how to be a yacht charter broker

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Yacht Charter Brokers

How a yacht charter broker helps you plan the perfect vacation.

A yacht charter in the Mediterranean or the Caribbean is the ultimate vacation. But how do you go about chartering a superyacht? A yacht charter broker can help. Yacht charter brokers provide clients with destination and vessel expertise, insider’s knowledge of booking, and make the process – from planning to setting sail – smooth and stress-free.

If you’re interested in a chartering a luxury yacht , a charter broker is your best friend. Charter brokers manage the entire process – taking over all the tedious details like taxes, contracts, and negotiations, and provide you with unbiased advice and expertise about the yachts, destinations, and itineraries to choose.

But if you’re new to luxury yacht charters, you might be wondering: What exactly is a yacht charter broker? How do brokers help organize travel? And why should I consider using one?

What Is a Yacht Charter Broker?

In the simplest terms, a yacht charter broker helps clients plan, schedule, and enjoy yacht charters everywhere in the world, from Cannes to Tahiti . Charter brokers, in a way, are the client’s concierge through the entire process – helping to answer questions, find ideal motor yachts and sailing yachts available for charter, and manage all of the legal, financial, and logistical matters related to booking a once-in-a-lifetime luxury charter.

But there’s one thing to remember: Yacht charter brokers aren’t travel agents. Instead, brokers specialize in luxury yacht charters, not just travel in general. They have in-depth knowledge of the luxury yacht charter market, know the best destinations, have the scoop on available yachts, seasons to cruise, and research the legal requirements in each charter market.

They offer guidance and expertise in a few key areas:

• Choosing Yachts : Yacht charter brokers travel to all the major boating shows – like the Miami Yacht Show, or the Cannes Yachting Festival – to visit yachts, meet with crews and get a first-hand idea of the on-board experience charter guests can expect on available yachts. Brokers put this knowledge to work for you, helping you to choose the best vessel for your needs.
• Destinations and Itineraries : Want to explore the World Heritage sites in coastal Croatia, or take a diving trip in The Grenadines? A charter broker is your destination expert. Brokers stay up-to-date on the latest destination trends, know the best places to go – from the Caribbean to Thailand – and can help you plan a once-in-a-lifetime vacation.
• Taxes and Legalities : Every charter destination has its own taxes, regulations, and legal requirements. The charter broker manages these aspects for you and ensures you meet all the necessary rules. That means, on charter, you don’t have to worry – the taxes and permits are taken care of.
• Charter Brokers Work for You : Brokers don’t charge fees to you. Instead, they invoice yacht owners. Using a charter broker adds nothing to the cost of your charter – in other words, brokers add a lot of value to your charter experience.

In short : A charter broker is your personal concierge. Brokers walk you through the entire process, offering advice and guidance at every step of the way. That means planning your charter is stress-free.

Why Use a Yacht Charter Broker?

When it comes to booking a charter, you have a number of options: You can book yourself directly with charter operators, work with a travel agent, or partner with a charter broker.

So, why work with a yacht charter broker?

Here’s how the other two options fall short.

Travel agents, although knowledgeable about destinations, don’t have the industry knowledge that brokers do. They specialize in selling travel packages around the world and may do a few yacht charters per year. So, with a travel agent, you won’t get that great advice about onboard experiences or types of yachts to choose from.

Plus, travel agents don’t have in-depth knowledge of the complex legal, tax, and financial areas of chartering. And they typically book a fee on top of what you pay to charter the yacht.

You can book yourself, too.

But this means all the tedious details of booking a charter – from contracts to setting up escrow accounts, to returning preference sheets – are your responsibility. You’ll end up spending a lot of free hours communicating, organizing, and booking your vacation.

By using a charter broker, all of those responsibilities are lifted off your shoulders. You can relax while planning and have confidence knowing you have a knowledgeable advocate in your corner. Here are a few key ways brokers help:

• It’s free! Yacht charter brokers don’t charge you fees; you get all of the benefits – planning, advising, and management – without any cost added to the total of your charter.
• Cruising knowledge . Get expert advice about lesser-known and up-and-coming destinations, adventure-packed itineraries, and most-see towns, beaches, and sights along the way.
• Simplified communications . Your broker serves as your intermediary with the yacht owner and captain. This can save you dozens of phone calls, emails, and text messages. You ask your broker a question, and they return an answer to you.
• Emergency contact . Need to add funds to your Advanced Provisioning Account while on charter, or make a last-minute change to your itinerary? Your broker solves these emergencies for you.
• Customized trips . A broker works for you. They learn about your wants and needs, and then provide you with personalized options that fit exactly what you desire – from the perfect motor, sailing yacht or catamaran, to ensuring your on-board preferences are met.

Bottom line, yacht charter brokers work hard to make your charter experience perfect and worry-free. While on charter, you shouldn’t spend time thinking about finances, or preferences, or if the taxes have been paid. Brokers can help guarantee that.

How to Choose a Yacht Charter Broker?

There are hundreds of yacht charter brokers serving clients around the world. So, how do you find a broker that’s right for you?

For starters, choose a yacht broker with in-depth industry knowledge. There are a number of trade groups, for example, for charter brokers. Great yacht brokers belong to one or more of them:

• International Yacht Brokers Association (IYBA)
• Mediterranean Yacht Brokers Association (MYBA)
• Charter Yacht Brokers Association (CYBA)
• American Yacht Charter Association (AYCA)

Membership into these organizations is earned. Members, for example, must pass certifications, regularly attend industry events, visit yachts and crews, as well as adhere to a set of professional ethics. Look for these logos on your broker’s website – they’re a mark of trust in the industry.

Additionally, look for brokers who remain committed to your needs. Great brokers want to help you find a charter yacht that matches exactly what you want. Need a great onboard gym? A broker should make that happen. It’s a bad sign when brokers try to push you to choose a yacht that doesn’t meet your needs.

Also, look for brokers who have in-depth experience with your desired cruising grounds. Many brokers specialize in a few destinations around the world. If you’re looking to book a charter in the South of France for example, choose a charter broker with connections and experience booking charter in that area.

In search of a yacht charter broker for your next luxury charter? Access Worldwide Boat’s network of experienced, friendly charter brokers today. Our yacht charter brokers help plan luxury get-aways all around the world.

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Member Benefits

• Requirements to Join
• New Member Application
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• Validate E-Contract
• Go to E-Contract

The Mission of CYBA (Charter Yacht Brokers Association, International, Inc.) is to promote and maintain a high Degree of Professionalism within the Yacht Charter Industry.

We are committed to a strict Code of Ethics; furthering fiduciary responsibility, sponsoring educational programs that increase industry knowledge & awareness and acting as a liaison between our Members and industry related groups.

Those seeking to book a charter with a reputable and trustworthy broker should look for the CYBA logo, which identifies those brokers who are active members of the professional Charter Yacht Brokers Association.

Check it out

The CYBA New Broker Course, available to members and non-members, is designed to give you a thorough knowledge of the yacht charter business, and provide a resource for you to refer back to for guidance as your career evolves.

By signing up for this course, you will be making a commitment to be the best Charter Broker you can be, and we wholeheartedly commend you on your decision.

Our E-Contract system is available as a tool for members and non-members. E-Contract has been architected to be used by Brokers, Charterers, Owners and Central Agencies. Taking into consideration the requirements of each.

Sign up for more from CYBA

• Become a Member
• CYBA E-Contract
• CYBA E-Contract Validator

How to Become a Yacht Broker: Requirements Explained

Fun fact: U.S. boat sales can reach heights of up to $41 billion bucks each year. And while most people want to join the frenzy by saving up to buy their own boat, other clever cats join in on the big business by selling the boats. Yachts in particular can sell for a very pretty penny. So hopping in on the craze by starting a career as a yacht broker might get you a sweet slice of that $41 billion dollar business.

But although it might seem pretty lucrative to become a yacht broker, you can't really just head to the dealership and take on the role. On the contrary, there are quite a few hoops you might have to jump through to start a career in the yacht sales business. Wondering how to become a yacht broker? Here's what the job requires.

Basic Knowledge of the Business

First of all - would you buy a car from a guy who's never driven one? Exactly. Before you even think about becoming a yacht broker, you have to make sure you know what to tell your buyers. First hand experience with yachts should give you the upper hand in the business so that you know exactly how to sell a boat's good points and how to take attention away from its flaws.

Yacht brokers need to know the need-to-knows of the business. If you don't have a boat of your own, then you can visit your local marina and talk with the boat owners there. Visit a dealership and ask about boat specifics. You can even do research at home. It pays to know everything there is to know about boats if you want to really get your buyers to seal the deal especially if you don't have a lot of sales experience yet.

CPYB Certification

For the record - certification isn't required if you're wondering how to become a yacht broker. In fact, not a single brokerage requires it since they're more interested in experience in sales and skills. But it is helpful for buyers who want to make sure they’re dealing with someone with a good sales record.

That's exactly what certification is for. Presently, only the Yacht Brokers Association of America ( YBAA ) offers a course for certifying brokers, providing the title Certified Professional Yacht Broker (CPYB.) Applicants must be able to provide several documents to start the certification process. These include:

• Proof of present employment as a yacht broker for at least 1 year
• Proof of employment as a yacht broker for at least three years in the past 10 year period
• Proof of ethical yacht sales and necessary documentation
• A dedicated escrow/trust account for all client funds in trust
• Where applicable, the individual holds all necessary licenses required by the local government
• No violations for the last seven years of any surety or Codes of Ethics of any brokerage organizations or groups that the applicant is a part of
• Pass the CPYB exam

Individuals who comply with these requirements (among several others) are eligible to obtain certification as a Certified Professional Yacht Broker from the Yacht Brokers Association of America.

Alternatively E-learning courses and seminars are also helpful for developing skills. The Association offers courses on warranties, insurance, marketing, co-brokerage, and all of the nitty gritty details of being a yacht broker.

