It can be argued that 2020 was characterised by confusion and uncertainty. Doubts abounded in the first quarter of the year as to whether or not the financial downturn caused by the pandemic would be such that the charter market would struggle to find custom. However, the opposite proved to be true. For a short period of panic chartering became a buyer’s market, herein we explore the changing circumstances that lead chartering to shift to a seller’s market.
“The charter market was the same as the rest of the world at the beginning of 2020, it was characterised by mass panic,” starts Geoff Moore, managing director of West Nautical. “Owners of charter vessels thought they were going to lose all of the income that they relied on to run their yachts, especially within the smaller size ranges, as charter guests began to cancel contracts as a result of various lockdown measures globally.”
GYG plc (LON:GYG) is a market leading superyacht painting, supply and maintenance company, offering services throughout the Mediterranean, Northern Europe and the USA. The group primarily trades under Pinmar, Pinmar Yacht Supply and Technocraft brands.
