Villa Vie suspends its Odyssey residential cruise in Cambodia over Iran war fuel costs, stranding passengers

Summary

Villa Vie Residences' Odyssey, a residential cruise ship promising a continuous voyage around the world, halted operations and told residents to disembark in Cambodia after fuel costs rose over 300%, Business Insider reported on Tuesday 27 October, NBC News writing that the U.S. company that operates the vessel ordered the passengers to disembark. Monthly fuel expenses per cabin that historically averaged $1,800 reached $6,000 to $8,000 in parts of Asia due to the Iran war, Fortune reported on 28 October, as the LA Times and The Philadelphia Inquirer reported that the suspension stranded 200 passengers and CNBC that the operator said it would restructure its business. The NY Times wrote that the cruise was underfunded and couldn't absorb the rising cost of fuel, and NBC News that the Florida-based company was working to identify 'temporary living arrangements' for people aboard. Founder and executive chairman Mikael Petterson told Business Insider that the company would have been 'absolutely fine' if there was no Iran war, Business Insider reported on 29 October. On 2 November Business Insider reported that a last-ditch attempt by residents to buy and operate the Odyssey had failed, the resident-backed group behind the bid telling residents in a letter that it could not reach terms with the ship's lender, which it understands has taken control of the ship and intends to sell it at auction.

Latest: A last-ditch attempt by residents of the Villa Vie Odyssey to buy and operate the ship has failed, the resident-backed group behind the bid telling residents in a letter that it could not reach terms with the ship's lender, which it understands has taken control of the ship and intends to sell it at auction, Business Insider reported.

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