The Irish government has sold the MV Matthew, a ship involved in the largest drug seizure in Irish history, for just one euro after spending approximately €17 million on its maintenance and repair. The vessel, which carried 2.2 tonnes of cocaine with an estimated street value of £133.5 million, was sold to an unnamed shipping company and is being moved from Cork to Varna, Bulgaria.
Record Drug Seizure and Costs
The MV Matthew was intercepted in 2023 by Irish authorities, including elite Army Rangers who abseiled onto the vessel in dangerous weather conditions. The ship, registered in Panama, had sailed from Curaçao and crossed the Atlantic before being pursued by the Irish Naval Service. Eight crew members from countries including the Netherlands and Iran were convicted in 2025 and sentenced to a combined 121 years in prison.
Since its seizure, the ship has been docked at the Port of Cork, incurring significant costs for the Irish government. A government statement explained: "Given its size, the MV Matthew represents a significant environmental and ecological risk, as well as an economic risk to the operations of the Port of Cork, requiring it to be crewed and maintained on a continuous basis. All necessary actions for the safe and secure management of the vessel since its detention have been undertaken by Revenue. This has necessarily incurred, and continues to incur, significant costs relating to insuring and crewing of the vessel, provisioning, bunkering fuel, supplies, berthage and other port related costs, essential repairs and maintenance."
Sale for €1
Despite the €17 million spent on upkeep, the Irish government decided to sell the nearly 200-metre-long vessel for a symbolic €1 to a private shipping company. The sale has raised eyebrows, but officials justified it as a way to offload the ongoing financial burden. The new owner is currently moving the ship to Varna, Bulgaria, for refitting.
The MV Matthew's seizure marked a historic milestone in Irish law enforcement, representing the largest drug haul ever recorded in the country and one of the biggest in Europe in recent years. The operation involved multiple agencies, including the Irish Naval Service and Army Rangers, who abseiled onto the vessel during its evasive maneuvers in treacherous weather.
