MV Matthew sold for $1 after costing State almost €17m to maintain in Cork Harbour

The vessel at the centre of Ireland's largest cocaine seizure has been towed to Bulgaria after almost two years in Cork Harbour

The MV Matthew, escorted by tugs Foteni, Ocean Challanger, Alex and Titan, is seen leaving Cork Harbour after almost three years tied up at the port since her seizure in September 2023. Picture: David Creedon

The drug-trafficking vessel MV Matthew has been sold for $1 and removed from Cork Harbour after costing the State almost €17m to maintain and berth.

Revenue confirmed on Saturday that the MV Matthew, the rusting cargo ship at the centre of the State's largest-ever cocaine seizure, has departed from the Port of Cork.

“An international shipping company acquired the MV Matthew for a nominal consideration of $1 with an agreement to tow the vessel to Varna in Bulgaria under a single voyage exemption by way of a dead ship tow,” a statement from Revenue said today.

“Revenue’s approach has been to fund what was necessary to safely maintain the MV Matthew. This included essential repair and maintenance costs as and when they arose.

“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.”

The Panamanian-registered MV Matthew was at the centre of the State's largest-ever cocaine seizure in September 2023.

The 2.25-tonne cocaine seizure, valued at €157m, was also the largest in Europe that year.

The vessel, which was owned by a Dubai-based company, was boarded at gunpoint by the Army Ranger Wing in rough seas off the Cork coast in September 2023.

A team from the Army Ranger Wing fast-roped onto the vessel from an Air Corps helicopter as it attempted to evade Irish authorities.

They secured the ship and prevented the destruction of critical evidence.

The MV Matthew, escorted by tugs Foteni, Ocean Challanger, Alex and Titan, is seen leaving Cork Harbour after almost three years tied up at the port since her seizure in September 2023. Picture: David Creedon

Eight men — six from the MV Matthew and two who crewed the daughter vessel, the Castlemore, which sank off the coast of Wexford — were convicted at the Central Criminal Court and, on July 4, 2025, sentenced to prison terms ranging from 13-and-a-half years to 20 years.

The eight men received combined sentences totalling 129 years' imprisonment.

The vessel, which had been berthed in Cork Harbour since its seizure, was costing an average of €120,000 per week to maintain.

“Detaining and seizing a vessel the size of the MV Matthew is without precedent in this jurisdiction,” a statement from Revenue said.

“Its interdiction and seizure have significantly disrupted the activities of organised crime gangs, protecting society from the lasting and detrimental impact that such illegal importations cause.

“The disposal of the MV Matthew remained a key priority for Revenue following its seizure. However, this process could not proceed until December 2024 as the vessel was required for evidential purposes.”

Revenue said a range of regulatory and legal obligations had to be satisfied before the MV Matthew could leave 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.

"As no party claimed ownership of the vessel following its seizure, it was necessary for Revenue to take steps to ensure that the vessel was safely secured and maintained.

“With the assistance and cooperation from the Port of Cork, the priority was to ensure that there were no adverse environmental impacts or health and safety risks arising from the detention and berthing of the vessel."

The MV Matthew, escorted by tugs Foteni, Ocean Challanger, Alex and Titan, is seen leaving Cork Harbour after almost three years tied up at the port since her seizure in September 2023. Picture: David Creedon

Revenue said that in December 2025 it completed all registration of title requirements with the Panama Maritime Authority Ships Registry, the vessel's flag state.

This enabled Revenue to enter into an agreement with a buyer and progress the vessel's departure.

"Revenue continues to collaborate with our international colleagues in the Maritime Analysis and Operations Centre - Narcotics (MAOC (N)) based in Lisbon, OLAF and Europol, and our international Customs colleagues in the EU and World Customs Organisation in developing and implementing an effective detection and intervention strategy to combat smuggling and disrupt the activities of organised crime," a statement from Revenue said.

"With responsibility for Ireland’s border control, Revenue will continue this work with its domestic and international law enforcement partners ensuring that Revenue continues to obstruct the activities of organised crime gangs."

In total, it cost €16,841,193 to maintain and berth the MV Matthew since September 2023.

The costs included:

• Berthing, including moving the vessel: €3,894,678; 
• Maintenance: €7,388,825; 
• Crewing: €5,387,874; 
• Other non-maintenance costs, including forensic extraction, registration and regulatory requirements, and survey work: €169,816