NASSAU, BAHAMAS — Attracting a whopping 42 vessels and counting, the first-ever Bahamas Charter Yacht Show is already outshining the competition, highlighting the huge potential of an elite and lucrative industry that already employs hundreds across diverse sectors of the Bahamian economy.
In its inaugural installment, the Bahamas Charter Yacht Show (BCYS) has outpaced established industry trade shows in the region, demonstrating the enormous potential for growth in a sector that already supports a diverse range of Bahamian livelihoods.
The Caribbean Charter Yacht Show and the Antigua Charter Yacht Show, the two marquee industry events, last year attracted 13 and 33 vessels respectively. Coming right out of the blocks with 41 yachts and counting, the BCYS is staking a claim for this country to become the epicenter of the Caribbean charter yachting world while creating hundreds of new, lucrative jobs.
"It just goes to show how many yachts and brokers want to spend their money here," said Peter Maury of the Association of Bahamas Marinas (ABM).
"Yacht charter customers are among the wealthiest visitors to our country, and the industry knows that cruising The Bahamas is top of their bucket list."
The show will be held in Nassau February 23-26, with events starting Wednesday February 22 at four leading Nassau/Paradise Island marinas. It is being presented by the ABM, in partnership with the International Yacht Brokers Association (IYBA) and The Bahamas Ministry of Tourism & Aviation.
The US yacht industry market was estimated to be worth US$18.9 billion in 2020. That figure is projected to quadruple by 2027. By comparison, China, the world`s second-largest economy, is forecast to reach a projected market size of US$15.1 billion by 2027.
"The chartering of privately-owned yachts by high-net-worth individuals is exploding right now and The Bahamas, both in terms of its geographical location and its stunning natural beauty, is uniquely placed to take advantage," Maury said.
"This show is the launching pad for potential growth in the lucrative luxury tourism industry, establishing the islands of The Bahamas as the premier boating destination in this hemisphere."
Charter yachting already employs thousands of Bahamians as crew members, in vessel upkeep and repair, in cleaning and detailing services, and in food and beverage provision, among others throughout The Bahamas. 4000 lawyers in this country and not one certified maritime lawyer, thousands of ships on our maritime registry and not one Bahamian company that services the needs of these registered ships.
Christopher Edwards of Blessed Detailers Cleaning Company said he got involved in the yacht business three years ago, and now his company services 10 international yachts that are frequent repeat customers.
"The yachting industry has been very kind to us," Edwards said.
"And it isn't just cleaning and detailing services that are benefitting. One of my friends is an upholsterer and he repairs furniture on many vessels that call into Nassau. I also refer a friend who is an electrician to work on any problems that may arise on the yachts and another friend purchases groceries for several vessels. My uncle who owns a limousine company does well. taking clients between the airport and the ship. It's a whole network of us.
He added: "Of course, the knock-on effects benefit the economy generally. We get paid for servicing these yachts, meaning we can employ more Bahamians and make our purchasing power felt in local shops, in grocery stores, circulating more funds in the wider community. The money brought into this country by foreign yachts is a lot more than just dockage fees - that is what I thought too before I got involved."
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