Swan Hellenic acquires SH Vega from Helsinki Shipyard in auction

Swan Hellenic acquires SH Vega from Helsinki Shipyard in auction

Swan Hellenic

SH Vega was sold by auction after the originally intended owner, GTLK Europe, defaulted on payment

Swan Hellenic has acquired its first ship, SH Vega, from Helsinki Shipyard in an auction triggered by sanctions imposed on leasing company and originally intended owner GTLK Europe.

The vessel was originally intended to be leased by GTLK Europe to Swan Hellenic, but sanctions imposed by the European Union on the company due to its links with Russia resulted in it defaulting on its payment for the vessel.

Helsinki Shipyard then exercised the right to sell the ship by tender, according to the terms of the shipbuilding contract. The auction ended on 24 June, with Swan Hellenic being declared the winner after an analysis of the bids submitted.

SH Vega will now be delivered to Swan Hellenic once registry has been completed in The Bahamas, making it the sole owner of the ship. It will then begin operating in the Arctic as scheduled from 20 July.

"We are happy to have secured SH Vega, a Polar Class 5 vessel with state-of-the-art ship technology and sustainability that will enter service as planned in July,” said Andrea Zito, CEO of Swan Hellenic. “We look forward to welcoming our guests onboard SH Vega to experience our cultural expedition cruises in sophisticated elegance, commencing on 20 July from Tromsø, Norway.”

Share this story

Alex Smith
By Alex Smith
28 June 2022

Theme picker