Fteri beach on Kefalonia, Greece.
Miljko | Istock | Getty Images
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Yacht companies are offering discounts and special offers on charters in the Mediterranean Sea this summer, as geopolitical conflicts cool demand.
Summer charters in the Med are down 20% to 30% from last year, yacht brokers say, with a growing number of yachts offering special discounts for the rest of July and August. The softness has also led to more last-minute bookings by charter clients who are looking for deals.
Jonathan Beckett, CEO of superyacht brokerage Burgess, said bookings by Americans for charter yachts in the Med this summer started out strong in the beginning of the year but slowed after the outbreak of the Iran war.
“In December, January and February, the market was on fire,” he said. “Then the war started.”
Beckett estimates the summer charter season in the Med may be off 30%. Many Americans are booking at the last minute in hopes of deals. While charter clients typically reserve boats months or even a year in advance, this summer they’re looking for quick turnarounds.
“People are booking a big yacht on a Monday for a vacation that starts Friday,” said Anders Kurtén, CEO of Fraser Yachts.
Kevin Merrigan, of Northrop & Johnson, said some clients are calling with a last-minute offer only to find the boats already chartered.
“There are a lot of last-minute charters this year and deals to be had,” he said. “But people who are waiting until the last minute to book are also finding out the yacht has just been chartered or there’s a deal already on the table.”
Still, brokers said there has been a flurry of mid-summer deals and discounts. The 130-foot “Club M,” offered a special rate of 210,000 euros ($239,000) for the third week of July, down from its usual rate of 250,000 euros. Other yachts are offering “rare availability” in late July and August.
Beckett said demand for the largest boats — those over 70 meters (230 feet) — is the strongest. And while interest for the summer might be slow, he said bookings for September are already up from last year.
“People are pushing their vacations to the end of summer in hopes there is resolution in the Middle East,” he said.
