Although charter demand during the summer reached 2007 levels, the supply of charter yachts has grown substantially in recent years leaving owners competing to secure bookings. New strategies need to be considered to make yachts stand out from the crowd. The Diamond Collection, an initiative from Fraser Yachts launched in May, was very well received and it seems that offering exceptional levels of service is definitely the key to gaining a reputation as a successful charter yacht.
Since the crisis hit the yachting market in 2008 yacht owners have become particularly cautious with their spending. Many of the yachts that Fraser Yachts manage are choosing to remain in the Mediterranean for one season of operation rather than heading to the Caribbean for the winter. Even if a yacht was to be available for charter in the winter months, it is unlikely to recoup the re-location and operational costs from two transatlantic crossings. As a result of this more refits are being commissioned in Europe and less in the US despite the high value of the Euro.
Despite this, demand for crew is at a healthy level although the market itself is still down and a shortage in experienced, highly-skilled candidates continues.