The Bahamas Charter Yacht Show is shaping up to become a yacht show to be reckoned with in the region, according to a press statement about the upcoming event.
The statement explained that more than 42 vessels will be present at the show which begins tomorrow and runs until Sunday.
The statement said this level of participation highlights the big and growing potential of this "elite and lucrative industry that already employs hundreds across diverse sectors of the Bahamian economy".
"The Caribbean Charter Yacht Show and the Antigua Charter Yacht Show, the two marquee industry events, last year attracted 13 and 33 vessels respectively," the statement said.
"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."
Association of Bahamas Marinas (ABM) member Peter Maury said the number of yachts already slated to participate reveals the number of owners and brokers who want to spend their money in The Bahamas.
He said people who come on yacht charters are among the most wealthy visitors to this country.
"... and the industry knows that cruising The Bahamas is top of their bucket list," said Maury.
According to the statement, marinas located in Nassau and Paradise Island will participate.
The show is being presented by the ABM, in partnership with International Yacht Brokers Association (IYBA) and the Ministry of Tourism, Investments and Aviation.
"The US yacht industry market was estimated to be worth US$18.9 billion in 2020," the statement said.
"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."
Maury added: "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."
"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."
The statement explained that the yachting industry employs thousands of Bahamians as crew members, in vessel upkeep and repair, in cleaning and detailing services, and in food and beverage provisioning, among other services.
It revealed that of the 4,000 lawyers in The Bahamas, not one is a certified maritime lawyer.
"... thousands of ships on our maritime registry and not one Bahamian company that services the needs of these registered ships," the statement lamented.
Christopher Edwards of Blessed Detailers Cleaning Company started his company three years ago and now services ten international yachts that are 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 the clients between the airport and the ship. It's a whole network of us.
"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 the 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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