The cruise ship „Satoshi“ will go from Panama to a scrap yard in India
Ocean Builders has announced the end of the Satoshi cruise ship project for not having obtained a P&C insurance company to insure the ship.
- The company’s dream was to anchor the ship off the coast of Panama to house businesses, restaurants and nightclubs to entertain its users.
- The CEO of Ocean Builders criticized major insurance companies for being archaic and unwilling to adapt to new ideas.
- The Trust Project is an international consortium of media organisations based on transparency standards.
On 20 December 2020, Ocean Builders, the company responsible for launching the cruise ship Satoshi, announced in a letter to its potential investors the completion of the project. According to the maritime Bitcoin Method information portals Cruise Radio and Cruise Industry News, the project did not have a P&C insurance company to insure the ship.
Grant Romundt, CEO of Ocean Builders, said they had encountered an unexpected problem, which eventually „exhausted“ all options to start the Satoshi liner project. He referred to the insurance companies to whom he blamed for the abandonment of the project, calling them archaic for not wanting to adapt to new innovative ideas.
No protection and indemnity insurance company will insure the Satoshi… We came closest to this with a company that manipulated us with a premium of one million dollars for a maximum coverage of 5 million dollars. Nothing close to the coverage we would need to comply with the law.
The MS #Satoshi project is dead as the former Pacific Dawn has been sold for scrap, according to a statement from #OceanBuilders, which was aiming to setup a floating tech hub for small businesses with the aim to support crypto currency off the coast of Panama. pic.twitter.com/PHD8lNaPaI
– Cruise Ships Passion (@shipspassion) December 20, 2020
The MS #Satoshi project is dead because the old Pacific Dawn was sold to a scrap dealer, according to a statement from #OceanBuilders. The company’s goal was to set up a floating technology centre for small businesses to support the crypto currency off the coast of Panama.
Ocean Builders did not receive
support from the crypto community.
The company also failed to obtain the assistance of Panama’s maritime authority to change its status to a non-maritime vessel (reducing its insurance costs). It was told that this was impossible, as the vessel had an engine and a flag.
Moreover, the fact that Ocean Builders did not have the support of the crypto community (for which the company was developing the project) made it abandon any possible desire to fight back, suffering the loss of millions of dollars in the process „by pushing or designing a complex alternative insurance solution,“ said Mr. Rodmundt.