Drug ship MV Matthew - sold for $1 – could have been worth almost $4m in scrap metal

The cocaine mothership MV Matthew, which was sold for after costing the State almost €17m to maintain and berth, could have been worth up to $3.9m (€3.36m) in scrap metal, according to a proposal document which was prepared by a British firm — but never presented to Revenue.

The Panamanian-registered MV Matthew was at the centre of the State’s record cocaine seizure in September 2023.

The 2.25-tonne seizure, valued at €157m, was also the largest in Europe that year.

The vessel, which was owned by a Dubai-based company, was boarded at gunpoint by the army ranger wing off the Cork coast in September 2023.

Last month, Revenue confirmed that an international shipping company acquired the ship for a nominal consideration of $1, with an agreement to tow the vessel to Varna in Bulgaria by way of a dead ship tow.

However, British-based firm BLK Global, described as a marketplace for commodities and raw materials, had prepared an alternative option for the MV Matthew, which, based on the value of scrap metal and the ship’s tonnage, would have netted the State up to $3.9m.

The company also proposed reactivating the ship for the Indian rice routes to East Africa, which could have seen it earning $5m-$7m per year, which BLK said would have the potential to offset the State’s outlay.

However, BLK chief Gabriele Dado told The Echo that his company had only become aware the ship was to be sold in March and had been unable to make contact with Revenue. 

He said his company’s presentation was based on publicly available information and would have required a deeper survey of the ship.

A spokesperson for Revenue said that “while an e-mail was received on 7 of April 2026 requesting a meeting for an initial discussion, contracts with the proposed acquirer of the vessel were then at the closure stage”.

Asked about the scrappage amount, Revenue said that it had “examined recycling/scrapping options in considering disposal options for the vessel”.

“Disposing of the vessel for scrappage would have increased costs to comply with additional regulatory requirements and would have further extended the timeline for the vessel departing the Port of Cork.”

Eight men — six from the MV Matthew and two who crewed the daughter vessel, the Castlemore, which sank off Wexford — were convicted at the Central Criminal Court and, on July 4, 2025, and sentenced to prison terms ranging from 13-and-a-half years to 20 years.

The eight received combined sentences totalling 129 years’ imprisonment.

The vessel, which had been berthed in Cork since its seizure, was costing an average of €120,000 per week to maintain.

Revenue said that, in December 2025, it completed all registration of title requirements with the Panama Maritime Authority Ships Registry, the vessel’s flag state. 

This enabled Revenue to enter into an agreement with a buyer and progress the vessel’s departure.

In total, it cost €16,841,193 to maintain and berth the MV Matthew since September 2023. 

The costs included berthing, including moving the vessel, costs of €3,894,678, maintenance of €7,388,825, crewing of €5,387,874, and other non-maintenance costs, including forensic extraction, registration and regulatory requirements, and survey work of €169,816.