The MV Matthew, the cargo ship at the centre of Ireland’s largest cocaine seizure, has been sold for a nominal $1 after costing the Irish State an estimated €17 million in maintenance, storage and security expenses since its seizure nearly three years ago.
Revenue officials confirmed that the vessel was transferred to an international shipping company for a symbolic one-dollar fee, bringing an end to the soaring costs of keeping the ship in Cork Harbour.
The MV Matthew was intercepted in September 2023 during a major multi-agency operation that led to the seizure of 2.2 tonnes of cocaine worth €157 million, the largest drug haul in Irish history.
Backed by the Army Ranger Wing, Revenue officers secured the vessel while An Garda Síochána arrested eight cartel operatives, including six crew members aboard the MV Matthew and two men on the support vessel, Castlemore, which sank off the Wexford coast during the operation.
The legal proceedings concluded on July 4, 2025, when all eight men were convicted and sentenced to prison terms ranging from 13½ to 20 years.
After remaining under detention in Cork Harbour for years, the vessel was finally towed out of the harbour on Friday, July 17, 2026. It is expected to be taken to Varna, Bulgaria, under a special “dead ship tow” exemption, where it will be completely refitted for future service as a bulk grain carrier in the Black Sea.
Revenue described the seizure and detention of the MV Matthew as without precedent in Ireland, saying the operation dealt a significant blow to organised crime networks despite the enormous cost of maintaining the vessel.
The agency explained that because no owner came forward to claim the ship after its seizure, the State was left to bear the huge maintenance, repair and security costs. Plans to dispose of the vessel were also delayed until December 2024, as it had to be preserved for evidential purposes during the criminal trial.
Revenue added that transferring the ship required extensive legal and regulatory procedures because of its previous use in international drug smuggling. The process included completing ownership registration with the Panama Maritime Authority, the vessel’s flag state, before it could be cleared for its new owners.
Meanwhile, the €17 million spent maintaining the MV Matthew has sparked political debate. Fianna Fáil TD Séamus McGrath said he would raise the issue with Tánaiste and Minister for Finance Simon Harris after Revenue Chairman Niall Cody indicated that the State is unlikely to recover the millions spent on the seized vessel.
