Without insurance, the ship would lose its class and flag rating, nor could be possible to hire a crew on board.

The old cruise ship Pacific Dawn, which was renamed Satoshi, was sold for scrap because the group that owns the vessel Ocean Builders could not take out insurance for the community that would have lived on board.

The announcement was made by Ocean Builders CEO Grant Romundt, who explained: “We cannot proceed due to archaic and large insurance companies that cannot adapt to innovative ideas.”

Without offering more details about this situation, the executive pointed out that no protection and indemnity insurance company will insure the Satoshi, the Maritime Executive publication reported.

Romundt added that without insurance, it is impossible to hire a crew, which would lead to the ship losing the class and flag rating, as well as the ability to develop any business on board.

“Assuming it’s easy to get insurance to use the ship as a residential cruise ship, parking it was wrong.” Said Grant Romundt, CEO of Ocean Builders.

The Satoshi, which was sold on December 18 for scrap, sails from Gibaltrar to Panama. A site that is expected to arrive next week and where it will be supplied with fuel to continue to a dismantling center in India.

The Ocean Builders company is located in Lynton Bay Marina on the Caribbean Sea in Panama. It describes itself on its website as “the first company to build a houseboat in the open ocean with plans to build much more.”

To attract new clients, this group of investors began an auction process on November 5 that would have allowed them to market 200 cabins as residences. Using as a promotional strategy that the ship would become a technology and innovation center for entrepreneurs, expatriates, digital nomads, and companies for cryptocurrencies.

According to the media specialized in the aquatic world, the cabins would have a tentative price of between USD 25,000 and USD 50,000. He added that the boat can house more than 2,000 people.

Ocean Builders assured that, in addition to the residences, “vacation rentals” would be available on the ship. On that occasion, they also said that they were willing to incorporate restaurants, entertainment, and leisure businesses on board. The initial plan of this company was to anchor in the Gulf of Panama to begin receiving the first residents in January 2021.

A Bitcoiner’s Dream Come True

The Satoshi crypto cruise ship was built in 1991 under the name Pacific Dawn and has since been operated by Princess Cruises and P&O Australia. The parent company of P&O Carnival Corporation chose to sell the ship to the Ocean Builders company, due to the impact of the pandemic on the cruise industries.

The vessel, which would accept bitcoin for all onboard purchases along with US dollars, was expected to embark on a voyage in October this year from Greece to the Gulf of Panama to make every bitcoiner’s dream come true to develop a lifestyle like a digital Peregrin, while its entire economy revolves around bitcoin.

The ship would not only offer a different way of living but would also have an entire ecosystem conducive to research on board, the media added.

By: Jenson Nuñez.


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