Tradewind Voyages has suspended sales and announced that cancellations are to be expected, following sanctions placed on its major lender.
Tradewind Voyages operates one tall ship, Golden Horizon. The line’s parent group, DIV Group, is taking financial advice after its major lender, VTB Germany, was affected by sanctions.
A spokesperson for the line explained: “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 line has placed a pause on sales, explaining that cancellations are expected and that customers will be contacted. It said deposits will be secure, as they are in a trust fund.
The spokesperson said: “It’s a very unfortunate situation we are in, where our owning group’s major lender has been impacted by sanctions.
“The decision to pause sales 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.”