Chartering a 45' Northwest Trawler

I have set up my 45' Northwest for chartering. My charters will range from 1/2 day and full day cruises, to full day fishing trips and 3-5 day Bahama trips. I want to keep it affordable and I'm trying to figure out what rates to charge, my thoughts were to charge $450 for 1/2 day and $800 for full day charters plus a fuel surcharge. I would appreciate your input and suggestions.
Thanks,
Capt Mike

Where are you based?

Pluto said:

Where are you based?

Click to expand...

Palm Beach Gardens, FL

Knowing how many people you intend to take on each charter would be important in estimating how much you should charge.

"Charter" does that mean they get the keys and head out?

Or are you going as captain and limited to what a 6 pack license will require?

It would not be a bare boat charter, either I or another captain would be taking her (The Path) out. We wouldn't take more than 6 people out due to insurance. We will be doing handling and navigation lessons if that is what the party is interested in.

I'm not familiar with the Northwest 45. Is it a foreign built boat? If so how does that work with chartering? I know you can do it because I see GB's in charter service but don't you have to seek some type of approval? I look forward to the info, thanks.

Stagalv said:

I'm not familiar with the Northwest 45. Is it a foreign built boat? If so how does that work with chartering? I know you can do it because I see GB's in charter service but don't you have to seek some type of approval? I look forward to the info, thanks.

Click to expand...

The Northwest 45' was built in Washington state so the Jones Act you are probably referring to does not apply. If your vessel is built out of the US you do need to handle your charters in a different manner, due to the Jones Act. It's not really an approval that you need, I believe you need to charter it more as a bare boat charter and have a separate contract for a captain. I have not checked into it because I got lucky finding an excellent made US vessel. I hope this helps you.

"I believe you need to charter it more as a bare boat charter and have a separate contract for a captain."

IF the chartered captain is the owner , the Coasties require he have a 6 pack license, and the vessel have a 6 pack inspection.A big nothing , but required.

Northwest trawler northwestyachts.com is built in Anacortes WA by Peter and Jan Whiting and the marine engineer is Stephen Seaton. One of the boats/booths I tried to go on/see at the boats show and/or Trawler Fest.

We bought the Eagle as a charter in the State of Washington and US Coast guard for a number of reasons. Basically we could not afford and did not know what we were gong to do with a 58 ft boat? We did get the Jones Act for a 6 pack, but we never did charter as we become a live aboard instead. I did take the 6 pack captains license course and passed the written test, but did not have the experience at the time. Maybe when we retire, we might look at it again.

drmnj said:

I have set up my 45' Northwest for chartering. I would appreciate your input and suggestions. Capt Mike

Click to expand...

Marketing 101 says charge less than the competition, say 90%. For a Capt. onboard (you?) I'd only add on about $150 per day to a normal 90% chartering fee. Did you get any comps or do cost vs income research before you entered into the chartering business? There are several Selenes for charter in FL under Chitwoods (?) banner to use as comps.

It is a tough business with most/all using it as a tax dodge and giving away their boats to do it. Not my idea as boat owner fun.

sunchaser said:

Marketing 101 says charge less than the competition, say 90%. For a Capt. onboard (you?) I'd only add on about $150 per day to a normal 90% chartering fee. Did you get any comps or do cost vs income research before you entered into the chartering business? There are several Selenes for charter in FL under Chitwoods (?) banner to use as comps.

It is a tough business with most/all using it as a tax dodge and giving away their boats to do it. Not my idea as boat owner fun.

Click to expand...

Why not charge more than the competition? GREAT customer service and value added features can make up for cheap prices. You don't want to be the "Walmart of the industry", why not strive to be the BEST. Niches and good marketing will set you apart.

A top buck approach is a flag to the IRS that you are not interested in chartering the boat. Simply running a tax dodge.

Usually "top bucks" require a chief aboard and splendid meals , unfortuniatly the chief usually makes far more than the captain .At least that the case on larger charter boats.

Top bucks also requires top toys , jet skis , and the rest.