Tradewind Voyages, the UK-based operator of the tall-sail ship Golden Horizon, canceled all sailings through October 2022 as it pursues a restructuring, the company revealed.
Tradewind said it was realigning its business and financing structure due to EU sanctions against Russian entities that had impacted its lender in Germany.
Tradewind and the shipowner DIV Group Ltd were taking financial advice after they had been impacted by sanctions placed on Germany-based VTB Bank. While the company has been dealing with VTB, the Group's headquarters are in Russia.
Passengers will be issued a full refund from the trust account of the cruise line, Tradewind said.
The decision comes a month after Tradewind suspended new bookings for Golden Horizon, the 140-cabin vessel that is currently ranked the world's largest square-rigged sailing ship.
DIV Group is Croatia-based and owns the Brodosplit shipyard that constructed the vessel which was left in its hands after the company that had ordered it, Star Clippers, didn't take delivery of the ship.
Tradewind Voyages is the ship’s operator, while DIV remains the owner.
At CruiseMapper's Golden Horizon review (page bottom) there is a table with all the originally scheduled and eventually canceled Tradewind cruises.