Omar Perez
It's been a long way back from 2017 for The Moorings and Sunsail, which like most other entities in the Caribbean were struck by Hurricane Irma, followed two years later by another devastating event: the pandemic.
"I remember just a few days before that storm hit, I was thinking to myself, 'Wow, this is the best week and the best month that the business has ever had,'" said Ian Pedersen, senior marketing manager of The Moorings and Sunsail, sister companies that charter yachts, sailboats and catamarans.
"As far as revenue and just the momentum, marketing and all the trends were going great. And then a few days later, sure enough, Hurricane Irma came in and completely wiped out our entire fleet, and our No. 1 destination, which is the [British Virgin Island]. And it's like, my goodness, what do you do when 300 boats that you had just basically were wiped off the face of the Earth?"
Best year ever
Fast forward to 2024, and The Moorings and Sunsail are reporting double-digit annual growth and are coming off a 2023 that Pedersen said was the most successful year in the company's 54-year history. First, post-pandemic interest in socially distant vacations increased, and last year, the BVI saw new and relaunched airlift from Miami to Tortola.
Ian Pedersen
Also helping fuel sales is an increase of clients who have little to no boating experience and just want to hire a skipper and a crewed yacht rather than learn the maritime ropes.
"We're definitely seeing a shift towards that kind of more mainstream travel audience that are discovering yacht charter vacations in their own right, even though they may never have set a foot on a boat before," said Pedersen. "It's just a cool, different way that people want to experience the Caribbean, rather than a luxury cruise or staying at a villa. I think that you see the full breadth of what your destination has to offer when you're on a yacht charter as opposed to staying at a resort or a villa."
Power play
In recent years, the companies have expanded their power yacht offerings. In the U.S., there are four times as many power boaters as there are sailors, according to Pedersen, so targeting that market is key.
"The idea of a live-aboard yacht charter vacation is very, very new," Pedersen said, adding that experienced skippers still ask questions about yacht-charter vacations at boat shows. "[We're] still introducing this concept to really experienced boat owners who you would assume would be the most knowledgeable when it comes to yacht charter vacations and the most likely to do something like this."
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Also shifting are the demographics: from the 45- to 65-year-old, predominantly white, sailing-club members to those 35- to 45-years-old sailing with their families, many with little or no boating experience.
"We're seeing more people from all different backgrounds," Pedersen said. "We're seeing a lot more Latin Americans, as well, especially in our Caribbean destinations. [Our market] is definitely getting younger and more diverse, as well."
Recently, the companies introduced 78 yachts to their BVI fleet: 19 monohulled ships, 35 sailing catamarans and 24 power catamarans; $70 million worth of new ships in all. While the companies operate in 20 destinations worldwide, 70% of their revenue comes from the BVI, where 254 of their 400 vessels are based.
Last year, The Moorings completed a yearslong revitalization of its Tortola base, which holds up to 300 vessels and includes restaurants, a pool, shops like the newly opened Moorings Market and various gift shops, a Sail Caribbean Divers kiosk and the Amara Spa. The base was nearly wiped out by Irma.
"From two, three years ago, it's a completely different experience if you were to go now in 2024 and see how far it's come," Pedersen said of the BVI base. "We've been at it during the last five or six years and now it's finally kind of like we're across the finish line."