These e-seminars can be helpful in providing insight so you can navigate the work of selling boats, offering important knowledge on specifics that you might not be able to find anywhere else.

Do You Need a License for a Yacht Brokers Career?

To be clear, there are very few states that actually require a yacht broker to have a license . As of writing, only the states of Florida , California, and Virginia require yacht brokers a license to practice their trade through the local government. Other states have no yacht sales regulations.

The requirements for acquiring a license change between states, but you might expect some of these requirements to pop up during the process:

• At least 18 years of age
• A fixed place of business
• Employed as a yacht broker as your primary occupation in another state for at least three years OR
• Own and operate a business selling new or used yachts in the state for at least three years immediately after applying for a license OR
• Employed as a licensed yacht broker for at least a year out of the last five years in the state
• Relevant certification from the YBAA and licenses

These are a must for licenses in California, but Florida and Virginia might require completely different documents and regulations. Licensing process fees can cost you between $200 and $300 to become a licensed broker, depending on the place you're in. It may be helpful to check locally to get a better idea.

Renewal of licensing may have to take place annually depending on local regulations, but it can be different for different states. In some cases, you might also have to complete and pass a written exam to ensure that you're knowledgeable on the specifics of the industry before you can become a licensed broker.

Education, Degree, and School Requirements for the Career

Is a degree a must to become a yacht broker? Yacht brokerages will usually prefer employing yacht brokers with at least a Bachelor's Degree, but it's not uncommon for high school graduates to get jobs as yacht brokers. Of course, a college education and a Bachelor's Degree in business, marketing, sales, or any other related course can be helpful, but you will find it's not always a must in most states.

Selling yachts and sealing deals aren't really skills they teach you at high school -- you get that from years of sales experience. If you've got the chops to make sales and you know the ins and outs of yachts, then it shouldn't be impossible to get a job as a yacht broker -- even without a college degree or an extensive background in school based education especially if you pass the brokerage's exam and requirements.

How Much Do Yacht Brokers Make?

What's a yacht broker salary like? Yacht brokers work on a commission just like any other broker or salesperson career, which means that they make more when they sell more. According to statistics, a successful yacht broker can make a salary of as much as $120,00 a year if they're dealing with higher end yacht models. But that's a very generous estimate of what real figures actually look like.

If we're being realistic, a yacht broker can make an average of about $70,000 a year. That places their weekly salary payout at around $1,300 to $1,400. Of course, peak seasons do exist where sales increase, earning them an extra $500 to $1,000 a week if they're lucky.

Another helpful piece of information is that the amount they get in terms of commissions isn't permanent. Most brokers will ask for 10% of the total sales, but there are net commissions and percentage commissions.

With a net commission agreement, the broker gets the exact amount agreed with the clients regardless of whether or not the yacht is sold for a lower or higher price after negotiations. On the other hand, percentage commissions will earn the broker a specific percentage of the successful sales, which is affected by negotiations made on the sale.

You'll also have to consider the situation if there's a broker working for the buying end as well. The listing broker and selling broker will often have to split the commission from the sales. So if the clients agree to pay a 10% commission on the sale, the brokers won't get 10% each, but will instead get 5% each for a total cut of 10%.

Tips on How to Become a Yacht Broker

• First of all - connections are key in this career. Expand your network by visiting boat shows, dealerships, and other places where you can meet new people in the industry.
• It's helpful to ask a pro. Find and train at a yacht brokerage under licensed or experienced yacht brokers with lots of sales experience to get a better idea of the intricacies of the sale and relevant skills and knowledge.
• You must learn to accept rejection. Yachts are expensive, and even the most interested buyers can back off of a deal when their budget won't allow it.
• Maintain previous contacts. Prospective buyers who didn't push through in the past might be more comfortable to purchase a boat later in the future. It may be helpful to keep in touch.
• Be likable. You and your competition are all selling the same boats. It's your personality that will make all of the difference.
• Go online. A lot of your prospective buyers exist on the internet. If you want to reach a wider audience, try your hand at online marketing.
• Be teachable. If you don't have a lot of experience or a degree in marketing or business, make up for the school deficit by attending seminars and learning courses to expand your knowledge and skills.

FAQs About How to Become a Yacht Broker

Is it hard to become a yacht broker.

All jobs come with their own unique set of challenges. Becoming a successful yacht broker requires persistence and lots of exposure to the actual job. You will find that there are intricacies you'll only learn once you're out on the field since they're not taught in school or in textbooks. Work with a more experienced broker to learn more about what it takes to secure those sales.

What about luxury yacht brokers?

Selling luxury superyachts and gigayachts can earn you massive income in a single transaction, but it's not quite as easy as selling small fry. You're going to need lots of sales experience since you're going to deal with a yacht brokerage and corporations instead of not private individuals.

They might also be more particular about making sure their brokers education, preferring those that have a Bachelor's Degree in business, marketing, and other appropriate courses and not just a high school diploma. It's always best to start out with smaller boats and then work your way up by joining a brokerage firm for luxury yachts for the super rich clientele.

Quitting Your Day Job?

If you're thinking about quitting your day job to pursue your passion for boats, then it pays to know how to become a yacht broker. You'll find that it will take some serious sacrifice and learning before you can call yourself a success in the industry. But with the right contacts, proper licenses and experience, and lots of practice and exposure, you might just be able to secure for yourself a high paying job that puts you in the company of some of the richest communities around.

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Certified Professional Yacht Brokers

Find your cpyb.

Yacht Sales Professionals (brokers, dealers, salespeople) have a benchmark for measuring their skills, abilities and performance, while, at the same time, enhancing their marketing value. Boat sellers and buyers are in a better position to select qualified, competent sales professionals with confidence and trust.

If you want to set yourself apart, the certified professional yacht broker (cpyb) program is for you..

Get Certified

CPYB Certification is the mark of excellence for yacht sales professionals throughout North America.

Earning Certification

CPYB brokers have met professional qualifications and have successfully passed a three-hour examination, testing their skills and knowledge as yacht sales professionals. If you are committed to professionalism and have what it takes, we invite you to apply.

Renew Your Certification

Retaining certification ensures you stay current with industry trends.

As you know, staying competitive and successful requires a continuing commitment to educating yourself on the latest industry information and insights. That is why the basis of CPYB Recertification requires your participation in educational activities and professional involvement that help you to remain one of the most experienced brokers in the brokerage industry.

See How Companies Like Yours are Growing with CPYB

Upcoming pre-approved events.

Tue 10 2024

September 10, 2024 11:00am - 1:00pm edt, cpyb: exam prep session, webinar date: september 10, 2024.

Presenter: Staley Weidman III, CPYB

Any CPYB Candidate (or CPYB certified member) is invited to participate in this exam prep session led by Staley Weidman III, CPYB. In this two-hour session, you will hear from 5 subject matter experts while they cover key topics under each of the five Principal Knowledge categories that candidates will encounter on the exam. Primarily intended for exam takers, but all CPYB’s who attend this session will earn 3 CE. Consider signing up and attending as a refresher!

Thu 19 2024

September 19, 2024 12:00pm - 2:00pm edt, brokers brunch: ‎surveyor selection, survey reports and how to handle findings, webinar date: september 19, 2024.

As brokers we need to be careful with our involvement when assisting our buyers selecting a ‎suitable surveyor. What can we do, what can’t we do? Attending the survey is the best way to ‎understand what is discovered. The buyer-owned survey report should be reviewed to discuss ‎normal wear and tear vs. problem items. What is the best way to handle repairs to keep your deal ‎on track? The survey is the turning point for every transaction and your involvement and advice ‎to your buyer can make a big difference. ‎

June: Recognition for New CPYBs

Join us in celebrating the new CPYBs certified in June 2024.

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Yacht Brokerage

Who is this course suitable for, whether you’re already an experienced broker or you’re looking to make the transition to this vibrant industry in a junior capacity, the diploma in yacht brokerage is applicable to anyone working within a yacht or charter brokerage environment..

Modules: 12 in total

About the Course

Over the years this course has been updated to reflect all aspects of the constantly evolving yacht brokerage industry. Module subjects include essential matters such as registration, title rules and regulations, yacht brokers and the law, business management and valuation along with other challenging subjects such as insurance, finance, sea trials and chartering.

Course Structure

The course consists of 12 modules. All students are required to successfully complete and pass the module assignments. Diploma students will also be required to sit and pass a final examination.

1. An Introduction to the Yacht Brokerage Industry

• Yachting safety
• The purchase of a yacht
• The law and yachts
• Health and safety for the yacht broker
• Customer relations & common courtesy
• Brokerage companies and organisations
• The essential resources for a yacht broker

2. Types of Vessels & Technical Descriptions

• Basics of design
• Definitions of the principal dimension
• The shape of hulls
• Types of vessels
• Sailing boats
• Sails and rigging
• Motorsailers
• Inland waterways vessels
• Mechanical propulsion devices
• Materials & their construction
• Internal equipment
• Electronic & navigation equipment
• Technical standards
• Basic operational knowledge
• Weather and tides

3. Registration, Title Rules and Regulations

• The role and function of registration
• Registration and the certification of registry
• Admiralty law and jurisdiction
• International maritime law
• Documentation
• National and international standards
• The Royal Yachting Association Training & Qualifications

4. Boat Brokers and the Law

Legal concepts

• English Law and the National Legal System
• The law of contract
• The law of tort (negligence)
• Liability in contract and tort

Sale of goods

• UK legislation
• Trade descriptions

Business practice

• Value Added Tax (VAT)
• Recreational Craft Directive (RCD)
• Title & registration
• Marine insurance

5. Business Management

• Starting a boat brokerage business
• Chosen product
• Obtaining listings, photography, advertising and publicity
• Go and see the vessel and crawl over it yourself
• Responsibilities of the different brokerages (listings and selling)
• Getting the vessel on your books
• Marketing and selling
• The sale process
• Communications, ethics and client relations
• The five big thoughts

