Contract analysis

1. INTRODUCTION AND DEPONENT'S IDENTITY

1. My full name is Captain Dimitrios Kouretas. I am a citizen of the Hellenic Republic (Greece) and I hold Greek Passport No. AK4782356. I am above the age of 21 years and am competent to make this affidavit.

2. I am the Head of Chartering & Operations at Thalassa Shipping & Logistics SA ("TSL" or the "Applicant"), a Société Anonyme (SA) organized and existing under the laws of the Hellenic Republic, with its registered and principal office at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece. TSL's Greek Tax Identification Number (AFM) is EL-801456729.

3. I make this affidavit from my own personal knowledge of the facts set out herein, and from information derived from TSL's records and documents to which I have direct access in my capacity as Head of Chartering & Operations. Where I depose to matters on the basis of information and belief, I identify the source or sources of such information, and I verily believe such information to be true and accurate. The matte

4. This affidavit is made in support of TSL's application in Originating Summons No. 872 of 2024 ("OS 872/2024") for: (a) leave to enforce LCIA Award No. 224718 dated 28 June 2024 (the "Award") as a judgment of the Singapore High Court pursuant to s. 19 of the International Arbitration Act (Cap. 143A) (the "IAA"); and (b) the arrest of M/V Crimson Horizon (IMO 9801334) as security for the enforcement of the Award.

5. By way of professional background, I have over 25 years of experience in the international shipping industry. I obtained my Master Mariner's certificate (Class I) from the Merchant Marine Academy of Aspropyrgos, Greece, in 1996, and subsequently served at sea for approximately eight years aboard bulk carriers and tankers operating in the Mediterranean, Black Sea, Arabian Gulf, and East Asian trade routes. I transi

6. I am intimately familiar with the facts giving rise to the dispute between TSL and Korinthian Maritime Holdings Ltd. ("KMH" or the "Respondent"), the LCIA arbitration proceedings, the Award, and the subsequent enforcement proceedings. I was personally involved in the negotiation and execution of the charter-party agreements that are the subject of this matter, and I gave factual evidence before the LCIA tribunal d

2. BACKGROUND OF THALASSA SHIPPING & LOGISTICS SA

7. TSL was founded in 1987 by the Papadimitriou family, a well-established Greek shipping family with deep roots in the Piraeus maritime community. Since its founding, TSL has grown to become a significant participant in the international dry-bulk and tanker shipping markets, with a reputation for reliability, operational excellence, and commercial integrity.

8. TSL is a privately held company. Its current ownership structure is as follows: (a) Approximately 72% of TSL's issued share capital is held by the Papadimitriou Family Trust, a trust established under Greek law for the benefit of members of the Papadimitriou family; and (b) The remaining approximately 28% of TSL's issued share capital is held by Aegean Capital Partners SA, a Greek institutional investor based in A

9. TSL's senior management team comprises the following key individuals: (a) Nikolaos Papadimitriou — Chairman and Chief Executive Officer. Mr. Papadimitriou is the son of the company's founder and has led TSL since 2005. He is a graduate of the London School of Economics and holds an MBA from INSEAD. (b) Elena Stavridis — Chief Financial Officer. Ms. Stavridis has served as CFO since 2016 and oversees TSL's financia

10. TSL recorded annual revenues of approximately €620 million for the financial year ending 31 December 2023. The company currently operates a fleet of 34 vessels, consisting of bulk carriers, tankers, and container feeders. TSL provides integrated shipping and logistics services to a diverse client base across the Mediterranean, Black Sea, and Arabian Gulf regions, handling the transport of commodities including gr

11. TSL's commercial reputation and financial stability are of critical importance to its ongoing operations. The breaches committed by KMH, which are described in detail below, caused substantial disruption to TSL's chartering programme and commercial position, and the continued non-satisfaction of the Award compounds that harm.

3. BACKGROUND OF KORINTHIAN MARITIME HOLDINGS LTD. (THE RESPONDENT)

12. The Respondent is Korinthian Maritime Holdings Ltd. ("KMH"), a private limited company incorporated and registered under the laws of the Republic of Cyprus, bearing Registration No. HE 387421. KMH's registered address is at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus.

13. KMH is a vessel-owning and chartering company that controls a fleet of approximately 18 dry-bulk carriers. KMH's fleet operations are conducted through a network of single-purpose vehicle ("SPV") subsidiaries incorporated across multiple jurisdictions, a corporate structure that I shall describe in further detail in Section 4 below.

