The luxury cruise ship Odyssey, engaged in a continuous around-the-world voyage, unexpectedly suspended its operations and was moored in Cambodia. According to Bloomberg, the American company Villa Vie Residences, which manages the vessel, announced a temporary halt to the journey on October 27, citing a sharp rise in fuel expenses. As a result, Dan Tri reports, hundreds of passengers found themselves stranded on board in Cambodia. The exact number of people on the ship has not been disclosed, though its capacity is known to be up to 650 passengers.
Reason for Suspension: Fuel Price Spike
The company explained the decision by stating that the cost of fuel for the vessel has surged by more than 300% since the outbreak of the US and Israeli conflict with Iran in February of this year. According to their data, fuel expenses per cabin previously averaged about $1,800 per month and have now reached $8,000. Villa Vie Residences founder Mikael Petterson stated that overall monthly operating expenses have increased by approximately 50% to $3 million. Since the beginning of the Iranian conflict, the ship has attempted to conserve fuel by reducing speed and increasing port stay times, but the company says these measures proved insufficient to offset the price hike.
Passenger Conditions and Fee Disputes
Villa Vie Residences stated it is coordinating an exit plan and temporary accommodation options with passengers. The company is willing to cover local lodging and transportation expenses, but will not assume the cost of flights for passengers departing Cambodia. At the same time, according to Petterson, the company is proposing an additional fee of $500 per month plus a surcharge for as long as fuel prices remain high. Passengers, in turn, have rejected the demand to pay extra for fuel in order to leave Cambodia.
How the Odyssey Project Works
The nearly 200-meter-long vessel has been at sea since October 2024 and does not operate on a traditional cruise line model. It departed Belfast in Northern Ireland to embark on a "continuous journey" around the world, planned to last 3.5 years and cover about 150 countries and territories. This year the ship has called at ports ranging from Tonga to Australia and was scheduled to arrive in India by the end of the year. Passengers could rent a cabin, purchase it outright, or utilize a rent-to-own scheme. Permanent residence cabin prices ranged from under $130,000 to $440,000 USD, plus monthly maintenance fees of $2,000 to $10,000.
Seeking Funding and Reorganization
According to Bloomberg, Villa Vie Residences is seeking sources of financing so the vessel can resume its route "as soon as possible." The company is evaluating restructuring options and capital fundraising over the next 60 days. Thus, the fate of the round-the-world voyage and the conditions for passengers returning to their journey remain open until these negotiations conclude.
