The luxury cruise ship MV Odyssey ended its voyage in Cambodia this week after the operator, Florida-based Villa Vie Residences, suspended operations due to financial issues. The conclusion left more than 200 passengers and dozens of crew members stranded. The company had billed the trip as a continuous global cruise where residents could purchase cabins for several hundred thousand dollars.
The cancellation followed a period of roughly three months during which the company attempted to maintain operations. Internal documents reviewed by CBS News showed the ship faced a scramble for fuel in Singapore, provisions shortages in Vietnam, and a temporary detainment in Hong Kong. Villa Vie Founder Mike Petterson attributed the end of the journey to high fuel costs and stated the company would likely file for Chapter 11 bankruptcy to begin a restructuring process.
Internal records indicated that by early August, the company owed millions of dollars to fueling companies, food vendors, port agents, and the crew. In one instance, a resident paid a $400,000 fuel bill directly from a personal checking account to allow the ship to leave Singapore. In Vietnam, crew members purchased food from local grocery stores because a vendor refused delivery, and a source told CBS News that a ship director allegedly bribed customs officials to get the supplies on board. Later, in Hong Kong, the ship was detained until a payment of $167,844.48 was made to a fuel provider.
The suspension of the MV Odyssey affects more than 200 residents and dozens of crew members in Cambodia. One passenger, Darrell Carp, reported being out $250,000. Many of these individuals had purchased cabins as permanent homes, meaning they have lost both their primary residence and their method of travel.
Internal documents reviewed by CBS News suggested the business model was unsustainable. One document showed that even at 100% occupancy, the ship would lose $600,000 per month, with operating costs at $3.1 million against $2.5 million in potential revenue. A source close to the company disputed the $3.1 million figure, claiming monthly costs were under $1 million. The ship sold additional cabins to current residents through an emergency "Villa Incentive Program" in August.
Residents face the immediate challenge of repatriation from Cambodia following the suspension. The upcoming Chapter 11 bankruptcy filing mentioned by Petterson will determine the restructuring process. The next steps involve the formal court filing, though specific dates have not yet been reported.