Crescent Seas, a start-up company planning to sell condos on cruise ships is backing out of a high-profile charter of two well-known ships pushing plans for homes at sea far into the future.
Even though real estate magnate Russell Galbut had announced the plan to turn Regent Seven Seas Cruises’ Navigator and Oceania Cruises’ Insignia into floating condos, he dropped the plan and is looking to build a new larger ship instead. The catch is that new ship wouldn’t launch until the end of 2031. The scuttled deal was first reported by Anne Kalosh, editor of Seatrade Cruise News.
He’d always had a newbuild in mind, Galbut told Kalosh, The residences on the 1999-built Navigator and 1998-built Insignia would have been done in conversion that would have had them sailing by 2027. The ships would still be on long-term charter and still owned by Norwegian Cruise Line holdings with catering organized by The Apollo Group.
Galbut told Seatrade Cruise News that buyers for the kind of multimillion-dollar seagoing residences Crescent Seas is offering want more space and customization. Plus, he said it became clear that by the time the existing ships were converted to add kitchens, cut steel and make all the other needed changes, “It was just more logical to build brand new, from a cost standpoint and a stability standpoint.”
Now the two ships will remain in the Regent Seven Seas and Oceania fleets, according to a NCLH spokesperson. But there’ are no hard feelings. “We are thrilled that these beloved ships will continue to deliver the highest standards of world-class service and personalized signature hospitality that define both brands,” the spokesperson told Seatrade.
It’s not the first rethink residential cruise ship plans have had. While many have been proposed, the only successful residential cruise company is still The World of Residences at Sea, which began sailing in 2002. Several other projects have failed even after they sold residences and another cruise ship conversion that started out as a commitment is shifting gears to fill the ship.
Villa Vie Residences , began sailing in September 2024 with Villa Vie Odyssey, a ship originally built in 1993 that sailed for Cunard, Norwegian Cruise Line, Commodore Cruise Line and Fred Olsen Cruises. The ship’s itinerary circuits the globe often spending extended periods in ports. While it was first marketing lifetime ownership, Villa Vie now is offering what it calls “flexible, affordable leases” for those who want to experience full-time or part-time life at sea—without the long-term commitment of permanent ownership. The five-year commitments start at $49,999.
And for the ships jilted by Crescent Seas? The new plan is for Seven Seas Navigator to undergo a multi-million-dollar refurbishment in late 2026, while Oceania Insignia will continue delivering unique immersive destination experiences and culinary artistry with a new array of itineraries for 2027 and 2028 to be announced soon, Norwegian Cruise Line Holdings says.
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