Villa Vie Residences suspended operations aboard the Odyssey in Cambodia after fuel costs rose sharply in parts of Asia, starting a 60-day restructuring effort as it made plans for residents to leave.
Villa Vie put its recent fuel bill at $6,000 to $8,000 a cabin each month in some Asian locations, compared with an earlier average near $1,800. The company said slower sailing and longer stays in port had not reduced fuel use enough, and it could not charge residents for the full added expense. It was arranging disembarkation and temporary living arrangements for residents.
CBS News reported that internal records it reviewed showed Villa Vie was several million dollars in debt while the Odyssey was in Singapore in August. The records listed hundreds of thousands of dollars in unpaid bills across crew pay, port services and vendors supplying food and fuel.
During the Singapore stop, CBS reported, a resident used a personal checking account to pay a fuel supplier $400,000, helping the ship continue its route. Resident Darrell Carp told CBS, “There's no question that we ran out of money in Singapore.”
Documents reviewed by CBS indicated that at an Aug. 4 town hall, residents were told the company might stop operations, cut staff and send crew home. The records also suggested the ship’s insurance could lapse within days. A later company post cited by CBS said more than 20 cabins had received commitments under a discounted offer for existing residents by Aug. 18.
The Odyssey began its voyage on Oct. 3, 2024, after refurbishment in Belfast. Villa Vie described a circumnavigation lasting three and a half years, with stops at more than 425 ports in over 140 countries. In May 2024, the company offered lifetime residency for one-time prices of $299,999 for single occupancy and $499,999 for double occupancy.
Villa Vie set a 60-day period to seek restructuring and recapitalization but said no financing or transaction had been finalized. It has not set a restart date, and the company said “no outcome is assured.”