6. The Surveyor in Practice

• The surveyor
• Organising and completing the survey
• Types of surveyors
• What makes a good surveyor?
• Types of surveys
• The role of the surveyor and the sale process
• The broker/surveyor relationship

7. Sea Trials

• Sea trial and the broker
• The purpose of the sea trial
• Engine tests
• Steering tests
• Other system trials
• Information recording and reporting

8. Valuation

• Valuation methodology

9. Insurance

• The legal side of marine insurance
• The practical side of marine insurance
• The marine trades policy

10. Finance

• Sources of finance available to the broker and the decision criteria
• Title registration and the influence on options for finance
• Liens and encumbrances
• Corporate ownership and the rationale
• Financial Conduct Authority (FCA)
• Client funds, trust, deposits and escrow accounts
• Miscellaneous finance topics

11. Charter Yacht Brokerage

• Why get into the charter yacht industry
• Different types of charter
• Structure of the yachting industry
• Getting started
• Finding yachts for your clients
• Different types of charter yachts, toys, amenities and crew members
• International chartering areas and their respective seasons
• Itineraries
• Finding clients
• Sales training & closing the deal
• Financial transactions
• Preference sheets
• Clients & customer care
• Niche marketing
• Charter yacht booking

12. Yacht Sales

• Sales and brokerage
• Franchise / dealership
• Introduction to superyacht brokerage
• Role of the broker
• Campaign – be prepared
• Purchasers profile & preferences

Career Pathway

Career path: There is not one single defined career path. In larger yachts many professional yacht crew retrain as yacht brokers in order to be able to come ashore and yet remain in contact with the marine world.

Salary: Can be from a starting level of commission only up to huge sums (millions) for a successful few who sell superyachts. The average annual salary for a yacht and small craft broker in the United Kingdom is around £38,000.

Duties: Finding clients who wish for their yacht to be sold, checking all legal aspects of the right to sell the vessel, obtaining a detailed and accurate description of the vessel, and presenting it in the best possible manner (without misleading). Promoting the vessel to obtain interest and organising viewings. Acting as the intermediary between buyers and sellers and being the glue that holds a sale together through the difficult times.

Meet the Course Director

Toby maclaurin.

Director of Sales and Marketing at Ocean Independence

Toby is Ocean Independence Director of Sales in addition to being a Group Board Member and Shareholder of this leading superyacht group.

Toby’s role as Director is exceptionally varied and primarily involves him providing day to day business and troubleshooting support for the group’s 50+ sales and charter brokers across 13 international locations.

He has served on the council of ABYA (Association of British Yacht Agents) and was elected to the MYBA (The Worldwide Yachting Association) governing board in March 2008. He then completed 4 years as MYBA President followed by 4 years as Chairman of the association’s commercial company All Yachting SAS, that owns and operates yachtfolio.com and the MYBA Charter Show.

DIPLOMA IN YACHT BROKERAGE

On passing the Diploma, you will receive the above icon. Please use it on your business cards, LinkedIn profile and website(s)!

You can also use these letters after your name: MTA Dip YB

While the nature of distance learning is independent study, we recognise the importance of support. Students can contact us at any time during their course for assistance and our team of industry experts are always on hand for advice.

We have over 50 industry experts writing, developing and advising on our course material. We truly believe that allowing students to tap into their expertise and knowledge is of the utmost importance to fulfil your dream career.

If you would prefer to complete this as a classroom-based course, please contact us.

How long do the courses take to complete? What's the difference between a Diploma and a Certificate? Read through our Frequently Asked Questions below to find out the answer.

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What is a charter broker?

• June 21, 2024

As a yacht charter broker, I specialize in organizing personalized yacht vacations for clients. I spend my days researching yachts, crews, and the market to give you expert advice on every part of your charter.

From choosing the best yacht to planning the perfect destinations and itineraries, I cover it all. I handle all negotiations with yacht managers, ensuring you get the best deal that suits your budget. I’m well-versed in the entire process, including contracts, insurance, and international legal issues, which can be challenging even for experienced charterers.

Having recently worked in the industry as a yacht chef, I know firsthand how charters should run and how amazing they can be when paired with a beautiful yacht, and fun, professional crew.

I work directly with yacht fleet managers, much like a travel agent, ensuring that your money is secure and your interests are protected throughout the process. From planning your itinerary to arranging on-board amenities and activities, I will be there for every detail. If any issues arise, although rare, I act as a mediator to resolve them smoothly. My goal is to provide you with a luxurious and worry-free yachting adventure tailored just for you.

Still interested? Here’s more

Who Will be Onboard a Private Crewed Yacht Charter?

Behind the Scenes: How We Prepare for Your Yacht Charter

Crewed Yacht vs. Bareboat Charter

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How To Become A Yacht Broker

I consider becoming a yacht broker one of the best decisions I have ever made.

In 2016 I jumped feet first into the yacht, boat, and ship brokerage industry with little experience but with incredible passion. Selling yachts was my first job out of college and is still my only post graduation job, aside from working on this website and building other websites.

I even turned down a job offer from Google to work in the yacht industry!

One of the many benefits, in my opinion, of being a yacht broker is that the job is semi seasonal. While the definition of seasonal will change depending on where you work, not being busy for the full 12 months allows me time to offshore fish, build websites , travel, and much more.

How I Became A Yacht Broker

While in college I started a drone photography and videography business as drones, at the time, were still new to market and the barrier to entry was high.

I started by filming short video clips for car dealerships and real estate agents, but I wanted to incorporate my passions of saltwater fishing and yachts with photography.

One day I cold emailed the most reputable “fishing centric” yacht brokerage in San Diego, California and offered my drone services free of charge. Fast forwarding, this free video offer lead to monthly paid work for over a year. During this year period I was becoming more immersed in saltwater fishing and built up a small following on social media.

Upon graduating from college, I approached the owner and asked for a sales position at the brokerage, to which I was added to the team immediately. Over the last 9 years, I have been responsible for the sale of over $60 million in yachts and boats.

How Much Does A Yacht Broker Make?

Researching the compensation for a particular industry or position is important before making a career move.

In most cases, a yacht broker is not paid a salary, rather paid solely on commission. The standard industry commission is 10% based on the selling price of the vessel. This means compensation can range from $100,000 to over $1 million per year.

In my experience, the harder you work the more you will earn as the job is purely commission. There will be months, or several months, where you don’t bring home any income, but when the season is in full swing you will be glad you’re paid on commission and not salary.

Yacht Broker License Information

It’s fairly easy to become a yacht broker or a yacht salesperson. These terms often get lumped together as the same, however a broker owns the company where the salesperson “hangs” their license under.

Only two states in the United States required a license to sell yachts and boats. Florida requires a license for those selling vessels over 32’ that are not their own, and California requires a license for those selling vessel over 16’ that are not their own. The other 48 states are more lax, so I would suggest speaking to a local brokerage in your state about their rules.

How You Can Become A Yacht Broker

Nearly anyone can become a yacht broker or a yacht salesperson, but not everyone will succeed at the job. Below is a list of traits and actions that can help you get into the category of yacht brokers who earn a substantial living.

1. Be Driven 

As mentioned earlier, this job is purely commission based so you need an excellent work ethic and a “go getter” attitude in order to generate income. Yes you can sit back and not do much work, but when starting out and building your client base, this will lead to lackluster results. Be willing to walk the docks, advertise, leverage social media, and look for opportunities to spread your name and services.

There will be some months where you don’t earn any money, just know that this will happen and be prepared. Have some money set aside to get through the slow times, but on the contrary, when the market is on fire, the sales come quick and steady. 

In any business, honesty is vital for longterm success. Boats and yachts have countless systems and nuances, so when asked a question you don’t have the answer to, simply say you do not know but will find out. Follow up with your client the same day with the answer.

When it comes to negotiations, stick to your guns and don’t become intimidated. There is a time and place to offer a reduced commission or to help bridge a survey allowance gap, but don’t make this your automatic go to.

2. Have A Passion For Boats and Yachts

Your body language and attitude, whether intentful or not, will be analyzed by prospective buyers and sellers, and if you don’t show passion for what you’re talking about, then this will be apparent.

Many buyers and sellers have chosen to work with me because they could sense my drive and passion for their needs. I highly encourage you to be genuinely excited to show or preview a vessel because you can always learn something new, plus the water is your office…it doesn’t get much better than that.

Having prior sales experience will be helpful in making a seamless transition into the yacht sales industry, but I’ve found it’s not a requirement. As your deal flow increases, transactions will become easier but for the first year or two there will be a lot of learning moments throughout the sales cycle.

When starting out, take as many listing as you can to get experience learning about different boat platforms and brands, as well as work out all the kinks that can arise during negotiations, paperwork and closing.

3. Excellent Communication and Follow Up

This section separates excellent brokers from mediocre brokers. While this may be the most important aspects of the job, I think it requires the least amount of text.

• Always tell the truth and be honest…if an unpleasant conversation needs to be had, do it quickly and with a phone call opposed to sending an email
• Always stay in contact with your clients…whether they are a prospect, in contract on a boat, or a past client, maintain contact often
• Follow up early and often…be preemptive in your communication, pre addressing and questions before they become questions…a simple text message or two sentence email with an update is often all that is needed for your client to instill additional trust in you

4. Contact Local Yacht Brokerages For An Open Position

Once you have a good understanding of what you’re entering in to, it’s time to start looking for a brokerage to work under.

If you’re totally new to the industry, I recommend using Google to find reputable brokerages in your area, or you can see which brokerages advertise in the back of Yachting Magazine or Marlin Magazine for example.

For those with some experience within the boating industry, you should have somewhat of an idea of which brokerage houses are the most reputable in your area.

There is no better way to land a job than walking in and asking to speak to the owner or manager. Bring a resume and be prepared if the decision maker wants to talk right then. Even if a position isn’t available today, stay in contact via email so that when an opening does occur your name comes to mind.

