Yachts have always been recognised as a luxury lifestyle accessory and are oftentimes associated with luxury experiences such as on-sea celebrations, travelling to exotic beachy locations, or even just a day of leisure on a docked yacht. While many prefer to own one, chartering a yacht is said to be one of the best and most efficient ways to enjoy all the experiences on board without the hassle of upkeep. The demand for charter yachts has increased significantly over the last few years thanks to factors like a booming tourism sector, rising disposable incomes and people’s inclination towards recreational and leisure activities. In 2019, Grand View Research estimated the value of the charter yacht industry at US to be $6.5 billion. This value has been expected to grow at a compound annual growth rate (CAGR) of 5.2% between 2020 and 2027. According to the report, this growth is expected due to a growing preference among travellers for luxury maritime tourism and personalised services. Additionally, recreational boating activities have been a driving factor for the industry along with a significant contribution from corporate tourism activities as well. Indian charter yacht industry While the global industry booms, the charter yacht industry in India, too, has seen quite a rise in the past couple of years. More specifically, post Covid, yachting became the hot new leisure activity in India. And while many argue that owning a yacht has more or less the same benefits, chartering a yacht is more common, with online portals as well as offline bookings. The latter may be substantially high, but given the digital age we live in, there has been an increase in online portals which have proved to be a beneficial platform across the globe. Offering easy bookings and cancellations, and simplified methods to check availability have all attracted a higher number of customers. So what led to the rise in the charter yacht industry? Industry experts, Gautama Dutta – Chief Representative of Burgess Yachts India, Anju Dutta – Owner, Marine Solutions and Chetan Rane – Founder and Director, Fortune India Sailing, all agree that the pandemic had a significant effect on the sudden boom experienced by the charter yacht industry.“We, as Indians are social people,” says Anju Dutta.“We like to go out, be it with family or friends, we’re always looking for new things to do. And as people travel abroad and get the boating experience, they want to do it again, which has led to more people opting for charter yachts in India.” Buying vs renting It’s not uncommon for people to wonder which is better: buying or renting a yacht. While each has their own justification for picking either, we believe that both buying and renting have their own pros and cons. Anju Dutta draws a clever analogy of owning and renting a luxury car.“If you’re on holiday of course you should rent a luxury car to take you around. But it’s also nice to have your own personal car that you can keep in your garage and take out whenever you feel like it. It’s the same with a yacht. You can rent one when on holiday, but it’s nice to own one too!” While some feel that both owning and renting a yacht are more or less of the same experience, Gautama Dutta argues that they’re both very different experiences. “People usually rent a yacht when they go for a more wholesome experience like a trip with family or friends. (I personally love to own a yacht) but not everyone wants to deal with the stress and cost of maintaining a yacht.” Right enough, factors such as passion for sailing or taking the yacht out frequently, affordability and accessibility to a marina have seldom confused enthusiasts on whether owning or renting a yacht is the best possible decision. The matter of cost is, however, always at the forefront. It’s not just the cost of buying a yacht but maintenance as well. Regardless of the size of the yacht, maintaining a yacht usually costs as much as 10 per cent of the sticker price per annum. That is, excluding the cost of fulltime staff including a captain, engineers, stewards and stewardesses, chefs, and deckhands, many of whom are extremely important for larger yachts. You also don’t have to worry about storing your boat in the offseason, The sudden rise in popularity of CHARTER YACHTS BY SCHENELLE DSOUZA Thinking about renting a yacht? Here’s everything you need to know Gautama Dutta, Chief Representative, Burgess India Burgess 8|LUXEBOOK|MARCH 2023 MARCH 2023 |LUXEBOOK|9 SMOOTH SAILING
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