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Crew members stranded without pay
Some of the 150 crew members of the 'Odyssey' said they were stranded in Sihanoukville without pay. They haven’t been paid in over a month and have also experienced previous late payments. Payments had been delayed for three months. They, howeverm wanted to remain on board working as the ship sailed to another port, where it might be easier than Sihanoukville. The ship will soon set sail to Singapore, where it could eventually be auctioned off. The company remained optimistic that a solution could be found. The lender, who took over the ship’s operational costs, now has the responsibility to pay the crew, fuel and the operations of the vessel and safekeeping of the vessel. A group of residents attempted to buy the ship from the company after a lender denied them funding. The effort had received pledges from 169 residents who were willing to put more money into the project. On Oct 20, its published schedule still had promoted a 3.5-year itinerary confirmed through to November next year, with a preliminary second circumnavigation running to August 2030. That plan included a stay in Cambodia with stops in Thailand, India, Sri Lanka, the Maldives, Seychelles, Madagascar and Africa. The ''Odyssey' meanwhile left Sihanoukville with only the crew remaining on board with an ETA at Singapore as of Nov 7.
Lender took over stranded residence ship
The future of the 'Odyssey' has become uncertain after its lender took control of the vessel. Residents were notified of the takeover, while the company explored options to regain control through financial restructuring and a potential operating partnership. The vessel was expected to move from Sihanoukville to Singapore, where it could eventually be auctioned. The lender has also assumed responsibility for the ship's operating expenses. Passengers were given only the weekend to retrieve their personal belongings before losing access to the vessel. The lender was now responsible for paying the crew, purchasing fuel, managing operations and securing the ship. The company still has an opportunity to negotiate a restructuring agreement during the transition period, which was a 30- to 90-day process during which they have time to get a restructure done. The lender remained open to proposals that could provide sufficient funding to continue operations. The discussions with the lender have not necessarily ended, and a funded proposal could still provide a path toward recovering the ship. An independent effort by residents to purchase the vessel collapsed. after a lender rejected their financing request. The proposal had attracted financial commitments from 169 residents willing to contribute additional money. The company had faced financial difficulties for at least three months before the ship got stranded in Cambodia. Internal communications also showed growing urgency to secure additional contributions from residents. During an early August meeting, an internal company presentation identified the need to distinguish between residents who genuinely could not contribute more money and those who were unwilling to provide further funding. Report with photos: https://www.vietnam.vn/en/ceo-du-thuyen-mac-ket-o-campuchia-viet-xin-loi-nhung-xoa-sau-vai-gio
Company working to identify temporary living arrangements for stranded passengers
After the premature end of the never ending cruise of the 'Odyssey', the company Villa Vie Residences was working with residents to coordinate disembarkation and identify temporary living arrangements. Passengers, however, complained that they received no support and had to make their own arrangements after being given seven hours notice to disembark from the ship. Some were devastated and expressed hope a new company could rescue the venture so life at sea could be continued, having expected to sail for years. The shipowner allegedly lacked the expertise to make the business financially sustainable. Changes to the itinerary, unreliable internet access and declining food quality had pushed many residents to leave the ship in recent months. Residents were repeatedly asked to contribute additional money for fuel and other expenses, including a fresh call to raise funds for fuel to get out of Cambodia. The bulk of passengers onboard the Florida-based ship were from the US and Canada. Some had sold their homes to pay hundreds of thousands of dollars for the years-long cruise, marketed as an alternative to retirement options. Passengers were asked for funds to help pay for fuel in February. Passengers attended a meeting in September led by a company official who asked cabin owners to help them raise $1 million so they could leave Ha Long Bay. The last call came just before docking in Cambodia. Villa Vie Residences said that the monthly fuel costs per cabin had averaged about US$1800 ($3200) but were now US$6000 to US$8000 in parts of Asia, due to the ongoing war in Iran. The company had initially promised it would bring passengers to 147 countries in three years.
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