Broker: Bookings are Like 'Mexican Standoff'
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Friday's edition of The New York Times included this article about how the world's wealthy are beginning to open their pocketbooks, albeit cautiously, for the first time since the start of the global recession. I was pleased to see that the reporter found two highly knowledgeable charter brokers to quote about this trend affecting the charter industry: Shannon Webster (shown in the photograph at right) of Shannon Webster Yacht Charters and Tina Hinckley of Hinckley Crewed Yacht Charters.
I've known these women for a decade, including having cruised with them aboard charter yachts in Maine, the Bahamas, and Fiji. Both are available to book all kinds of charter vacations, but in reality Webster tends to book a lot of large motoryachts while Hinckley is known to insiders for booking high-quality sailing yachts. They have great depth of knowledge about specific segments of the yacht charter market, and quite frankly, I listen eagerly when either of them offers an opinion. They're usually spot on.
The overall charter market picture right now, according to their quotes in The Times, is better than it was at this time last year. People are actually booking charters again instead of just inquiring about them, but, as Webster puts it most colorfully, the rate negotiations for Mediterranean yacht charters this summer are like a "Mexican standoff because smart buyers know they can wait a bit and boat owners are evaluating what they may have to give up to get customers."
I think that's the most honest, down-to-earth public statement I've read about the yacht charter industry in quite a long time. And it supports "big picture-wise" what I've been reporting day-to-day for months now in this blog about price discounts being offered early and continually. Those discounts would not keep coming if charter yachts had full calendars, or if yacht owners thought the market had stabilized enough to let them hold out for bookings at regular rates.
The upshot for anyone interested in booking a yacht charter this summer: Be sure you choose a reputable charter broker who not only is well-versed in yachts, crew, and cruising destinations, but who also possesses strong negotiating skills.
Editor's Note: Shannon Webster Charters is a sponsor of CharterWave, where this blog originates.
