Tradewind Voyages has cancelled all cruises on its tall ship Golden Horizon until October after sanctions were imposed on its Russian-based financier.

The one-ship cruise line said it ‘continues to realign its business and financing restructure’.

In a statement on its website it said: “We have taken the difficult decision to cancel our current voyages till October, as we work through the company financial restructure.

“We can appreciate our guest’s disappointment regarding the voyage cancelations, a decision that has not been taken lightly, but required at this time.

“Given the circumstances we will be issuing a refund of guest payments from our trust account. This will automatically be returned to the original form of payment method, provided at the time of the reservation.”

Today’s announcement follows the cancellation last winter of Golden Horizon’s first Caribbean season.

The ship was showcased to UK agents last summer, but it was then temporarily arrested at Dover after it was apparently caught up in a financial dispute between the shipyard and it’s original intended owners Star Clippers.