A cargo ship seized during Ireland’s largest-ever cocaine seizure has been transferred to an international shipping company for a nominal fee of $1 after costing the State about €17 million to maintain and store, Revenue has confirmed.
The MV Matthew was detained in September 2023 during an operation that resulted in the seizure of 2.2 tonnes of cocaine, valued at approximately €157 million. The haul was the largest cocaine seizure recorded in Ireland.
Revenue officials detained the vessel and confiscated the drugs, while An Garda Síochána arrested six crew members and two men linked to the Castlemore, a smaller vessel that sank off the Wexford coast.
The Army Ranger Wing also took part in the operation.
Those involved were later convicted at the Central Criminal Court and sentenced on 4 July 2025 to prison terms ranging from 13 and a half years to 20 years.
Revenue described the detention of the MV Matthew as an unprecedented action in Ireland that had significantly disrupted the operations of organised crime groups.
However, authorities could not dispose of the ship immediately because it was required as evidence in the criminal proceedings. The process of removing the vessel from the Port of Cork was also complicated by legal and regulatory requirements linked to its use in international drug trafficking.
A Revenue spokesperson said the agency faced “significant regulatory and legal obligations” before the ship could leave the port.
The agency said those requirements involved continued engagement with international authorities to resolve complex issues surrounding the vessel’s registration and previous use.
As no individual or company came forward to claim ownership after the seizure, Revenue was responsible for ensuring that the ship was safely maintained.
The agency said the cost of managing, storing and maintaining the vessel eventually reached about €17 million. The expenses included essential repairs and other work required to keep the ship in a safe condition.
Revenue completed the necessary registration of title requirements with the Panama Maritime Authority Ships Registry in December 2025. The move allowed the agency to reach an agreement with an acquiring company for the vessel’s departure.
An international shipping company ultimately acquired the MV Matthew for $1 under an agreement to tow it to Varna in Bulgaria. The vessel will be transported as a dead ship tow under a single voyage exemption.
Revenue defended the decision to transfer the ship for a nominal amount despite the substantial costs incurred during its detention.
The agency said the seizure represented an internationally recognised success in the fight against organised crime, even though the subsequent detention and maintenance of the vessel created significant expenses for the State.
“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 Revenue spokesperson said.
The case highlights the complex legal and logistical challenges authorities can face when large vessels are seized as part of major international drug trafficking investigations.
