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, welcome back to the channel. I hope you had a wonderful weekend. We have a little information about the person overboard from the cruise ship Odyssey of the Seas, it seems it was on October 8th. Um, apparently, she.we.we did an update to let you know that she was, uh, rescued, uh, and I mentioned in one of the videos that, uh, it's unlikely that they'll make it to this final port of call, and the boat will most likely just continue on to its final, uh, destination, which is what happened. They were supposed to sail to Naples, but the flight was canceled because of the time they, uh, spent searching for the man overboard. After a cruise ends, passengers on board are demanding compensation after the itinerary was suddenly changed
following a woman falling overboard on the ship. During the search for the man overboard, uh, the ship announced over the loudspeaker that, uh, the important stop in Naples was canceled because the ship would not arrive on time due to the ongoing search operation. uh-huh. So, over 4,000 passengers spent an extra day at sea, sailing to Civitavecchia. Yeah, a lot of people aren't, uh, not happy, and I, you know, I can understand that, especially when you find out that she jumped, uh, and it's not like she accidentally fell overboard or anything. Uh, that made me sad too. I think I mentioned it in one of the videos that, you know, uh, it was kind of selfish, and obviously there are some mental health issues going on there, but people
are demanding, uh, refunds and compensation. Now, uh, what they'll probably get is some kind of onboard credit, which would mean that the next time they go on a cruise, they'll be able to cash in on that onboard credit or even deduct it from their next cruise or something like that. Uh, they won't get any compensation. Let's just say, there is none. The cruise company's terms and conditions do not provide for compensation for missed ports of call, except due to mechanical malfunctions. I have worked on cruise ships for over ten years and this has not changed and is unlikely to change. We went to the Royal Caribbean website and looked at the terms and conditions to give you an idea, and here's what it says. It states: "The carrier may, for any
reason, at any time and without prior notice, cancel, reschedule, postpone or deviate from any scheduled voyage, port of call, destination, accommodation or any activity on or off the ship. The carrier is not liable for any claims of the guest, including but not limited to losses, compensation or reimbursement due to such cancellation, transfer, postponement or deviation, except as provided in Section 7D regarding mechanical failures, which I mentioned, right? But 7C lists qualifying reasons for rejection that are independent of the carrier. Among these, medical or life-saving emergencies are clearly mentioned. So, you know, someone in the water definitely falls into that category,
right? And it goes on to say: "Neither Royal Caribbean nor any related party is obligated to refund any portion of the fare or other fees or pay any compensation in these circumstances." "So, they definitely spelled it out in the terms and conditions. You know, basically, a ship can cancel any port at any time, you know, maybe it's too rough, too windy for the ship to dock. There are many reasons why a ship can't do something. Obviously, participating in a search and rescue operation definitely qualifies as one of those things.
They are like, even if a person fell off one of the other ships, and this cruise ship was in the area, they would be obligated to reach out to it for help. So they could have missed it, even if it was someone else, yes, from another ship. Um, because these are the requirements of the international convention SOLAS, Safety of Life at Sea. Um, but yeah, if there's enough noise, maybe they can refund us, but they're not Going back to the incident itself, some people on Reddit, and you know, obviously you can take this with some credence, because we can't confirm any of this stuff. These are just conversations from people who claim to have been on board at the time.
They say they only realized she had jumped after security was reviewing surveillance footage later that morning, which is when they turned around. If that's the case, it explains why they only turned around at 10:00. Also on Reddit, they said that at 10:00 AM, the captain announced that they were turning around to leave as part of a search and rescue operation. I don't know the exact words or whether he said someone jumped off their ship, but he said he was turning around to go and take part in a search and rescue operation, and later that day they told them they wouldn't be going to Naples. From Naples they will run a lot of tours, yeah, to different places like, you know, Pompeii is a popular tour that leaves from Naples, and, you know, the
volcano as well, places like that. Another thing mentioned on Reddit, they said they found an inflatable lifebuoy with a light on it. I'm not sure if they mean an inflatable life jacket, because there is a light on the life jacket that lights up when it comes into contact with water. I do n't know if she was in it when she jumped and took the life ring with her, and for some reason the vest broke. Maybe she was holding the vest and lost contact with it. I don't know. But they said she had an inflatable lifebuoy Lifebuoys are made of a material that increases buoyancy, but it is solid. Uh, the life jacket is inflatable, right? You just pull, you pull the thing. Some of them inflate when they come into contact with water, but usually you
pull on the thing and it inflates. Uh, and, uh, it also has a light on it. So, but obviously they pulled something out of the water that had light, and obviously that was before they found the woman herself. Yeah, I'm not sure what it was, uh, what they did, what they found. Uh, they said they launched a.boat to go and pick him up. This would be one of their lifeboats. But yeah, that's all we have on this. Interesting, we'll see what happens. I don't think they will get any compensation. I think that, um, that's unlikely. As I said, because they are not obligated to do so. Uh, that's a condition they should have, cruise lines, because these things happen all the time, you know? There are incidents, usually weather-related, where the weather is
so bad that you can't get somewhere, or it's stormy and so you're out at sea and you can't make it, you know? So you don't get there, you can't get there on time. And they discuss it in advance and say, "Well, we're not going to get there until 2:00 PM, when we're supposed to be there at 5:00 AM." "So there's no point in continuing. Things like that. If they had to compensate people every time, all cruise lines would go bankrupt. Okay, guys, let's move on. Now, if you remember Italian Sea Group, we already talked about it. This is a company that, um, is part of the Italian Sea Group, it's Perini Navi. Perini Navi built the Beazian. They were independent when they built Beazian,
but it has since come under the auspices of the Italian Sea Group. And, um, the CEO resigned in July. Well, they have a new CEO, and his name is very similar to the old CEO, because he's actually the same person, Giovanni Costantino. So, hmm, what happened? We all know what happened, right? It is understood that after the Beazian sank, he came out and publicly began criticizing the crew, blaming the crew, saying that his yacht was unsinkable and therefore it must be their fault. Why didn't anyone go out to sea? Everyone knew about the storm. And then, if the fisherman knew why the captain of such a ship, of such importance, with guests of such level and importance, with 12 guests on board, why wasn't he in a state of alarm?
