A Greek shipowner was reportedly the winning bidder for the Funchal, which was auctioned in Portugal earlier this month.

Last operated by Portuscale Cruises, the 1961-built ship is currently docked in Portugal, where it has spent most of the past decade.

According to Correio da Manhã, the new owner acquired the vessel with an offer of just above the minimum asking bid of 802,354 euros.

While further details were not revealed at press time, the Portuguese newspaper said that the shipowner owns shipyards in Greece, including dismantling and repair facilities.

Financial news source Jornal de Negócios reported that two international companies placed bids for the ship, adding that a Greek shipowner had the better offer.

However, other sources, including JM, point to the 9,845-ton ship being acquired by a Turkish scrapping company.

The Madeira Island-based newspaper reported that the vessel will be dismantled in Aliaga, like its former fleet mates Princess Danae and Arion.

In a similar situation, the two ships were also operated by Portuscale Cruises before being auctioned by Portuguese authorities.

Both ended up scrapped at the Aliaga Shipbreaking yard, with the Princess Danae beached in 2015 and the Arion in 2018.

One of the oldest cruise ships still in existence, the Funchal was originally built to link Portugal to its islands in the Atlantic.

As previously reported by Cruise Industry News, the 402-passenger vessel was being auctioned to settle debt of its last owner, Teamson Lda.

Now undergoing an insolvency process, the Portugal-based company planned to transform the ship into a stationary hotel.

The Funchal entered drydock to be prepared for its new role, with asbestos and other hazardous materials removed from its internal areas.

Auctioneers said while the project was left unfinished, the vessel is now asbestos-free and was licensed for hotel activities.