Selling yachts for a living has offered me many opportunities that I could have never had without this employment. If you’re ready to work hard, then I encourage you to take the plunge immediately. The first 12 months will be difficult, but after that the learning curve begins to flatten.

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Welcome to the Yacht Broker Institute

The Yacht Broker Institute was created by yacht industry professionals to provide learning and education that bridge the gap between yacht companies needing new professionals who want to enter the exciting world of yacht brokerage. YBI does that.

Our professional training creates demand from Yacht companies and brokers for our students.

The Yacht Broker Institute was created to fill a void yacht companies had - the need for new Yacht Brokers or Assistants that they could trust to know the business. Our reputation as the premier Yacht training course gives you that!

• Build Relevant Fundamental Essentials to Yacht Brokerage
• Navigating Your Path To Success
• Learn From Industry Professionals

YBI Courses

The yacht brokerage course, "Fundamentals & Essentials of Yacht Brokerage," covers everything you need to know about working as a professional yacht broker. The professional administrative assistant course will prepare you with all the tools necessary to join a yacht brokerage firm and assist yacht brokers.

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Hear what brokerage firm principals have to say., carmine galati cpyb.

The Yacht Brokers Institute is a very informative and helpful step to a successful career in yacht sales. We at our company see this as a hiring prerequisite.

Curtis Stokes CPYB

Everyone has been very complimentary about the course. It is really helping me ramp up new salespeople starting with us. It gives them a basic understanding to start with and more confidence starting out.

I thoroughly enjoyed the course and value the technical information I have learned. The F&E of Yacht Brokerage is a course that out of the classroom covers a lot of ground and makes clear situations that could be pretty tricky. I was able to close my first brokerage deal in the first three months.

One of the largest obstacles to getting a job at an established yacht brokerage is the knowledge base needed to be able to hit the ground running so that you understand the process, legal responsibilities and pitfalls without being a liability to the company.

The course was awesome! I really learned a ton of new information. I went into the program thinking this will be a breeze (being a 30 year boater)- boy was i wrong! The course and tests really prep you for things that will come up during sales negotiations and client interactions – I highly recommend this course to anyone thinking about a role as a yacht broker!

We have all heard that if you want to be happy in your work, do something you love. For the first 28 years of my adult life, I wasn’t doing this. With the help of the YBI, I now feel that I have a good solid base to start enjoying an exciting career in the yacht brokerage industry. Thank you Rae and your team for putting together this comprehensive course.

I recommend the F&E course. The course material has a seamless way of communicating the information clearly for beginners while also diving into detail that only Brokerage Professionals would know. The course holds high credibility within the field and an asset to anyone seeking employment within the Yacht Brokerage Field.

How To Become A Yacht Broker

Jul 19, 2016

Professional yacht brokering is an appealing career for many people who have a maritime background and live close to the water. How does one go about becoming a yacht broker? What steps should you take in order to successfully become a licensed broker? Let’s look at some fundamental requirements one must consider in the pursuit of becoming a broker.

It’s important to understand the industry of boating before diving into this career path. Being familiar with different boat brands is key; you wouldn’t start selling cars with any knowledge of car brands. This will serve as a base for understanding the prices, quality, performance, and manufacturing quality of individual yachts. Having this basic comprehension will pave the way for smooth sailing when dealing with experienced and amateur customers.

Certifications:

The Yacht Brokers Association of America strongly recommends that new brokers receive their CPYB (Certified Professional Yacht Broker). This certification is not mandatory for yacht brokering, but it puts potential customers in a more comfortable situation. To become eligible for certification, one must have at least three years in sales/yacht brokerage, a history of using and maintaining legal contracts, required licenses, and proof of appropriate trust accounts. The certification process concludes with an exam that determines if one is fit to become a certified broker.

Only a few states actually require new yacht brokers to have a license. States that do require one will need to see evidence of a background in sales, more specifically experience under another licensed broker. Another portion of states will require an administered background check in order to continue the licensing process. Next, yacht brokers may have to take out surety bonds in order to protect their clients and themselves in case of a financial emergency. After acquiring your license, it’s important to note that state rules and regulations state that you must renew your license pending a specific amount of time.

A bachelor’s degree is the standard to find employment in yacht brokering, although having a GED or no formal higher-level education could be sufficient depending on the situation. Ultimately, having a strong knowledge of boats and boating culture can take you far in this field, it is more than possible to become successful in yacht brokering without a college degree.

In the end, anyone can become a yacht broker. If you are motivated, like to make your own hours, and have a thorough knowledge of everything boating…you are on the right track. If you have any questions, or have any of your own tips for becoming a yacht broker, please leave a comment!

Interested in becoming a yacht broker? Join our team today! Contact us at [email protected] or call our office at 910-239-9344. Learn more here!

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A Beginner’s Guide to Chartering a Yacht

With the pandemic driving a boom in superyacht charters , more and more people are taking to the water for their first yachting experience. But while some superyachts can cost more than a million a week to charter, you don’t need to outlay seven figures for your own yachting vacation.

Wondering what else you need to know before stepping on board for the very first time? We’ve turned to experts in the yachting industry for their insider intel on how to charter a yacht like a pro—from how much it will run you, to where to go, and well beyond. Read on.

Do I need a charter broker, and how do I find one?

It’s a charter broker’s job to match you with the right yacht and crew—and then take the lead in planning the entire experience. Professional bodies such as MYBA The Worldwide Yachting Association act as a database of industry-recognized professionals. But the best source for finding a charter broker is often your own network. “Building up a relationship with a charter broker is very important,” says Jacqui Lockhart, a Monaco-based broker at Camper & Nicholsons International . “If possible, look for a recommendation from a friend.”

Once you’ve found the right broker, communication with them will be key. “Take the time to be as detailed with your preferences, such as dietary requirements, likes and dislikes, and preferred activities, as possible,” says London-based broker Charles Crane of Edmiston . “This will give us and the crew the best information to make the charter a success and tailored to perfection.”

How much should I be prepared to spend?

“The entry point is around $40,000 for a week on a yacht 82-feet upwards that can sleep six people," says Lockhart. What can take first time charterers by surprise is that this isn’t an all-inclusive figure. “The charter fee covers the hire, the crew, the insurance—everything that’s linked to the yacht,” Lockhart continues. Anything specifically for the client is extra—including food and beverages, fuel, and dockage. As a rule of thumb, budget for an extra 30 percent on top of the baseline charter figure for these extras, which goes into a fund known as the Advanced Provisioning Allowance (APA). At the end of the charter, it is also customary to tip the crew; between 10 and 20 percent of the charter fee is a guideline figure. There may also be Value Added Tax (VAT) to pay on the charter rate, depending on the country of embarkation.

At the smaller end of the charter fleet, more opportunity exists for single-cabin bookings rather than whole yacht charters. This year in the Caribbean , Sheila Ruffin of Soca Yacht Charters has launched a “Stranger on the Seas” package. Prices start at around $6,000 per person—all-inclusive—on catamarans between 48 and 60 feet. “This allows couples the opportunity to mix and mingle with other couples for an adventurous and social yacht charter on the Caribbean Sea,” says Ruffin.

What destinations are best suited to first-time charterers?

“For first-timers, I wouldn’t recommend a remote destination,” says Captain Kelly Gordon of Freddy , a 106-foot charter yacht based out of the Bahamas . “When it’s hard to get to, that eats up some of your valuable time and can also take some of the fun out of it.”

While yachts are heading towards unchartered waters such as Antarctica with increasing frequency, cruising grounds in the Mediterranean and the Caribbean are classic destinations for a reason. “For the first-time charterer in these locations, there will be more yacht options to choose from, proven cruising grounds with known and safe anchorages, well-connected and easy access hubs to ensure smooth passage to embark and disembark the vessel as well as the ability to source most provisions that guests may want,” says Crane.

The key ingredient? The crew.

Although much of the focus is on securing the right yacht, the secret to the success of a charter is its crew. “Put simply, the crew make the difference between a good charter yacht and a bad one,” says Crane. Today’s crew are increasingly versatile. “They may also be a diving or yoga instructor, personal trainer, fisherman, or sommelier,” he continues.

The crew also knows your cruising area better than anyone else. “Be sure to pick their brain on fun things to do. They often love the opportunity to come up with fun activities and games, whether for kids or adults,” says Lotte Barker-Hahlo, a London-based charter broker at Burgess .

The level of hospitality from crew on most yachts often convert first-time charters into repeat customers. “The attention to detail from the crew is unsurpassed by any other luxury holiday,” says Barker-Hahlo. “From the unpacking of your suitcase to being offered a drink before you’ve even realized you’re thirsty, it’s 24-hour care and service.”

Gordon says that much of the feedback she receives at the end of a first-time charter is why didn’t we do this earlier? “People are always surprised at how we take the time to get to know their needs before they have even arrived. We really do study those preference sheets!”

Think carefully about who else you want on board

Another important factor to a successful yacht vacation? Your fellow travelers. This is a specific type of vacation, which should narrow your list of invitees. “Strongly consider who you vacation with when chartering a yacht,” urges Ruffin. “Unlike other vacation options, yachts are very intimate and exclusive. Choose to share your water adventure with those you like and will enjoy on the water for a week or more.” Maybe, even for veteran yachties, that's the sagest advice of all.

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How To Become A Superyacht Broker

When it comes to brokerage, there are 2 breeds: “the Boat Brokers” & “the Yacht Brokers”.

If you go on LinkedIn right now and search for ‘Yacht Brokers’, you will find nearly 2500 results, but when you search for ‘Boat Brokers’, you will only find 160 results. Well, yachts are much more glamorous than boats!

A few years ago, when I began as a boat broker, I remember meeting a guy in my building’s elevator on the way to work one day.

He asked me what I did for work so I responded “yacht broker”.

I couldn’t believe how he reacted to those 2 magical words. It was like time had stopped. His facial expression immediately changed and he looked at me with the most profound admiration and said “Whaou, yachts! Fancy!”

