How to do Yacht Charter Business in the Philippines

How to do Yacht Charter Business

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            About 71% of Earth is water and 29% is land. That’s why many businesses related to water forms are being built and constructed. One example is the “Yacht Charter Business”. Yacht charter business is having your yacht rented. This is a good business in islands surrounded by water forms. Many people are chartering or renting a yacht to travel various coastal or island destinations. This is usually for a vacation activity, but it also can be a corporate event. But how and where does it all started?

The world was starting to heal its wounds after the second ward war. In March of 1949, Commander Vernon E. B. Nicholson had arrived in English Harbour Antigua in the 70-foot sailboat Mollihawk with his wife, Emmy, and two sons, Desmond and Rodney. The Commander had always wanted to return to the West Indies because of the constant trade wind, always claiming that it was the only possible place to get to cocktail parties on time to any small island!. The Commander Vernon Nicholson, O.B.E., Royal Navy, and his family found the old naval dockyard abandoned and deserted. Only the gentle breeze, the clear waters, and the stillness of days gone by, was broken only by the sound of shutters banging at the windows of the aged, roofless buildings. In those days, only a single plane made weekly stops in Antigua, and it wasn’t long before members of the newly established Mill Reef Club were asking to charter the MOLLIHAWK for trips to neighboring islands. Word spread about the hospitality of the Nicholson’s and the pleasures of cruising on the MOLLIHAWK. And so, in the blue waters of the Caribbean, the first yacht charter company was born. Nelson’s Dockyard at English Harbor was slowly being transformed from a ghost yard to a thriving center for the chartering industry, and today Antigua it is the most import center of yacht charter in the world, every year organizing Antigua race and charter week. Of course since then Yachting in the West Indies has been chronicled – and promoted – by the American metropolitan boating magazines, beginning at the turn of the last century with The Rudder and Yachting.

Nowadays, yacht chartering business has become popular and many are wanting to start one.

 

 

Background

          Yacht charter business is one of the businesses worldwide that gives business men more money. Many companies are successful in this kind of business. Having this kind of business will not only help you but your country as well. Usually, tourists rent yacht so this business might also help to improve the tourist industry of your country. To start a business like this, you need to have some guidelines and more knowledge about yacht charter business.

 

Details

            According to The Luxury Yacht Charter (Plavetnilo d.o.o), a successful and professional travel agency, giving more options and offers is one of the factor in running a business like this. Extending can also make your company profit more. They also gave a lot of attention to other worldwide charter markets, where they have achieved remarkable success.

 

Process

            Looking from outside the yachting industry, charter rates like those of M/Y Serene  chartered by Bill Gates for over 2.5M$ a week, might sound as an exorbitant price to pay, but let us look at it differently than simply comparing the charter rate to the alleged value of the yacht at $300 millions. Indeed, if you take into account a rough estimate 10%  of the [alleged] purchase value (or $30 Million) spent on running the yacht every year and at the number of potential clients that can pay such rates for a week of charter all of a sudden the weekly rate seems not as high any more. In the Philippines, a yacht or cruiser may range somewhere around 500,000 Php to 5 Million Pesos.

The above mentioned ratio between purchase price, charter rates and running costs cannot be applied to all investments made on yachts that are on the charter market.  Professionals in the yachting industry are aware of the fact that at least a good part of the success of the Turkish yachting industry is due not only to its marvellous geographic position and to its well-balanced cost of labour of skilled boat builders. Turkey’s success is also thanks to the Turkish traditional gulet which would be often refer to as ‘a lot of boat for the money’. The latter type of vessel, indeed, has often made the fortune of charter companies and owners who can rent it well even if they are targeting customers that wouldn’t be able to charter similar size (65feet+) built in Holland or Italy for example. Very simply put, the average purchase value of these vessels is particularly interesting if compared to the quantity of space and comfortable accommodation they can offer.

 

Requirements

               Philippines is surrounded by water forms. Our country is a good place to start a business that is needed in this kind of surroundings. But before putting up a yacht charter business, you must know first the rules and regulations to govern the accreditation of travel and tour services.

Knowing and researching places where to start a business like this is a requirement. You need to find out if the place where you want to put up a yacht charter business is often visited by many people and tourists so that you’re sure that your business will be successful. Planning is the best way to be successful in everything. In this kind of business you also need to plan everything that is needed for your business will go smoothly and failing will less happen. It must also be registered with the MARINA and Coast Guard Authorities especially for its safety inspection but those are easily done as long as you follow the requirements of safety. Please refer to the MARINA website in the Philippines for further details.

 

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Conclusion

               If I will be starting a business that can make one gain money faster, I would prefer the yacht charter business. Since it is somehow related to any maritime course, it is also the most appropriate and suitable kind of business in our country for the reason of being surrounded by many water forms here in the Philippines.  But this business has some problems. First is you need a really big amount of money to start a business like this. Second is you should be mentally aware of the risks that might occur during the chartering of yachts. Lastly, you should come up with creative ideas so that people will choose your company or business. But what like I said earlier, planning is the key to success.

 

 

Sail Philippines!

-adminj

 

 

 

Reference:

Image courtesy of www.philippineyachtcharter.com

adminjay

"Jay Penn" is a Financial Literacy Mentor and Investor who is best known for his Book "Polymath's Profit". He is also an expert in the field of Maritime, Engineering, and Emergency Medical from his past careers. Experienced with Security Analysis, Crisis Prevention, Contingency Planning, and Global Maritime Distress Safety System. Currently instructs Nautical Sciences and is an avid Researcher of Business and Economics. He is also recognized as the "Top Maritime Instructor" for 3 consecutive years in the Maritime Education from 2014; raising the standard for the Maritime Industry and Training.

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