Cambodia Stop Ends Voyages for Residents aboard The Odyssey

Residents who bought or rented cabins aboard The Odyssey were told to leave the ship Tuesday in Cambodia after Villa Vie Residences halted operations. The company said fuel costs rose faster than its steps to cut consumption could keep up. It is now looking for temporary living arrangements for people who were aboard. The 642-foot ship can hold 650 residents. The company did not say how many were aboard or where in Cambodia they stepped off.

The ship launched from Belfast three years ago and sold cabins for $119,000 and up. Company executive Mikael Petterson said in July that the vessel was 85% sold. Villa Vie Residences said in a statement that passing higher fuel costs to residents was not a workable answer. The company said it is working on restructuring and recapitalization over the next 60 days and that no outcome is assured. Oil prices have climbed since the war with Iran began this year, reaching their highest levels since spring earlier this month.

Residents learned of the shutdown through a message board. Randy Cassingham, who runs ResidentialCruising.com, wrote in a blog post that a company official posted a note shortly after 7 a.m. local time Monday. The message said the ship was entering a temporary lay up and that everyone had to disembark by 2 p.m. that day. Cassingham wrote that a cascade of problems led to the halt and said he would explain later.

Pamela Reckamp, 59, rented a cabin with her husband and left the ship earlier this month. She said she was not surprised by the end. Reckamp recalled a meeting in early September where a company official asked cabin owners to raise $1 million so the ship could leave Ha Long Bay, Vietnam. Reckamp quoted the official as saying that without the money the ship had about four days of running left before the lights and air conditioning would shut off.

Reckamp also described a meeting weeks later where a woman who bought a cabin in August said she had sold her house and car to buy her home on the ship. Reckamp said she felt terrible for residents and staff. She added, "We dodged a bullet."

A lawsuit filed last year by a company that bought a cabin for $469,000 accused Villa Vie Residences of fraud, alleging it misrepresented its financial stability. The suit described the business model as precarious and seeks a jury trial and damages above $100,000. Villa Vie Residences denied the allegations, and the case is ongoing. The company did not respond to a request for comment Tuesday night. Restructuring and recapitalization work is scheduled over the next 60 days.