Understanding The Effects Of COVID-19 On Yacht & Superyacht Brokers

At Cross Chartering Yacht Transport, we work closely with yacht and superyacht brokers, owners, and more for yacht transport services – and we’ve seen the effects of the COVID-19 coronavirus pandemic on the yacht industry first-hand. Wondering how COVID-19 has changed the industry? Read on and find out!

Yacht And Superyacht Brokers Sale, Charter Inquiries Slumped Early In 2020 Due To COVID-19

Like many other sectors of the economy, the overall sales of yachts decreased quite a bit in early 2020 due to the COVID-19 coronavirus pandemic. According to a March 2020 article in Boat International, yacht brokers experienced a major drop-off in inquiries in February and March due to the initial spread of COVID-19 coronavirus.

People who had been interested in placing offers on large yachts and superyachts pulled back – likely due to worries about economic uncertainty, as well as travel restrictions that may have made it more difficult to tour a particular yacht, or pick it up at a certain destination.

However, this seems to have been short lived. Recently, the sales of yachts through yacht brokers and other sellers have grown quite a bit, leading to a higher demand for yacht transport services in Florida and elsewhere throughout the US.

Yacht Sales & Charters Have Increased Dramatically Since The Initial Wave Of COVID-19

According to an article in Barrons, the overall market share for yacht sales (defined as boats 33 feet or longer) increased 51% in May 2020 compared to April 2020 – and many dealers and brokers selling yachts were experiencing much higher foot traffic over the summer compared to the summer of 2019.

In addition to this, sales in the “superyacht” industry are also growing – with a representative from marketing firm Northrop & Johnson noting a 113% increase in inquiries in August of 2020 compared to August of 2020 – both for chartering individual vessels, and for purchasing superyachts.

It’s unclear exactly what the cause of this surge is, but it may be due to the lack of other entertainment and recreation options – and a desire on the part of yacht buyers to take control over their lives, and purchase the yacht or superyacht they have always wanted.

Many Yacht Charters Are Now Taking Place Closer To Home

One of the other effects of the COVID-19 pandemic is that yachts are being chartered closer to home, particularly among Americans, since America is experiencing a major surge in COVID-19 as of publication time.

Rather than traveling to Europe to charter a yacht, for example, Americans are choosing to charter closer to home and go to destinations like The Bahamas and other destinations in the Caribbean. Similarly, Europeans are choosing to cruise throughout the Mediterranean, rather than visit more far-flung destinations.

The Future Seems Bright For Yacht Brokers & Charter Companies

At Cross Chartering Yacht Transport, we’re always proud to serve yacht brokers and provide excellent yacht and superyacht transport services in Florida – and the continued growth of the industry is sure to boost our business.

And if you’re a first-time yacht owner, a broker, or a charter company, we’re here to help you during this time of unprecedented demand – contact us online or call now at +1 (954) 686-6902 to get started with our expert yacht transport services right away.