Navigating the complex waters of Mediterranean charter compliance

presented by

Welcome to Yacht Charter Market, the weekly newsletter dedicated to the world of yacht charter.

In today’s newsletter:

• Top story: Navigating Mediterranean charter compliance

• Charter updates: Updates from IYC, Ocean Independence, TWW Yachts, Ionian Ray, Superyacht, Camper & Nicholsons, Hill Robinson, and Fraser.

• Destination spotlight: Panama, a Central American paradise 🇵🇦

• Post of the Week: by @burgessyachts 📷

Navigating the complex waters of Mediterranean charter compliance

At the Monaco Yacht Club on 25 September 2024, the International Yacht Broker Association’s (IYBA) Superyacht Law Summit brought together leading industry experts to tackle the increasingly intricate world of superyacht charter compliance. The panel provided crucial guidance for brokers and owners, focusing on the evolving regulatory landscape across the US and Mediterranean markets, with a spotlight on emission standards, charter licensing, and the operational challenges that come with navigating these waters.

Navigating Mediterranean charter compliance

Umberto Bonita from Robert Allen Law addressed the complexity of chartering yachts in the Mediterranean, where regulations vary by country. For example, Spain requires a charter licence, while France does not. “It’s a patchwork of regulations that can confuse owners wishing to charter across different jurisdictions,” Bonita explained.

Jo Assael from the IRI/Marshall Islands Registry added that yachts built to avoid certain regulations–especially those under 24 metres or 500 GT–often face challenges when owners decide to charter them. Converting these vessels for commercial use can be costly and difficult. "It’s in the vessel’s DNA," Assael said, highlighting the expense of making regulatory changes post-construction.

Nick Gelevert Lengers of Boatsers Black discussed the lack of regulatory uniformity across Europe. He pointed out that US owners are often unaware of the complexities of Mediterranean waters, where countries like France and Spain have different charter requirements. “The biggest challenge is the lack of uniformity across Europe,” Gelevert noted.

He also mentioned Malta as offering more flexibility for switching a yacht’s status between private and commercial. However, Lengers stressed that yachts must still meet full compliance requirements before making this transition.

Investment in compliance: a long-term benefit

Anthony Alea from AG Advisory emphasised that building to higher standards–though more expensive–can save yacht owners money in the long run. He estimated the cost difference can also be recouped after the first charter. “Building to a higher standard ensures a safer yacht and protects the owner’s long-term interests, especially if they decide to charter later,” Alea said.

Alea also warned of tax issues in countries like Spain and Greece, where chartering through local companies could trigger double-taxation obligations. He stressed the importance of planning for these potential issues from the outset.

A tailored approach to charter compliance

Paul Alley from Alley Maass discussed recent changes to US bareboat charter regulations, noting that the IYBA contract has now been certified by US Customs and Border Protection. This certification simplifies the process for American yacht owners looking to navigate the bareboat charter market. However, Jo Assael and Umberto Bonita cautioned that such flexibility doesn’t necessarily apply in the Mediterranean, where stricter compliance is required.

The panel emphasised that there is no “one-size-fits-all” solution to charter compliance. Yacht owners must understand regional regulations and plan accordingly to avoid costly complications. Engaging with legal and regulatory experts early in the construction process is crucial for ensuring yachts are prepared for both private and commercial use.

LATEST CHARTER UPDATES

New CA: IYC has welcomed the 28.7-metre Maiora yacht, Daddy's Dream 888 to their global charter fleet, listed with Charter Manager Nela Matas. Refit in 2021, the yacht can host 10 guests in 4 staterooms with a crew of 4.

• Charter Rate: From €50,000 per week + expenses  

• More Information here

New CA & special rate: Ocean Independence welcomed the 30-metre Riva 102' Corsaro Super yacht, LEMON NOT LIME to their charter fleet. Delivered in spring 2024, the yacht can accommodate 10 guests in 5 staterooms, with a crew of 5.

• Autumn Rate: Special weekly rate of EUR 75,000 p/w + expenses for charters in October, available in the Balearic Islands.

• More information here

• Contact Marta Vidal Hylen:

  • Email: [email protected]

  • Tel: +34 6874 05733

Special discount: TWW Yachts is offering a 40% discount on charters of 26.82m catamaran Crazy Love in October and December in and around Phuket, Thailand. Custom-built by HH Catamarans, the yacht can host 8 guests in 5 staterooms with a crew of 5.

• Available from October 15th onwards in Thailand or similar

• Winter rates for 2024/2025 range from USD 80,000 p/w + expenses to USD 90,000 p/w + expenses

• The 40% discount on the weekly charter fee is of USD 48,000 plus APA and VAT instead of USD 80,000 plus APA and VAT.

• Contact: Henry Gregson, Charter Manager

  • Email: [email protected]

Special discount: Ionian Ray is promoting a 10% early bird discount for 2025 charters aboard 30m Posillipo Technema 95S yacht Divine. Built in 2006 and refit this year, the yacht hosts 12 guests in 5 staterooms with a crew of 6.

• Base: Athens-Alimos Marina  

• High Season (July-August): EUR 65,000/week + expenses

• Mid Season (June-September): EUR 60,000/week + expenses

• Low Season (Other Months): EUR 50,000/week + expenses

• Read more on the website

• Contact: Theofano Fani Mpardaki:

  • [email protected] 

  • Tel: +30 210 8945501-4 & +30 6984099436

Special Discount: Superyachts is promoting a 10% winter discount on the 35m Azimut yacht Vivere in Florida/Bahamas. Built in 2008 and refitted in 2023, the yacht can host 10 guests in 5 staterooms with a crew of 6.

