A Carribean New Year might have to wait

If toasting the New Year on a chartered yacht sounds dreamy, you’ll have wait for the eve of 2009. This year, the week between Christmas and New Year’s Day is the most popular time to charter a yacht in the Caribbean, and last minute booking for 2008 is virtually impossible.

So what do you do if you are set on a holiday season spent on the water? Look for the rare, last minute cancellation from charter brokers and open your wallet wide.

Regular rates for chartering a yacht this holiday season range from $60,000 to $1 million a week, and these prices are typically at least 10 to 15 percent higher than the rest of the year. For example, the 173-foot Noble House can be chartered for $231,000 a week during the regular season, but over the holidays it goes for $252,000 a week. The weekly rate for Excellence III, a 188-foot motor yacht, increases from $500,000 to $657,000 during the high season. Minimum booking periods also increase to at least 10 days during the holidays and yachts over 150 feet require a two week minimum.

“Booking requirements over the holidays are not consistent for all yachts,” said Tim Nelson, a yacht charter broker with Seven Seas Yacht Charters. “Pricing is determined by each yacht’s owner and manager. Some require a 10-day minimum while others require a higher rate over the holidays. Some yachts are both more expensive and require a longer minimum stay.

Location also plays a big factor in pricing and availability. Over Christmas and New Year’s Eve, the Caribbean is the most popular locale for yacht charters, and therefore the prices are higher. The Mediterranean is the place to be in July and August and yachts there command higher prices as last minute availability can be tight.

Barbara Dawson, a charter specialist with Camper & Nicholsons, recommends booking in the spring for December holidays. “It’s better to start early so we can find the yacht that best suits the client’s needs,” said Dawson. “Yacht owners don’t commit right away, but when they finally decide to charter their yacht, we already know what the client wants and can jump on it.” Finding the right yacht to charter can often take up to two months.

Can’t land a boat for this month? Another option is postpone that trip until January 6, when availability opens up and rates drop significantly. And of course there is always next year.

If you decide to ring in 2009 on a yacht in the Caribbean, be sure you work with a reputable charter broker. “All yacht charter brokers have access to every yacht that is available for charter, regardless of who manages the yacht,” said Dawson. The trick is finding a broker who has as much knowledge as possible. Dawson suggests working with a yacht broker who is member of either the American Yacht Charter Association (AYCA) or the Mediterranean Yacht Brokers Association (MYBA).