Charter History Logs: Auditing Revenue Claims in Listings
Updated: August 2026
A charter revenue claim in a listing is almost always gross booking value. What matters to you is net owner earnings after commission, crew, fuel, provisioning, park fees and maintenance. Ask for the booking calendar, the agent statements and the operating accounts. If only one of the three exists, the claim is an estimate.
The three numbers that get confused
Gross booking value is what guests paid. Net charter revenue is what reached the owner’s account after agency commission, which commonly runs to a meaningful share, and after any operator margin. Owner earnings is what remained after the vessel’s own operating costs. The gap between the first and the third is large, and listings quote the first.
None of this is necessarily deceptive. Operators think in gross booking terms because that is how the industry talks. But a buyer modelling a purchase against gross figures is modelling a business that does not exist.
Documents that make a claim real
- The booking calendar for the last two or three seasons, showing charter dates, guest numbers and rate achieved — not just occupied weeks.
- Agent statements from the charter brokers used, which independently confirm both the bookings and the commission.
- Operating accounts showing crew payroll, fuel, provisioning, park and port fees, insurance and maintenance for the same periods.
- Bank records or a reconciliation showing charter income actually received.
- Forward bookings with deposit status, since these may or may not transfer with the vessel.
A vessel run as a genuine business produces these without difficulty. A vessel run informally produces a spreadsheet, which is a memory rather than a record.
Three inflation techniques to expect
| Technique | How to detect it |
|---|---|
| Peak-week extrapolation | A high-season rate multiplied across a full year. Ask for the calendar, not the rate card |
| Occupancy stated against availability | “80% occupancy” where the vessel was only offered for twenty weeks. Ask for weeks chartered out of fifty-two |
| Costs excluded from the model | Crew, fuel and maintenance omitted. Ask for the operating accounts, not the revenue line |
Rebuilding the model yourself
Take the booking calendar and count actual chartered weeks per year. Apply the achieved rates from the agent statements, not the rate card. Subtract commission at the rate the statements show. Then subtract the operating cost lines from the accounts, and add a maintenance reserve if the accounts do not already carry one — many do not, which is how a vessel appears profitable while quietly consuming its own hull.
The resulting figure is what you are buying. Compare it against the asking price to get a yield, and compare that yield against the alternative uses of the same capital before you decide it is attractive.
What a strong record is actually worth
A verifiable charter record does add value, for three reasons: it proves the vessel is certified and operable, it proves demand for that particular hull and layout, and it usually comes with a trained crew and forward bookings. But it adds less than sellers expect, because the buyer is acquiring an asset rather than a business, and the agency relationships that generated the bookings may not transfer.
Questions to ask about forward bookings
Do the bookings transfer with the vessel? Where are the deposits held, and who is liable if a charter is cancelled after completion? Does the operating certificate survive the change of ownership, and if not, what is the timeline to reinstate it? Get these answered in writing before completion and reflected in the sale agreement — see the closing checklist.
Seasonality is the number that gets averaged away
Charter demand in eastern Indonesia is strongly seasonal, shaped by the monsoon pattern and by international holiday calendars. A vessel may charter heavily for a concentrated part of the year and sit at anchor for much of the rest, while crew wages, insurance and maintenance continue throughout. Any revenue model expressed as an annual average conceals this entirely. Ask for the calendar month by month, and note which months carried charters in each of the last two or three years. Consistency across seasons matters more than the total, because it tells you whether the vessel has genuine repeat demand or simply had one strong year that is now doing the work in the sales pitch.
Request the vessel dossier
Ask for booking calendar, agent statements and operating accounts together — we request them as a set. WhatsApp +62 811-3941-4563 or write to [email protected]. All figures on this site are quoted in USD.
Frequently asked questions
Is charter revenue in a listing gross or net?
Almost always gross booking value, meaning what guests paid before agency commission and before the vessel’s operating costs. Owner earnings after crew, fuel, provisioning, fees and maintenance are a substantially smaller number.
What documents prove a charter record?
The booking calendar with dates and achieved rates, agent statements from the brokers used, operating accounts for the same periods, and bank records showing income received. A spreadsheet alone is not evidence.
Do forward bookings transfer when a vessel is sold?
Not automatically. Whether bookings transfer, where deposits are held and who bears cancellation liability must be agreed in writing and recorded in the sale agreement before completion.
How much does a charter record add to the price?
Less than sellers usually expect. It proves the vessel is certified, operable and in demand, and it often brings a trained crew, but the buyer is acquiring an asset rather than a business, and agency relationships may not transfer.
Phinisi Boat For Sale is a specialist maritime brand and digital platform under Juara Holding Group. Vessel-sale, construction, refit and repair contracts are issued by PT Komodo Galangan Nusantara. Brokerage, central agency and charter-marketing contracts are issued by PT Komodo Bahari Nusantara. Separate contracts, separate fees, separate ledgers.
Written and checked by the desk. Figures are dated at the point of writing — our editorial standards explains how, and what happens when something here turns out to be wrong.