• Charter Rate: From $60,000/week + expenses

• The offer applies to Florida/Bahamas bookings of one week or longer between December 2024 and April 2025 (excluding Christmas and New Year's).

• Brochure

• Contact Jeff Shaffer  

  • Email: [email protected] 

  • Tel: +1 (954) 368-7200 or +1 (954) 551-1329 

New CA: The 40.54-metre Benetti Oasis tri-deck motor yacht Alpha Waves is now available for charter with Camper & Nicholsons through Allison Cecilio. Built in 2023 the yacht can host 10 guests in 5 staterooms with a crew of 9.

• Rates:

  • Winter rates for Belize & Bahamas start at USD 190,000 p/w

  • Summer rates for the Bahamas start at USD 190,000 p/w

• View the brochure or website for more information

• Contact Allison Cecilio:

  • Email: [email protected] 

  • Tel: +1 561-301-8446

Destination: The 45.5m Astondoa yacht, Panakeia is available for charter with Hill Robinson in Thailand from 28 December 2024 onwards. Built in 2008, the yacht can welcome 10 guests in 5 staterooms with a crew of 9.

• Charter Rates start at EUR 160,000 per week + expenses

• Locations: Red Sea (November) and Thailand (winter)

• Confirmed Bookings:  

  • 21 - 28 October 2024: Sindalah Island (Booked)  

  • 5 - 8 December 2024: Abu Dhabi (Booked)

  • From 28 December onwards: Phuket, Thailand (Available)  

• Visit the website here and read the brochure here

• Contact Camille Medina

  • Phone: +33 632 48 36 03  

  • Email: [email protected] 

New CA: Fraser has welcomed 50m Anjelif to their fleet. Delivered this year by Columbus Yachts, the yacht can host 10 guests in 5 staterooms with a crew of 11.

• Location: West Mediterranean (summer) and Caribbean (winter)

• Rates start at EUR 330,000 p/w + expenses

• Read more here

• Contact: Pierrik Devic

  • M +33 6 12 42 51 92

Yacht Charter Market: Presented by YachtEye

From onboard menus, to water toys, crew profiles and the trip itinerary, find out how essential trip information can be made digital with YachtEye. 👀📲

• YachtEye is software for superyachts that digitises essential information for the owner, guests and crew.

• Our software means that key information for everyone onboard can be made digital and accessible via the web, the YachtEye iPad or mobile app.

• Make communications before and during the trip or charter run smoothly, as everyone onboard has access to the most up-to-date information.

yachteyesyt

View more on Instagram

Seamlessly connect your yacht, crew and guests on one platform to share the fun! Visit yachteye.com or contact [email protected] to learn more.

DESTINATION SPOTLIGHT

Panama: a Central American paradise

Panama, a country at the crossroads of the Americas, presents a unique and captivating destination for superyacht charters. From its stunning coasts on both the Pacific and Caribbean sides to its rich biodiversity and vibrant culture, Panama is a destination that provides charter guests with an unforgettable mix of adventure and relaxation.

For superyacht visitors, Panama’s coasts are brimming with idyllic islands and secluded beaches. On the Pacific side, the Pearl Islands are a popular choice, offering pristine white-sand beaches, lush tropical forests, and crystal-clear waters perfect for water sports. Charter guests can explore hidden coves, go deep-sea fishing, or simply relax on their yacht and take in the serene surroundings. Popular yachting hubs like Flamenco Marina in Panama City serve as a gateway to these islands and provide top-tier facilities for superyacht charters.

The Caribbean side offers an entirely different experience. The San Blas Islands are a standout, with over 300 islands, many of which are uninhabited. These remote isles offer a true escape, where guests can swim in turquoise waters, snorkel among colourful coral reefs, or visit the indigenous Guna people who maintain a traditional way of life. Bocas del Toro is another must-visit destination, combining vibrant nightlife, luxurious resorts, and natural beauty.

Panama is a haven for wildlife enthusiasts. On land, the country’s rainforests are home to exotic creatures such as howler monkeys, sloths, and toucans. At sea, charter guests can experience some of the best marine life the region has to offer, including dolphins, sea turtles, and, during certain times of the year, humpback whales. Diving and snorkelling opportunities abound, particularly in the coral reefs surrounding the San Blas and Pearl Islands.

For guests looking to explore the land, a day trip to Casco Viejo, Panama City’s historic district, is a perfect cultural experience. This UNESCO World Heritage Site is a charming blend of colonial architecture and modern chic, with boutique shops, cafes, and art galleries nestled in its narrow streets. Guests can also enjoy live traditional performances, such as the “pollera” dances, which showcase the vibrant culture of Panama. 

When it comes to cuisine, Panama doesn’t disappoint. The country’s food is a fusion of Latin, Afro-Caribbean, and indigenous flavours. Guests should try ceviche, made with freshly caught seafood, or the hearty sancocho, a traditional chicken stew. For a more refined dining experience, Maito in Panama City is highly recommended, blending local ingredients with contemporary culinary techniques.

From its natural beauty to its rich culture, Panama offers an exceptional charter experience for those looking to explore a destination that combines luxury with adventure.

POST OF THE WEEK

@burgessyachts share this reel:

burgessyachts

View more on Instagram

SHARE YACHT CHARTER MARKET

Share this newsletter with friends, colleagues and other interested parties.