Every month I receive messages from readers asking me how to become a “yacht” broker. So I wanted to go behind the scenes of this intriguing profession and more specifically, the elite of the industry. The ones who serve the 0.001% — the superyacht brokers.

Being a great superyacht broker takes much more than being connected to the rich and famous or hanging out drinking cocktails with a nice suit on the deck of a superyacht.

A great superyacht broker must not only have in-depth knowledge of the new vessel and existing market, but must also have relationships with clients, builders and support professionals. The larger the yacht the more complex it becomes. Crew management, engineering, maritime law, classifications, insurance, naval architecture, tenders & toys, are only some of the things that should be taken into consideration during a large vessel transaction.

During the last Cannes Boat Show, I asked one of my friends who sells yachts for a recognized brand of trawlers from 50′ to 90′, who he thought was the best broker he knew. He said Richard Lambert from Burgess. I actually knew Richard from the time he was at OceanStyle. I remembered meeting him on the dock a few times and recalled his friendly and professional attitude but was also impressed with his resume and progression in his career.

I reached out to Richard, and with no surprise, he accepted to share a few of his tips with our community. Richard is currently Managing Director Asia and Senior Broker at Burgess. For those of you who are not familiar with the superyacht world, Burgess is one of the global superyacht industry leaders in sales, purchases, new construction, charters, and management of luxury superyachts.

So without further ado, let’s review Richard’s interview:

1) Tell us a bit about yourself and what did you do to become a superyacht broker?

I have always had a passion for sailing and the water and while at School and University I was a sailing instructor. This led to yacht charter and brokerage initially for  Princess  in the UK and then Mallorca before starting my own business and then returning to the UK. I started with  Burgess  in 2005 to focus on the semi-custom market and we launched OceanStyle.

2) What do you think differentiates a boat broker from a yacht broker? In other words, what would the difference be in the process of, for instance, listing and selling a 35′ boat versus a 100′ brokerage boat?

The principals are the same in theory, however, in our industry, the key factor is the relationship that you build with the client. This is vital at the larger end of the market as you can be dealing with a client for years before they decide to move ahead with a purchase.

3) In working with other brokers to help them improve their sales results, I often see 2 major barriers of improvement:

i. Their constant desire to put their product before their customers in the selling equation.

ii. Their lack of persistence and follow-up due to the fact that boat sales are often a long selling cycle.

I am curious to know how those particular barriers affect your organization and what actions you are taking to increase your sales performance and customer satisfaction?

As I mentioned above, the relationship with the client is paramount, it is important to listen to their needs and make sure that you as their broker are prioritizing their requirements. This does not mean that you cannot guide and advise them and ensure that they are making an informed decision, but it is important to listen to their needs and realize that this is a profession where you have to take the long-term view.

4) What are some of the interpersonal and technical qualities you look for when hiring a new yacht broker?

There are a number of qualities that I would look for aside from purely a passion for yachting. Patience, the ability to build relationships and professionalism are a few that I would see as priorities.

5) In your 11 years as a superyacht broker, what part of your job has been the most challenging and has required you to spend the most time on and why?

One of the most challenging periods was during the financial crisis, we experienced difficult market conditions and depreciation that we had not seen previously. Sellers were becoming frustrated that their yachts were not selling and buyers were making incredibly low offers. We still get some clients that are looking for a distressed purchase but I am pleased to report that those days have now passed. The way through this period was patience and honest communication of quantifiable market conditions.

6) What is the top sales or marketing advice that you would give to a young boat broker who is just getting started in this industry?

Gain experience where you can and do not expect to start as a superyacht broker. Ensure that you have done your research and always be honest, if you do not know the answer then do not lie.

7) I recently wrote a blog post on  the future of boating  and I am curious in knowing your opinion on where the market is heading and what you are doing to adapt?

It is a fascinating market and it is one that you need to consider globally, the appetite for building larger and larger still seems to be prevalent. However, I feel that the semi-custom proven platform with shorter delivery lead times will appeal, especially in emerging markets. The brokerage market is stabilizing and there are some significant signs that the market is stabilizing, fewer price reductions are an indication of improving market conditions and clients setting realistic asking prices. The quality builders have performed well in recent years and this is demonstrated in stronger resale figures. The market is driven by confidence and there is instability from a geopolitical standpoint which can destabilize these stabilizing conditions.

The Key to Becoming a Superyacht Broker As Fast As Possible

As you can judge through Richard’s responses, you can not expect to become a superyacht broker overnight.

Even though Richard started early in his career compared to the industry average, he had many years of experience before working with one of the top superyacht firms today.

Having said that, I’ve got good news for you.

And that’s this: you can fast-track your career.

How so? It’s simple really.

What you need is the right knowledge, the right insights, and the right training.

If you had these things, you could take years off your learning curve.

And that’s why I’ve put together the  Sales Masterclass : a 6-week training course that contains the practical know-how you need to break into the ranks of the most successful yacht brokers.

But, I’ve got to be honest… it won’t turn you into a superyacht broker overnight. However, and as far as I know, it’s the only thing that will fast-track your path to becoming one.

So, if you want to hit the “fast-forward” button, just hit the link below to learn more about the Sales Masterclass:

www.yachtsalesacademy.com/courses/sales-masterclass/

To your success!

— Vincent Finetti Founder & Instructor The Yacht Sales Academy

P.S. Try a listing strategy from my FREE Listing ebook here .

P.P.S. I’m doing an exclusive virtual Listings & Sales Workshop with a small group next month to go deep in applying my best strategies to your brokerage business.

Would you like to join us? If so, go here and enter your name and email for more details!

P.P.P.S Check out my client results here .

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Where to find a charter broker

A  yacht charter broker  researches charter yachts, crews and the market on a daily basis and can offer you advice about every component of your charter, from the most suitable yacht to the best destinations and itineraries. They also attend seminars about marine law, contracts and destinations so are fully informed about the entire process including contracts, insurance policies and international legal considerations, all of which even the most seasoned charterer will struggle with on their own.

Retail charter brokers work directly with the yacht fleet managers and, similar to how a travel agent works on your behalf, will hold all money and protect the client’s interests throughout the process. They will also act as a buffer should, although very rare, any problems arise.

There are four main organisations that  yacht charter brokers  belong to, including MYBA, CYBA International, FYBA, and AYCA.

• FYBA - Florida Yacht Brokers Association
• CYBA - Charter Yacht Brokers Association
• MYBA - Worldwide Yachting Association
• GYA - Greek Yachting Association
• AYCA - American Yacht Charter Association

Although any charter broker from anywhere in the world can book any charter yacht anywhere in the world. Many charter brokers belong to more than one organisation, but looking out for these four leading logos is an important place to start when finding the right broker for you.

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How to Choose a Yacht Charter Broker

Should i use a specialist or a travel agent.

You should choose a specialist charter broker, one with many years proven expertise specifically booking crewed private charters. The ideal charter broker will have those years of experience and will have attained membership in worldwide charter associations like MYBA. We have those decades of experience and attained our membership many years ago.

If I use one Charter Broker like you- Can I still choose from every crewed yacht?

YES, unlike many others, we truly do have access to every crewed private charter yacht available to charter in popular cruising grounds worldwide.

Do we have enough experience that you can trust?

YES, Respected worldwide, we have been helping clients plan fantastic crewed yacht charters worldwide for over 20 years!

Large Charter yachts Smaller charter yachts How we can help you Contact us now

How to choose a yacht charter broker in 6 steps.

1. Choose one solely focussed on you - Our founders over 20 years ago knew that exceptional personal service is the cornerstone of a successful business and that is the company culture today. That's why we go above and beyond to ensure that our customers receive the highest level of service possible, and our specialists are available to clients 7 days a week thruout the booking process through to the end of their charter.

2. Proven Knowledge and Experience - We were one of the first USA based companies to earn membership in the Worldwide Yachting Association 'MYBA', and have memberships in CYBA, AYCA, and IYBA. From the moment you contact us, you will be talking to a experienced charter broker, who will take the time to understand your yachting adventure ideas and provide you with amazing yacht charter options that match your ideas.

3. A Charter Broker is better than a tour company? Yes, a specialist charter broker is not only necessary, it's very prudent to use one. While it might seem like chartering directly through a tour company, travel agent, an owner or a captain someone knows would be the ideal (and cheapest) way to rent a yacht, it's not.

4. Yacht Charter is complicated and specialised It's easy to say " I can help you find a yacht" but other than the challenge of finding a suitable yacht to charter, the compelling reason to use a dedicated charter broker is simple:- Tour companies likely have the expertise for land based tours better than anyone but it is reality that yachting is so unique and the contracts used so specialised, that you will benefit hugely from the advice of a charter specialist - especially when it is provided with no additional cost to you.

5. Ability to find the right yacht, not any yacht? Yes, the most experienced charter brokers have access to every fully crewed, private yacht available for charter, they know the managers of the yachts, and know the right questions to ask of the managers regarding aspects of the various yachts each manager is responsible for. It is better for you to book your charter taking advantage of the advice of a true specialist yacht charter broker vs well meaning information from a vacation planner whose knowledge base is perhaps more land biased.

6. Choose a broker who is trusted by their peers , MYBA , the worldwide yachting association, was founded to ensure clients know they are dealing with a professional and trusted yacht charter broker. Chartering a yacht through a MYBA Member like us ensures you get professional expertise. Companies specifically have to earn membership in MYBA by having the right experience, references for successful charters, and proving their expertise and knowledge.

So - a specialist charter broker is needed YES, your broker represents you and only you. The right broker will know all the nuances that have to come together to booking a successful yacht charter for you.

How our charter expertise works for you

We are independent and work with all established luxury crewed yacht managers around the world without being biased or limited to presenting yachts to our clients from any particular fleet or set of charter yachts. Our role is to represent you, the client, as your charter broker , helping you identify the ideal yacht and providing unbiased and useful advice based on our experience, knowledge, and awareness of available charter yachts that may suit your particular needs. Our commitment is to you, the client, not to the owner.

