Following multiple changes in ownership, the company declared bankruptcy in 2001 due to rising fuel costs and increased competition from other cruise lines.

[2] In order to operate a ship that could successfully compete against NCL's MS Sunward (1966), Commodore reached an agreement with the Sweden-based Wallenius Lines, who acquired the build contract of a half-complete ferry under construction at Wärtsilä Turku Shipyard in Finland.

[5] Following delivery the Bohème was chartered to Commodore,[2] and she set on her first cruise from Miami to Saint Thomas on 7 December 1968.

[7] The second acquisition, the former Greek Line ship SS Olympia, was rebuilt with diesel engines and entered service for Commodore in 1983 as MS Caribe I.

[2][5] By the mid-1980s, Rederi Ab Sally was in financial difficulties, and in 1987 the company was sold to its main competitors Effoa and Johnson Line, based in Finland and Sweden, respectively.

[2] In 1994, the Enchanted Isle became a floating hotel in Saint Petersburg, Russia, returning to the Commodore fleet the following year.

[9] By the mid-1990s, EffJohn in turn was in financial difficulties, and decided to concentrate on its core market in the Baltic Sea.

[1][2] During the following years Commodore was facing harsh competition from larger cruise lines that were beginning to push down their prices.