CHARTER MARKET REPORT
JANUARY - DECEMBER ( Q1 - Q4 ) 2024
OVERVIEW
EXECUTIVE SUMMARY
LATEST GLOBAL CHARTER MARKET TRENDS
GLOBAL CHARTER BOOKINGS 2024 BY LOCATION
WINTER SEASON 2024 - 2025 YTD CHARTER BOOKINGS BY LOCATION
SUMMER SEASON 2024 CHARTER BOOKINGS BY LOCATION
GLOBAL CHARTER FLEET OUTLOOK
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 throughout 2024. However, overall market conditions remained stable, with bookings reaching 91% of the total recorded in 2023, reflecting a return to more normalized levels. Reservations across major destinations declined for both winter and summer seasons, compared to the stronger performance observed in 2023. Despite this reduced demand, the total number of charter yachts booked remained consistent with the previous year. Booking patterns across key cruising locations continued to align closely with those seen in 2023.
The 2024 winter charter season saw the lowest booking numbers in recent years. Conversely, the 2025 winter season is gaining strength, with reservations already exceeding last year’s total. For the summer season, 2024 bookings reached 87% of the 2023 total, akin to 2021 levels. Both the Eastern and Western Mediterranean fell short of last summer’s figures, although Greece remained the top yacht charter destination with the largest market share. The Western Mediterranean maintained a stable booking market share compared to the previous year.
The purpose of this report is to provide an overview of the current state of the charter market in 2024, focusing on the global booking trends and reservations during the summer and winter seasons. IYC is closely monitoring the charter market conditions and client preferences, which are shaping the industry trends in response to global events.
The IYC Intelligence Team
Latest Charter Market Trends & Outlook
Healthy But Slower Charter Activity In 2024
Following a normalized yet robust charter market in 2023, booking activity throughout 2024 remained healthy but exhibited a slower pace, with fewer weeks reserved while maintaining a comparable number of yachts booked compared to the previous year. The charter market achieved 91% of the total bookings recorded in 2023. The reduced demand observed across both Winter and Summer seasons of 2024, reflects a return to more typical booking levels within the charter sector following the peak of 2022. The Winter 2024 season experienced its weakest performance in recent years, whereas the Summer season aligned more closely with 2021 figures, reaching levels nearly on par with total Summer 2023 bookings. This deceleration in the charter market also significantly affected the Winter season, resulting in a 46% decline in total Winter bookings between 2023 and 2024.
Number Of Yachts Booked In Line With 2023
The decline in charters in 2024 resulted in to a reduction in the average number of weeks booked per yacht compared to 2023. As per direct consequence of the decreased total bookings, the average days reserved per yacht dropped from 46 to 33, representing a 28% reduction. While the total number of yachts reserved reached 98% of the 2023 figure, this should be viewed within the context of an expanding fleet, which increased by 8% compared to the previous year.
Strong Activity Mediterranean
The overall booking destinations remained 2023. The East Mediterranean dominate as the accounting for 45% and 51% of total equal market share year. Within the Eastern retained its position representing 30% Demand for Greece grew significantly, total number of yachts and 2024, rearing Western Mediterranean total summer bookings, market share compared season.
Activity In The East
Mediterranean Continues booking pattern across charter remained stable compared to Mediterranean continues to most popular charter region, 45% of all charter bookings total summer bookings, with an share compared to the previous Eastern Mediterranean, Greece position as the leading destination, 30% of total summer bookings. Greece as a charter destination significantly, with a 8% increase in the yachts booked between 2023 rearing 500 yachts. Meanwhile, the Mediterranean accounted for 46% of bookings, maintaining a stable compared to the previous peak
On Going Global Charter Fleet Growth
As demand for charters remains robust, with growing interest in remote and more exotic destinations, the global charter fleet continues to expand. This growth is driven by the addition of refitted yachts and newly delivered vessels, providing charterers with fresh options featuring the latest onboard innovations and toys. Currently over 2000 yachts above 66’ (20m) are available for charter worldwide, representing a 4% increase in the fleet size over the past year. Amid increasing competition among yachts, charterers are becoming more discerning about the amenities they expect on board. Yachts must be perceived as “a destination in themselves,” prompting owners to emphasize the quality of fitness and wellness facilities, culinary offerings, and the assortment of water toys to stand out. Additionally, determining the right charter rate is becoming increasingly crucial. This market trend aligns with IYC’s charter fleet. The company proudly manages the largest charter fleet globally, consisting of 160 vessels ranging from 66’ (20m) to 246’ (75m) in length, and achieved an impressive 22% fleet expansion since January 2024.
Stronger Start For 2025
The 2025 winter charter season is experiencing a notable increase in booking activity to date, surpassing the previous year’s levels by 21%.
The Caribbean and The Bahamas together account for 82% of weeks secured so far, although The Bahamas has seen a significant decline in bookings compared to prior years. In contrast, the South Pacific and Southeast Asian regions have demonstrated a growth, with healthy booking activity to date, while the Indian Ocean is trailing in market share compared to last season. Looking ahead, reservations for the upcoming summer season are already accumulating steadily.
Global Bookings By Location 2024
CRUISING TRAFFIC