Chartering

Everything you need to know

Introduction

Vacation with a luxury yacht is, for most, an unprecedented experience, and it is expected that there is a lot of uncertainty and misconception around the topic. We created this extensive and informative charter guide, aiming to answer all the questions arising, from some simple advice on what to pack on your trip to understanding charter costs and contracts.

Why charter with Cosmos Luxury Yachts

In Cosmos Luxury Yachts, we have been sailing since 1987, and have evolved to become the experts on the yachting market. Our core values have remained unchanged, and while representing the lifestyle and modernity of luxury yachting, we have kept our traditional approach to serving our clients and providing the most remarkable yachting experience.

In-Depth Market Knowledge

We don’t just skim the surface, we dive deep into the nuances of the yachting market. By being active in the world of yachting since 1987, Cosmos Luxury Yachts stands as a testament to expertise and longevity in the industry. We have navigated the globe, we have charted as far as the most remote, discrete corner of the earth, and we have insight into the world’s most stunning destinations. Our team of experts, boasts an intimate understanding of how the industry operates. Whatever it is that you are seeking to explore, in Cosmos Luxury Yachts, we possess the insider knowledge to make your dreams come true.

Greek Market Specialists

Personalized Service

At Cosmos Luxury Yachts, we are not some faceless corporation; we’re a dedicated team of professionals passionate about curating the perfect yachting experience for our clients. Beyond the standard chartering process, we go the extra mile to assist you in planning your dream vacation. Our team can offer invaluable advice on where to sail, what attractions to explore, and anything else you need to know to make your yachting adventure stand out.

Fleet of the finest Yachts

Our handpicked fleet of Mega yachts consists of nothing but the best, most luxurious yachts. In Cosmos Luxury Yachts, we maintain close relationships with the yacht owners to ensure that when you charter with us, you can expect nothing less than opulence.

Why charter a yacht

Chartering on a mega yacht is, for most, a dream come true. A mega yacht symbolizes success, status, and prestige; it is an exclusive experience, which only a very few can afford. But there is a reason why a mega yacht is superior to its other alternatives, and why people strive to get to the point of cruising on one.

Privacy and Exclusivity

One of the most compelling reasons to charter a mega yacht is the privacy and exclusivity it offers. Unlike hotels or cruise ships, where you share your space with countless other guests, a mega yacht is entirely yours to enjoy. Whether you’re with a group of friends, family, or seeking a romantic escape, the yacht becomes your private oasis, ensuring that your every need is catered to without intrusion.

Tailored Itinerary and Freedom

Chartering a mega yacht provides the freedom to create a customized itinerary that suits your preferences. You’re not bound by the rigid schedules of cruise ships or hotel check-out times. Instead, you can explore secluded bays, hidden coves, and exotic destinations at your own pace. The captain and crew are at your disposal to accommodate your desires.

Luxurious Amenities and Services

Mega yachts are renowned for their opulence and state-of-the-art amenities. They often feature spacious cabins, private jacuzzis, gourmet kitchens, and entertainment systems, rivalling the comfort and luxury of high-end hotels. Moreover, you’ll have a dedicated crew at your beck and call, including a chef to craft exquisite meals tailored to your tastes.

Fleet of the finest Yachts

Intimate Bonding Experience

Chartering a mega yacht fosters intimacy and bonding among guests like no other vacation. With your loved ones or a select group of friends, you can create lasting memories in a private, serene environment. It’s an opportunity to disconnect from the distractions of daily life and reconnect with those closest to you.

Types of chartering

Other than private chartering, which includes chartering the yacht for yourself and your beloved ones to spend your vacations, a crewed yacht can serve multiple purposes, such as corporate and event chartering.

Corporate chartering

Beyond all the obvious reasons why a mega yacht is the ultimate form of vacation, mega yachts can also be used for corporate chartering, which involves renting a mega yacht for business purposes. This is an ideal choice for corporate retreats, meetings, team-building events, and client entertainment. Mega yachts offer a unique and impressive setting for important business activities, fostering creativity and collaboration in a luxurious environment. Corporate chartering can include conference facilities, audiovisual equipment, and a dedicated crew to ensure the smooth execution of business objectives.

