Contract analysis

From: Hannah Brinkley <h.brinkley@calderwoodharkness.com> To: Samuel Eklund <s.eklund@calderwoodharkness.com> Cc: Linda Osei <l.osei@calderwoodharkness.com> Date: Wed, 22 Jan 2025 16:42:00 +0000 Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

Quick update on the UAE front. Tariq Al-Rashid at ARH has confirmed that the final tranche of UAE recoveries is now being processed. The total UAE recovery stands at AED 53,400,000 (approximately £11,340,000), drawn from the Korinthian DMCC accounts and receivables at Emirates Gulf Commercial Bank PJSC. Funds are being wired to TSL's recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens — I've confir

ARH's final fee note is expected imminently. Running total is AED 620,000, which is right within the original estimate, so no issues there.

Separately, I've asked ARH whether they have any intelligence on the M/V *Volga Spirit* (IMO 9756892) — she was last reported at Fujairah anchorage. If the vessel remains in UAE waters, there may be an opportunity for arrest there, though we'd obviously need to think carefully about the beneficial ownership chain through Dnepr Shipholding Inc. (BVI Company No. 2014876) and Oceangate Ventures Ltd. (HE 401293) before m

Linda — copying you as the UAE recovery is now essentially complete and we should update the multi-jurisdictional recovery tracker accordingly. Total recovered across all jurisdictions now stands at approximately £89,250,000 (before any voluntary payment from KMH), representing roughly 82% of the Award plus Costs figure of £108,600,000. Patrick can send you the latest version of the tracker.

Will circle back once we hear from ARH on the *Volga Spirit* position.

Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com

From: Samuel Eklund To: Hannah Brinkley ; Patrick Gallagher Date: 22 January 2025, 09:15 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

Thanks for the update on the Singapore proceeds, Hannah.

Worth pausing to note that with the vessel sale proceeds of USD $22,800,000 (approximately £18,330,000) from M/V *Crimson Horizon* now received (2 December) on top of the garnishee recovery of SGD $31,200,000 (approximately £18,450,000), Singapore has been the single most productive jurisdiction — total Singapore recovery of approximately £36,780,000. Priya Subramaniam at Straits Meridian has done excellent work on t

Hannah — please ensure SM's final reconciliation letter confirms the net proceeds figure after deduction of Singapore court and Sheriff's costs. I want a clean paper trail on the distribution.

On the without-prejudice discussions with Harkness Whitford: Catherine Whitford has indicated that KMH may be willing to make a voluntary payment to reduce the outstanding balance, but they haven't put a figure on it yet. I'm not reading too much into that at this stage. In the meantime, please keep pressure on all enforcement fronts — we should not signal any willingness to ease up until money is actually in the acc

Samuel Eklund Partner Calderwood & Harkness LLP s.eklund@calderwoodharkness.com

From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 20 January 2025, 11:30 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

Reporting on the UAE position. Al-Rashid Hatem & Associates confirmed that the enforcement order was granted by the Dubai Court of First Instance (Case No. 1893/2024) on 20 November 2024, and the precautionary attachment over the Korinthian DMCC accounts at EGCB has now converted to an execution attachment. Recovery commenced 10 December 2024.

ARH is working through the execution of the attachment against both the bank accounts and certain receivables owed to Korinthian DMCC by sub-charterers. Tariq Al-Rashid reports good cooperation from EGCB, which is encouraging — these things can sometimes drag in the UAE.

I've sent ARH copies of the English WFO and the Singapore and Cyprus enforcement orders, as the Dubai court found it helpful to see that the award has been recognized in multiple Convention jurisdictions. That cross-jurisdictional evidence sharing strategy continues to pay dividends.

Patrick — can you please update the recovery tracker with the partial UAE collections received to date? I want to have current numbers for the next bi-weekly report to Ioanna.

Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com

From: Patrick Gallagher To: Hannah Brinkley ; Samuel Eklund Date: 6 December 2024, 14:18 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

I've updated the multi-jurisdictional recovery tracker with the Singapore vessel sale proceeds. Summary as of today (6 December 2024):

- **England** (garnishment via final TPDO against Meridian Trust Bank Ltd., 50 Lombard Street, London): **£18,720,000** (received 3 September 2024) - **Cyprus** (forced sale of Oceangate Ventures shares + KMH bank accounts, per KM&P): **£22,350,000** (completed 8 November 2024) - **Singapore** (garnishee order absolute against Pinnacle Bank (Singapore) Ltd., 6 Battery Road): **£18,450,000** (SGD $31,200,000, received

**Cumulative total: approximately £77,850,000** (approximately 71.7% of Award + Costs of £108,600,000)

Note that post-award interest continues to accrue at 5.25% per annum simple on the unpaid portion of the £96,450,000 award from 29 June 2024, so the true outstanding figure is somewhat higher than the headline gap.

1. Nadia Makrides at KM&P has sent their final fee note — €285,000. Should I send it to Linda for processing? 2. Straits Meridian's invoice is at SGD $480,000, consistent with their estimate.

Both are within budget. Happy to forward to Linda once you confirm.

