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Somebody actually making money chartering…

Discussion in 'General Yachting Discussion' started by Norseman, Dec 10, 2023.

  1. Norseman, Dec 10, 2023
    #1
    Norseman

    Norseman Senior Member

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  2. Pascal, Dec 10, 2023
    #2
    Pascal

    Pascal Senior Member

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    TGTBT? Maybe not. Judging by the number of boats being chartered nowadays there is definitely money to be made…

    here in Miami, we see the charter boats and… trying to find a way to be politically correct…. No amount of money would be enough for me to either captain one of these or provide a boat….
  3. Norseman, Dec 10, 2023
    #3
    Norseman

    Norseman Senior Member

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    Yes, and quite a few of those Miami Charter boats are playing the “Bareboat Game?”.
  4. ychtcptn, Dec 11, 2023
    #4
    ychtcptn

    ychtcptn Senior Member

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    Looks like he is doing the same thing:

    That’s off only 30 minutes of work per day, spent managing bookings and making sure the boats’ captains — who are hired and paid by individual renters — are maintaining his watercrafts properly, Mancini says.
  5. Pascal, Dec 11, 2023
    #5
    Pascal

    Pascal Senior Member

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    there is no other way since most charters are groups of more than 6 people. Until the outdated rules are updated to reflect the times, the bareboat game will have to continue, 30 or 40 years ago boats were much smaller. For starters they need to lower the 12 pax bar from 100GT to 50GT or even 25GT.

    This would make things safer since uninspected passenger vessels have to follow stricter rules like safety gear, licensed master, drug test etc whereas bareboata can operate without a licensed captain
  6. rtrafford, Dec 11, 2023
    #6
    rtrafford

    rtrafford Senior Member

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    Profitability is all based upon the methodology of the book keeping. Are they factoring in proper cleaning, maintenance, and depreciation? Likely no, especially the depreciation.
    gr8trn and Capt Ralph like this.
  7. DOCKMASTER, Dec 11, 2023
    #7
    DOCKMASTER

    DOCKMASTER Senior Member

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    If this is actually as lucrative as he suggests with minimal effort and risk then he's about to get lots of competition. I'm always amazed how people will brag about their successes and open the door for many to come play the same game.
  8. Ward, Dec 11, 2023
    #8
    Ward

    Ward Senior Member

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    Does the fact that the charterers are hiring their own captain get around 6-person limit? Does the hired captain have to worry about liability?
  9. Pascal, Dec 11, 2023
    #9
    Pascal

    Pascal Senior Member

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    Yes. When the charterer rents the boat and hires his own captain , it becomes a bareboat charter with a 12 pax plus the charterer limit. The charter can not include fuel, food etc. Now if the boat is 100GT or more, the limit for regular charter is 12 not 6

    with a bareboat charter, the captain hired by the charterer does NOT need to be licensed
  10. Capt Ralph, Dec 11, 2023
    #10
    Capt Ralph

    Capt Ralph Senior Member

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    I think the better question is;
    Somebody falls over and a crock eats him. Who is responsible?
    The captain for not keeping everybody on deck wearing PFDs?
    The boat for not tall enough side rails?
    The charterer for not being responsible for his guest?
    The bartender or who brought the booze?
    Somebody is going to jail, Ben..

  11. rtrafford, Dec 11, 2023
    #11
    rtrafford

    rtrafford Senior Member

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    The croc.
  12. Capt Ralph, Dec 11, 2023
    #12
    Capt Ralph

    Capt Ralph Senior Member

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    Naw brother, he is just doing his job. Keeping the waters clean.
  13. Norseman, Dec 11, 2023
    #13
    Norseman

    Norseman Senior Member

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    I was thinking the same: If he found a goldmine, why give the location to other prospectors? :rolleyes:
  14. Fishtigua, Dec 11, 2023
    #14
    Fishtigua

    Fishtigua Senior Member

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    Two of my mates left Uni and went to work in the City/Wall Street. They earned enough to commision for a 78ft ketch Ocean from us. just small for 2 to sail, big enough to charter. They put every penny, and a few more, into buying this boat.

    They got to the BVI and Caribbean for 10 solid years, worked their butts off. They invested all their profits into the market and earned just enough to cruise the yacht as their own for 12 more years alone.

    They now live a very modest life in a small house in the Caribbean and everyone loves them.

    Who wants big profits?
  15. Norseman, Dec 11, 2023
    #15
    Norseman

    Norseman Senior Member

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    Aye Fish:
    Here in the colonies Profits and Cash is a big deal:
    Remember Bernie Madoff ? He needed to cheat his fellow friends and neighbors out of $65 Billion so as to show big profits.
    (No way he could eat, drink or fornicate that kind of money, neither did it bring
    Happiness but it was important despite screwing his investor friends)

    As for this guy in the CNBC article above: Good for him and I wish him luck sitting home :30 minutes a day making big profits renting boats via the Boatsetter platforms. :cool:
    KoffeeCruising likes this.
  16. gr8trn, Dec 12, 2023
    #16
    gr8trn

    gr8trn Senior Member

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    So why is this "article" published by CNBC?
    It is simplistic in it's understanding or lack of detail as to the P&L of said gold mine. While CNBC poses as a business resource this example is nothing more than fluff. Glad to know how shallow their knowledge or interest in explaining the full picture is. Not that I was under the impression to the contrary. It is a cute story though, more food for non boaters to see how "Nice it must be to have a boat or two".
    Only if your like boating, maintenance, depreciation, fixing things in amazing remote locations etc...:D
    RER and rtrafford like this.
  17. Capt Ralph, Dec 12, 2023
    #17
    Capt Ralph

    Capt Ralph Senior Member

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    This may have been a high for their shallow Journalism skills.
  18. cleanslate, Dec 12, 2023
    #18
    cleanslate

    cleanslate Senior Member

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    Like charting a vessel from the '' Moorings'' ?
  19. cleanslate, Dec 12, 2023
    #19
    cleanslate

    cleanslate Senior Member

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    Seems to me , he wants to be ''working 30 minutes a day'' and the rest running around in his own boat ? Seems like that what he was implying. IMO, to good to be true. These boats of his are new, business is new and the boats will get beat up in no time, then comes the ''real'' boating repairs and maintenance along with big invoices, and depreciation .