Madeira court orders sealed-bid sale of cruise ship Funchal

The Madeira Judicial Court has ordered the cruise ship Funchal to be sold by sealed-bid auction as part of Teamson’s liquidation. Prospective buyers were permitted to inspect the vessel on September 18, with bids due September 30 and scheduled to be opened October 9.

The minimum bid was set at €802,354, reported as approximately $921,000. According to the insolvency administrator, the buyer will receive the ship without debts or encumbrances but will become responsible for its expenses immediately.

The administrator said Funchal’s interiors had been stripped of asbestos and other hazardous materials before work ceased. The previous owners had also secured a license for the vessel to operate as a hotel on Portugal’s Tagus River.

Built in 1961, Funchal entered service that November with capacity for 80 First Class and 320 Tourist Class passengers. Portuguese entrepreneur Rui Alegre acquired the ship and other classic vessels in 2013 to establish Portuscale Cruises. Funchal returned to service that fall, but the company stopped operating by the end of 2015. The ship was subsequently laid up in Lisbon and reportedly has not sailed since. Media reports also said its 10-member caretaker crew had gone unpaid for 25 months.