The choice is yours, and we'd prefer of course you contact us, regardless however we'd certainly recommend you work with a charter broker you feel comfortable with and who understands your ideas and unique needs. We are happy to chat with you first without any obligation to see how we can help you.

Chartering a fully crewed yacht is a complex matter and often we talk to clients who have never chartered like this before. That's where we can excel as your broker! Our goal is that you remain excited about your vacation, and we’ll help you with all the details, perhaps even providing answers to questions you hadn’t considered.

More reasons to use a Specialist Charter Broker.

Memberships in the yachting organization's require different levels of qualification, but we believe it is important to both belong and contribute to our industry. Some of the requirements for membership typically include proving certain experience, knowledge, and participation. Typically requiring proof of a track record of successful charter bookings, establishing a knowledge of available yachts, managing clients deposits professionally, preparing, utilizing, and utilisation of the preferred contracts.

Charter specialists book private yachts for clients every day, year after year, which amounts to understanding every possible situation and being trained to expertly match client to yacht. There is no need for you to discover pitfalls from inexperience. They also participate in the major charter shows worldwide and interview the crew members on the yachts to learn which crews might suit different clients the best.

The very best charter brokers will be objective and unbiased. They want happy clients, and they want repeat business. Personally, we look forward to client reviews after their charters. We go above and beyond to ensure that our customers receive the highest level of service possible.

What Happens If Something Goes Wrong?

While the majority of yacht charters proceed happily and uneventfully, occasionally an issue may come up. In these very rare situations, we are here to be on your side helping solve the issue. All charter contracts are between the client and the actual owner of the yacht, so while we cannot dictate a solution for you with the owner, we can help you work towards a solution which satisfies you based on our experience and reputation within the industry.

Ready to talk to the right yacht charter broker?

We'd like you to choose us of course, but the most important factor is to work with someone qualified and who understands you. It's worth the time, and there is no extra charge to work with an expert like us.

Contact a specialist now

Yacht Name Search

Do you have a particular yacht in mind? We likely have it online and if not, email or call us for details. Search for it online by name here:

These may also be of interest:

• Why is crewed charter so unique?
• Why use a charter broker
• Can one Broker have access to all yachts?
• Why you should choose us

International Yacht Charter Group Inc. does not guarantee the accuracy of any information or images displayed. Both are subject to change and may not be current. All information contained herein is not contractual. Continue reading for more details: 2003 - 2023 © All Rights Reserved. Privacy Policy Site map

Why Use A Yacht Charter Broker and What Do They Do?

by Merryn Haller on Mar 25, 2022

Chartering a yacht is about more than the boat you’re on; it’s an all-round, personalized experience that can be tailored to your specific needs. To make this happen, you need a top-notch broker to take care of the small details in planning your charter, to ensure your vacation runs smoothly along every step of the way. 

From boat selection to itinerary planning, contract negotiation, preparation prior to charter, and support during your trip, brokers draw from a collective pool of many years of personal experience to help clients navigate the intricacies of yacht charters across the world. In this article, we’ll discuss why you should use a broker and exactly the kind of work they do to guarantee you have a good time on your charter.

Match You With the Perfect Crew

Charter brokers attend multiple yacht shows every year, acquiring knowledge about the different boats available and about the crews themselves. Brokers in particular know that the crew is half the experience, and have a keen eye for matching guests with the right crew. To guarantee an excellent time on your trip, brokers will look for the right group of professional crew members based on your precise expectations and requirements.

First-hand Knowledge of Inventory

Charter brokers are actively involved in the industry as part of their day-to-day work, which means they’ve accumulated a wealth of knowledge and expertise over the years. 

Besides attending yacht shows, brokers also participate in regular seminars to stay up-to-date with all the critical information involved behind the scenes of a charter, such as different yacht models and their respective layouts. With this knowledge in their arsenal, charter brokers are able to find the perfect yacht to suit their clients’ charter party and specific requirements for their trip. 

The boat shows are also a good opportunity to check up on recent maintenance work and generate trustworthy partners to gather precise information about the upkeep of individual yachts in the future. This added work from your broker ensures each yacht is in excellent condition for its next charter.

Provide Expert, Unbiased Advice to Protect your Interests

You can go to your broker for advice and any other requests you have during your vacation, as they offer impartial advice and selection based on their industry knowledge. They travel to charter destinations regularly, acquiring first-hand information that will be invaluable to you when planning your charter. 

Should anything unexpected happen during your charter, you’ll have direct contact with the broker to assist and help you resolve any issues you may have. Brokers can also assist with any licenses and permits, country entry requirements, continuously changing covid regulations, and advice on accommodation. 

Besides ensuring you get matched with the best available crew, brokers are uniquely positioned to negotiate contracts and terms on your behalf. They are also bound by their fiduciary responsibility to protect the interest of their clients and have a deep knowledge of the details and implications of your contract.

Having a broker is a fantastic way to cover any concerns that come up on your charter, as they have long-standing professional and personal relationships with industry contacts and yacht managers. Having a third-party negotiate terms and conditions of your contract will put your mind at ease, so you can rest easy knowing that your needs are being protected.

Logistics, Itinerary and Menu

Charter brokers work with a Preference Sheet, which is a form that gets completed by the entire chartering group. This sheet outlines clients’ preferences for the charter regarding food, drinks, allergies, itinerary, potential destinations to visit, and much more. 

As a client, this sheet is yours to provide as much detail as you like before your trip. 

The Preference Sheet is then shared with the entire crew of your boat, so they can prepare the best possible itinerary and menu for your charter to match your exact specifications. Often, clients will also get a copy of the menu ahead of their departure date, so they know in advance what to expect. This way, clients know what meals will be prepared during their charter and whether their dietary restrictions or requirements will be catered for. This, of course, includes menus for vegetarian, vegan, and gluten-free clients, and much more. 

It’s important to note that some charters are not all-inclusive. These charters are called ‘Plus Expenses’ charters. In these cases, the charter expenses will be calculated by your broker to help you plan the total cost of your trip, which will cover items like food, drinks, fuel, and more. 

Brokers will also inform the client if, once their charter is completed, there is a remaining Advanced Provisioning Allowance (APA) balance that will be returned to them or, if on the contrary, the client needs to pay an additional to cover what the APA did not provide for.

Does it Cost More To Use A Broker?

Charter brokers work tirelessly behind the scenes, to ensure every guest is provided for during their chartering vacation. The best part: their advice and support have no additional cost for the client, as it is a service paid by the owner of the yacht. In this way, brokers offer free personalized attention through every step of the chartering process. 

Contact A Broker Today

If you want a wonderful vacation and a once in a lifetime yacht charter, booking through a broker is the way to go. Brokers have spent years executing hundreds of successful chartering experiences, and you can leverage their expertise and professional connections to your benefit, without paying a cent. 

Contact your broker at Ritzy today! 

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Yacht Brokers: What Do They Do, Exactly and Why Do We Need Them?

Being represented by a professional brokerage house does not add a penny to the yacht purchase price for a buyer. The fee is totally paid for by the seller. Yes, the buyer’s broker is totally free to the buyer. So why not get your own broker to represent your interests when looking to buy a boat? You can have the listing broker represent both you and the seller but consider this: the listing broker’s job is to represent the seller and to get the highest possible price for the yacht, which is not necessarily your objective as the buyer.

That is why it’s best to have your own broker to represent your interests exclusively. When going into a purchase of this magnitude, yacht buyers need to know that they have a team of professionals that are acting entirely in their interests. Find a broker whom you feel comfortable with and trust and have him/her work for you. We have had buyers looking for as long as five years before actually buying (not typical, thankfully). But a good yacht broker will stick with you, educate you, and guide you through the process.

Choose a Yacht Broker Carefully

Before you choose your broker, make sure that you know what you want. Do your research and be realistic about your expectations. Decide what kind of boat will suit your needs, decide on a budget and make a list of the equipment and features on the boat that are most important to you. If you can, charter different boats to help you figure out more or less what is more important to you. For instance, will you give up a “walk around bed” to have a bigger cockpit or would you give up a big chart table to have more storage? These are extreme examples but unless you spend time on a boat, you cannot know what is important to you. Once you have a plan and a budget, it’s time to select your broker. Here are some things to consider:

Licensed & Bonded Broker

Requirements to become a broker is different in every state. Florida, because of the volume of yacht brokerage transactions, is one of the best jurisdictions in which to purchase a vessel. The laws are very favorable and very protective of the buyer. Here are some things that ensure buyers in Florida are protected:

• To become a yacht broker in Florida, one has to do a two-year understudy period under a licensed and bonded broker as a Sales Associate before being able to apply for a Yacht and Ship Brokers License.
• The brokers’ licenses are regulated by the state and require the broker to register with a bond ($25K errors and omissions) which is lodged with the state.
• Brokers are required to renew the license every two years which ensures that the details on record are updated.
• An escrow bank account is also required to be registered with the state and the details are updated at the time of license renewal.

So it’s important that your broker should be registered in the state where he/she operates for legal reasons.

Research the brokerage firm, i.e., their reputation in the industry. The biggest or most well-known brokerages are not always the best brokers. Smaller brokerages may be more personal than the very rigid structure of bigger corporations. Get testimonials from previous clients, interview your broker and make sure that they clearly understand your needs. Make sure that their specialty as a firm gels with what you are looking for. No point going to a dealer for 20ft Bayliner motor yachts when you are looking for a 50ft Bavaria Cruiser sail boat.

Yacht Broker Knowledge

The broker should be able to consult, advise, and educate the buyer on equipment or upgrades and help appoint vendors. Not only does he have to know the product/boat, but should also understand how to use the equipment and explain to a buyer how and why it is good to have certain equipment on board for your specific needs. For instance, a broker who has sailed/cruised and/or lived aboard will be better able to give the advice that a prospective cruiser needs. Weekenders or racers have totally different needs and the buyer should be aware of that.