Tailored Itinerary and Freedom

Luxurious Amenities and Services

Fleet of the finest Yachts

Intimate Bonding Experience

Tailored experience

A luxury yacht charter offers a meticulously tailored experience, designed to cater to the unique preferences and desires of each guest on board. Central to this personalized service is the preference sheet, a document that plays a crucial role in ensuring that every detail of the charter aligns with the guests’ wishes. The preference sheet is typically sent to guests before the charter begins. It’s a comprehensive questionnaire that covers various aspects of the trip.

Personalized Culinary Experience

It inquires about dietary restrictions, allergies, and food preferences, enabling the onboard chef to create customized menus. The yacht’s chef uses the information from the preference sheet to craft a tailored culinary experience. This includes designing menus to accommodate dietary needs and preferences, ensuring that every meal is a delight.

Customized Itinerary

The charter’s itinerary is shaped around the guests’ desires. Guests can specify their preferred activities and excursions, such as water sports, diving, fishing, or cultural tours and the crew will plan accordingly. It also gathers information about sleeping arrangements, cabin preferences, and any special requests, like spa treatments or particular brands of toiletries.

Yacht chartering & costs

Low and high season

The charter fee for the same yacht could vary depending on the time of the year that it is chartered. Charter rates during the high season are typically more expensive due to increased demand. This also means that the costs for both the yacht charter and other related expenses, such as provisions and marina fees, will be elevated. On the other side, yacht charter rates are typically lower during the low season. The low and high season dates depend on the location of the yacht. For example, it is likely for a yacht in the Caribbean during the winter season to be high season, while it is the summertime in the Mediterranean.

Base charter fee

The base charter fee is the fundamental cost of the yacht for the specific period rented. It covers the basic expenses associated with the yacht charter and includes the use of the yacht, its amenities, and usually also the crew’s services but does not include additional expenses such as fuel, provisions, crew wages, and other incidentals. All those additional expenses that vary from charter to charterer, are covered by the APA.

APA

APA stands for “Advance Provisioning Allowance.” The APA is a crucial aspect of the yacht charter agreement, and it represents an additional cost that charterers pay on top of the base charter fee. The purpose of the APA is to cover various expenses associated with the yacht charter that are not included in the base fee.

The APA typically covers expenses such as, the cost of fuel, the crew’s services, food and beverages, dockage fees and communication and entertainment. Usually, the APA is around 25% to 30% of the base charter fee, however this depends on the charterer’s tastes and requirements so this estimation could vary greatly.

The APA is collected by the yacht charter broker before the charter begins. This could be a month before the charter or closer to the date of the charter if the charter was last minute. Throughout the charter, the captain and crew use the funds from the APA to pay for the expenses incurred. At the end of the charter, any unused funds are returned to the charterer, or if the expenses exceed the APA, the charterer may be required to cover the difference.

The Crew & Gratuities

Behind the scenes of a dream vacation aboard a mega yacht are the unsung heroes who make it all possible – the dedicated crew.

The charter crew are industry professionals who have been personally chosen by the owner of the yacht. The size of a mega yacht typically determines the number and specialization of its crew members. Typically, for a mid-size charter, the crew team ranges from 6 to 15 people. However, the crew-to-guest ratio is also a crucial factor in delivering optimized service. The ratio varies depending on the yacht’s size and the level of service expected. Still, it often ranges from a 1:1 to 1:3 ratio, with larger yachts typically having more crew members to cater to a greater number of guests.

CAPTAIN

The captain is the highest-ranking crew member responsible for navigating the yacht, ensuring safety, managing the crew, and overseeing all operations. They have extensive experience and hold the necessary licenses.

