Swan Hellenic has cancelled a 31-night Antarctica cruise which was scheduled to depart next week as the line looks to take ownership of the ship that was due to operate it.

In a statement, the line, which relaunched in July 2020, outlined plans to acquire the GTLK subsidiary company which is currently the registered owner of the 152-passenger SH Minerva vessel.

SH Minerva was set to operate the Ultimate Antarctica Adventure itinerary departing from Ushuaia, Argentina, on February 7 that was priced from £21,973.

Swan Hellenic originally contracted with Helsinki Shipyard to build three luxury expedition ships which were being financed by GTLK.

But following Russian invasion of Ukraine last year, sanctions were imposed on the Russian-owned leasing firm GTLK which meant it was unable to make payments on the ships under construction.

However, on Monday (January 30), the line said it had identified a legal mechanism that allows it to take ownership of SH Minerva.

“The necessary application was finalised some weeks ago and has already been submitted,” the line said.

“Approval of the transaction is expected to take two to three weeks. Pending the issue of this license by the Central Bank of Ireland, Swan Hellenic has decided to postpone the reactivation of SH Minerva.

“The 31-night cruise of Antarctica scheduled to depart on February 7 has therefore regrettably been cancelled.”

Helsinki Shipyard, where SH Minerva was built, has also conducted tender processes for SH Vega and SH Diana, which is due to enter service on April 15.