall get in your Yacht Charter plan! We will decode every aspect of the factors affecting your yacht charter costs.
How does a Yacht Charter work?
First, it’s always best to contact a broker who will help you with your Yacht Chartering procedure. Your broker will get the necessary details and requirements for the yacht you are looking for, such as dates, itinerary, number of guests, budget and if you are chartering the yacht for a particular occasion or celebration. After considering these things, your broker will analyse everything and present you with several options.
Once you have signed the contract and confirmed your booking by paying a certain deposit, you will be asked to fill up a preference sheet informing the crew of all the information they need to get the yacht all stocked up and ready to sail. These preferences mostly include food, beverages, and cabin configuration. If you have additional needs for your trip, this information allows your cabin crew to personalise your yacht experience!
What are the factors affecting the costs of your Yacht Charter?
High or Low Seasons
The vacation season can majorly affect the pricing of Yacht chartering. For example, summertime is the best time to charter a yacht in cities like Toronto, Oakville or Hamilton. This is when Yachts are in most demand, and you might have to pay a higher cost for yacht rentals in these seasons.
Base Charter Fee
The base charter fee essentially refers to the cost of hiring the yacht itself, with all equipment in working order, as well as the cost of food and wages for the crew for the duration of your boat charter. This is all the base charter fee covers, with additional costs frequently added. The base charter fee will differ from one yacht to the next for various reasons, including size, onboard amenities, and the charter season. This is also applicable to Jet Ski Rental Toronto. For example, the base rate of a charter yacht may rise during the “high season” and fall during the “low season.”
The type of charter contract that you choose is applicable to your charter will depend on where you are cruising in the world, as various terms within the industry dictate how the payment structure is determined. A MYBA (Worldwide Yachting Association, formerly Mediterranean Yacht Brokers Association) contract, for example, operates under Western Mediterranean Terms (WMT) and is one of the most commonly used, particularly with large yachts embarking on a Mediterranean Yacht Charter. This contract is also known as a “plus all expenses” contract because it requires the charterer to pay fuel, food, beverages, and dockage fees in addition to the base charter fee.
Yacht Charters can also be affected by additional costs like APA, VAT and others. You must ensure to communicate everything in detail to your broker so you do not feel cheated with the pricing of the Yacht Charter. Make sure to calculate every cost before your vacation begins so you have a basic idea of what and why you are charged the amount on your yacht vacation!