A prospective buyer has arrested a VLCC that Singapore's Phoenix Tankers has been trying to sell, claiming that a sale agreement was wrongfully terminated by the seller, which pocketed the deposit.
Gamma One Shipping Company, the Marshall Islands-registered entity that tried to buy the crude tanker earlier this year, filed an application to arrest the 306,500-dwt Phoenix Vanguard (built 2007) in the High Court of Gujarat at Ahmedabad, India, on 28 November.
