Swan Hellenic Regains Ship After Long Legal Battle Over Russian Sanctions

After a prolonged three-year legal struggle, expedition cruise line Swan Hellenic has successfully regained its flagship vessel, the SH Minerva. The ship had been stranded in Uruguay since spring 2022 due to sanctions imposed on Russian companies following the invasion of Ukraine. CEO Andrea Zito expressed immense pride in announcing the completion of the deal that finally frees the ship.

Legal Challenges and Resolution

The SH Minerva, delivered in 2021 and built at the Helsinki Shipyard, was the first of three vessels intended to revive the iconic Swan Hellenic brand, known for its pioneering expeditions since the 1950s. The ship was financed through a leasing agreement with an Irish subsidiary of the Russian financial firm GTLK. However, after the onset of sanctions related to the Ukraine conflict, Swan Hellenic found itself unable to make lease payments or purchase the ship due to the complex legal structure of the deal.

Similar challenges were faced by Norway’s Havila, which also had ships financed by GTLK. While Havila managed to refinance its fleet in July 2023, Swan Hellenic endured two additional years of legal complications. In March 2022, the company expressed its intent to acquire the leasing companies, but this effort was also hindered by the sanctions. To resolve the situation for its other two ships, the Helsinki Shipyard declared the construction agreements void and auctioned the incomplete vessels, allowing Swan Hellenic to proceed with their acquisition.

KPI OceanConnect and Uni-Tankers collaborate on successful biofuel trial

The situation regarding the SH Minerva became even more complicated in May 2023 when the GTLK subsidiary was declared insolvent. Following extensive negotiations, the liquidators overseeing GTLK Europe confirmed compliance with all applicable sanctions, paving the way for Swan Hellenic to acquire the cruise ship. The transaction was finalized on July 25, funded by shareholders.

Future Plans for SH Minerva

Currently docked in Fray Bentos, Uruguay, the SH Minerva will undergo routine maintenance and preparations for its anticipated return to service in November 2025. The ship has been in Uruguay since completing its Antarctic cruise season in April 2022. Meanwhile, Swan Hellenic has continued operations with its sister ship, the SH Vega, launched in July 2022, and the larger SH Diana, which debuted in April 2023.

The SH Minerva is classified as a Polar Code PC 5 expedition cruise ship, featuring an ice-strengthened hull and accommodating 152 passengers across 76 suites. Swan Hellenic plans to have all three of its ships operational for the 2025-2026 Antarctic cruise season. Additionally, in March 2026, the SH Minerva will embark on the company’s inaugural Asia-Pacific season, with itineraries including the Solomon Islands, Papua New Guinea, Raja Ampat in Indonesia, the Philippines, and Japan.