Residential cruise ship startups struggle as companies fail to launch ships
Delays in the launch of residential cruise ship startups such as Storylines and Life at Sea Cruises have been persistent throughout 2023. The promise of permanent or semi-permanent condos-at-sea has captivated the attention of many, but the debut of these ventures has been fraught with obstacles. Despite the hype, the only residential ship currently in operation is The World, which faced its own set of challenges after it was launched in 2002.
As for the promised startups like Storylines and Victoria Cruises Line, struggles with adhering to timelines have been a common theme, raising questions about the feasibility of turning the condo-at-sea concept into reality. Storylines, in particular, has faced delays in the construction of its MV Narrative residential ship, which has been pushed back to launch in December 2026. Concerns about the company’s ability to fulfill its promises and meet funding requirements have been voiced by former employees, consultants, and investors. The pressure to deliver on these promises is mounting, especially with potential customers being retirees who may not have the luxury of time to wait for these ventures to materialize.
Acquiring older ships has also proven to be a significant challenge for startups. Victoria Cruises Line has faced delays in launching its Victoria Majestic, which was set to depart on a circumnavigation of the globe but is now delayed to late July 2024. Similarly, Life at Sea Cruises has yet to fulfill its promise of a never-ending around-the-world trip aboard the MV Lara.
The newest startup, Villa Vie Residences, has announced its plan to set sail in May 2024. However, like its predecessors, the company is yet to acquire a vessel. The challenges faced by these companies reveal the difficulties in executing the condo-at-sea concept and the urgency with which they need to make good on their promises. These setbacks have left potential buyers and investors questioning the feasibility of turning these dreams into reality.
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