A round-the-world cruise ship that left passengers stranded in Cambodia after its US-based operator ran out of money has been seized in Singapore. The Odyssey, which set off from Belfast in October 2024 for a years-long voyage around the world, is now anchored in Singapore port waters, local authorities say. About 200 guests were forced to leave the ship last month in the Cambodian port city of Sihanoukville after the owner, Villa Vie Residences, abruptly suspended operations citing extraordinary increases in fuel costs. Singapore's port authority said the vessel has been placed under arrest pursuant to a court order, and that the crew are reported to be well.
The operator's explanation is that a global shock made the model unworkable. Villa Vie Residences said in a statement on 27 October that, as the Iran war sent fuel prices soaring, the monthly fuel cost per cabin in parts of Asia had risen to as much as $8,000 from $1,800. It said it had taken significant steps to reduce fuel consumption, but that those measures were insufficient to offset the extraordinary increase, and that it was working with residents to identify temporary living arrangements while in Cambodia. Passenger Holly Hennessey earlier told the BBC that guests had been asked to consider paying a fuel surcharge as prices soared and that their itinerary had been severely curtailed. A ship designed to circle the globe, planned as a three-and-a-half-year voyage covering 150 countries, is especially exposed to the cost of fuel.
The counter-argument is that the venture was in trouble long before fuel prices rose. The cruise was beset with problems from the start, with its departure delayed for four months because of repairs and paperwork. While the ship was in Vietnam, crew members reportedly bought food from local grocery stores because the company owed money to a vendor who refused to deliver, according to CBS News, the BBC's US partner. CBS also reported that the operator warned passengers of its financial troubles in August, when it sailed into Singapore on a separate occasion, and had to raise money from guests to keep the cruise going. The financial commitments made by passengers were large: permanent cabin residencies ranged from $120,000 to $440,000, and cabins were also available to rent from $3,500 a month. Founder Mikael Petterson had said that for roughly the price of a car, you could own your home on a ship that travels the world.
What happens next matters to the passengers, the crew and creditors. Arrangements for the crew's welfare and wellbeing are being managed by the vessel's creditors, the port authority said, and it is not clear which party the Singapore law firm Helmsman LLC, named as the arresting solicitor, represents. People who bought cabins outright, or paid for five-year residencies, now face uncertainty about what they own and what they can recover. The operator said fuel costs were the cause of its collapse, and the company's own figures, a rise from $1,800 to as much as $8,000 per cabin each month in parts of Asia, show how large the swing was.
The Odyssey's dream of a permanent home on the ocean ended with an arrest order and an anchored ship in Singapore. Fuel prices played a part, but warning signs had appeared earlier. The fate of the vessel and the money guests invested will be decided by the courts and creditors.
