Tradewind Voyages has put a hiatus on taking new bookings because its parent company’s lender has been placed on sanctions as a result of Russia’s invasion of Ukraine.
DIV Group borrows money from VTB Bank (Europe) SE, which is based in Frankfurt, Germany, and regulated by Germany’s Federal Financial Supervisory Authority.
But the lender’s headquarters are based in Moscow, Russia.
“Tradewind Voyages and its owning group DIV Group are currently taking financial advice as they have been impacted by sanctions placed on its major lender VTB bank, Germany,” the cruise ship owner said in a statement.
“As an interim measure Tradewind Voyages has placed a pause on its voyage sales, while it continues to work through this process.”
TradeWind Voyages — which has no connection to TradeWinds newspaper — charters one luxury cruise ship: the 272-berth Golden Horizon (built 2017).
The vessel, which was built to the design of a traditional five-masted, square-rigged sailing ship by Croatian shipbuilder Brodosplit, sails the Mediterranean Sea and the Caribbean.
Brodosplit initially built the ship for Star Clippers but then took ownership of it after getting into a dispute with the Miami-based owner of three sail-powered passenger ships.
The ship did not begin making voyages until last year when Tradewind Voyages began chartering it for its itineraries.
Tradewind Voyages said it expects to cancel some trips but did not specify which ones may get called off while its major lender faces sanctions.
“Customers will be contacted with updated information. Customer deposits remain secure as they are placed in a trust fund,” the company said.
Tradewind Group is exploring every option to rectify the problem so that it can start booking cruises again, chief executive Alan McGrory said.
“The decision to pause sale on voyages is a difficult one, but the right thing to do currently,” he said.
“The Tradewind Voyages senior team continue to work with DIV Group and its external advisors to address the situation as soon as possible.”
Stuart McQuaker resigned as Tradewind Voyages’ first chief executive in May 2021.
