A BUYER HAS come forward to purchase the drugs trafficking bulk carrier MV Matthew but a delay by officials in Panama is preventing the sale of the ship, The Journal has learned.

The MV Matthew was seized in a spectacular military and law enforcement operation off the coast of Waterford in September 2023. It was the platform international organised crime groups were using to ship €157m worth of cocaine to Ireland.  

She has been berthed in Cork Harbour since – as revealed by this news website the bill for her upkeep has cost the State millions of euro.

Revenue Customs control the vessel and they have been working to find a way to sell off the ship to a buyer since the Special Criminal Court cleared the way in December, 2024.

The Journal has learned that Revenue Customs has been moving forward with the efforts to dispose of the vessel.

A buyer has come forward and is willing to buy the ship but Panama officials must agree to issue licences to allow the ship go back to sea. 

The Matthew sailed under a so-called flag of convenience – this is where the ship’s owner has her registered in a location which has less restrictive regulations. Also it gives some distance from the owners, particularly in the case of the MV Matthew. 

For instance the MV Matthew while registered under the flag of the Panama in Central America was owned by a company Matthew Maritime which had an address in the Marshall Islands in the Pacific – this was done to avoid questions about the real owners of the vessel.

It is believed by law enforcement sources that the Matthew was in fact owned by organised criminals in Dubai and the Middle East linked to Hezbollah and Iranian fundraisers.

Sources said that the State is anxious to get rid of the hulk berthed generally at Marino Point near the town of Cobh. It is costing the State hundreds of thousands of euros to maintain and to move to free up its berth for deliveries. 

An agency crew have been put onboard the ship also to maintain it. A generator running on deck has also prompted complaints from residents nearby. 

The presence of the detained bulk carrier in Cork Harbour has also caused significant problems for the Port of Cork Company (POCC) which has told Revenue that it is causing “operational problems”.

Sources have said that the MV Matthew could be worth between three and four million euros. The price has dropped somewhat since her detention due to the ship losing certain certificates. 

Correspondence obtained by The Journal detail an added risk exposure due to a potential lack of insurance as the ship has lost its “class” classification. 

This status is issued to a ship which ensures that it meets certain marine standards, in turn it then allows marine insurance to foot the bill if anything goes wrong. Sources have said that a problem of no insurance on a ship that size could cause significant issues for POCC.

This is understood to be the root of the problems with Panama officials. 

A statement from Revenue Customs confirmed they have found a buyer for the ship. 

“Revenue has consistently stated its intention to dispose of the vessel as soon as the legal position allowed. On 2 December 2024 the Special Criminal Court authorised the release of the MV Matthew, thereby facilitating its disposal. A preferred bidder has been identified,” a spokesperson said. 

“Revenue is engaging with the Panamanian authorities to ensure compliance with maritime legislation and regulations that govern the disposal of the MV Matthew and has received confirmation from them that it is receiving attention, and Revenue hopes to have these matters finalised shortly.

“As you will appreciate, Revenue is required to ensure that all regulations and legal obligations are fully complied with throughout the disposal and removal process,” Revenue Customs added.