Contract analysis

1. Background and Judicial Sale Summary By way of background, and for completeness of the record, we summarize the key events leading to the judicial sale as follows. The M/V Crimson Horizon (IMO 9801334) is a Handymax Bulk Carrier of approximately 37,500 DWT, registered under the flag of the Republic of Liberia. The vessel was beneficially owned and operated by Korinthian Bulkers (Singapore) Pte. Ltd., a company reg

2. Deductions and Net Proceeds We instruct that the following categories of deductions should be applied to the gross sale proceeds of USD $22,800,000, to the extent they are properly payable from the sale fund, before remittance of the net balance to TSL: (a) Singapore court fees and Sheriff's costs and expenses — all fees, costs, charges, and expenses payable to or incurred by the Supreme Court of Singapore and the

3. Priority of Claims It is our understanding, based on the information available to us and the absence of any notification to the contrary, that there are no competing maritime liens, prior claims, or other charges against the M/V Crimson Horizon or the sale fund that would take priority over TSL's enforcement claim. We would be grateful if you would confirm, in writing, that: (i) no other party has filed a claim or

4. Wire Transfer Instructions for Remittance Upon completion of all deductions and approval of the itemized accounting as described above, we instruct that the net proceeds are to be remitted by telegraphic transfer to TSL's designated recovery account, the details of which are as follows: Beneficiary Account Details: Account Holder: Thalassa Shipping & Logistics SA Bank: Ionian National Bank SA Bank Address: 22 Stad

5. Reporting and Documentation Requirements For the purposes of TSL's internal records, accounting, regulatory compliance, and tax reporting obligations, we request that Straits Meridian LLP provide the following documentation to Calderwood & Harkness LLP at the earliest practicable opportunity: (a) A certified copy of the court order confirming the judicial sale of the M/V Crimson Horizon and directing the distribut

6. Context of Wider Enforcement Campaign For your information, and to place the Singapore vessel sale in context, we confirm that the proceeds from the judicial sale of the M/V Crimson Horizon form part of TSL's multi-jurisdictional enforcement campaign against KMH in respect of LCIA Award No. 224718. As you are aware, the Award, rendered on 28 June 2024 by the tribunal constituted under LCIA Case No. 224718, provide

7. Ongoing Singapore Matters We would be grateful for your confirmation as to whether there are any remaining procedural steps required in the Singapore admiralty proceedings following the distribution of the sale fund. In particular, please advise whether: (a) a report or account of distribution must be filed with the court or the Sheriff upon completion of the remittance; (b) any formal application is required to d

8. Costs and Fee Matters We request that Straits Meridian LLP submit a separate and final fee note in respect of all professional fees and disbursements incurred in connection with the admiralty arrest and judicial sale of the M/V Crimson Horizon. This fee note should be submitted separately from any general enforcement fee note relating to the balance of the work undertaken in connection with OS 872/2024 and the gar