British Columbia is emerging as a premier destination for the world's superyachts, with industry brokers forecasting a significant influx this summer as luxury vessels shift from the Mediterranean and Caribbean to B.C.'s rugged coastline.
Growing Interest in B.C.
"B.C. is a new, interesting destination for luxury yacht owners who want something different," said Matthew Martin, a Vancouver-based broker with Monaco-based Fraser Yachts. "We're expecting a really busy season this year."
One notable vessel is Five Waves, a 40-metre Italian-built superyacht whose ultra-wealthy owner is seeking federal approval to offer private luxury charters in B.C. waters this summer and fall. The yacht, valued at $5.5 million, is currently in Miami, Florida.
Regulatory Approval Process
Federal filings show Five Waves Inc. applied for temporary approval under Canada's Coasting Trade Act to allow the Marshall Islands-registered vessel to operate a scenic route from north of Vancouver, up the Sunshine Coast, and into remote northern inlets of coastal B.C. between June 15 and Oct. 30. Canadian law requires foreign yachts offering charter services to obtain a licence, demonstrating that no Canadian-registered vessel can provide the same paid services.
"As yachts get bigger and can carry more fuel and supplies, they're able to explore more remote places like our coastline. When they do, they spend silly money," Martin added.
Features of Five Waves
The 2010 superyacht, built by AB Yachts, is comparable to a high-end resort, with five ensuite bedrooms, multiple sun decks, alfresco dining spaces, and a flybridge lounge. It cruises at 33 knots and can reach up to 38 knots, making it convenient for coastal travel. The application argues the yacht is exceptional due to its size, speed, and luxury features, offering a unique charter experience not currently available on the west coast of Canada.
Five Waves was sold earlier this month; under its previous owner, it was named Blue Force One. The new owner, represented by Martin, contracted North Vancouver-based Freeboard Shipping Inc. to submit the commercial application.
Planned Itinerary
If approved, Five Waves will mostly sail around the Strait of Georgia, Gulf Islands, Howe Sound, and Desolation Sound, with trips planned up to Prince Rupert and along the west coast of Vancouver Island. The yacht is set to be unloaded in Nanaimo in mid-June, then moved to a downtown Vancouver dock in July, where space has already been reserved.
Martin said the yacht's new owner intends to mostly use the vessel themselves, but in the superyacht world, it is common to hire a company to manage luxury yacht charters to offset ownership costs. This trend reflects a broader shift as superyachts explore new destinations, bringing economic benefits to local communities.
