Greek yachting charter market grew in 2014-2018, ICAP survey

The Greek yachting charter market grew in the 2014-2018 period, with a significant increase in tourist arrivals in the country contributing in the improvement as more than 80 pct of people chartering a yacht were foreigners, ICAP said in a survey released on Monday.

ICAP said that according to official figures, the Greek yachting fleet totals around 6,000 vessels of which around 65 pct were sailing vessels and the remaining 35 pct were motor yachts.

Constantinos Palaeologos, Senior Consultant Economic Surveys in ICAP, the market size of the Greek professional yachting grew by an average growth rate of 3.4 pct in the 2014-2018 period, with the market growing by 4.4 pct in 2018. Charter of sailing vessels accounted for 63 pct of total revenue in the market, while the remaining 37 pct came from chartering of motor yachts.

The survey analyzed the financial reports of 18 enterprises in the sector in the period 2013-2017. The figures showed an accumulated increase in assets by 3.0 pct, equity capital fell by an accumulated 2.0 pct, total sales jumped around 26 pct and profitability grew significantly in 2017 compared with 2016 with 13 companies profitable in 2017.