Villa Vie’s residential ship Odyssey has entered what the company calls a temporary layup in the Far East, citing financial difficulties. In a letter to residents, CEO Kathy Villalbe said the company was unable to secure the fuel needed to continue operations. A crew remains aboard to maintain the vessel, and residents were asked to disembark in Cambodia.
The layup followed repeated requests for extra funds from residents, the latest asking for $360,000 to cover fuel. In April, the company had sought $3 million through an “Emergency Loan Investment Opportunity” that offered 12 to 24 percent interest, monthly interest-only payments and a balloon payment after 12 months. It is unclear whether that money was raised.
Resident Randy Cassingham described a pile-up of problems, including the business model, management errors, and a fuel cost and availability crisis. The company is also seeking new investors: former Bahamas Paradise Cruise Line CEO Oneil Khosa reportedly visited the ship to evaluate a possible acquisition, and a resident-backed group formed under Sagar Capital LLC proposed a multimillion-dollar fundraising effort that included residents buying back their cabins.
Villa Vie launched service in September 2024, introducing its residential cruising concept with a 1993-built ship acquired from Fred. Olsen Cruise Lines and refurbished in Belfast. The company’s statement, per Cruise Industry News, has been that no outcome is assured.
Sources: Cruise Industry News
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