Urgent: Buyer Secured for MV Matthew, Panama Delays Sale

UPDATE: A buyer has emerged for the seized bulk carrier MV Matthew, but urgent delays from Panama officials are hindering the sale. The ship, notorious for its role in transporting €157 million worth of cocaine to Ireland, has been docked in Cork Harbour since September 2023, incurring significant maintenance costs for the state.

The MV Matthew was intercepted off the coast of Waterford and has since been under the control of Revenue Customs. Officials are eager to finalize the sale to alleviate the financial burden, with the ship currently costing hundreds of thousands of euros to maintain. This situation is further complicated by the ship’s ownership, linked to organized crime groups in the Middle East, including Hezbollah.

As of now, an agency crew is maintaining the vessel, but the presence of the ship has created operational challenges for the Port of Cork Company (POCC), which has reported significant disruptions due to its docking. The MV Matthew is estimated to be worth between €3 million and €4 million, though its value has decreased due to the loss of essential certificates during its detention.

Sources within law enforcement indicate that the ship’s lack of insurance poses a substantial risk, which is causing further delays with the Panamanian authorities. Revenue Customs confirmed that they have identified a preferred bidder for the vessel but are awaiting necessary licenses from Panama to proceed.

In a statement, Revenue Customs emphasized their commitment to disposing of the MV Matthew as soon as legal restrictions allow. “On December 2, 2024, the Special Criminal Court authorized the release of the MV Matthew, thereby facilitating its disposal,” a spokesperson said. They added that ongoing discussions with Panamanian officials are aimed at ensuring compliance with maritime laws.

The urgency of this matter cannot be overstated. The longer the MV Matthew remains in Cork Harbour, the greater the financial strain on the state and the more complications arise for local operations. Residents have expressed concerns over the ship’s maintenance, including noise from a generator that has drawn complaints.

Authorities are now pushing for a swift resolution. Revenue Customs is working diligently to finalize the sale and resolve the bureaucratic hurdles presented by Panama. The outcome of these negotiations will be crucial not only for local stakeholders but also for broader efforts to combat organized crime linked to the vessel.

As the situation develops, further updates are expected. The urgency to act is clear, as both the state and local residents await resolution on this pressing issue. Stay tuned for more breaking news regarding the MV Matthew and its future.