Tradewind Voyages has decided to cancel all remaining planned voyages up to October 2023 as it continues to “realign its business and financing structure”.

The tall-ship line announced a month ago that sailings until October 2022 had been axed and warned of further cancellations amid the sanctioning of its major credit bank VTB Germany, which is based in Russia.

Now Tradewind has confirmed further cancellations by the ship Golden Horizon and said all affected guest deposits would be automatically refunded from the company’s trust account over the next 12 weeks.

In a statement, Tradewind said: “We have taken the decision to cancel all our remaining planned voyages and continue to refund guest deposits from the company trust account, so as not to not impact any of our booked guests further, while we restructure the business.

“Both Tradewind Voyages and [Tradewind’s owners] DIV Group continue to review every opportunity to reinstate Golden Horizon back to full service and will update guests and trade on our progress as developments are confirmed.

“On behalf of the team at Tradewind Voyages, we would like to take this opportunity to thank all our guests and trade partners for their understating, support, and patience during this time your continued assistance is very much appreciated.”

The Croatian Business Council says it has chartered Golden Horizon for the Fifa World Cup in Qatar this year.

The non-profit organisation aims to “promote business, economic, trade and cultural relationships between the Republic of Croatia and the State of Qatar”