Chartering my 50 Hatteras, what to charge?

CTdave · Jul 26, 2017

Hey there everyone, hope everybody is having a great summer!
Question, my building business is mighty slow right now & I've been getting inquiries about chartering my boat. It all started last year after a company hosted a business luncheon at our yacht club and the owner asked if there were any boats at the club who could take 14 or so people out for a cocktail cruise after. It was a last minute thing & they supplied snacks and beverages. I just putted around the Greenwich, CT harbor area, & was paid $1,200 (what they offered in the beginning).
The same group just hired me to do it again & I did it for the same price. It was a "not so nice" day so we ended up grabbing a mooring behind an island & sat for 2 of the three hours.

Several people in the group are interested in several charters with their families, others with friends and/or business associates.

I need a quick idea of what the going rates are & what I should be charging. Here are the details:

I have my 100 ton USCG Masters license but will have to make changes to insurance. I also will need a good contract (not like the one in the other thread).

50" Hatteras sport fish, set up more for family cruising. It's in beautiful shape (1995 but looks much newer, shows well & runs like a champ with 12V183s pushing a 28-30 kt cruise. Nicely decorated etc, etc.

It's hard to give a set "per hour" price when the options can be for either a fun day of sitting at anchor while they swim & explore the islands or I could be running 30 knots for several hours GULPING down fuel.

How does everyone do it? It's been 28 years since I was a charter/delivery capt. Perhaps a set "per hour" price for me and the boat plus fuel, plus food/beverages and plus a mate to pass snacks, serve drinks etc?

Here are a few options I've given several people and they will be asking for prices at any moment, HELP! lol

1, Family day with 1 or two families with 10-15 year olds. Slow cruise to my mooring just 25 yards to a nice beach, island exploring, three kayaks, inflatable tubes and rafts for swimming fun. It would be a total of 40 minutes running time but just on the gen for 3 of the four hours.

2, lunch/dinner run to Stamford. It's a 30 min cruise speed trip, 1 hr each way at fast idle, 3-4 hour trip & they go to one of several waterfront hot spots.

3, 10 miles across the sound to Walls Warf (great food, tables in the sand on the beach, a GREAT spot for lunch or dinner). Most people swim from restaurant moorings (directly on LI Sound but no launch) but I have kayaks, inflatables etc. I could also tow our 17' Whaler for beach landings (extra charge).

4. NYC Harbor cruise. 90 Min each way on plane. 2 hrs of putting around the statue and harbor.

Sea Gull · Jul 26, 2017

14 passengers on an uninspected vessel that you own and operate? My understanding is that you could carry up to 6, or 12 under a bareboat agreement, but as a bareboat the owner can't be captain. Am I missing something?

Pascal · Jul 26, 2017

Under bareboat contracts It's actually 12 plus the charterer but indeed the owner of the vessel (or owner of th llc that owns the vessel) can not be the captain or even on board

This means you can only do standard charters for up to 6 people. That is one rule you can not bend as the fines are steep along possibly loosing your license. And insurance won't cover you shouldn't anything happens

Down here most charters are either half day (4hours) or full day (8 hours) and include "local fuel" for cruising around at hull speed. If the charterer wants to go beyond this somewhere running on plane fuel is extra.

Looks like you could set your price including fuel for the first three options. 10 miles each way is going to be what... 50/60 USG ? $150 or so... build it into your rate

I ve never liked nickel and diming guests. Same with food and drink... we include it all in the rate. $30 or $50 of beer isn't the end of world, even a couple of bottle of wine

Down here a 50' convertible woul probably charter for about $1500/1700 half day and $2500 full day. Do some search on line to tweak this. One thing we ve always done as a "special" is give 6 hours for the price of 4. Worked for us. By the time you get where you re going, drop anchor, people start enjoying themselves, it's time to go. Silly. Another 2 hours costs you nothing

CTdave · Aug 24, 2017

Pascal, your absolutely right on the nickel & diming plus those extra two hours. I've taken out two groups recently which were "charity" cruises where for the local adult day care facility and another for an education fund, they have a large gala/ball and auction off things (all proceeds go to the charity). Each time I've run 1-2 hours over & peple were so excited, they've signed up for half and full day excursions where we are heading to some local islands for swimming, kayaking, island exploring etc. I've also had two requests to take six people out to Montauk (3hrs each way). Now, how do you handle 24 hr days, aka a four day trip?

Pascal · Aug 24, 2017

Term charters (week or multi day) are almost always done plus expenses. If less than a week, rate is weekly prorated by 6... ex if $18000 a week, day rate is $3000 (18/6) plus expenses (fuel, food, dockage etc...)

Charterer makes an advance payment on the expenses at least a week before charter, usually 30% of charter fee. We keep all receipt for food, drinks, etc... and settle at the end. For fuel it's easier with flow meters as we can use the totalizer to get accurate fuel burn for the mains and use the hour meters for the gens. Without meter you need to estimate your burn depending on speed and time underway.

For a boat like yours, I m guessing $12000 a week, again prorated by 6 would be $2000 a day if less than a week

CTdave · Aug 24, 2017

Sounds good. Thanks again for your help!!

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Chartering my 50 Hatteras, what to charge?

CTdave Senior Member

Sea Gull Member

Pascal Senior Member

CTdave Senior Member

Pascal Senior Member

CTdave Senior Member