SH Vega accidents and incidents

June 2022Other Incidents

On June 13, 2022, the shipbuilder Helsinki Shipyard Oy (still being the owner of the vessel/referred to as "Expedition Cruise Ship Hull No 517") published a tender announcement on its website stating that the newbuild is auctioned and will be sold to the highest bidder on July 19th.

The shipowner reserved its right to reject any and all bids. Each bidder was allowed to submit only one bid. The tender announcement also stated that "The vessel is offered for sale and will be sold "As Is" and "Where Is" without representation, warranty, or guaranty as to quantity, quality, title, character, condition, size, or kind, or that the same is in condition or fit to be used for the purpose for which intended, and no claim for any allowance or deduction upon such grounds will be considered after the bid opening or conclusion of an auction."

On June 20, Swan Hellenic announced plans to purchase SH Vega through the auction, stating "As a consequence of the (anti-Russia) sanctions in April, the leasing company GTLK Europe defaulted on the payments as per newbuilding contract of NB 517 (SH Vega). Moreover, as all GTLK assets should be frozen in EU, GTLK will not be able to take the ship's delivery. In view of GTLK's default, Helsinki Shipyard has started the due legal process of auctioning the newbuild, envisaged by the shipbuilding contract. While the tender process is in progress and will be officially completed soon, Swan Hellenic as a priority buyer has already submitted the bid and is at an advanced stage of preparing the documents for the transfer of "SH Vega" and is ready to take full control over the vessel at the completion of the tender."

The tender was online (with email-submitted bindings), with last submission date June 24th (midnight). The winner (Swan Hellenic) was revealed on June 27th.

Note: In March 2022, Swan Hellenic exercised the buyout/irrevocable purchase option for its two vessels - Minerva (March 13) and Vega (March 31) - from GTLK (ГТЛК-Государственная транспортная лизинговая компания/State Transport Leasing Company). JSC GTLK (Russia's largest leasing company) and its subsidiaries were included in the UK's and EU's sanctions list due to Russia's invasion of Ukraine. Both vessels' ownership was officially changed on March 13 (SH Minerva) and on March 31 (SH Vega).