Cruise Ship On ‘Endless’ Voyage Halts Operations As Fuel Costs Surge 344% Amid US-Iran War
The company said monthly fuel costs per cabin, which had averaged about $1,800, had risen to an estimated $6,000 to $8,000 in parts of Asia.
Residential cruise ship Villa Vie Odyssey has suspended operations in Cambodia after a sharp rise in fuel costs left its operator unable to cover the resulting losses. Villa Vie Residences is arranging for residents to leave the ship while it works on a restructuring plan.
The company said monthly fuel costs per cabin, which had averaged about $1,800, had risen to an estimated $6,000 to $8,000 in parts of Asia. The increase reached as much as 344%, making it difficult for the company to continue operating without passing higher costs on to residents.
Villa Vie Residences linked the rise in fuel expenses to the US-Israeli war with Iran, which began in February, and Iran’s subsequent closure of the Strait of Hormuz, a major route for global oil shipments.
The company said it slowed the ship’s itinerary and spent more time in port to cut fuel consumption, but those steps weren’t enough to offset the higher costs.
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