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In a turn of events, Hermes Marine Management, a Greek shipping firm, has seen its plan to acquire the 'Phoenix Vanguard' for $38.7 million collapse. The downfall of this sale is attributed to Hermes Marine's failure to fulfill a crucial payment obligation, as they only provided a 10 percent down payment. As a result, the parent company of the 'Phoenix Vanguard', MOL, retained the initial deposit of $3.87 million and subsequently annulled the sale agreement. The memorandum of agreement (MoA) that was originally crafted between Gamma One Shipping Company and Phoenix Tankers on July 8, 2019, stipulated that the delivery of the vessel to the buyer should occur by October 20. However, according to legal documentation from the Gujarat High Court, Gamma One Shipping Company asserted that Phoenix Tankers improperly terminated the MoA on October 16 and misappropriated the down payment. The 'Phoenix Vanguard' has been detained at Sikka since November 28, following an application from Gamma One Shipping Company for the vessel's arrest in the High Court of Gujarat, located in Ahmedabad, India. Gamma One contends that Phoenix Tankers, the official owners of 'Phoenix Vanguard', acted unlawfully by canceling the sale agreement and keeping the deposit.

In a significant move within the maritime industry, Hermes Marine Management of Lebanon has successfully purchased a vessel for $38.75 million. This transaction reflects the growing investment dynamics in the shipping sector and highlights Hermes Marine Management's expanding fleet operations.