These past few weeks, I've been writing incessantly about newly announced deals and discounts for charter yachts in every last one of the world's major summer cruising regions. Today marks a new twist on yacht owners trying to buck the global recession and drum up business: A yacht that already is offering one type of discount now offering another.
Management company Northrop and Johnson sends word that the owner of the 130-foot Christensen motoryacht Lady Zelda is offering yet another incentive to secure a few more weeks of charter in the Western Mediterranean before the end of the summer season.
As I told you in mid-June, Lady Zelda is currently offering a deal for anyone who books two weeks of charter before September 15. The first week is charged at Lady Zelda's regular base rate of $125,000, and the second week is charged at half that rate. So for a two-week charter, the total base rate would be $187,500 versus the regular $250,000, an overall savings of 25 percent.
Now, Lady Zelda is also offering a straight $25,000 discount on the regular weekly base rate. You only have to book one week, and you get a $100,000 base rate instead of being asked to pay $125,000.
This new offer is noteworthy to me because plenty of yacht owners have been attempting to maintain their regular charter rates even as business remains soft in the sputtering global economy. Lady Zelda's owner was among a good number who have offered multi-week discounts that preserve the first week's base rate as a statement of the yacht's "true charter value," as opposed to offering straight discounts on a single week of charter. This new offer is a turnaround from that stance. It could be a smart incentive that is limited to this one yacht at this particular time, or it could be just the latest among many yachts if the continuing recession ends up forcing a permanent market correction from the base rates of years past.
Either way, yacht charter rates are really getting interesting out there. Stay tuned.
Editor's Note: Northrop and Johnson is a sponsor of CharterWave, where this blog originates.