Ghassan Ghandour’s Hermes Marine Management said it will seek compensation from Phoenix Tankers for cancelling a planned VLCC transaction between the two companies last month.
As TradeWinds reported at the time, Phoenix went back on a deal to sell the 302,000-dwt VLCC Phoenix Vanguard (built 2007).
An executive of Singapore-based Phoenix declined to comment on the matter at the time, but a market source told TradeWinds that the sale fell through because the buyer handed over only a 10% down payment of $3.87m.
As Hermes failed to pay the remaining amount, Phoenix’s parent company MOL pocketed the down payment and cancelled the agreement.
The company has since circulated the vessel on the market again. Brokers say current talks about the ship are at around the level of $41m. VesselsValue estimates it could be worth even more, around $44.2m.
In a statement sent to TradeWinds this week, a senior Hermes executive disputes that Phoenix Tankers had a right to cancel the MoA and pocket the “partial payment of the purchase price”.
“Buyers have substantial claims against the sellers (and the ship) for what buyers believe was a wrongful repudiation/failure to deliver the ship,” the company’s statement said.
Hermes “will forcefully pursue” the matter in London arbitration “and also take necessary action to obtain security for such claims from [the] sellers and/or the ship or any other associated vessel,” it added.
Phoenix Tankers was contacted for comment on the claims by Hermes but unable to respond before press time.
Gary Dixon and Adam Corbett contributed to this article