He then sued Mike Lynch's widow for, it seems, €460 million. Uh, and he basically, you know, obviously had no evidence to support any of his claims that it was the crew's fault. And since then, since 2024, the peak of the stock, the value of the stock of this company reached its peak in 2024. And by 2026, they had lost 80% plus 80% of their value. Um, and as a result, the holding company, which is Giovanni Costantino's own company, lent Italian Sea Group money, 25 million euros, to try to save the company. He also fired some of the people who were in charge, saying they were essentially making deals that were not allowed in the company, hinting at foul play. And then the company actually went into bankruptcy proceedings. Now, as of July 20, he and
his son have resigned. And now, under Italian law, this has dissolved the entire board of directors. The company said the change would strengthen shareholder confidence and help creditors. Most importantly, Costantino resigned from his job but did not give up his shares. He owns 53% of the shares and 70% of the votes of this company, right? The companies through GC Holding, the company that lent the money to Italian Sea Group. And why did he do it? You know, creditors often don't cooperate unless the person they're accusing resigns. So he resigned. This is all speculation about what happened.
I'm sure he doesn't take the blame, but he was in charge at the time. So, on September 30, shareholders elected a new board of directors from a list of candidates submitted by. On October 9, the board of directors reappointed him as CEO. However, his powers are formally limited by the procedure of the court of Florence. So what does this mean, um.Frank language? This means that when the board of directors was dissolved, only the shareholders could replace it. And he is by far the largest shareholder, so he chose the board of directors at his discretion, and of course they gave him his job back. So, it was a 10-week round trip. So he actually left and came back. I'm not saying that anything was illegal here. In fact, there is nothing illegal about this.
The majority shareholder has the right to do something similar. Open questions are whether the July statement misled investors and creditors about his intentions, and how transactions in his favor, such as the million euro loan, will be scrutinized. Um, you know, firing and reinstatement is not illegal when you own a company. Um, the most inconvenient thing is to promise that changes will restore trust, and then organize your return in two months. If this was planned from the beginning, regulators may ask whether the July statement created a false impression. Um, that doesn't mean they're out of danger, you know. Um, the mandatory proposals were due by October 19th, so today is it. Um, the buyer who takes control can remove.him, but
his fate and the fate of his company now depends on the bidders and the court of Florence. So, the company is effectively still for sale, and the next few weeks will decide whether he made his way back or went back into the burning building. Uh, one more thing before I go, Amore Vero was undergoing sea trials a few days ago. We saw her moving again. Sanctions were imposed on Mor Avero. She was removed. Sorry, she was detained at the shipyard in La Ciotat in the south of France, near Marseille, after Russia's invasion of Ukraine. The yacht is linked to Igor Sechin, who is often called Putin's right-hand man. And she is still there.
She went out for sea trials a few times, but, you know, most likely just to make sure everything was working, to make sure everything was working. She returned to the longboard again, at the La Ciotat shipyard. We also noticed that the motor yacht "Scheherazade", which is associated with Vladimir Putin himself, recently reappeared in AIS. No movement as far as we could see, but she turned on her AIS, which is quite unusual. They often.They always keep it off if they're not moving. In fact, before the sea.the yacht was confiscated by the Italian government, even when it was at sea, it would turn off its AIS. Yes, yes. But, yes, that's how it is. That's all the news we have for you today, guys. If you want to see more from us, please visit
us on Patreon at patreon.com/eSysman. We have a lot of videos there, behind the scenes, materials from the Monaco Yacht Show, additional materials from the tours we conduct, and all that kind of stuff. There's a lot more there. Visit us at patreon.com/eSysman. If you have any information for us, please contact us at the phone number on the screen or email address. If you have any photos or videos, please be sure to. Send them via the WeTransfer link provided on your ticket. All this information is also in the video description. Okay, guys. Thank you very much for viewing, and I will contact you soon.
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