A VLCC time-charter deal to South Korean logistics company Hyundai Glovis has fallen through just days before it was due to start following the arrest of the Ghassan Ghandour-controlled tanker Chloe.

It means the ambitious operator has had to go out to the market again for alternative tonnage to grow its fleet.

The 321,000-dwt Chloe (built 2011) was fixed to Glovis at the end of June, with the charter due to commence this week.

However,