Contract analysis

1. That the Applicant be granted leave, pursuant to Section 19 of the International Arbitration Act (Cap. 143A) read with Order 69A of the Rules of Court, to enforce in Singapore a Final Arbitral Award dated 28 June 2024 (the "Award") rendered by a tribunal duly constituted under the rules of the London Court of International Arbitration ("LCIA") in LCIA Arbitration No. 224718. The Award was made in favour of the App

2. That the Award be entered as a judgment of the High Court of the Republic of Singapore in the terms of the Award, pursuant to Section 19 of the International Arbitration Act (Cap. 143A), in the following amounts: (a) £96,450,000 (Pounds Sterling Ninety-Six Million Four Hundred and Fifty Thousand) in respect of damages and pre-award interest, as more particularly described in Schedule 1 hereto; (b) £12,150,000 (Pou

3. That the Respondent do pay the Applicant's costs of and incidental to this application, such costs to be taxed by the Registrar if not agreed between the parties. Prayer 4 — Further or Other Relief

4. Such further or other relief as this Honourable Court deems fit. GROUNDS OF THE APPLICATION The grounds upon which this application is made are set out below. A. The Parties The Applicant.

5. Thalassa Shipping & Logistics SA ("TSL" or the "Applicant") is a Société Anonyme 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. Its Greek Tax Identification Number (AFM) is EL-801456729.

6. TSL is a strategic private shipping and logistics company founded in 1987. The company operates a diversified fleet of 34 vessels, comprising bulk carriers, tankers, and container feeders, trading primarily across the Mediterranean Sea, the Black Sea, and the Arabian Gulf. TSL is a well-established and reputable participant in the international maritime industry, with a track record spanning over three decades of

7. In the financial year ending 31 December 2023, TSL reported annual revenues of approximately €620 million. The company's operations are supported by an extensive network of offices, agents, and commercial relationships across Europe, the Middle East, and the Asia-Pacific region.

8. TSL's ownership structure comprises the following: 72% of the issued share capital is held by the Papadimitriou family trust, a trust settled under Greek law for the benefit of the Papadimitriou family; and 28% is held by Aegean Capital Partners SA, a Greek private investment vehicle.

9. The principal officers of TSL relevant to this application are as follows: (a) Nikolaos Papadimitriou — Chairman and Chief Executive Officer; (b) Elena Stavridis — Chief Financial Officer; (c) Captain Dimitrios Kouretas — Head of Chartering and Operations; and (d) Ioanna Christodoulou — General Counsel. The Respondent.

10. Korinthian Maritime Holdings Ltd. ("KMH" or the "Respondent") is a private limited company incorporated in the Republic of Cyprus under Registration No. HE 387421, with its registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus.

11. KMH is a vessel-owning and chartering company that controls approximately 18 dry-bulk carriers through a network of single-purpose vehicle ("SPV") subsidiaries incorporated in various jurisdictions, including the British Virgin Islands, Cyprus, the marshall Islands, and Singapore. KMH operates as the commercial and strategic holding entity of a fleet engaged primarily in the carriage of dry-bulk commodities, incl

12. KMH is beneficially owned by the Volkov family through a series of British Virgin Islands and Cypriot holding structures. Andrei Volkov is the ultimate beneficial owner and de facto director of KMH, exercising control over the company's strategic and operational decisions notwithstanding that he does not appear as a registered director of KMH in the Cypriot companies registry. Sergei Volkov serves as a registered

13. Prior to the disputes giving rise to the arbitration, KMH had an estimated net asset value of approximately USD $280 million, based on publicly available valuations of its fleet and corporate filings.

14. Of particular relevance to this application, KMH maintains a subsidiary and operations in Singapore. Korinthian Bulkers (Singapore) Pte. Ltd. is a company incorporated in Singapore, with its registered office at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. is a wholly-owned subsidiary of KMH and holds proceeds, bank accounts, and assets related to the Respondent's fleet ope

15. The dispute underlying the Award arises out of three time charter-party agreements entered into between the Applicant (as charterer) and the Respondent (as disponent owner) between 2019 and 2021, for the charter of three dry-bulk carriers. The particulars of each charter are as follows: (a) M/V *Aegean Fortuna (IMO No. 9784521) — a Supramax Bulk Carrier of 58,200 DWT, registered under the flag of the marshall Isl

16. All three charter-party agreements were subject to English law as the governing law. Each charter-party contained an arbitration clause providing for arbitration under the rules of the London Court of International Arbitration (LCIA), with London, England as the seat of arbitration.

