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Tradewind Voyages suspends sales

Single ship line Tradewind Voyages is to suspend sales with cruise cancellations expected amid the impact of sanctions placed on its major lender.

The tall ship operator and its owning group DIV Group are taking financial advice as they have been impacted by sanctions placed on German-based bank VTB.

While the company has been dealing with VTB bank, Germany, its headquarters are based in Russia. 

Tradewind Voyages has placed a pause on its cruise sales “as an interim measure” while it continues to work through the process. 

“Voyage cancellations are expected, and customers will be contacted with updated information. Customer deposits remain secure as they are placed in a trust fund,” the company said.

“It’s a very unfortunate situation we are in, where our owning group’s major lender has been impacted by sanctions. 

“While we have been working with VTB Germany, its headquarters are based in Russia where the bank has been sanctioned because of the conflict between Ukraine and Russia. DIV Group continues to explore every option to rectify the issue. 

“The decision to pause sale on voyages is a difficult one, but the right thing to do currently. 

“The Tradewind Voyages senior team continue to work with DIV Group and its external advisors to address the situation as soon as possible. 

“Full contact details for travel agents and customers will be made available shortly.” 

The operator’s full launch was hit by setbacks last year including choosing to scrap its 2021-22 winter season over concerns about Covid restrictions in the Caribbean and maiden vessel Golden Horizon being ‘arrested’ in Dover following a financial dispute.

The line’s head of sales and business development manager left the just over two months before its summer season was originally due to start on July 21 from Split in Croatia.

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