Tradewind Voyages has suspended sailings until October as it continues to "restructure its operations and financing" after sanctions were imposed on its main lender, Russia-based bank VTB Germany. The tall ship line suspended cruise sales last month and warned the trade and passengers to "expect" cruise cancellations.

DIV Group - owners of Tradewind - and the line confirmed at the time that they were receiving financial advice after sanctions were imposed against VTB Germany.

In a letter sent on Monday (July 25), Tradewind wrote: “We have taken the difficult decision to cancel our current trips until October while we work on the financial restructuring of the company.

"We can appreciate our guests' disappointment in canceling their trip, a decision that was not taken lightly, but is necessary at this time."

The notice was also published on Tradewind's website.

Affected passengers will automatically be issued a refund from Tradewind's trust account, the line said, adding that "no further action is required" from customers.

"We are continuing to work with our trust account during this time to ensure a smooth and timely refund process for guests," it said.

"We sincerely apologize to all our guests for any inconvenience this decision may cause."

The line has been hit by a series of setbacks, including choosing to cancel the 2021-22 winter season amid concerns over Covid restrictions in the Caribbean and the first Golden Horizon vessel being "arrested" in Dover following a financial dispute.