14. KMH is beneficially owned by the Volkov family through a series of holding structures established in the British Virgin Islands and Cyprus. The ultimate beneficial owner and de facto director of KMH is Andrei Volkov, a Ukrainian national resident in Cyprus who exercises effective control over the entire KMH group, including its subsidiaries, fleet operations, and financial affairs. Mr. Volkov's involvement in the

15. Other key personnel within the KMH group include: (a) Sergei Volkov — Director. Mr. Sergei Volkov is the son of Andrei Volkov and serves as a director of KMH and several of its subsidiaries. He is involved in the day-to-day management of KMH's chartering operations. (b) Marina Kazakova — Chief Financial Officer. Ms. Kazakova oversees the financial operations and treasury functions of the KMH group and its subsidi

16. Prior to the dispute with TSL, I estimate, based on my knowledge of KMH's fleet and market conditions at the relevant time, that the KMH group had an estimated net asset value of approximately USD $280 million. This estimate is based on the aggregate market value of KMH's fleet of approximately 18 dry-bulk carriers, less known encumbrances, and is consistent with valuations and financial information that came to

17. Critically, KMH was the disponent owner of the three vessels at the centre of the charter-party dispute with TSL. KMH entered into the relevant time charter-party agreements in its capacity as disponent owner, and it was KMH that committed the breaches that gave rise to the claims determined by the LCIA tribunal. KMH is the judgment debtor under the Award.

4. KMH'S CORPORATE STRUCTURE AND SINGAPORE SUBSIDIARY 4.1 Overview of KMH Group Structure

18. KMH operates through a network of SPV subsidiaries incorporated across multiple jurisdictions, including Cyprus, Singapore, the British Virgin Islands ("BVI"), and the United Arab Emirates ("UAE"). This multi-layered corporate structure is characteristic of shipping groups controlled by the Volkov family and, as I explain further below in the context of the dissipation evidence, has been deployed by KMH to disper

19. The principal entities within the KMH group that are relevant to this application are as follows: (a) KMH (the parent company): Korinthian Maritime Holdings Ltd., incorporated in Cyprus, Registration No. HE 387421, registered at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus. (b) Oceangate Ventures Ltd. (intermediate holding company): Incorporated in Cyprus, Registration No. HE 401293, registered at

20. The common thread connecting all of these entities is the ultimate beneficial ownership and control exercised by Andrei Volkov and the Volkov family. Funds, charter hire, and vessel sale proceeds flow between these entities according to the directions of Mr. Volkov, and the SPV subsidiaries do not operate independently of KMH's central management. 4.2 Korinthian Bulkers (Singapore) Pte. Ltd.

21. Of particular relevance to this application is Korinthian Bulkers (Singapore) Pte. Ltd. ("Korinthian Singapore"), a private limited company incorporated in the Republic of Singapore. Korinthian Singapore's registered address is at 80 Robinson Road, #14-02, Singapore 068898.

22. Korinthian Singapore is a wholly-owned subsidiary of KMH, held through the intermediate holding company Oceangate Ventures Ltd. (Cyprus, HE 401293). Specifically, Oceangate Ventures Ltd. holds 100% of the issued share capital of Korinthian Singapore, and Oceangate Ventures Ltd. is in turn 100% owned by KMH. The ultimate beneficial owner of Korinthian Singapore is therefore Andrei Volkov and the Volkov family, thr

23. Korinthian Singapore is the registered owner of M/V Crimson Horizon (IMO 9801334), the vessel that is the subject of the arrest application before this Honourable Court. The vessel is registered in the name of Korinthian Singapore under the Liberian flag.

24. In addition to being the registered owner of M/V Crimson Horizon, Korinthian Singapore maintained operating accounts at Pinnacle Bank (Singapore) Ltd., located at 6 Battery Road, #20-01, Singapore 049909. These accounts were used to receive and hold proceeds from vessel operations, charter hire receivables, and other commercial revenues generated by the operation of M/V Crimson Horizon and other Singapore-based a

25. It is important to emphasise that, notwithstanding the fact that M/V Crimson Horizon is registered in the name of Korinthian Singapore (a Singapore-incorporated SPV), the vessel was at all material times under the effective ownership, direction, and commercial management of KMH. It was KMH — not Korinthian Singapore — that entered into the charter-party with TSL as disponent owner of M/V Crimson Horizon, that neg

5. THE CHARTER-PARTY AGREEMENTS

26. The dispute between TSL and KMH arises out of three time charter-party agreements entered into between 2019 and 2021, each of which was governed by English law and contained an arbitration clause providing for arbitration under the rules of the London Court of International Arbitration ("LCIA") with the seat of arbitration in London. I now set out the material particulars of each charter-party. 5.1 Charter-Party

