Seized ship off Cork's coast has cost State €13.6m to date

Revenue has said that completing work to facilitate the removal of the MV Matthew from Cork Harbour is a “key priority”, as the State’s tax authority published its 2025 annual report.

The MV Matthew was seized by elite army rangers off the Cork coast in September 2023, with €157m worth of cocaine on board. It has cost the State more than €13.6m as it remains in the harbour, including €3.3m for berthing, €5.7m for maintenance, and €4.6m for crewing.

Revenue said the removal of the ship is being prioritised this year. It has completed all registration of title requirements from Panama, and was due to have a survey and report carried out to obtain certification for the departure of the vessel from Cork, with the ship eventually likely to be removed to a “recycling yard”.

“At this juncture, it is intended to apply for a single voyage exemption to the Panamanian authorities, and to have the vessel towed to a recognised shipyard facility,” said the Revenue report.

“We have engaged a classification company, recognised by the flag state, to undertake a class survey to obtain the necessary certification for departure of the vessel.

“Certain remedial works are also being carried out to facilitate the ship’s departure. These works are estimated to be completed in the coming weeks.” Overall, expenditure on the administration and collection of taxes and duties and frontier management by Revenue amounted to approximately €625.1m over 2025.

The Revenue 2025 Annual Report showed total gross receipts were €157bn — up almost 3% on 2024 — which included €34.9bn collected on behalf of other government departments, agencies, and other EU member states.

Net tax receipts were €106.5bn.