Singapore charter market to grow five-fold in the next 5 years

South-East Asia's charter market is estimated to be worth around $10-$15 million at the present juncture, with Singapore accounting for about a third of the market.

According to Jean-Jacques Lavigne, General Manager, ONE15 Luxury Yachting, currently, the majority of the week-long charter market is still confined to European visitors and affluent Russian travellers who fly in from around the world, then transfer onto a superyacht to beging their cruising adventure.

"Singapore has the potential to become the so-called 'third destinaion' for long-time yacht owners based in the Mediterranean," said Mr S Iswaran, Senior Minister of State for Trade and Industry and Education. "Singapore is an ideal location for yacht owners to combine leisure with business."

The South-East Asian charter market, like the region's wealth, is growing and has room to expand further, according to Lavigne.

The wondrous nature an cruising grounds around countries like Indonesia, Malaysia and Singapore make ideal gateways, said Eric Klaus, owner of El Aleph, a traditionally built Phinisi which is participating at the Singapore Yacht Show.