Patrick Gallagher Associate Calderwood & Harkness LLP p.gallagher@calderwoodharkness.com

From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 3 December 2024, 09:52 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

**Singapore:** Priya Subramaniam at Straits Meridian LLP has confirmed receipt of the M/V *Crimson Horizon* judicial sale proceeds — USD $22,800,000 — received into the court account on 2 December 2024 following the sale completed 15 November 2024. SM is processing the distribution and I've sent them wire instructions for TSL's recovery account at Ionian National Bank SA.

The sale price is right in line with the forced sale valuation provided by Captain Ian Forsyth at Northcape Maritime Advisory Ltd. — they had estimated the forced sale value at approximately USD $21–24 million for the Handymax vessel, so the actual sale price sits at the upper end of that range. Very satisfactory result.

**Cyprus:** Recoveries are now fully complete. Nadia Makrides at KM&P confirmed the total of £22,350,000 (GBP equivalent converted from EUR) from the forced sale of Oceangate Ventures shares and KMH's Cyprus accounts. The last tranche was received on 8 November 2024. We can close out the Cyprus workstream from a recovery perspective.

Patrick — can you compile an updated recovery tracker for the bi-weekly status report to TSL? Report #6 is due 6 December so we're tight on time.

Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com

From: Samuel Eklund To: Hannah Brinkley ; Patrick Gallagher Date: 21 October 2024, 17:05 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

Good news all round. Pleased to see the Singapore garnishee order went absolute on 18 October — SGD $31,200,000 from Pinnacle Bank is a significant recovery.

On the set-aside: as Hannah knows, Mr. Justice Ashworth dismissed KMH's application under ss. 68 and 69 on 11 October with costs on an indemnity basis. The judgment was robust — the court found that KMH's challenge was, in substance, an impermissible attempt to re-argue the merits. That's about as clear an endorsement of the award as we could have hoped for.

We should circulate that judgment to all three local counsel teams — it will be very useful supporting material for the enforcement proceedings in their respective jurisdictions. Hannah, please send copies of the set-aside dismissal order to:

- **Andreas Kyprianos** at Kyprianos Makrides & Partners (15 Grivas Digenis Avenue, Nicosia) — for use in Case No. 2247/2024 - **David Teo Wei Lin** at Straits Meridian LLP (1 Raffles Place, Singapore) — for use in OS 872/2024 - **Leila Hatem** at Al-Rashid Hatem & Associates (Emirates Financial Towers, DIFC, Dubai) — for use in Case No. 1893/2024

This is particularly important for the UAE proceedings, where the enforcement application (filed 22 August) is still pending before the Dubai Court of First Instance and the court may find the English court's endorsement of the award persuasive.

In the meantime, maintain full pressure across all fronts.

Samuel Eklund Partner Calderwood & Harkness LLP s.eklund@calderwoodharkness.com

From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 21 October 2024, 10:22 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

**Singapore:** David Teo Wei Lin at Straits Meridian confirms the garnishee order against Pinnacle Bank (Singapore) Ltd. was made absolute on 18 October 2024 — SGD $31,200,000 (approximately £18,450,000) to be paid over. Excellent result. The M/V *Crimson Horizon* remains under arrest and SM is progressing the judicial sale application — they expect the sale process to take another 3–4 weeks from now. The vessel is a

**Cyprus:** KM&P reports that Vassiliadis & Economou LLC's opposition to enforcement in Case No. 2247/2024 was dismissed and the enforcement order was granted on 30 September. Nadia Makrides is now proceeding with execution against the Oceangate Ventures shares and KMH's Cyprus bank accounts. She estimates the forced sale process for the shares will take 3–4 weeks. Recovery commenced 22 October.

One point I want to flag: it's critical that we coordinate the timing of recoveries carefully to ensure there's no double-recovery risk. We need to keep each jurisdiction's court informed of amounts recovered elsewhere, per the analysis in the conflict of laws memorandum. Patrick — can you also flag any reporting obligations to the English Commercial Court arising from the WFO? We need to update the court on amounts

Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com

From: Patrick Gallagher To: Hannah Brinkley ; Samuel Eklund Date: 2 October 2024, 15:40 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

**Local counsel billing:** I've compiled a running schedule of local counsel fees and disbursements for Linda Osei's review:

- **Kyprianos Makrides & Partners:** €285,000 budgeted (invoices to date: approximately €180,000) - **Straits Meridian LLP:** SGD $480,000 budgeted (invoices to date: approximately SGD $310,000) - **Al-Rashid Hatem & Associates:** AED 620,000 budgeted (invoices to date: approximately AED 280,000)

All three firms are billing within their estimates. SM's fees are slightly front-loaded due to the vessel arrest work and garnishee proceedings, but that's to be expected given the volume of urgent applications in Singapore.

**Hartwell Pemberton update:** HP has delivered the updated asset tracing report (dated 1 October 2024) identifying further assets and evidence of dissipation. Rebecca Saunders' team has tracked post-award transfers from KMH accounts to entities connected to Andrei Volkov — some of these are quite brazen and will be useful if we need to go back to the English court on contempt or variation of the WFO. HP's fees to da

I've shared relevant portions of the updated HP report with all three local counsel teams (with appropriate privilege protections in place) so they can use the asset intelligence in their respective proceedings.