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Value of seized ship’ plummets as storage costs soar

The State proceedings from the planned sale of the 'Matthew' were set to be largely wiped out by the costs of maintaining the vessel over the past 14 months. The bulk carrier was seized on Sep 26, 2023 after a drug interdiction operation by the Naval Service, Gardaí, Army Ranger Wing, Air Corps and Revenue Commissioners. While initially valued at €9.5m, the freighter has depreciated in value since then, while the Revenue Commissioners confirmed that protection and maintenance of the vessel has cost the State €5.3m to the end of September. For the past 14 months, the ship has been berthed between Marino Point and Passage West in Cork, pending the conclusion of ongoing court proceedings, under the provisions of the Customs Act, 2015.. Eight men are due to face trial before the Special Criminal Court in Jan 2025 over the seizure. The plan is to dispose of the vessel, most likely by public auction. The vessel is now forfeit to the Revenue Commissioners. A number of individuals are the subject of legal proceedings being taken by An Garda Síochána and the 'Matthew 'is an exhibit in those proceedings and remains under the care and management of Revenue, as the seizing authority. Protecting and maintaining the 'Matthew' is costing the State €380,000 per month. Generators have to be regularly operated to keep the ship in operational status. For maintenance reasons, the ship cannot be fully shut down, even though this would reduce costs. Once all prosecutions arising from the seizure are concluded, the State will seek a court order to allow the 2.2 tonnes of drugs to be destroyed by incineration. Gardaí have liaised with police in the United Arab Emirates, United States, China, the UK, Spain and the Caribbean over the bulk carrier and its movements in the weeks before its seizure off the Irish coast.

Seized vessel in Cork has cost the State €5.3 million over the past 12 months

The care and maintenance of the alleged drug trafficking 'Matthew' in Cork has cost the State €5.3 million over the past 12 months. The bulk carrier was seize following a dramatic inter-agency operation, involving members of the Army Ranger wing, off the south east coast. Gardaí and Revenue Customs officers found 2.2 tonnes of cocaine worth an estimated €157 million. Under the provisions of the Customs Act 2015, the ship was seized by an Officer of Customs on OIct 19 following the alleged seizure of drugs on board.Since its seizure, the ship has remained tied up at the Port of Cork's Marino Point berth, shifting occasionally to Passage West to facilitate other ship deliveries. In June, eight men charged in connection with the seizure were given a trial date of Jan 13, 2025 at the Special Criminal Court. The vessel is now forfeit to the Revenue Commissioners. It is the Revenue's intention to dispose of the vessel as soon as the legal position allows.

Woman arrested during investigation

A woman was arrested by Gardaí in Dublin as part of a joint investigation being carried out alongside the PSNI into the seizure of cocaine on the 'Matthew' off the Cork coast. The woman in her thirties can be detained for up to seven days. The seizure of €157m of cocaine on Sep 26 was the largest amount of the drug ever discovered by authorities in Ireland. Gardaí are continuing their investigations into the seizure and carried out a cross border operation involving searches in both the North and the Republic on Dec 5. The woman was detained at a Garda Station in the Dublin Region. Investigating officers carried out searches in Newry and seized a number of items including a vehicle and a several phones. The 'Matthew' remained stationary in Cork as of Dec 6.