Two containerships, formerly operated by Mediterranean Shipping Company S.A. (MSC), have been released from detention in Valletta, Malta, after nearly three years.
The vessels—MSC Bilbao and MSC Valencia, each with a capacity of 8,204 TEU—had been held since 2022 due to ties to GTLK Joint‑Stock Company (GTLK), a Russian state‑owned transportation leasing company sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
On 7 July 2025, ownership of both ships was transferred to TSC (Trans‑Shipping Company), reflagged under the names TSC Dorado and TSC London.
TSC, which includes links to Germany’s Hammonia Reederei, is not subject to Russian‑related sanctions, thereby enabling the vessels’ release.
Financial details of the transfer were not disclosed.
The TSC Dorado and TSC London are now eligible to resume commercial service.
Chartering arrangements are being evaluated, but it remains uncertain if MSC will continue operations under a time‑charter agreement or if TSC will appoint alternative liners.
Prior to detention, the vessels had been under bare‑boat charter to MSC. Earlier, Marlow Navigation and North by Northwest filed in rem claims against these vessels in Malta regarding crew wages and bunkers, respectively. In October 2024 the Maltese Court of Appeal decided on bareboat charter liability—this did not directly affect the sanctions case, but underscores legal context around vessel control and liability.
Mediterranean Shipping Company S.A. (MSC) is a privately held Swiss-based global container shipping and logistics company. It chartered MSC Bilbao and MSC Valencia under bare‑boat contracts.
GTLK JSC (State Transport Leasing Company) is a Russian state-owned enterprise specialising in leasing transport assets including ships and aircraft. Subject to sanctions under OFAC since early 2022.
Hammonia Reederei GmbH is a German ship management and shipping company; involvement in the purchase indicates a Western‑based control structure.