Can Funchal, the 65-year-old liner, escape the scrapyard at $921,000?
The 9,842 GT classic liner, built in 1961, faces a sealed-bid auction with a minimum price of 802,354 euros ($921,000).
The Funchal, a 65-year-old passenger liner with a storied past, faces an uncertain future as it goes under the hammer in a sealed-bid auction. Once a symbol of Portugal’s maritime heritage, the ship is now at risk of being sold for scrap after its owner, Teamson, filed for insolvency.
Built in 1961 at Denmark’s Elsinore shipyard, the 9,842 gross ton vessel was the largest ship constructed in the country at the time. Commissioned by Portuguese shipping company Empresa Insulana de Navegacao, it was designed to replace an aging 1907-built liner, serving routes between Portugal, Madeira, the Azores, and the Canary Islands. The ship carried passengers, cargo, and mail, embodying the era when ocean liners were the primary means of transatlantic travel.
During its early years, the Funchal played a prominent role in Portuguese history. It served as the presidential yacht for Américo de Deus Rodrigues Tomás, the country’s authoritarian leader, and in 1972, it transported the remains of Dom Pedro I, Brazil’s first emperor, back to Brazil to mark the 150th anniversary of the nation’s independence.
The shift from liner to cruise ship: Funchal
By the early 1970s, air travel had diminished demand for passenger liner services, forcing the Funchal to adapt. In 1972, it underwent a major overhaul, replacing its original steam engines with diesel motors and converting its passenger spaces to accommodate 400 guests. The refit allowed the ship to transition into the cruise industry, where it operated under Greek ownership as the flagship of Classic International Cruises.
Despite its new role, the Funchal retained its classic silhouette and historical significance. However, its latest chapter has been marked by financial turmoil. Acquired in 2021 by American cryptocurrency entrepreneur Brock Pierce for approximately 1.6 million euros, the ship’s last owners, Teamson, declared insolvency, leading to its current auction.
A final bid to save a maritime icon
The Madeira Judicial Court has set a minimum bid of 802,354 euros ($921,000), a price that reflects the ship’s stripped interiors and limited operational prospects. Potential buyers have until September 30, 2026 to submit sealed bids, which will be opened on October 9. The insolvency administrator has clarified that the successful bidder will take ownership free of debts but will assume all future expenses immediately.
While the auction price suggests the Funchal may be destined for the scrapyard, shipping enthusiasts and members of the Portuguese community are making a last-ditch effort to preserve the vessel. The ship’s historical value and potential as a floating museum or hotel have sparked calls for its rescue, though its age and condition present significant challenges.
The outcome of the auction will determine whether the Funchal sails again—or becomes another lost relic of maritime history.
Sign up free to ask CAMAL AI for a summary, the key points or anything else about this story.
Related stories
CAMAL AI
Financial Ports Newsletter
The maritime economy, every morning
Ports, shipping and freight markets in one short email. Free.
