Legal battle over SH Minerva continues as vessel enters a third year in limbo

The cruise ship, built at Helsinki Shipyard, was delivered at the end of 2021, shortly before the outbreak of the Russia-Ukraine crisis, and leased to European operator, Swan Hellenic Cruises (SHC), through a complex leasing structure involving European subsidiaries of the Russian leasing giant GTLK through the single purpose vehicle, STLC Europe Nine Leasing Ltd.

Laid up in South America

Sanctions against the parent company led to the vessel being laid up since mid-2022 and SH Minerva has been kept in the vicinity of Montevideo since completing the 2021/22 Antarctica season, pending resolution of its ownership.

Swan Hellenic’s attempt to buy vessel

Reportedly, Swan Hellenic has pursued multiple legal avenues to either acquire the vessel or resume operations, as sanctions had prevented the payment of charter fees. This included judicial proceedings in Ireland, where the operator sought permission to purchase the vessel.

The situation became even more complicated when liquidators  took control of the parent leasing entity in mid-2023. Since then, informal dialogues between the parties have continued, with both sides exploring various possibilities around the vessel’s future.

Vessel’s future unclear

The outcome of these negotiations remains unclear, as does the vessel's future. 

Recent motions filed in the High Court of Justice indicate that attempts for an amicable solution have been challenging, leading to litigation. The absence of official statements in the media leaves hope that the door remains open for further discussions.

Seatrade Cruise News contacted Andrea Zito, CEO at Swan Hellenic but he declined to comment on the matter at this time.

What once seemed close to resolution now resembles an ongoing saga, with legal battles expected to continue, possibly shifting to courtrooms in other jurisdictions.