27. On 15 March 2019, TSL (as charterer) and KMH (as disponent owner) entered into a time charter-party in respect of the vessel M/V Aegean Fortuna. The key particulars of this charter-party are as follows: (a) Vessel: M/V Aegean Fortuna, IMO No. 9784521, Supramax Bulk Carrier, 58,200 DWT, marshall Islands flag. (b) SPV Owner: Dnepr Shipholding Inc. (BVI Company No. 2014876). KMH was the disponent owner and entered i

28. The M/V Aegean Fortuna charter-party was the first of the three fixtures between TSL and KMH, and it established the commercial framework and trust upon which the subsequent charter-party relationships were built. 5.2 Charter-Party for M/V *Crimson Horizon*

29. On 22 January 2020, TSL (as charterer) and KMH (as disponent owner) entered into a time charter-party in respect of the vessel M/V Crimson Horizon. The key particulars of this charter-party are as follows: (a) Vessel: M/V Crimson Horizon, IMO No. 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag. (b) SPV Owner: Korinthian Bulkers (Singapore) Pte. Ltd. KMH was the disponent owner and entered into the chart

30. I note that M/V Crimson Horizon — the very vessel that is the subject of the arrest application now before this Honourable Court — was one of the charter-party vessels in the underlying dispute. This vessel was operated under the charter-party for a period of approximately 29 months before KMH ceased paying hire, as I describe in Section 6.2 below. 5.3 Charter-Party for M/V *Volga Spirit*

31. On 10 June 2021, TSL (as charterer) and KMH (as disponent owner) entered into a time charter-party in respect of the vessel M/V Volga Spirit. The key particulars of this charter-party are as follows: (a) Vessel: M/V Volga Spirit, IMO No. 9756892, Panamax Bulk Carrier, 76,400 DWT, Cyprus flag. (b) SPV Owner: Dnepr Shipholding Inc. (BVI Company No. 2014876). KMH was the disponent owner and entered into the charter-

32. The M/V Volga Spirit charter-party was the last of the three fixtures entered into between TSL and KMH. It was agreed at a time when the dry-bulk market was experiencing a strong upcycle, and the hire rate reflected the favourable market conditions prevailing at the date of fixture. 5.4 Exhibit References

33. Copies of the three time charter-party agreements described above are exhibited hereto and marked collectively as Exhibit "DK-1". I draw attention in particular to Clause 45 of each agreement, which contains the LCIA arbitration clause upon which the jurisdiction of the LCIA tribunal was founded. The charter-party agreements are as follows: (a) Time charter-party for M/V Aegean Fortuna dated 15 March 2019; (b) Ti

6. KMH'S BREACHES OF THE CHARTER-PARTY AGREEMENTS

34. I now turn to describe the breaches of the charter-party agreements committed by KMH, which gave rise to TSL's claims in the LCIA arbitration and the Award that is now sought to be enforced. Each of these breaches was found by the LCIA tribunal to constitute a repudiatory breach of the relevant charter-party. 6.1 Wrongful Early Redelivery of M/V *Aegean Fortuna*

35. On 18 June 2022, KMH wrongfully redelivered M/V Aegean Fortuna to TSL. This redelivery was effected without the consent or agreement of TSL and occurred approximately 14 months before the contractual redelivery date under the charter-party. The vessel was redelivered at the port of Piraeus, Greece, after discharge of a cargo of Ukrainian grain that had been loaded at the port of Pivdennyi (Yuzhny).

36. The charter-party for M/V Aegean Fortuna had a minimum duration of 36 months from the date of delivery (28 March 2019), which meant that the earliest permissible redelivery date was on or about 28 March 2022, with the charter period potentially extending to 28 March 2023 if TSL exercised its 12-month extension option. TSL had in fact exercised its extension option by written notice dated 15 December 2021. KMH's p

37. KMH's purported justification for the early redelivery was that the charter-party had been frustrated by sanctions and geopolitical events in the Black Sea region. The LCIA tribunal rejected this defence in its entirety. The tribunal found, at paragraphs 187 to 214 of the Award, that the charter-party had not been frustrated and that KMH's unilateral redelivery constituted a clear repudiatory breach of the charte

38. TSL suffered significant loss as a result of KMH's wrongful early redelivery. TSL was deprived of the use of the vessel for the remaining 14 months of the charter period at a time when the dry-bulk freight market was highly favourable and the hire rate under the charter-party represented an advantageous fixture. The LCIA tribunal assessed damages for this breach in the sum of £42,300,000, reflecting the market di

39. From 1 July 2022, KMH ceased making timely payment of hire under the charter-party for M/V Crimson Horizon. Despite repeated demands from TSL's chartering department — including formal written notices that I personally reviewed and approved — KMH failed to cure the default. Hire arrears accrued progressively over the period from 1 July 2022 to 15 September 2022, by which date the total outstanding hire stood at £

40. On 15 September 2022, having exhausted all reasonable efforts to obtain payment and having served the requisite anti-technicality notice, TSL exercised its contractual right to withdraw M/V Crimson Horizon from the charter. The vessel was withdrawn at the port of Singapore and subsequently redelivered to KMH's agents.

