Ocean Builders will not proceed with making the former P&O cruise ship, the Pacific Dawn, the first Cryptoship in history. The ship, renamed Satoshi earlier, had been sold for scrap and will lead to a sad piece of beach cruising history in Alang, India.
The original idea was for Satoshi to become a floating city, where people can buy or rent a long-term cabin using cryptocurrency. All facilities on board the ship would accept Bitcoin as a payment method, making every transaction on board unimaginable.
Ocean Builders CEO Grant Romundt referred to issues around receiving insurance for the ship, which became the end of the line for the dream. Romundt said:
“Assuming it would be easy to get insurance to use the ship as a stationary cruise ship incorrectly.”
Since November this year, cabins have been for sale, while the company added the cabin rental option last week before pulling the plug this weekend. What will happen to those who had already purchased cabins is unclear, although Oceanbuilders promised refunds for those who had purchased cabins.
Before Biggest Cruise Ship In The World To Take Off
Satoshi has had an exciting history, with many calling the former Princess ship and P&O a favorite.
Built by Fincantieri, the 70,285 GT Satoshi life began in 1991 as the Princess Regal and was the largest cruise ship in the world for a short time after its launch. She was also one of the most expensive cruise ships built at the time. Princess Regal it cost US $ 276.8 million to build.
- Regal Princess (1991-2007)
- Pacific Dawn (2007–2020)
- Satoshi (2020–2020)
- Princess Cruises (1992-2003)
- Carnival Corporation (2003–2020)
- Ocean Builders (2020–2020)
While the ship could carry 2020 guests aboard the ship, this number also seems to have been unlucky. Like many other ships this year, joining a line of shipbuilders in Alang, India. Ironically joining a sister ship Crown Princess, rename Karnika, on the same cutters. Karnika it was carried in the yard in November this year.
Related: Which cruise ships are being scrapped or sold because of the COVID-19 Pandemic?
More Hopeful Project Then Well Planned
When P&O Australia retired the ship earlier this year, the news came that Satoshi transformed into a floating village in international waters is a surprise to many. It also received widespread criticism and was labeled a naive Utopian idea that dared to fail.
Ocean Builders, the company behind the idea, started selling cabins in November for what it labeled as a technological innovation that would enable entrepreneurs, inventors, and crypto companies to do business from a ship in international waters .
The company sent a statement to potential investors, blaming big companies for not seeing the potential benefits, CEO Grant Romundt said:
“Having comprehensively searched for P&I Club International Group’s insurance group to insure the Satoshi we have reached the hurdle of having no insurance company ready to insure the MS Satoshi when dropping an anchor in the Gulf of Panama,”
“The closest we came was a company contacting us with a million dollar premium for a maximum of $ 5 million in coverage. Nothing close to the comment that we would need to legally comply with. We did not envisage the big boys club being against such a small operation like ours. ”
In the statement, which reads more like a rant, the company also blames the maritime community and the Cryptocurrency community for not supporting the idea from the beginning but instead attacking the idea. It is unclear why the company embarked on a project of this size without prior insurance cover.
Also Read: 10 Benefits and Stocks of Carnival Cruise Line
Whatever the reason for Satoshi’s collapse as a Bitcoin ship, it’s a sad sight to see another ship heading towards the scrapard. Especially a beautifully designed ship like her.
Principal Rendering Credit: Ocean Builders