Superyachts are usually known for their luxury. Some of the world's superyachts measure up to 500 feet and cost hundreds of millions of dollars to purchase. Not only are superyachts expensive to purchase, they are also very expensive to operate and maintain. You need to have some financial means to consider owning a superyacht. In this post, we will take a closer look at the cost of owning a superyacht.
Cost of Buying a Superyacht
Superyachts are very expensive luxury items and their purchase price varies greatly depending on the size and degree of customization. A small customized superyacht will cost around $1 million per 3ft, and a 100ft superyacht will cost $30 million. The cost of a semi-custom superyacht may be relatively low, for example a 130ft semi-custom superyacht may cost between $10 million and $15 million. For used superyachts, larger sized superyachts can cost around $20 million to $30 million to purchase, while smaller, older superyachts can cost around $2 million to $3 million to purchase.
Operating costs of a superyacht
Buying a superyacht is only the first step, keeping it running is another huge challenge. According to industry data, the annual running costs of a superyacht used to be between 10 and 12 per cent of the purchase cost, and over time they have risen to 20 per cent of the purchase cost. When considering the purchase of a superyacht, operating costs should not be ignored and the following are the main operating costs of a superyacht:
Fuel costs
Superyachts are very fuel-intensive and one of the biggest expenses in running a superyacht is fuel, which varies by size. For example, a 230-foot yacht travelling at 20 knots will consume around $2,000 per hour in fuel, whereas a 150-foot yacht will consume only $500 per hour. A superyacht may cost around $250,000 a year for fuel.
Marina Berthing Fees
Marina mooring fees for superyachts can also be costly, and mooring fees are usually calculated based on the length of the yacht per night. In some popular mooring locations, especially during the high season, mooring fees can be as high as $3,000 per night and can cost up to $350,000 a year.
Crew wages
Superyachts usually require a crew to function properly and the number of crew increases with the size of the yacht. A superyacht can have anywhere from 3 to 70 crew members. Crew wages can also be a big expense, for a 150ft superyacht, for example, the annual salary of the crew may be around $800,000, which is about 45% of the total annual operating costs.
Maintenance and upkeep costs
Superyachts need to be maintained and serviced to keep them in tip-top condition, and the cost of maintenance and servicing varies depending on the size of the yacht. A superyacht can cost around $50 million to maintain, while smaller yachts are less expensive to maintain.
Supplies
After owning a superyacht, whether for your own use or for charter, there are certain supplies that need to be provided on the yacht. For example, food, alcohol, water sports equipment, etc. The cost of supplying these supplies can also be a large expense, and just one jet ski can cost between $5,000 and $20,000.
Insurance costs
After owning a superyacht, it is very necessary to have insurance for the yacht, insurance that will prevent you from financial loss in case of an accident on the superyacht. The insurance premium for a 150ft superyacht is around $80,000 per year.
Cost of chartering a superyacht
If you feel that the cost of buying a superyacht is too high, you can also choose to charter a superyacht, which is a stress-free way of owning a superyacht. The cost of chartering a superyacht depends on the size of the yacht, the age of the boat, the destination, the length of the charter and the level of supplies. The weekly charter price of a superyacht ranges from $100,000 to $2,000,000 and there may be some additional charges in addition to the rental price.
