The latest entrant, Crescent Seas, is converting two ships – Regent Seven Seas’ Navigator in 2026 and Oceania’s Insignia in 2027 – into residential ships. The aim is to build a fleet of five, including new-build The Ocean, by 2032.
Founder and chief executive Russell Galbut, a former chair of Norwegian Cruise Line Holdings, hopes the trade will help market these residences, which can cost up to $10 million each.
He added the line’s commission model offered “immediate and long-term revenue potential” for agents keen to deepen their relationships with high-end clients and willing to put their faith in product backed by “experienced industry leaders”.
The approach is supported by former Azamara president Larry Pimentel, now on the board of the Virtuoso travel network. “Crescent Seas seems poised for success,” he said. “This model would create a built-in incentive for the broader travel industry to actively support and promote residences at sea.”
Another prospect is Ulyssia Residences’ 320-metre yacht Ulyssia, on which work is expected to start this year, lasting up to five years. Then there’s Scottish start-up Clydebuilt, which has published plans for its £1.2 billion, 228-metre residential yacht Dark Island.
The sector, though, is still in its infancy; besides The World, which launched in 2002, the only other operational residential line is Villa Vie Residences. Sales director Anne Alms told TTG that while the line was “just getting started” with the trade, Villa Vie saw “tremendous” potential for growth via the trade. “It’s an exciting opportunity to introduce something genuinely new to the market,” she said.
“Most of our business comes from the US, but we’re seeing interest from advisers in the UK and Europe. We’re laying the groundwork for broader engagement in these markets – agent training, marketing support and access to exclusive offers.”
Agent initiatives
Beside sales materials, Villa Vie’s insider updates will include early access to inventory and new product, limited-time pricing or cabin promotions, and behind-the-scenes insights on ship progress and new itineraries.
“We’re also rolling out an agent portal where partners can access updates along with downloadable resources, marketing content and sales tools,” said Alms. “It’s about giving agents a competitive edge.”
Major products such as cabin purchases and Villa Vie’s “Endless Horizons” programme, which guarantees the buyer cruising for life, range from $130,000 to $450,000, with 5% commission on the full value, not just the deposit. On the rental side, rates are 10%.
Villa Vie Odyssey is now on its first world voyage and is home to around 270 residents. The sailing is divided into 17 segments of between 35 and 120 days, with the ship expected to remain in service for at least another 15 years, although the line is already planning for its successor.
“We’re looking for three to five trade partners who truly align with our vision and are excited to grow with us,” said Alms, who added she accepted there would be agents and clients wary about investing in residential cruising owing to previous failures.
“Our business is majority-owned by our founding team and residents, which allows us to make decisions with a long-term vision and ensures the people guiding this company are deeply invested in its success.”
Panache Cruises founder and chief executive James Cole believes there’s an opportunity for UK agents.“We don’t currently work with residential ships, but why not if there’s demand? It’d be like selling a permanent world cruise, of which we sell plenty.
“An apartment at sea appeals to high-net-worth individuals looking to live on a ship or have a moving holiday home. We look forward to seeing the plans for Navigator and Insignia and following the progress of the residential ship market.”
