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Sale of tanker fell through

The Greek Hermes Marine Management had signed a memorandum of agreement (MoA) to buy the 'Phoenix Vanguard' for 38.7 million U.S. dollars, but the sale fell through because the buyer handed over only a 10 percent down payment. When Hermes Marine Management failed to pay the remaining amount, the parent company of the 'Phoenix Vanguard'. MOL pocketed the 3.87 million U.S. dollars down payment and cancelled the sale agreement. The MoA, signed between Gamma One Shipping Company and Phoenix Tankers on Jul 8, 2019, stated that the vessel would be delivered to the buyer by Oct 20, according to the arrest order from the Gujarat High Court. Gamma One Shipping Company claimed in court papers that Phoenix Tankers wrongfully terminated the MoA on Oct 16 and misappropriated the down payment. The tanker has been under arrest at Sikka since Nov 28, after Gamma One Shipping Company, the Marshall Islands-registered entity that tried to buy the tanker earlier this year, filed an application to arrest the vessel in the High Court of Gujarat at Ahmedabad, India. Gamma One Shipping Company has claimed that Phoenix Tankers, the registered owners of 'Phoenix Vanguard', which pocketed the deposit, has wrongfully terminated a sale agreement.

Sold

to Lebanese Hermes Marine Management for a price of USD 38,75 mill.