The bulker Matthew, at the centre of Ireland’s largest cocaine seizure, has been sold by Irish authorities for a token $1 and is now under tow to Varna, Bulgaria, where it is expected to be refitted and return to commercial service carrying grain in the Black Sea, according to Splash247 and RTÉ.
Seizure and Sale Details
The 2001-built supramax bulker Matthew (50,913 dwt, Panama-flagged) was seized by Irish Revenue in September 2023 after a joint operation uncovered 2.2 tonnes of cocaine valued at €157m. The haul was Ireland’s largest-ever cocaine seizure and the largest recorded in Europe that year, Splash247 reported. Members of the Irish Army Ranger Wing fast-roped onto the ship from a helicopter during the interdiction.
Six crew members and two men from the support vessel Castlemore were later convicted and handed prison terms ranging from 13-and-a-half to 20 years.
The sale could not move ahead until December 2024 because the bulker was still required as evidence. No party claimed ownership after the seizure, leaving Revenue to maintain the ship and complete title registration with the Panama Maritime Authority in December 2025.
An unnamed international shipping company has taken over the vessel. Irish authorities sold it for $1 after spending around €17m ($19.4m) securing and maintaining the ship in Cork.
Vessel Specifications and Voyage
| Attribute | Detail |
|---|---|
| Vessel name | Matthew |
| Year built | 2001 |
| Type | Supramax bulker |
| Deadweight tonnage | 50,913 dwt |
| Flag | Panama |
| Seizure date | September 2023 |
| Cocaine seized | 2.2 tonnes (€157m value) |
| Sale price | $1 |
| Maintenance cost (to authorities) | €17m ($19.4m) |
| Destination | Varna, Bulgaria (under tow) |
| Expected future service | Grain carrying in the Black Sea |
The Matthew has left the Port of Cork under tow for Varna, Bulgaria, using a single-voyage exemption covering a dead-ship tow.
Refit and Return to Service
RTÉ reported that the vessel is expected to be refitted in Bulgaria and returned to commercial service carrying grain in the Black Sea. The refit will likely include repairs and upgrades needed after the prolonged lay-up and the interdiction operation.
Implications for Bulk Shipping
The transfer of the Matthew to an unnamed international shipping company adds a 50,913 dwt supramax to the commercial fleet on the Black Sea grain route. While the vessel’s return may incrementally increase bulk capacity on that lane, the larger operational takeaway is the significant cost incurred by authorities — €17m — to secure and maintain the ship pending legal resolution. This case highlights the financial burden on government agencies when seized vessels require extended care, and the eventual discounted sale price for the acquiring shipping line.
For bulk operators and grain shippers, the re-entry of the Matthew after refit could be a minor factor in Black Sea supply-demand dynamics, but no rate impacts were reported in the source. The vessel is expected to resume grain carriage, a key trade for the region.
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