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The global voyage of luxury residential cruise ship Odyssey has come to an abrupt halt after its operator ran into financial difficulties, leaving the vessel detained under a court order at Singapore port.
The ship had set out on a journey in October 2024, aiming to visit 150 countries over approximately three and a half years. However, rising fuel costs linked to the Iran war forced its operator to suspend operations last month.
Owned by US-based Villa Vie Residences, the ship departed from Belfast, Northern Ireland. According to the BBC, it offered passengers the option of purchasing long-term or permanent residences on board, as well as renting cabins for shorter stays.
But the venture faced mechanical problems, legal complications and financial difficulties from the outset.
On 27 October, while the vessel was at the Cambodian port of Sihanoukville, the operator announced the suspension of its operations, forcing 203 passengers to disembark. The company said it was working to arrange alternative accommodation for them.
The operator attributed the suspension to a sharp rise in fuel costs following the Iran war. Monthly fuel expenses, which previously averaged around $1,800 per cabin, had climbed to between $6,000 and $8,000 in some parts of Asia.
Measures such as reducing the ship’s speed and spending longer periods in port failed to bring costs under control.
The Odyssey arrived in Singapore on 8 November, where it was detained under a court order.
The Maritime and Port Authority of Singapore said there were no passengers on board and that all crew members were safe. The ship’s creditors have taken responsibility for their welfare and necessary arrangements.
The vessel remains anchored in Singapore’s port waters.
The suspension has left passengers who invested substantial sums in the promise of a life at sea facing uncertainty over the ship’s future, the operator’s financial restructuring and whether they will recover their money.
Source: BBC