The auction of the Gemini has been moved to November 18, 2026, according to the financial and business news portal New Money.
Arrested by Greek authorities earlier this year, the 1992-built ship is being sold to cover debts of its former owner and operator, Miray Cruises.
As reported by Cruise Industry News, the auction was initially scheduled to take place in late October, with an opening bid price of 3,805,462 euros.
The sale was reportedly ordered by a Greek court to cover a monetary claim of approximately 22,772 euros.
New Money reported that the auction was postponed due to an objection filed by DenizBank with the Single-Member Court of First Instance of Piraeus.
The website stated that the Turkish bank opposed the initial auction, raising concerns about the asking price and other particulars of the process.
The financial entity reportedly asked to increase the opening bid price to 14 million euros, arguing that the Greek Court’s assessment of the ship substantially falls short of its actual market value.
DenizBank said that authorities fixed the bid based on the vessel’s scrap value, considering that it was unworthy of repair and suitable only for scrapping.
The bank argued, however, that the ship underwent repairs in 2025 and was only laid up due to the shipowner’s financial difficulties, not due to an inability to operate.
The objection also asked for a correction of the vessel’s arrest report, claiming that it incorrectly stated that the Gemini has two main engines instead of four.
DenizBank asked for the inclusion of its own mortgage in the process against the shipowner, noting that its mortgage secures claims of up to 50 million euros, following a 14-million-euro loan disbursed to Miray in March 2024.
The insurance company Hydor AS and Sea Land Services, as well as 31 former crew members of the Gemini, filed additional claims in the proceedings.
The Single-Member Court of First Instance of Piraeus addressed these concerns in a decision published in late October, which maintained the opening bid price of 3,805,462 euros.
New Money reported that the Greek authorities emphasized that a report issued following the ship’s arrest found substantial technical and operational deficiencies onboard.
The court argued that the vessel arrived at the pier where it is currently docked with a slight list, suffering from water ingress through hull openings that were not kept watertight and lacking seaworthiness certificates.
The Gemini is reportedly unable to operate critical systems and also has severe wastewater management problems.
According to the authorities, while these findings do not constitute an assessment of the value of the ship nor are sufficient to characterize it as irreparably damaged, they contradict DenizBank’s claims that the vessel was only inactive due to the lack of a commercial program.
The court said that the ship will not be ready to resume commercial operations after routine cleaning and limited maintenance, claiming that even maintaining it afloat requires technical interventions and continuous monitoring.
The ruling, however, accepted DenizBank’s objection regarding the vessel’s technical description, recognizing that there are four main engines onboard.
Originally built in Spain in the early 1990s, the Gemini was acquired by Miray Cruises in 2020 for itineraries in the Eastern Mediterranean.
Sailing from ports in Turkey, the vessel offered summer short cruises to the Greek Islands between 2021 and 2025.
While Miray was planning to expand its operations in 2026 with the introduction of new itineraries to the Black Sea, the operations were cancelled due to financial problems.
After spending months anchored in the Bay of Karystos, the vessel was towed by Greek authorities to Elefsis in June 2026.