41. The LCIA tribunal found that KMH's persistent failure to pay hire constituted a repudiatory breach of the charter-party. The tribunal further found that TSL's withdrawal of the vessel was lawful and justified. In respect of this breach, the tribunal awarded TSL the sum of £28,150,000, comprising: (a) Outstanding hire arrears: £4,280,000; and (b) Loss of bargain damages: £23,870,000, representing the difference be

42. In the course of performing the charter-party for M/V Volga Spirit, KMH made a series of off-hire deductions from the hire payable to TSL. These deductions totalled approximately £2,740,000 and were purportedly based on claims that the vessel had been off-hire due to mechanical breakdowns, port delays attributable to the vessel's condition, and alleged deficiencies in the vessel's performance.

43. TSL disputed these deductions throughout the charter period and maintained that the deductions were unjustified and unsupported by the facts. At the LCIA arbitration, the tribunal conducted a detailed examination of the evidence underlying each off-hire deduction claimed by KMH. The tribunal found, at paragraphs 298 to 341 of the Award, that the deductions were fabricated. Specifically, the tribunal found that: (

44. The tribunal awarded TSL restitution of £2,740,000 in respect of the fabricated off-hire deductions, representing the full amount that KMH had wrongfully withheld from the hire payable under the M/V Volga Spirit charter-party. 6.4 Pattern of Repudiatory Breach

45. From my position overseeing TSL's chartering operations, I can state that KMH's conduct beginning in mid-2022 constituted what I regard as a deliberate and coordinated pattern of repudiatory breach across all three charter-party agreements. The timing and nature of the breaches — the wrongful redelivery of M/V Aegean Fortuna in June 2022, the cessation of hire payments on M/V Crimson Horizon from July 2022, and t

46. I believe, based on my experience in the shipping industry and my direct dealings with KMH's principals, that this coordinated pattern of breach was motivated by KMH's desire to take advantage of the rising dry-bulk freight market in 2022, which had increased the spot market rates for the three charter-party vessels well above the contractual hire rates fixed with TSL. By redelivering the vessels early or ceasing

47. The impact on TSL's operations and commercial position was severe. TSL had committed to sub-charter, cargo, and logistics arrangements in reliance on the availability of the three charter-party vessels. KMH's breaches forced TSL to scramble to find replacement tonnage at significantly higher market rates, resulting in substantial additional costs and disruption to TSL's supply chain commitments to its own custome

48. The LCIA tribunal acknowledged this pattern of conduct in its Award, noting at paragraph 352 that "KMH's breaches were not isolated incidents but formed part of a deliberate strategy to extricate itself from charter-party commitments that had become commercially unfavourable to KMH in light of the rising freight market."

7. THE LCIA ARBITRATION (No. 224718) 7.1 Commencement and Constitution

49. On 14 November 2022, TSL filed its Request for Arbitration with the London Court of International Arbitration ("LCIA"), commencing arbitration proceedings against KMH. The LCIA assigned Case Reference No. 224718 to the proceedings.

50. The LCIA tribunal was constituted on 8 February 2023, following the appointment of arbitrators in accordance with the LCIA Rules and the arbitration clauses in the three charter-party agreements. The tribunal was composed as follows: (a) Presiding Arbitrator: Sir Malcolm Fenton-Clarke, appointed by the LCIA Court. Sir Malcolm is a retired judge of the English Commercial Court and a well-known arbitrator specialis

51. The Tribunal Secretary was Ms. Fiona Beckett, a solicitor based in London with experience in international arbitration.

52. The seat of arbitration was London, England, and the governing law of the charter-party agreements (and therefore of the substantive disputes) was English law. The procedural law of the arbitration was the Arbitration Act 1996 (England & Wales), as applicable to arbitrations seated in London. 7.2 Evidentiary Hearing

53. Following an extensive pre-hearing phase that included disclosure of documents, exchange of written witness statements and expert reports, and pre-hearing submissions, the evidentiary hearing took place over 10 hearing days from 11 September 2023 to 22 September 2023. The hearing was held at the International Dispute Resolution Centre ("IDRC"), 70 Fleet Street, London EC4Y 1EU.