17. Under each of the three charter-party agreements, the Respondent acted as the disponent owner of the respective vessel, assuming the commercial and operational obligations of a time-charter owner vis-à-vis the Applicant as charterer. The Applicant duly performed its obligations under all three charters, including the prompt and regular payment of charter hire as and when due. C. The Respondent's Breaches

18. Beginning in mid-2022, the Respondent engaged in a deliberate and systematic pattern of repudiatory breach across all three charter-party agreements, causing the Applicant to suffer substantial financial loss. The principal breaches are summarised as follows: (a) Wrongful early redelivery of M/V *Aegean Fortuna*: In breach of the terms of the charter-party dated 15 March 2019, the Respondent wrongfully redelivere

19. The cumulative effect of the Respondent's breaches was to deprive the Applicant of the commercial benefit of three significant charter-party relationships, causing aggregate losses that were quantified by the Tribunal in the Award at £96,450,000 (inclusive of pre-award interest). D. The LCIA Arbitration

20. In consequence of the Respondent's breaches, the Applicant filed a Request for Arbitration with the LCIA on 14 November 2022, which was registered under LCIA Reference No. 224718. The claims were advanced under all three charter-party agreements, consolidated by agreement of the parties and the Tribunal into a single set of proceedings.

21. The Arbitral Tribunal was duly constituted on 8 February 2023 in accordance with the LCIA Arbitration Rules. The Tribunal comprised the following members: (a) Sir Malcolm Fenton-Clarke — Presiding Arbitrator, appointed by the LCIA Court pursuant to Article 5.8 of the LCIA Rules; (b) Professor Athena Drakopoulos — Co-Arbitrator, nominated by the Applicant (Claimant in the arbitration) pursuant to Article 7 of the

22. The arbitration was fully contested by both parties. The Respondent participated in the proceedings at all material stages, filing pleadings, producing documents in the disclosure phase, and submitting factual and expert witness evidence. The Respondent raised a number of defences and counterclaims, all of which were ultimately dismissed by the Tribunal.

23. Following an extended procedural timetable that included the exchange of written submissions, factual witness statements, expert reports, and reply submissions, an evidentiary hearing was held over 10 hearing days at the International Dispute Resolution Centre ("IDRC") in London, from 11 September 2023 to 22 September 2023. The hearing included the examination and cross-examination of factual witnesses called by

24. Post-hearing briefs were submitted by both parties, and the Tribunal reserved its decision. E. The Award

25. The Tribunal issued its Final Award on 28 June 2024, finding unanimously in favour of the Applicant on all its claims and dismissing the Respondent's defences and counterclaims in their entirety. The Award is a detailed and comprehensive determination running to over 400 pages, addressing liability, quantum, interest, and costs.

26. The Award comprised the following principal heads of relief: (a) Damages for wrongful early redelivery of M/V *Aegean Fortuna*: The Tribunal awarded the sum of £42,300,000, representing the Applicant's loss of bargain for the remaining 14 months of the charter period at a rate equivalent to approximately £3,021,429 per month, being the difference between the contractual rate and the market rate at the date of red

27. In addition to the substantive relief described above, the Tribunal made the following costs orders: (a) The Tribunal allocated 85% of the costs of the arbitration to the Respondent, reflecting the Respondent's failure on all claims and counterclaims. (b) The LCIA administrative and tribunal costs, in the total sum of £3,240,000, were ordered to be borne 85% by the Respondent. (c) The Applicant's legal costs, ass

28. The Grand Total of the Award (comprising damages, pre-award interest, and costs) is therefore £108,600,000 (Pounds Sterling One Hundred and Eight Million Six Hundred Thousand).

29. The Tribunal further ordered that post-award interest shall accrue on the unpaid sum of £96,450,000 at the rate of 5.25% per annum simple from 29 June 2024 until the date of full and final payment. F. The Respondent's Failure to Satisfy the Award

30. Despite the Award having been issued on 28 June 2024, and despite formal demands made by the Applicant's solicitors upon the Respondent's solicitors, the Respondent has failed and refused to make any payment whatsoever in satisfaction of the Award. No part of the sum of £108,600,000 (or any portion thereof) has been paid, and no credible proposal for payment has been made by or on behalf of the Respondent at any

31. Moreover, the Applicant has reason to believe, and avers, that the Respondent has engaged in deliberate asset dissipation and the dispersal of assets across multiple international jurisdictions with the intention and effect of frustrating the Applicant's efforts to enforce and collect the Award. Evidence of such conduct has been adduced in the enforcement and freezing proceedings in England and is exhibited in th

32. In light of the Respondent's failure to satisfy the Award and its deliberate efforts to evade its obligations thereunder, the Applicant has been compelled to commence enforcement proceedings in multiple jurisdictions where the Respondent is believed to maintain assets. The following parallel proceedings are currently on foot: (a) England & Wales: Enforcement proceedings have been commenced in the Commercial Court

33. The present application before the Singapore High Court is a further step in the Applicant's multi-jurisdictional enforcement strategy, necessitated by the Respondent's continued failure and refusal to honour the Award. G. Basis for Enforcement in Singapore

34. The Award is a foreign arbitral award within the meaning of Section 27(1) of the International Arbitration Act (Cap. 143A), being an award made in pursuance of an arbitration agreement in a country other than Singapore (namely, England) which is a party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (the "New York Convention").

