By October 28, 2026, more than 200 passengers, primarily from the United States, found themselves stranded in Cambodia. This occurred after the operator of the MV Odyssey, a U.S. luxury cruise ship, ran out of funds due to soaring fuel costs. The Florida-based operator, Villa Vie Residences, attributed the financial crisis to increased fuel costs caused by the conflict with Iran.
According to CEO Mikael Petterson, fuel costs quadrupled, forcing the company to halt operations. He explained that before the conflict began in February, the average fuel cost was $700 per ton. Now, the price has surged to between $2,000 and $3,000 per ton. The ship, which consumes between 700 and 800 tons of fuel each month, faced burdensome expenses when spread across its 300 passengers.
Petterson stated that the monthly fuel costs per cabin rose dramatically from $1,800 to between $6,000 and $8,000. Despite these spikes, the company chose not to transfer these costs to passengers. The MV Odyssey, seen docked at Sihanoukville port in Cambodia, embarked on its global journey in October 2024. Passengers could secure permanent cabins for several hundred thousand dollars, with a minimum 15-year residency guarantee.
In attempts to mitigate costs, Odyssey slowed its itinerary, spending extended periods in each port. The hope was that the Middle East situation would resolve, but those measures were insufficient. Petterson highlighted the stark financial challenges, with monthly expenses ballooning from $400,000 to $2 million. He noted the company’s struggles to sustain operations and revealed plans to file for Chapter 11 bankruptcy due to the need for financial support.
One of the affected passengers, Benjamin Schatz, viewed the MV Odyssey as his permanent residence. Speaking to CBS News, Schatz shared feelings of denial, shock, and heartbreak. Having lived on the ship for over a year, he was abruptly asked to pack up and leave, facing an uncertain future alongside other disheartened passengers.
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