Swan Hellenic plans to buy its SH Vega from Helsinki Shipyard via the auction process, according to a statement from the cruise line.

The shipyard recently announced it would auction the ship off, which was built for Swan Hellenic.

“As consequence of the (Russian) sanctions in April,  the leasing company GTLK Europe defaulted on the payments as per newbuilding contract of NB 517 SH Vega. Moreover, as all assets belonging to GTLK should be frozen in EU, GTLK will not be able to take the delivery of the ship,” Swan Hellenic said in a statement.

“In view of GTLK 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, SH as a priority buyer has already submitted the bid and is at advanced stage of preparing the documents for transfer of the title on SH Vega and is ready to take full control over the vessel at the completion of the tender.”

Swan Hellenic said it expects no change of plans for its inaugural season and it plans to start cruising with the 152-guest Vega on July 20 from Tromso.