Business slow for daily cruise, charter services this season
ISTANBUL
This season, Türkiye’s $2 billion yacht and boat industry is facing a downturn as demand for daily tours and charter services falls short of expectations.
Despite marinas reaching up to 90 percent occupancy — with annual mooring fees climbing up to 65,000 euros — many boats remain docked, prompting owners to list them for sale.
Orhun Şentürk, secretary general of the Yacht and Boat Industry Association (YATED), reported a significant drop in charter activity, especially in key hubs like Göcek, Bodrum and Marmaris.
“Charter operators are struggling. High costs and currency pressures have pushed domestic tourists away from boat rentals,” he said.
Charter businesses, unable to meet their customer targets and burdened by rising operational costs, are increasingly putting their vessels on the market.
The slowdown in tourism occupancy has had a ripple effect across the sector.
While European tourist numbers have declined, Şentürk noted a rise in visitors from the Middle East, Russia and East Asia.
However, boat sales remain sluggish due to financing challenges for local buyers and complex EU port entry procedures for foreign owners, he noted.
Despite these hurdles, buyers from Russia, Azerbaijan, Kazakhstan and several Middle Eastern countries continue to show interest in Turkish-flagged vessels, which offer more favorable registration and cost conditions compared to EU flags, according to Şentürk.
Still, the 20 percent VAT on new boats has significantly reduced domestic purchases, he added.
He also highlighted that mooring fees have surged, especially for foreign-flagged boats.
“A 25–30 meter vessel now costs between 35,000 and 55,000 euros annually, with some popular marinas charging up to 65,000 euros. In response, Turkish boat owners are shifting toward boutique destinations like Northern Aegean, Karaburun and Datça,” he said.
Şentürk also highlighted a slowdown in the reverse migration of marine engineers that began last year.
“Rising living costs in Türkiye and lower-than-expected salaries have led some professionals to return abroad,” he said.
“By the end of 2024, some engineers who had returned to Türkiye with monthly net salaries ranging from 1,200 to 1,600 euros have chosen to go abroad again. Nonetheless, young technicians and recent graduates continue to seek short-term contracts in Türkiye to gain experience,” he said.
