- Villa Vie Residences plans to file for Chapter 11 bankruptcy.
- The Villa Vie Odyssey suspended operations in Sihanoukville, Cambodia.
- More than 200 residents were disembarked.
- Fuel costs rose from $700 per ton to between $2,000 and $3,000 per ton.
- The Odyssey launched its continuous world voyage in October 2024.
Villa Vie Residences has confirmed plans to file for Chapter 11 bankruptcy after suspending operations of the Villa Vie Odyssey and sending residents ashore in Sihanoukville, Cambodia. More than 200 residents, most of them Americans, were disembarked when the Florida-based company halted operations. Chief executive Mikael Petterson attributed the situation to fuel costs that spiked after the war with Iran began in late February 2026.
Petterson noted the company had paid an average of $700 (€595) per ton for fuel before the war and has since paid between $2,000 (€1,700) and $3,000 (€2,550) per ton. The company slowed the ship’s itinerary, spending five or six days in each port in hopes the conflict would end. The company ran out of money while searching for a financial partner.
The Odyssey launched its continuous world voyage in October 2024 selling cabins for several hundred thousand dollars. Captain Emanuele Giudice noted 203 passengers had to leave the ship because of a fuel shortage which required one generator and chiller to be shut down. The ship plans to leave Cambodia on 31 October with the captain waiting for fuel.
Mikael Petterson shared “When you divide it over 300 people on board, it’s just backbreaking. And this has been going on for nine months.”
