It is an industry standard to give the charter rates based on a week. In most cases, a yacht is offered for a minimum of seven days. However, this can vary depending on the Owner’s policy and the yacht’s calendar. For a short-term charter (less than seven days), there is an extra cost which is calculated by dividing the weekly rate by six to obtain the daily rate, which is then multiplied by the number of charter days. For charter periods of seven days or more, the rate is calculated on a pro-rata based on the weekly rate which is then divided by seven.
Different rates apply depending on peak and off-peak seasons. A high season rate in the summer is quoted for July and August and the same applies for Christmas and New Year’s Eve in the winter. Major events are also priced at a high season rate. All other months are quoted at a low season rate.
At YPI, we use the MYBA (“Mediterranean Yachts Brokers Association”) charter agreement which is the general contract used at large by the industry and recognised all around the world.
MYBA terms define a charter as a period where the yacht is let to a charterer against the payment of a fee, including the crew and equipment for operating, the yacht and insurance for marine risk, crew employer’s liability and third-party claims. Additional expenses will be at the charterer’s expense and include but are not limited to fuel and lubricating oils for the yacht, her tenders and motorised water toys, local taxes, pilotage, port, harbour and marina dues, customs clearance, water, electricity and personal laundry.
All provisions such as wine, beer, spirits, soft drinks and consumables for the charterer's events are also considered as additional costs as well as telecommunication. Please bear in mind that, occasionally, a yacht may offer different terms than the ones described above. Liaise with your broker to get the full details of any charter terms that vary from standard MYBA Terms.
Once the terms have been agreed and all parties have signed the contract, a deposit of 50% of the charter fee is required to confirm the booking. A month prior to the departure date, the remaining 50%, together with VAT, APA and any additional charges, will be payable.
In case of unforeseen events, it is strongly recommended that the charterer protects their investment by taking out a Cancellation and Curtailment Insurance policy. Guests on board should also take out their own Personal Accident and Medical Insurance, as well as insurance for their personal effects. Our team of charter brokers will endeavour to assist you in attaining the correct coverage for your charter.
If guests are satisfied with the quality of service they have had during your charter, it is customary to reward the crew for their attention, though in their discretion. Crew gratuities approximately represent 10% of the charter fee and can be adjusted up or down according to the level of satisfaction. In order to make sure all crew are equally rewarded from deck to interior and engineering, the distribution of gratuities should be entrusted to the Captain who will make sure that no one is overlooked.
The use of watercrafts might be restricted in certain cruising areas which require an appropriate operating license. The broker will provide the specific guidelines ahead of the charter. The list of equipment provided by the yacht is believed to be correct but cannot be guaranteed, such items being subject to last-minute changes. The owner will do his best to replace any equipment.
An amount allocated to extra costs for the charter, called Advance Provisioning Allowance (APA), is calculated in the contract, and is based on approximately 25% to 30% of the charter fee. This sum is meant to cover expenses that aren’t included in the charter fee, such as food and beverage, fuel and port fees. At the end of the charter, the accounts must be signed off by the charterer and any expenditure in excess is to be settled. Any credit at the end of the charter will be reimbursed in full.
Local taxes in the European Union apply according to the cruising area and will be mentioned in the contract. Any taxes due depending on your itinerary will be communicated by the charter broker at the time of arranging the cruise.
As a yacht is always moving and crossing into remote areas where network coverage may be limited, Satellite Television and Internet access is not always guaranteed. Standard internet access is available if the client requires large bandwidths. This would be subject to an upgrade resulting in an additional charge.
To tailor the charter to match the expectations of the guests, the broker will make sure to prepare a complete and detailed list of any special needs and preferences for all parties, including dietary specifics, allergies and medical requirements as well as entertainment wishes.
Due to maritime legislation, it is forbidden to smoke inside a yacht. Some yachts allow smoking in a dedicated deck area.
Should the client wish to cancel the charter, the owner might retain the full deposit or the full charter fee depending on the time of cancellation according to the terms of the MYBA contract. To establish an alternative solution, the charterer must liaise with the broker.