Credit Suisse swooped in to arrest a Hermes Marine Management-controlled VLCC in Singapore within an hour of the High Court of Singapore lifting an earlier arrest by Koch Shipping.

The Swiss bank seized the 320,000-dwt crude carrier Chloe V (built 2011) on 15 October seeking $44.8m outstanding on a mortgage loan it called in after the registered owner Chloe Navigation allegedly breached loan covenants.

The legal troubles of Piraeus-based Hermes worsened on Monday when lawyers acting on behalf of the vessel's crew filed writ of summons seeking unpaid wages and repatriation.