35. The Republic of Singapore is a Contracting State to the New York Convention, having acceded to the Convention on 21 August 1986. The Convention was given the force of law in Singapore by the International Arbitration Act (Cap. 143A).

36. The United Kingdom of Great Britain and Northern Ireland, being the country in which the seat of the arbitration was situated (London, England), is likewise a Contracting State to the New York Convention.

37. Pursuant to Section 19 of the International Arbitration Act (Cap. 143A), an award on an arbitration agreement may, by leave of the High Court or a Judge thereof, be enforced in the same manner as a judgment or an order of the Court to the same effect, and where leave is so given, judgment may be entered in terms of the award. The Applicant respectfully submits that leave ought to be granted in this case.

38. The requirements for enforcement under Article IV of the New York Convention (as reflected in Section 19 and the Second Schedule to the International Arbitration Act) have been satisfied. The Applicant has supplied, and exhibits to the supporting affidavit: (a) a duly authenticated copy of the Final Award dated 28 June 2024; and (b) copies of the three arbitration agreements (being the arbitration clauses contain

39. None of the grounds for refusal of recognition or enforcement set out in Article V of the New York Convention (as reflected in the Second Schedule to the International Arbitration Act) applies in this case. The Applicant addresses each potential ground in turn: (a) Article V(1)(a) — Incapacity or invalidity of agreement: The arbitration agreements contained in the three charter-party agreements are valid and enfo

40. For the foregoing reasons, the Applicant respectfully submits that this Honourable Court should grant leave to enforce the Award in Singapore and enter judgment in the terms of the Award. H. The Respondent's Assets in Singapore

41. The enforcement of the Award in Singapore is supported by the existence of substantial assets held by or on behalf of the Respondent within the jurisdiction. The Applicant sets out below the principal assets identified.

42. The Respondent maintains a presence in Singapore through its wholly-owned subsidiary, Korinthian Bulkers (Singapore) Pte. Ltd. (UEN: 201812345G), a company incorporated in the Republic of Singapore with its registered office at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. was incorporated for the specific purpose of holding and managing assets and operations relating to the

43. Korinthian Bulkers (Singapore) Pte. Ltd. holds one or more bank accounts at Pinnacle Bank (Singapore) Ltd., located at 6 Battery Road, #20-01, Singapore 049909. Based on information available to the Applicant, these accounts have been used for the receipt and disbursement of significant sums related to vessel operations, including charter hire receipts, bunker payments, port disbursements, and other trading proce

44. Furthermore, Korinthian Bulkers (Singapore) Pte. Ltd. is the registered owner of M/V *Crimson Horizon (IMO No. 9801334), a Handymax Bulk Carrier of 37,500 DWT flying the Liberian flag. M/V Crimson Horizon* is one of the three vessels that were the subject of the charter-party dispute and is directly connected to the claims determined in the Award. The vessel has a current estimated market value that is material t

45. The existence of these assets within the jurisdiction of Singapore — comprising both the corporate entity, the funds held in Singapore bank accounts, and the vessel owned by the Singapore subsidiary — provides a proper and sufficient basis for the granting of leave to enforce the Award in this jurisdiction. The Applicant anticipates that, upon obtaining leave to enforce the Award and entry of judgment, it will be

46. This application is supported by the Affidavit of Captain Dimitrios Kouretas, Head of Chartering and Operations of Thalassa Shipping & Logistics SA, filed herein on the date of this Originating Summons. Captain Kouretas has personal knowledge of the facts relating to the three charter-party agreements, the disputes arising thereunder, the LCIA arbitration, the Award, and the Respondent's failure to satisfy the Aw

47. The following documents are exhibited to the supporting affidavit of Captain Dimitrios Kouretas and are relied upon in support of this application: (a) Exhibit DK-1: A duly authenticated copy of the Final Award dated 28 June 2024, rendered by the Tribunal in LCIA Arbitration No. 224718, comprising the complete Award including the operative part, the reasons, and all appendices and schedules thereto; (b) Exhibit D

48. The Applicant relies upon the following legislative provisions in support of this application: (a) International Arbitration Act (Cap. 143A): (i) Section 19 — Enforcement of awards; (ii) Section 27 — Recognition and enforcement of foreign arbitral awards; (iii) Section 29 — Refusal of enforcement (reflecting Article V of the New York Convention); and (iv) Section 31 — Evidence to be produced for enforcement; (b)

49. The Applicant proposes to effect service of this Originating Summons and the supporting affidavit upon the Respondent by the following means: (a) By registered post and courier to the Respondent's registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus; and/or (b) Through the Respondent's known solicitors, Harkness Whitford & Co. (SRA No. 614823), at 12 Fetter Lane, London EC4A 1JP, Uni

50. The Applicant notes that the Respondent is a company incorporated and registered outside of Singapore, and accordingly service out of jurisdiction may be required. To the extent that service cannot be effected by the means described above, or that the Rules of Court require leave for service out of jurisdiction, the Applicant reserves the right to apply for leave to serve out of jurisdiction and/or for an order f