It is not possible to provide a firm timeline for the sale of a large cargo ship seized by the State as part of the country’s largest cocaine haul that is costing €110,000 per week to detain in Cork, the Revenue Commissioners said.
In a briefing document provided to the Dáil Public Accounts Committee, Revenue said that almost €13 million had been paid out in berthing and maintaining the MV Matthew in the Port of Cork since September 2023.
Revenue chairman Niall Cody will tell the committee in an opening statement at a hearing on Thursday that disposal of the vessel is a key priority for Revenue.
The briefing document prepared for the committee said the MV Matthew was a 189m bulk cargo vessel of 28,647 gross tonnage, which was detained by Revenue on September 26th, 2023, and on which 2,253kg of cocaine was found concealed following a search.
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Revenue said that detaining a vessel the size of the MV Matthew was “without precedent in this jurisdiction”.
“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,” it said.
“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,” the briefing document said.
It said that between September 2023 and the end of November 2025, berthing costs in Cork were €3.128 million. The bill for maintenance was €5.18 million while crewing costs were €4.448 million.
Revenue said in December last year that the Special Criminal Court authorised the release of the vessel, facilitating its disposal and that a broker was engaged. A bidding process was completed in January with a preferred bidder identified.
“A condition to this bid was that the matters of title would be rectified in full. To satisfy this requirement, Revenue immediately commenced engaging with the flag state, Panama, to register Revenue’s ownership of the vessel to facilitate progressing with its disposal,” it said
“This process of engagement included Revenue, Department of Foreign Affairs representatives in Dublin, London and Bogotá, Panamanian authorities in London, the Directorate of Merchant Marine in Panama City and Panamanian lawyers engaged by Revenue.”
The briefing document said the manner in which regulatory processes were conducted by the previous owner and the fact that the vessel was used for drug smuggling had caused complications for the registration process.
However, in October 2025, Panamanian authorities issued a certificate “confirming Revenue’s preliminary registration as owners of this vessel”.
“In relation to the title issues, a further complication created by the vessel’s use as conveyance for international drug smuggling was the withdrawal of classification services by the vessel’s Classification Society, a consequence of which is that the vessel’s certificates are no longer valid,” the document said.
“Revenue is taking the necessary steps to acquire certification and obtain port clearance to facilitate the departure of the vessel from Cork Harbour as soon as possible.”
Revenue was “continuing to engage with potential purchasers and considering all options for the disposal of the vessel”.
