When the journey of the MV Odyssey luxury cruise ship
earlier this week in Cambodia, giving residents on the ship just hours to disembark, it marked the culmination of several attempts over a period of about three months to save the unique voyage.
asserted
it → give → voyage
According to accounts from multiple sources familiar with the final weeks on board, those included a scramble to find
while stuck at a port in Singapore, a rush by the crew to obtain provisions once food shipments had ended, and the temporary detainment of the ship in Hong Kong.
uncertain
shipments → accord → Kong
The voyage of the Odyssey, which is operated by Florida-based Villa Vie Residences, was billed as a continuous around-the-world cruise when it launched in October 2024.
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it → operate → October
It allowed passengers to become residents of the ship by purchasing cabins for several hundred thousand dollars.
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passengers → allow → dollars
However, more than 200 passengers and dozens of crew members became stranded in Cambodia on Tuesday when Villa Vie suddenly suspended operations because of
.In early August, the Odyssey was docked in Singapore when Villa Vie warned that the ship was at risk of being detained and the operator said it urgently needed to raise money.
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it → strand → money
"There's no question that we ran out of money in Singapore," said Darrell Carp, a Villa Vie resident who told CBS News he is out $250,000.
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he → be → News
Residents believed finances were being mismanaged by cruise operator
Multiple residents told CBS News they were concerned about giving money directly to the company because they believed the finances were being mismanaged by Villa Vie.
asserted
finances → believe → Vie
"We never fully understood the level of their debt," Carp said.
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Carp → understand → debt
A source close to the company said that when
spiked this year , it was a disaster for the company's business model.
asserted
it → say → model
After some passengers raised money while the ship was stuck in Singapore, $400,000 was paid to a fuel supplier directly out of one resident's personal checking account so the Odyssey could continue its journey, sources said.
uncertain
sources → raise → journey
At that time, Villa Vie was in the hole for several million dollars, according to internal documents reviewed by CBS News.
uncertain
Vie → accord → News
Hundreds of thousands of dollars were owed to a port agent, fueling companies, food vendors and the crew.
asserted
thousands → owe → agent
Those internal documents showed that in a town hall on Aug. 4, residents were warned there was a real possibility of halting operations, laying off staff and repatriating the crew.
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residents → show → crew
According to documents reviewed by CBS News, the ship was potentially days away from losing its insurance.
uncertain
ship → accord → insurance
It said that it would cut internet service to save money and was paying just enough to keep sailing.
asserted
it → say → enough
Villa Vie introduced VIP program to raise emergency funds
In early August, Villa Vie introduced a so-called VIP "Villa Incentive Program" to help raise emergency funds, according to the documents.
uncertain
Vie → introduce → documents
The VIP program was only open to current Villa Vie passengers so they could purchase more cabins at a discounted rate.
uncertain
they → purchase → rate
By Aug. 18, the company posted: "We have the commitment of over 20 cabins on the VIP sales!"
asserted
We → post → sales
Instead of just raising funds, it was designed to give passengers an even greater ownership stake in the ship, according to passengers and a source close to the company.
uncertain
it → raise → company
The last slide of a PowerPoint presentation by Villa Vie on the VIP program read, "Funds are due today."
asserted
Funds → read → program
The VIP program was able to raise enough funds to keep the ship operating, but it continued to struggle, sources said.
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sources → raise → ship
A source with knowledge of the VIP program also said cabins aboard the Odyssey were still being sold to Villa Vie residents despite the company operating at a loss at that point.
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company → say → point
According to one document, the ship's finances showed that even at full occupancy, it would operate at a $600,000 loss.
uncertain
it → accord → loss
Average monthly operating costs were $3.1 million, but revenue at 100% occupancy with everyone paying full fees would only have been $2.5 million, the document showed.
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document → pay → fees
A source close to the company disputes the $3.1 million number, and claims that the ship's monthly operating costs were under $1 million.
In August, 139 of 490 cabins were unsold, according to the documents.
uncertain
cabins → dispute → documents
Ship director had to bribe Vietnam officials to get food aboard, source says
When the ship reached Vietnam, crew members allegedly had to buy food from local grocery stores to feed passengers because the company owed money to a food vendor that would no longer deliver food, according to sources familiar with the situation.
uncertain
that → have → situation
According to one source, the ship's hotel director allegedly had to bribe local customs officials in Vietnam in order to get food onto the ship.
uncertain
director → accord → ship
Later, in Hong Kong, court records obtained by CBS News showed the ship was detained until the company paid $167,844.48 to a fuel provider.
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company → obtain → provider
Villa Vie Founder Mike Petterson, has said skyrocketing fuel costs were what ultimately caused the ship's journey to come to an end.
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journey → say → end
When asked by CBS News Wednesday if creditors might seize the ship, Petterson told CBS News: "We will likely file for Chapter 11 here any day, right, which will put a stay on that while we go through the restructure process."
uncertain
we → ask → process
A source close to the company said Villa Vie stopped conducting cabin sales externally after Aug. 4, once the ship knew it was essentially out of money and needed to raise funds.
asserted
it → say → funds
Yet on July 27, just a week before the ship ran out of money, Villa Vie had announced it was in the process of purchasing a second ship, the Legacy, and offered residents who were buying a cabin on the future ship an opportunity to take up immediate residency on the Odyssey.
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who → run → Odyssey
A source close to the company said it was necessary to buy more ships to scale up for the business model to work.
asserted
model → say → ships
The Aporia
