After years of legal limbo, SH Minerva is back in Swan Hellenic’s fleet.
In November, the vessel will join sister ships SH Vega and SH Diana in Ushuaia, Argentina, for the 2025-26 Antarctic season. In March 2026, the ship will embark on Swan Hellenic’s first Asia-Pacific season, offering voyages to the Solomon Islands, Papua New Guinea, Raja Ampat, Indonesia, the Philippines and Japan.
“We’re delighted to welcome back our flagship SH Minerva,” says Andrea Zito, chief executive officer of Swan Hellenic. “A symbol of Swan Hellenic’s rebirth, her inaugural Asia-Pacific Season will take us to fly our flag across the globe, reaching every ocean and continent. It’s a moment of immense pride for us.”
SH Minerva was built at Helsinki Shipyard OY at the end of 2021 and chartered to Swan Hellenic by the Irish owner, STLC Europe Nine Leasing Ltd.
The parent company of STLC Europe Nine Leasing Ltd, GTLK Europe DAC, was sanctioned by the European Union, the United States and the United Kingdom in April-August 2022 due to the designation of the giant Russian leasing company PAO GTLK, which was a parent company of GTLK Europe DAC.
As a result, SH Minerva has been docked at Fray Bentos, Uruguay, since April 2022. In May 2023, GTLK Europe DAC went into liquidation. Joint Liquidators were appointed by the High Court of Ireland and PAO GTLK subsequently lost control of GTLK Europe DAC and all its subsidiaries, including STLC Europe Nine Leasing Ltd. The Joint Liquidators who now have control of GTLK Europe DAC and its subsidiaries obtained compliance of the sale of GTLK Europe DAC’s assets (including SH Minerva) with all the applicable sanctions.
After lengthy negotiations with the Joint Liquidators, Swan Hellenic reacquired SH Minerva from STLC Europe Nine Leasing Ltd in accordance with all applicable sanctions in July using shareholders’ funds.
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