CHARTER MARKET REPORT
JANUARY - SEPTEMBER ( Q1 - Q3 ) 2024
OVERVIEW
EXECUTIVE SUMMARY
LATEST GLOBAL CHARTER MARKET TRENDS
GLOBAL CHARTER BOOKINGS 2024 YTD BY LOCATION
WINTER SEASON 2024 - 2025 YTD CHARTER BOOKINGS BY LOCATION
SUMMER SEASON 2024 CHARTER BOOKINGS BY LOCATION
GLOBAL CHARTER FLEET OUTLOOK
IYC
DISCLAIMER
The IYC team has worked hard to ensure that all facts and information printed in this report at the time of publication are correct. IYC cannot accept responsibility for any errors, omission or inaccuracies and is not responsible for or owes any duty of care to any party seeking to rely on the content of the report. Any such reliance shall be taken at the persons’ own responsibility. No part of this report may be reproduced without the permission of IYC.
Executive summary
The charter market experienced a slowdown in total number of weeks booked during the first three quarters of 2024. Reservations across all major destinations have recorded a decline for both Winter and Summer seasons, compared to the strong performance observed in 2023. Despite the reduced demand, the total number of charter yachts booked has remained consistent with last year. Nonetheless, booking patterns across key cruising locations are generally aligned with those observed in 2023.
The 2024 Summer season is anticipated to reach booking levels similar to 2021, with both the Eastern Mediterranean and Western Mediterranean trailing behind last summer’s figures. Greece continues to lead as the top yacht charter destination, holding the largest share of the market. The Western Mediterranean retains a stable booking market share compared to the previous year.
For the upcoming Winter charter season, bookings are being secured at a slower pace versus the same period last year. To date, 77% of bookings are in the Caribbean and The Bahamas, with a decrease in market share in The Bahamas versus last year. The South Pacific and Southeast Asia regions are showing healthy charter activity.
The purpose of this report is to provide a synopsis of the prevailing state of the charter market in 2024 year-to-date for the summer season and an outlook to the upcoming winter season. IYC is closely following the charter market and client trends, which are shaping the industry as a result of global events.
The IYC Intelligence Team
Latest Charter Market Trends & Outlook
Healthy but slower booking activity across regions
Following a normalised yet robust charter market in 2023, the pace of bookings throughout 2024 to date is healthy but slower, with fewer weeks reserved but similar number of yachts booked versus last year. Currently, the charter market has recorded 91% of total charters booked in 2023. The lower activity observed across both Winter and Summer seasons of 2024, indicates a return to pre-pandemic levels within the charter sector. The Winter 2024 season registered its lowest performance in recent years, while the Summer season was more in line with 2021, reaching approximately 87% of total Summer 2023 bookings. Despite the slower pace thus far, the outlook remains positive, with bookings already being secured for the upcoming Winter months, indicating renewed activity in the charter market.
Number of yachts booked in line with 2023, yet average weeks per yacht
decrease
The decline in charters in 2024 thus far has led to a reduction in the average number of weeks booked per yacht compared to 2023. While the total number of yachts reserved has reached 98% of the total booked in 2023, this figure should be considered in the context of an expanding fleet, which has grown by 8% compared to 2023.
East Mediterranean Charter Region
The overall booking destinations has remained 2023. The East Mediterranean the most popular 45% of all charter summer bookings. in market share over the Eastern Mediterranean, leading destination representing 30% 2024. The West Mediterranean 45% of total summer
IYC closely monitors the global charter market to provide insight and advice based on the latest trends and developments. The Charter Market remains in growth, with robust activity in key cruising grounds around the globe. IYC closely monitors the global charter market to provide insight and advice based on the latest trends and developments.
Mediterranean Ranks #1 As Top Region
booking pattern across the charter remained stable compared to Mediterranean continues to be charter region, accounting for charter bookings and 51% of total bookings. This represents a 2% increase over the previous year. Within Mediterranean, Greece remains the destination with most weeks booked, 30% of total summer bookings in Mediterranean accounted for summer bookings.
Bookings accumulating for 2025 Winter Season
The 2024 winter charter season saw its lowest booking figures in recent years, including the holiday season, with total bookings reaching only 54% of the charters booked during the 2023 winter season. Looking ahead, bookings for the upcoming 2025 winter season currently stand at 62% compared to the previous season. The Caribbean and The Bahamas account for 77% of weeks secured, although The Bahamas has seen a significant decline in bookings to date compared to the previous winter. Meanwhile, the South Pacific and Southeast Asian regions have recorded an increase in bookings to date, whereas the Indian Ocean is lagging in market share compared to last season.
IYC as leader in charter market
IYC proudly manages the largest charter fleet globally, with over 160 vessels ranging from 66’ (20m) to 246’ (75m) in size. This leading position has also placed IYC at the forefront of major charter brokerage firms, recording the highest number of bookings in 2024 to date, showing continued growth compared to 2023. The IYC charter fleet expanded by +28% since last year and by an impressive +260% since 2015.
