Gemini Auction Set for November 18 as DenizBank Fails to Lift Bid

The auction of the 1992-built cruise ship Gemini has been rescheduled to November 18, 2026, after Turkish lender DenizBank challenged the vessel's court-set opening bid of 3,805,462 euros as far below market value.

Greek authorities arrested the ship earlier this year to cover debts of its former owner and operator, Miray Cruises. According to financial portal New Money, a Greek court ordered the sale to satisfy a monetary claim of approximately 22,772 euros. Cruise Industry News previously reported the auction was initially set for late October.

Why was the auction delayed?

DenizBank filed an objection with the Single-Member Court of First Instance of Piraeus, contesting both the asking price and other particulars of the process. The bank asked to raise the opening bid to 14 million euros, arguing the court's assessment of the ship falls substantially short of its actual market value.

DenizBank said authorities had fixed the bid based on the vessel's scrap value, treating the ship as unworthy of repair and suitable only for scrapping. The bank countered that the vessel underwent repairs in 2025 and was laid up solely because of the shipowner's financial difficulties, not an inability to operate.

The objection also asked the court to correct the vessel's arrest report, which incorrectly stated the Gemini has two main engines rather than four.

What does the ruling change?

In a decision published in late October, the Piraeus court maintained the opening bid at 3,805,462 euros. Greek authorities emphasized that a report issued after the ship's arrest found substantial technical and operational deficiencies onboard.

The vessel arrived at its current berth with a slight list, the court said, suffering water ingress through hull openings that were not kept watertight and lacking seaworthiness certificates. The Gemini is reportedly unable to operate critical systems and has severe wastewater management problems.

While the court said these findings do not constitute a valuation of the ship, nor are sufficient to characterize it as irreparably damaged, they contradict DenizBank's claim that the vessel was inactive only due to the lack of a commercial program. The ship will not resume commercial operations after routine cleaning and limited maintenance, the ruling stated, adding that even maintaining it afloat requires technical interventions and continuous monitoring.

The court did accept DenizBank's objection on the technical description, recognizing four main engines onboard.

Who else has claims on the ship?

DenizBank asked to include its own mortgage in the proceedings against the shipowner. That mortgage secures claims of up to 50 million euros, following a 14-million-euro loan disbursed to Miray in March 2024.

Additional claims were filed by:

• insurance company Hydor AS
• Sea Land Services
• 31 former crew members of the Gemini

What was the ship's commercial history?

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 Turkish ports, the vessel operated summer short cruises to the Greek Islands between 2021 and 2025.

Miray had planned to expand operations in 2026 with new itineraries to the Black Sea. The company cancelled those plans due to financial problems.

After months anchored in the Bay of Karystos, the vessel was towed by Greek authorities to Elefsis in June 2026. The auction now proceeds on November 18 with the original 3,805,462-euro opening price intact, leaving DenizBank and other creditors to recover claims from a sale priced at scrap value.