A notorious drug-smuggling cargo ship that drained roughly €17 million in taxpayer funds since its dramatic seizure three years ago was officially sold for a single dollar and departed Cork Harbour on Friday, July 17, 2026. Revenue officials confirmed the massive vessel was transferred to an international shipping firm for a “nominal” one-dollar fee, finally cutting off the skyrocketing maintenance costs borne by the State.
The MV Matthew was originally intercepted in September 2023 during a high-stakes, multi-agency operation that yielded the largest cocaine bust in Irish history—a staggering 2.2 tonnes of narcotics valued at €157 million.
Backed by the elite Army Ranger Wing, the raid saw Revenue officials secure the vessel while An Garda Síochána tracked down and arrested eight cartel operatives. This included six of the ship’s crew and two men who manned a “daughter vessel,” the Castlemore, which foundered and sank off the Wexford coast during the operation.
The legal fallout culminated at the Central Criminal Court on July 4, 2025, where all eight men were found guilty and handed heavy prison sentences ranging from 13.5 to 20 years.
Ending its prolonged detention in Co. Cork, the bulk carrier was finally towed from the harbour on Friday. It is understood the ship will head to Varna, Bulgaria, under a single-voyage “dead ship tow” exemption to be completely refitted for future use as a bulk grain carrier on the Black Sea.
Reflecting on the scale of the enforcement action, a Revenue spokesman stated that detaining the vessel was “without precedent” in Ireland, adding that it had “significantly disrupted the activities of organised crime gangs.” He noted that while the upkeep fees were highly significant, the historic seizure represented an unprecedented, internationally recognized outcome in the fight against organized crime.
Because no one claimed ownership of the vessel following its raid, the State was forced to shoulder the massive storage, repair, and security bills. Any plans for disposing of the ship were legally frozen until December 2024, as the massive carrier had to be held for vital “evidential purposes” during the criminal proceedings.
Navigating the aftermath of the historic bust proved almost as complex as the physical interception itself.
A Revenue spokesman detailed the intense bureaucratic hurdles, stating: “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 vessel’s dark history cast a long shadow over its final departure. “The process was complicated due to the vessel’s previous use as a conveyance for international drug smuggling,” the spokesperson explained. It was not until late last year that Revenue completed all registration of title requirements with the Panama Maritime Authority Ships Registry—the vessel’s Flag State—allowing them to clear the ship’s record for its new buyers.
The spokesperson emphasized that clearing these hurdles “could only be achieved through ongoing engagement with international parties to resolve the complex issues that presented.”
The staggering financial hangover of the cartel bust is now moving to the political stage. Fianna Fáil TD Séamus McGrath announced he plans to directly raise the unrecoverable upkeep costs with Tánaiste and Minister for Finance Simon Harris. The move follows a grim briefing from Revenue Chairman Niall Cody, who confirmed to McGrath that there is virtually zero chance of the State ever recouping the millions spent maintaining the MV Matthew.
