Shipping company acquires MV Matthew for $1

By Cillian Sherlock, Press Association

A seized drug-smuggling cargo ship which cost the State millions to store was transferred to a company for a “nominal” fee of $1, Revenue has said.

The MV Matthew was detained in September 2023 as part of an operation which led to the largest seizure of cocaine in Irish history – 2.2 tonnes or €157 million

Revenue detained the vessel and seized the cocaine while An Garda Síochána arrested six of the crew and two men who crewed the “daughter vessel”, the Castlemore, which sank off the coast of Wexford.

They were found guilty at the Central Criminal Court and sentenced on July 4 2025 to terms of imprisonment ranging from 13-and-a-half years to 20 years.

The Army Ranger Wing was also involved in the operation.

Revenue said detaining the vessel was “without precedent” in Ireland, adding that it had “significantly disrupted the activities of organised crime gangs”.

However, disposing of the ship could not proceed until December 2024 as it was needed for “evidential purposes”.

A Revenue spokesman said: “There were significant regulatory and legal obligations that had to be satisfied to facilitate the removal of the MV Matthew from the Port of Cork.

“The process was complicated due to the vessel’s previous use as a conveyance for international drug smuggling.

“The regulatory and legal requirements for departure of the vessel, given the manner in which it was used by the organised crime gang, could only be achieved through ongoing engagement with international parties to resolve the complex issues that presented.”

Because no-one claimed ownership of the vessel following its seizure, Revenue said it had to take steps to ensure it was properly maintained.

It was not until December last year when Revenue completed all registration of title requirements with the Panama Maritime Authority Ships Registry, the vessel’s Flag State, which allowed the agency to enter into an agreement with an acquiring party for the ship’s departure.

Revenue reports that safely managing and maintaining the vessel to date has cost in the region of 17 million euro.

The spokesman added: “Ultimately, an international shipping company acquired the MV Matthew for a nominal consideration of one dollar with an agreement to tow the vessel to Varna in Bulgaria under a single voyage exemption by way of a dead ship tow.”

The costs included essential repairs and maintenance as well as storing the ship.

The spokesman said: “While the cost arising from its detention has been significant, the seizure of the vessel was unprecedented and represented a significant internationally recognised outcome in the fight against organised crime.”