What is it like having a boat in charter

I was not sure what to expect when we put our boat in charter with the TMM fleet. Would I hear from them with updates? How often would I get down to the boat? Would the boat get damaged? I had a lot of questions / concerns as I entered this arrangement. Below I share our experience at TMM and recognize that every charter company is different so others experience will be unique.

We managed to be the first people to "charter" our own boat so we were able to see it new. It was so exciting to see this amazing boat we had been waiting for nearly a year for. It was a bit like a new house in that there were a few items (Such as doors not closing, etc.) that needed to be fixed after the trip from France. We enjoyed an amazing week in the BVI's getting to know our new vessel. We also managed to meet a few other owners and were able to connect with them via messenger. This connectivity amongst the owners has been really helpful as many have had multiple boats in charter and lots of experience in this business.

TMM is a bit unique in that they get bookings for you but you can also get your own bookings. Some of the owners have done a great job marketing their boats to different groups to generate business. Some use university alumni, others work bulletin boards to get the word out. I used Facebook postings to let friends know that we now owned a boat that could be chartered. I had 2-3 bookings last year that I was able to get but I was so busy with work that I did not put in as much effort as I could have.

I am always worried about 2 main things having a boat in the BVI's - Hurricanes and someone hitting a reef or shore in the boat. Neither of which I have control over. TMM does a good job vetting the charter guests as very few get a captain with a boat my size. TMM has them do a sailing test and will use a checkout captain to help build the skills of sailors who may not have sailed a catamaran before. While that makes me feel better I still have that worry in the back of my mind as things happen. In terms of Hurricanes TMM shuts down in September and they prep every boat for hurricane season (as do all the other companies I believe). They take everything off the boat and stow it below. They add extra heavy lines to ensure it can ride out storms that may hit. There is not much else you can do and I do have insurance so it will be covered should a major storm hit. TMM does reach out to the owners after every storm to give us an update although I do wish there were a bit quicker with that process as the wait is stressful. I must say I pay a lot more attention to the weather than I used to!

Communication is a key part of the charter relationship. I hear from TMM if something major happens to the boat (Thankfully no call yet!) but minor incidents are just fixed by them and I see the work on my bill each month. The monthly invoices detail every issues they fix and the standard maintenance like oil changes etc. By reviewing the invoices I get a good sense of what is going on with the boat. TMM is very responsive when I reach out to them. As I keep very close eye on the working being done it is not uncommon for me to ask questions on repairs etc. They always get back to me or give me a call to discuss it. I suspect many owners are more hands off than I am. The other time we hear from TMM is when there is a price change like dockage increasing etc. That seems to happen about 1 x year that we get adjustments to cleaning fees, dockage, etc. It is not unexpected but something you need to budget for when looking at a business plan.

Given this is my business I also do a monthly reconciliation of all the expenses and manage an ongoing P&L so I can ensure the business is performing as I hoped. I do worry that revenue will dip as the boat gets older and expenses will increase so I will need to work harder to find new bookings for Rumaway. I imagine if I started losing money I would consider selling the boat before the end of the 5 year contract but I am hopeful that will not be the case.

I saved the best for last - usage of the boat! I managed to get down 4 weeks over the last year. We have brought friends and family down with us for trips. Everyone wants to do a trip to the BVI's and we have really enjoyed our time together. With Starlink and internet service I can stay connected and still enjoy our time on the boat. It is liberating to be able to make a last minute decision to take an empty week and hop down for a little getaway. We always avoid busy times (as that is when I get most revenue) and enjoy the summer and fall weeks. We have used it even more than we had expected.

So after 1 year in charter I have settled into the groove. I watch the weather closely from August to November, read my monthly invoices in detail and follow up when necessary, do a monthly P&L, work to get new customers myself, and enjoy a few weeks on the boat.