Founder of the doomed 'never-ending' cruise speaks out: 'I'm the villain in the story, but I'm doing everything I can'
A "never-ending" cruise was halted because of soaring fuel prices. Its founder, Mikael Petterson, is considering bankruptcy.
Mikael Petterson, the founder and executive chairman of Villa Vie Residences, spoke out about the collapse of the Odyssey cruise ship, which aimed to be a never-ending cruise. The financial collapse of the Odyssey was due to soaring fuel prices caused by the Iran war. Petterson expressed regret over the situation and said he was considering bankruptcy for his company.
The Odyssey was supposed to set sail from Belfast in May 2024 but was delayed due to mechanical issues, which cost an additional $15 million to resolve. Despite initial challenges, the Odyssey had sold 85% of its units, but the war in Iran led to a sharp increase in fuel prices, making the company's financial situation untenable.
Villa Vie attempted to shore up its finances by asking residents to provide emergency loans, but the move only exacerbated the ship's troubles. Petterson acknowledged that if it weren't for the Iran war, the Odyssey could have succeeded, but he remained focused on finding a solution for the residents.
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