Bitcoiner Cruise Ship Satoshi Heads To Indian Scrapyards As Insurance Plays Spoilsports

In a major development, Satoshi, an old Pacific Dawn cruise ship has been sold for scrap as its owner the Ocean Builders is unable to provide insurance for the vessel’s onboard community who live on the cruise ship.

Insurance Company Not Onboard?

According to a statement issued by the CEO of Ocean Builders, Grant Romundt the protocols of insurance companies can’t comprehend with their innovative idea.

“We cannot proceed due to archaic and large insurance companies that cannot adapt to innovative ideas”, said Romundt.

Further reports published by the Maritime Executive revealed that no indemnity insurance company is ready to insure Satoshi.

Image Credits: Twitter

Without an insurance policy in place the ship can’t have a crew, ultimately resulting in the loss of flag rating of the ship. The ship can also lose its class notification which will lead to the end of business on the vessel, says Romundt.

“Assuming it’s easy to get insurance to use the ship as a residential cruise ship, parking it was wrong”, he added further.

The ship was sailing from Gibaltrar to Panama. Now, it is expected to arrive in Panama in the next week where it will be fueled to continue its journey to a scrapping yard in India.

A Residential Ship for Digital Nomads

The owner company hails from Panama and is regarded as “the first company to build a houseboat in the open ocean with plans to build much more.” They have propagated this ship as a technology innovation centre catering to companies, digital nomads and entrepreneurs in exchange for cryptocurrencies.

The 2000 person capacity ship is projected to have a specialized aquatic world and cabins would be priced between 25000-50000 USD.

Along with residences, vacation on rentals will be available on the ship which would have restaurants, entertainment and leisure business centres. It was supposed to anchor at the Gulf of Panama in order to receive residents by next month.

The 1991 but Pacific Dawn which has been turned into the resident ship Satoshi, was operated by P&O Australia and Princess Cruises. Their parent company P&O Carnival Corporation sold the ship to Ocean Builders as the cruise industry shut down due to the pandemic.

The ship was accepting both bitcoins and US dollars for purchases onboard the ship and was waiting to go on a voyage starting this October. The journey would have been from Greece to the Gulf of Panama which would be the ultimate bitcoiner’s dream. Along with a different way of living, the ship has facilities for an extensive state of art research environment onboard the vessel.

Reference: explica.co

Source: Maritime Shipping News