Swan Hellenic preparing to acquire SH Vega at auction from Helsinki ShipyardSwan Hellenic preparing to acquire SH Vega at auction from Helsinki Shipyard

SH Vega was going to be owned by GTLK and chartered to Swan but as a consequence of Russia sanctions in April, the company defaulted on ship payments. GTLK is also prevented from taking delivery as all its assets are frozen in the EU. 

Due process 

Swan Hellenic CEO Andrea Zito told Seatrade Cruise News the brand will ‘secure control of the vessel’ and putting it out to tender is ‘due process’ resulting from GTLK defaulting. A company  spokesperson said ‘the tender process is in progress and will be completed soon.

Swan Hellenic, as a priority buyer, has already submitted a bid and is at an advanced stage of preparing the documents for transfer of the SH Vega title, and is ready to take full control at the completion of the tender, he said.

The company could not immediately provide an update on an infusion of fresh equity, which Zito said was under way in May. 

But it said plans to acquire SH Minerva and 2023 newbuild SH Diana are still in place. Swan has requested authorisation from the Irish authorities to purchase SH Minerva, since GTLK is the registered owner. ‘The purchase of SH Minerva will be carried out once this authorisation is granted,’ Zito reaffirmed.  

Swan Hellenic also is taking steps to purchase SH Diana from Helsinki Shipyard on its completion in February 2023.

Arctic sailings going ahead as planned

Swan Hellenic is not expecting any change to SH Vega’s itinerary, with the vessel due to set sail July 20 from Trömso, Norway as part of its inaugural Arctic season.