What did I read today - or yesterday? That “yachting” when a young female is involved means “prostitution” or probably sex trafficking as well.
Yeah, they come up with new phrases and euphemisms all the time. "Yachting" originally referred to women who go on boats with rich guys into international waters, where there are no laws about prostitution. It's used frequently on the Crazy Days and Nights web site, and it seems that a lot of female celebrities and celebrity wannabes do it. Another euphemism is "sugar baby." It refers to what used to be called a kept woman, who exchanged sex for apartment rent, gifts, etc.
Now, the terms are used just to sound less gross than "hooking."