'never-ending' cruise has halted operations and told residents to disembark in Cambodia after fuel costs rose over 300%

Villa Vie Residences has suspended operations of its residential cruise ship Villa Vie Odyssey in Cambodia after a sharp rise in fuel costs made the business model untenable. In a Tuesday statement, the company said monthly fuel expenses per cabin, previously averaging about $1,800, climbed as much as 344% in parts of Asia to an estimated $6,000 to $8,000. It linked the increase to the geopolitical fallout from the war involving Israel and Iran that began in late February and Iran’s closure of the Strait of Hormuz. The company said it is working with residents on disembarkation and temporary housing over the next 60 days while evaluating restructuring and recapitalization; no financing or deal is finalized. The Odyssey departed Belfast in September 2024 after four months of delays.