Negotiating Skills

A good broker will know when to negotiate a little more aggressively and when to pull back. (A good deal is when both parties walk away happy). The seller’s bottom line is not always set in stone, even if they think so. Sellers always think their boats are worth more than it actually is but when you calculate holding costs like insurance, dockage, maintenance, haulout, etc., holding out for an extra $10,000 or $20,000 is not always the wisest decision. There are definite selling and buying seasons when boats will be cheaper i.e. phase-out season in the Caribbean when lots of boats go on sale from the charter fleets all at the same time. This would be the time to negotiate an incredible deal! Boats in certain regions will fetch better prices like boats in fresh water lakes. These boats typically have far less wear and tear because of the shorter seasons and the fresh water. Your broker should be aware of these market nuances.

Market Knowledge

There are currently about 80,000+ yachts listed for sale in the world. Most are in the major databases accessible also to the public, e.g., Yachtworld. However, some of the best deals are often not advertised, like bank repossessions, trade-ins, and boats that must be sold at any cost by a seller in a difficult situation. A professional broker knows where to find those “great deals” through his personal network. Brokers also have access to professional software and can compare and find the history of the real transactions on similar boats. This will give the buyer some perspective of what is out there and what to expect. We can provide photos, layouts, line drawings and spec sheets on any yacht in the world and therefore cut down on wasted trips to visit yachts that are misrepresented, unfortunately a common occurrence.

Yacht Buying Process and Logistics

The buyer’s broker is the person who ensures that all the components of the transaction are covered. The Buyer’s broker will perform the following duties:

• Ensure that the Purchase and Sale agreement as well as all the related documents used to negotiate the purchase are well written and protect all the parties in the transaction.
• Advise the buyer on the time line for acceptance closing etc. When doing a transaction like this the coordination, scheduling and time line is critical as follows:
• Date of the sellers acceptance of offer
• Scheduling the seller, buyer, brokers, surveyor and yard for haul out
• Date of final acceptance
• Date of closing with all related components – documentation, funding, insurance, transfer of possession etc.
• Assist the buyer in arranging the survey, haul-outs and sea trials. We assist in the survey follow up and analyze the survey findings with the buyer. Those findings could further lower the purchase price in a second round of negotiation, a process known as “conditional acceptance”.
• Advise the use of a documentation agent to obtain abstract of title and ensure that there are no liens or encumbrances and that the vessel is free and clear.
• Advise on vessel insurance
• Assist on vessel registration and flagging if it has been flagged offshore
• Assist and advise if the boat needs to be moved from the place of acceptance to the buyers home port
• Consult and advise the buyer on equipment or upgrades and help appoint vendors.
• Remain a friend and valuable resource for the buyer after the transaction has closed and the buyer owns the yacht. A quick disappearance act after the check clears is not the desired result!

Specific to Florida

The broker will check if the boat can be legally sold in Florida ( Duties & Sales Tax paid) Florida broker will assist with the sales taxes, county tax and dinghy taxes, or tax exemption if you are not a Florida resident.

Make sure that your yacht broker knows the product, understands the industry, and can advise on ALL components of the transaction. All boats are not created equal, so if you are not an expert on boat construction, propulsion, sails, mechanics and electronics, get yourself a good broker and appoint an independent surveyor. They will be your best allies in the yacht buying process.

Estelle Cockcroft

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2 thoughts on “Yacht Brokers: What Do They Do, Exactly and Why Do We Need Them?”

Hello………I’m looking for a buyer’s broker in Washington state to represent me in the purchase of a particular boat from it’s owner. Can you advise me?

Dorne Dibbs

Hi Dorne, we don’t have a broker in that area but our broker, Dave King lived there until recently. Perhaps he can help you? [email protected]

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A superyacht captain shares 3 things people who want to charter a luxury vessel should know

• Vacationing on a superyacht may sound like it's all Champagne and sunbathing.
• But before boarding a luxury vessel, superyacht captain Kelly Gordon advises keeping certain things in mind.
• Yachting is a summer pastime with risks and nuances for clients and crew.

Jeff Bezos and Lauren Sánchez soaking up the sun. Travis Barker and Kourtney Kardashian's wedding . Beyoncé's carefree jump into the ocean.

One of these images is likely what comes to mind when you hear the word "superyacht," a phrase generally used to describe a yacht over 80 feet in length.

While ultra-luxurious vessels are associated with all things carefree, tragic events such as the sinking of the Bayesian superyacht off the coast of Sicily on Monday is a reminder that yachting is a pastime with unique risks and nuances. It's unclear what the protocols were on the Bayesian.

For those keen on the idea of chartering a superyacht, captain Kelly Gordon, 42, told Business Insider there are a number of important factors to consider before hopping on board.

Gordon fell in love with yachting after she stepped aboard a yacht for the first time in her mid-20s.

Hellbent on reaching captain level, Gordon quickly worked her way up the chain of command. She's spent most of her time sailing the Bahamas and the Caribbean and is now based in Florida, where she works as a captain on a 108-foot-long privately owned vessel.

Gordon, who has over 12,600 followers on Instagram , shares three factors to keep in mind before boarding a chartered superyacht.

Think of the process of chartering a superyacht as buying a house

One of the most important things to do when chartering a superyacht is to work with a charter broker, Gordon says.

"The charter manager's job is to No. 1: find you a safe boat," Gordon said, adding that in her experience, "Not all programs put safety as high up on the list as it should be."

She also likes to equate charter brokers to Realtors in that they take on the role of finding you the best option for your taste.

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"You find one that you gel with really well and has a good reputation, and then you discuss with them what your budget is, where you want to go, what your activity levels are, what your personalities are like," Gordon said.

Pairing clients with a crew that aligns with their characteristics is a huge part of a charter broker's job, Gordon said.

"If you think about it, you're living with that crew for 24/7, around the clock," she said. "You're not going put someone that just wants to sit and read books all day with a crew that's extremely active."

Find a crew that is competent and prioritizes safety

Charter brokers also help match clients with a competent crew that prioritizes safety.

"I don't know that many people realize just how much their life is in our hands when we cast those lines and we go to sea," Gordon said.

Part of that is having a safety briefing, which Gordon carries out every time she welcomes clients onto a chartered vessel before leaving a dock.

A thorough safety briefing includes informing clients about the location of safety equipment and lifejackets and the procedures for events such as a fire, a person falling overboard, or the boat sinking.

"You should have a safety briefing, and if you don't get one, you should ask for one," Gordon said.

The process, she added, can be different on privately owned yachts, where passengers may be familiar with the vessel.

The Bayesian is a private yacht owned by tech tycoon Mike Lynch; it's not yet known what kind of safety protocols staff and guests were trained on.

Make sure there's a member of the crew on watch 24/7

"A lot of charter guests think when they go to sleep, the crew goes to sleep," Gordon said.

But that shouldn't be the case, she added. "You want to be on a boat knowing that someone's up, because if the weather changes or the anchor starts to drag, you need somebody that's up and ready to go and get everybody else to handle it."

Among the biggest weather risks are tornados, which can be extremely difficult to predict and prepare for whether you're on land or at sea.

"I'm from the Midwest, where tornados pop up," Gordon said. "It's hard to see a tornado coming, and if you do see it coming, the tornado goes where it wants to go."

Most often, that leaves people near the weather event with just minutes to ready themselves, which is even trickier "in the middle of the night."

While rapid changes in weather are tough to contend with, Gordon recommends researching the areas you are sailing in beforehand, like you would when visiting a new country.

"It's no different than if you're going on vacation on land," she said. "You want to know where you're going. Don't put that just all on the crew."

While the research doesn't have to be as extensive as the crew should be doing, it's important to still be "responsible for your own self as well as your family and your guests."

Watch: Why it costs $1 million a day to run one of the world's biggest cruise ships

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Top Banker, Lawyer Among Missing and Presumed Dead in Yacht Sinking off Sicily

T hree leading figures from the worlds of tech, banking and law, along with members of their families, are presumed dead after a luxury yacht sank off the coast of Sicily.

The Italian coast guard said early Tuesday that the bodies of six missing people are likely trapped in the yacht, which sank in waters 164 feet deep.

Tech entrepreneur Mike Lynch and his daughter were among the six people the coast guard said were missing after the yacht was hit by a sudden thunderstorm Monday. Corporate spokespeople confirmed Tuesday that Morgan Stanley International Chairman Jonathan Bloomer and his wife, Judy, and Clifford Chance lawyer Chris Morvillo and his wife, Neda, were among the missing.

Authorities confirmed the body of a seventh victim, the yacht’s cook, had been recovered. A total of 22 people were aboard the vessel when it went down just before sunrise Monday.

Rescuers were reassessing how to access the wreckage, after the first inspection by cave divers was blocked by debris, the coast guard said.

“The space is very tight, because everything fell when she capsized,” Luca Cari, the head of Italy’s national firefighters’ corps told reporters. “Divers are trying to remove furnishings, wires and other debris to clear the passageways.”

The U.K. government said Tuesday it had sent a team of marine-accident investigators to Sicily’s capital, Palermo, to assist the Italian authorities.

Diving teams, helicopters and patrol boats were deployed to help the rescue effort, the spokesman said.

Lynch, one of the U.K.’s most celebrated tech entrepreneurs, was recently acquitted in the U.S. over allegations he fraudulently inflated the value of the company he sold to Hewlett Packard for $11 billion.

Many of the guests on board the boat had gathered to celebrate Lynch’s freedom following around a year of house arrest in the U.S.

Bloomer previously headed the audit committee at Autonomy, the company that Lynch founded and sold to Hewlett Packard. Morvillo, a senior partner at law firm Clifford Chance and a former assistant U.S. attorney in New York, represented the British entrepreneur during his U.S. trial.

Yacht-charter sites listed the yacht, named the Bayesian, for rent for 195,000 euros, equivalent to about $215,000, a week. It was owned by Lynch’s wife, Angela Bacares. The 184-foot vessel could accommodate up to 12 guests and 10 crew.