CHEF

The yacht’s chef is a culinary artist who designs menus, prepares gourmet meals, and caters to guests’ dietary preferences. The chef on a luxury yacht is top-notch, as they are expected to cater to everything the charterer requests them, while some charter Chefs have been awarded Michelin stars. Prior to confirming your yacht charter reservation, you can communicate your specific catering preferences. This includes sharing your dietary preferences, both likes and dislikes, as well as any allergies that the onboard Chef should be informed about. You can make use of the preference sheet to outline what you would like to eat and drink and be as detailed as possible. This way, the onboard Chef can meticulously craft each meal to perfection, ensuring it aligns perfectly with your personalized preferences.

STEWARDESS

Stewardesses and stewards are responsible for guest comfort and service. They maintain cabins, assist with meals, and provide attentive care to ensure guests have a luxurious and worry-free experience. Some of them can also offer massages, manicures, and other personalized services.

DECKHANDS

Deckhands handle various tasks related to maintaining the exterior of the yacht. They assist with water sports activities, handle mooring and anchoring, and keep the yacht’s exterior intact.

ENGINEERS

The engineers oversee the yacht’s mechanical systems, ensuring everything runs smoothly. The engineers are out of sight, as they spend their time mostly below deck, but they are vital for the safety and functionality of the vessel.

TIPPING

Tipping is a customary practice in the mega yacht industry, reflecting gratitude for the exceptional service provided by the crew. A common guideline for tipping is around 5-20% of the total charter fee. This amount is typically split among the crew members based on a predetermined distribution scheme. While there are industry standards, tipping is ultimately at the discretion of the guests. If guests have received exceptional service, they may choose to tip more generously.

Insurance

While insurance is not tied to the charter fee, it is important for the charterer to know the available types of insurance, and how they can protect themselves from unforeseen occurrences.

While the yacht owner maintains insurance coverage for the yacht, the charterer is liable for any loss, damage, or liabilities, arising from any act of negligence. For that instance, the charterer is recommended to take a charterer’s Liability Insurance.

In the case of an unexpected event or circumstance that forces you to cut short or end your trip earlier than planned, the charterer can take a Curtailment insurance. This insurance can help recover some of the non-refundable expenses incurred for pre-paid travel arrangements, such as flights, accommodations, and activities when you cannot complete your trip as originally intended.

Value Added Tax (VAT)

VAT is applicable to regions such as some European Union countries and other jurisdictions. The VAT charges will be mentioned in the contract, and it is usually paid on the later installment of the charter fee.

Contracts & payment terms

MYBA Charter Agreement

At Cosmos Luxury Yachts, we use the MYBA (Mediterranean Yacht Brokers Association) charter agreement, a widely recognized and most commonly used contract in the luxury yacht charter industry. It serves as a comprehensive and standardized framework for formalizing charter arrangements between charterers and yacht owners.

Payment Terms

Once the terms have been agreed upon by both parties and upon signing the charter agreement, the charterer is required to make the first installment. The first installment is typically a percentage of the total charter fee (usually 50%) and is due shortly after the contract is signed. This deposit secures the charter dates and confirms the reservation. As the charter date approaches, the second installment will be due to be paid, which equals the remaining of the charter fee plus the APA, VAT, or any additional charges.

The number of installments is usually 2; however, depending on the agreements of the yacht owner, the installments can be separated into 3. However, if the charter was last minute, the charterer might be required to pay all at once.

Security Deposit

A security deposit is rarely required. However, if requested by the yacht owner, the security deposit is to be paid shortly before the charter begins, and it serves as collateral against potential damages to the yacht or its equipment during the charter. The security deposit is refundable but is subject to deductions for any damages or losses incurred during the charter.

Cancelation Policy

If the charterer decides to cancel the charter, the owner of the yacht is entitled to keep the first installment of the charter fee, according to the MYBA contract. For an alternative resolution, the charterer can negotiate with the broker.

Frequently Asked Questions

How is VAT applicable to the charters

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What happens if I cancel my yacht charter? Can I get a full refund?

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Are animals allowed

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Is smoking allowed

Do I need insurance

Can I sail to different countries, or do I need special permit?

Will there be internet connection on board?

Ready for Yachting?

Ask one of our charter broker(s) to help you find the perfect yacht of your choice