Revenue to face PAC as cost of seized drug ship MV Matthew in Cork nears €11m
The cargo ship, which was seized in 2023, is costing the State €110,000 per week to manage and maintain in Cork, Revenue estimates. Picture: Niall Carson/PA
The Revenue Commissioners are now expected before the Public Accounts Committee (PAC) as early as next month, as costs have spiralled to almost €10.9m to maintain drug trafficking ship the MV Matthew with no sale finalised and no timeline for its disposal.
The cargo ship, which was seized in 2023, is costing the State €110,000 per week to manage and maintain in Cork, Revenue estimates.
More than €10.88m has been spent on the ship so far. Maintenance of the ship (other than berthing or crewing) has cost €4.439m from September 2023 up to the end of September 2025.
A full-time crew has cost €3.899m. Berthing the ship in Cork has cost almost €2.542m. This cost also includes moving the vessel when necessary.
Although a preferred bidder was identified in the attempted sale of the ship, the sale has not been completed.
Revenue said that it has hit considerable legal and regulatory problems in its attempt to sell the ship.
Another cost will likely be incurred later this month, as vessel insurance is due to be renewed before the end of October.
The MV Matthew, a 189m bulk cargo vessel of 28,647 gross tonnage, was detained by Revenue on September 26, 2023.
Owned by a Dubai-based company, the ship was boarded at gunpoint by Ireland’s elite army ranger wing in rough seas off the Cork coast in September 2023. More than 2.25kg of cocaine valued at approximately €157m was found concealed on board.
Eight men from the 21-person crew were sentenced to a combined 129 years in prison in July for their role in the drug trafficking operation — the largest in the history of the State.
Although the ship was seized by Revenue in September 2023, it was only released by the courts for potential sale from December 2024.
But the chairman of the Revenue Commissioners, Niall Cody, told the Dáil PAC in a recent letter that Revenue took immediate steps to prepare for its disposal from the time it was seized.
And following its release by the courts, Revenue retained "a globally recognised provider of integrated shipping services" and a shipping broker was engaged in December 2024.
"The bidding process concluded in quarter one 2025, and a preferred bidder was identified.
“However, there are a significant number of regulatory obligations which must be fulfilled in order to finalise the disposal of the MV Matthew.
“Significant challenges and delays arose in this regard due to the manner in which regulatory processes were conducted by the previous owner, and the fact that the vessel was used as a conveyance for international drug smuggling."
“As it stands, a sale has not yet been finalised and there remain certain maritime regulatory matters to be addressed."
Fianna Fáil TD for Cork South Central Séamus McGrath said that he was disappointed that there was still no timeline on when the ship would be sold.
Mr McGrath had asked Revenue to update the PAC on the ship’s disposal, and the body supplied a written update.
He has now requested that Revenue come before the PAC to discuss the MV Matthew. He expects this to happen in November.
How much work was done to expedite the sale of the ship while it was still being held as part of the criminal investigation is a key question for Revenue, he said.
“They knew at some point they would have to dispose of it, that it would be released from the criminal court. But we're almost approaching 12 months on now and it still hasn't been disposed of, and it's costing this State a hefty sum every week.”
Locals near where the ship is berthed are “disappointed and frustrated” that the ship is still there, Mr McGrath said.
“I was down in Passage West last week, and someone said to me: ‘Is that thing ever going to go?’
“There were some noise issues with it and, as well as that, it's just the visual impact of it. People's patience has worn thin.”
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