Luxury Yacht Charters Rise as Uber Rich Eschew Buying Outright [BNN Bloomberg (Canada)]
HERMES INTL SA UNSP/ADR (HESAY)
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Source: BNN Bloomberg
Total chartered days for yachts longer than 50 meters has increased since 2020, according to IYC, a global firm specializing in the sale and charters of luxury yachts. Vessels between 60 to 70 meters posted the most growth last year, at 10%, whereas shorter yachts aren't nearly as popular as before. IYC Chief Executive Officer Raphael Sauleau said he's seeing more customers willing to pay a higher premium for the ultimate ocean experience. Clients are willing to pay more for a so-called advanced provisioning allowance, which covers on-board expenses like food and service, of up to 40% compared to the standard 30% of the total charter fee, he said. New customers are coming to yachting “with an appetite for larger yachts,” Sauleau said. Compared with smaller vessels, these floating villas come with more privacy, better facilities and a larger crew. A bigger range of large models that's become available over the past three years has also contributed to higher bookings, he added. F
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