Residence Ship Halts Operations, Passengers Ordered to Disembark
Villa Vie Residences has announced that passengers aboard the cruise ship Odyssey must disembark immediately while the vessel is docked in Cambodia. This decision comes after the company surpassed its two-year mark and cited soaring fuel costs as a significant factor. Villa Vie is currently exploring options for restructuring and recapitalization.
The Odyssey, originally built in 1993, was acquired by Villa Vie after being laid up for four years post-pandemic. The cruise began in October 2024, aiming for a 3.5-year journey with over 425 destinations. However, financial difficulties emerged, with reports indicating that the operation was struggling to maintain a budget and seeking additional funding, even appealing to passengers for support.
Residents received notice to vacate the ship by 2:00 p.m. local time, although they can return to collect personal belongings. Villa Vie is coordinating temporary housing arrangements for those affected. The company acknowledged that despite efforts to cut fuel consumption, the dramatic rise in fuel costs—up from an average of $1,800 to an estimated $6,000 to $8,000 per cabin—has made their current operational model unsustainable.
The Odyssey will enter a warm lay-up in Cambodia, with the crew remaining onboard to maintain the vessel. Villa Vie plans to work on restructuring over the next two months. While the idea of converting cruise ships into residential spaces has gained popularity, it has proven to be financially challenging, with few successful implementations in the market.