Fifteen people, including a 1-year-old girl and Bacares, were rescued. Ayla Ronald, a Clifford Chance lawyer who worked on Lynch’s fraud case, also was one of the survivors, her father, Lin Ronald, said.

The yacht, which brokers valued at around $35 million, was anchored near the port of Porticello overnight Sunday when a storm hit the coast, creating a tornado-like column of air and water, a coast guard official said.

The yacht was hit by a waterspout before capsizing, authorities said. Waterspouts are common during summer, but they don’t last long and are rarely picked up by radars.

Local fisherman Dino Gallo said he was up early on the day to check the weather for fishing and saw a flare from the port at around 4:40 a.m. “I went down but there were only cushions, a tender and other debris floating. The yacht was gone,” he said. The coast guard has said there were no distress signals from the yacht.

Lynch, 59 years old, founded software company Autonomy in the 1990s.

He was charged in 2018 by the U.S. government, which alleged that he and his lieutenants had used false and misleading documents to make the business-software maker more attractive to a potential purchaser. He unsuccessfully fought extradition to the U.S.

Lynch was acquitted of criminal charges in June, ending the nearly 13-year saga. He declared afterward that he was “elated” and looking forward to returning to what he loved, “my family and innovating in my field.”

After Lynch was acquitted in his case two months ago, Morvillo wrote on his LinkedIn profile to thank his team, his wife and his two daughters. “I am so glad to be home,” he wrote in his final post on the site. “And they all lived happily ever after….”

A representative from Clifford Chance said in a statement: “We are in shock and deeply saddened by this tragic incident. Our thoughts are with our Partner, Christopher Morvillo, and his wife Neda who are among the missing. Our utmost priority is providing support to the family as well as our colleague Ayla Ronald, who together with her partner, thankfully survived the incident. ”

Bloomer, 70, an accountant by training, sat on several blue-chip company boards in London, including chairing Morgan Stanley International and as nonexecutive chair of the U.K. based insurer Hiscox.

He previously sat on the board of Autonomy and was named head of its audit committee in 2010. Bloomer gave evidence in court in Lynch’s defense during HP’s legal battle against the Autonomy founder. His wife, Judy, 71, worked with several charities and listed her occupation as a psychotherapist on LinkedIn.

A few days before the sinking, one of Lynch’s co-defendants in the U.S. fraud case, Stephen Chamberlain, was struck and killed by a car while out jogging near his home in Cambridgeshire, England.

Chamberlain worked as a senior member of Autonomy’s finance department and was charged alongside Lynch in the 2018 case. He was cleared of all charges earlier this year. After leaving Autonomy in 2012, Chamberlain worked as chief operating officer for cybersecurity firm Darktrace, which Lynch also invested in.

Helena Smolak, Marina Vitaglione and Alyssa Lukpa contributed to this article.

Write to Gareth Vipers at [email protected] and Max Colchester at [email protected]

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Why use a yacht charter broker?

Plan your dream vacation with the help of an industry expert.

Whether you are planning your first luxury yacht vacation or you are a seasoned charterer, the insider knowledge and experience of a yacht broker is fundamental to any successful charter experience. The luxury yacht charter market is constantly evolving with many variables and legalities, so having a full-time industry expert to offer advice can be invaluable to creating your ultimate cruising vacation.

A yacht charter broker will also have an extensive knowledge of charter destinations and be able to advise you on the best places to go, what yachts are cruising there and any different rules, taxes and regulations in relation to those areas. They spend their time travelling the world to visit charter yachts and all the leading yacht shows to get a first-hand account of what each one has to offer, so that they can match this up to a specific client’s needs.

Once you have chosen a yacht, your charter broker will guide you through the entire process completely free of charge as their fees are paid by the yacht’s owner. The price you are charged for the actual yacht will almost always be the same, if not better if you use a broker as MYBA guarantee the same price no matter how you charter. From safety regulations and payment requirements to itineraries and menu preferences, you are assured to save time and stress by using an experienced broker to book your charter vacation.

Reasons to book through a yacht broker:

• It is a completely free service
• Expert, unbiased advice throughout the process
• They visit yacht shows and inspect yachts first-hand
• Knowledge of destinations, itineraries and charter yachts whereabouts
• They do in-depth research and ask questions on your behalf
• Unsurpassed knowledge of the industry and charter market
• Expertise of the necessary legalities (contracts, escrow accounts)
• Act as a buffer in the unlikely event that anything goes wrong

For more information in taking the next step, read our full guide to Finding a Yacht Charter Broker .

• Why use a charter broker?
• Finding a charter broker
• More than a travel agent

Featured Luxury Yachts for Charter

This is a small selection of the global luxury yacht charter fleet, with 3697 motor yachts, sail yachts, explorer yachts and catamarans to choose from including superyachts and megayachts, the world is your oyster. Why search for your ideal yacht charter vacation anywhere else?

136m | Lurssen

from $4,446,000 p/week ♦︎

115m | Lurssen

from $2,895,000 p/week ♦︎

85m | Golden Yachts

from $1,000,000 p/week ♦︎

88m | Golden Yachts

from $1,223,000 p/week ♦︎

84m | Feadship

from $1,111,000 p/week ♦︎

93m | Feadship

from $1,556,000 p/week ♦︎

Maltese Falcon

88m | Perini Navi

from $490,000 p/week

122m | Lurssen

from $3,000,000 p/week

As Featured In

The YachtCharterFleet Difference

YachtCharterFleet makes it easy to find the yacht charter vacation that is right for you. We combine thousands of yacht listings with local destination information, sample itineraries and experiences to deliver the world's most comprehensive yacht charter website.

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Live updates: Seven dead in 56m superyacht Bayesian sinking tragedy

Seven people have died in the Bayesian sinking disaster. These include the six missing people who were inside the yacht when it sank, as well as a seventh person who was located shortly after the disaster. The seventh person is understood to be the yacht's chef, Recaldo Thomas. The other six are:

• British tech entrepreneur Mike Lynch, once dubbed 'Britain's Bill Gates'
• Lynch's 18-year-old daughter, Hannah
• Morgan Stanley's chairman, Jonathan Bloomer
• Judy Bloomer, wife of Morgan Stanley chairman
• Chris Morvillo, a lawyer working for London-based law firm Clifford Chance
• Neda Morvillo, an American jewellery designer and Chris' wife

It is understood that the yacht was being used to celebrate Lynch's recent victory in a 13-year £8 billion fraud acquittal.

No one remembers the mast snapping before 56m superyacht Bayesian sunk, says crew

No one recalls seeing the mast snap on board the 56-metre Perini Navi sailing yacht Bayesian which sank off the Italian island of Sicily on 19 August. The eyewitness account of a crewmember on board the vessel, which was obtained by BOAT International , said that the boat was struck by a freak weather event which led to the yacht heeling at around 20 degrees to starboard. As crewmembers were securing items, the heeling angle began to increase rapidly until the yacht started taking on water and sank rapidly.

The crewmembers who were up on deck were able to evacuate the yacht with minor injuries. The yacht is understood to have sunk in just twelve minutes, and it is believed that a "major ingress" of water from the top down would have caused the sinking, according to a captain who wishes to remain anonymous. This is based on the fact that no breaches have been reported in the yacht's hull, and the fact that the yacht should have been able to remain afloat with two flooded compartments.

"Very difficult to understand what could have overwhelmed a vessel of that size" says captain of sistership

The captain of the sistership to the sunken 56-metre Perini Navi sailing yacht Bayesian has said it is "very difficult to understand what could have overwhelmed a vessel of that size" and called the 56-metre Perini Navi series "bulletproof".

David Hutchinson, captain of Rosehearty , said he had taken the yacht around the world multiple times and he had "total faith in the boat".  "We've been to Antarctica and Chile, and we've had her in 70 knots of wind," he says, and the vessel had never put them in a situation that felt unmanageable.

However, Hutchinson noted there were differences between Bayesian and Rosehearty ; notably, Bayesian's  74-metre mast, which would have been heavier and added increased windage. The yacht's layout was also different, with guest accommodation on Bayesian located further forward.

Live updates

• During a news conference on Saturday morning (24 August), prosecutors confirmed they are in the early stages of investigating a "crime hypothesis" of culpable shipwreck and manslaughter. Authorities also said the yacht likely sunk because of a downburst (powerful wind that descends from a thunderstorm), rather than a waterspout.
• A search and rescue for six missing people has concluded. The final missing person is understood to be Hannah Lynch. 
• According to Reuters, six bodies have now been found in the sunken yacht. These include Mike Lynch, a British technology entrepreneur who co-founded Autonomy Corporation and founded Invoke Capital, although Italian authorities have not confirmed this.  
• One person was found immediately after the yacht sunk, and this is understood to be the yacht's chef. 
• Lynch’s wife, Angela Bacares, and a one-year-old are among the fifteen people rescued along with Bayesian' s captain, James Cutfield.
• Another sailing vessel in the area, the 42-metre Sir Robert Baden Powell ,  stepped in to offer assistance in the initial rescue.
• Divers have been able to reach Bayesian' s sunken hull, which lies at 45 metres of depth about half a mile from the coast. The yacht had the largest aluminium masts of any sailing yacht on the water.
• Eyewitnesses in the area reported "hurricane" conditions off the coast but local weather websites did not indicate any severe squall, which suggests that the weather event was not forecast.
• At around 5am local time on 19 August, Bayesian was hit by bad weather and sunk.  The sailing yacht was anchored or idle at the time of the incident.

Built in Italy by renowned builder Perini Navi and delivered in 2008, the yacht's naval architecture was developed by Ron Holland Design while the interior design is by Rémi Tessier . She was formerly known as Salute and was last refitted in 2016. She was listed for sale earlier this year, according to BOATPro . The yacht had accommodation for nine guests and 12 crew.

BOAT International will update the story as it develops.

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