Contract analysis

1. Executive Summary The purpose of this memorandum is to analyze and document the corporate ownership chain linking M/V Crimson Horizon (IMO 9801334) to Korinthian Maritime Holdings Ltd. ("KMH"), the award debtor in LCIA Case Reference No. 224718, for the purpose of establishing the legal basis for arresting the vessel in Singapore under the High Court (Admiralty Jurisdiction) Act (Cap. 123) (the "HCAJA"). This memo

2. Background 2.1 The LCIA Award LCIA Case Reference No. 224718 was commenced by Thalassa Shipping & Logistics SA ("TSL") against KMH in respect of three related charter-party disputes concerning the vessels M/V Aegean Fortuna, M/V Crimson Horizon, and M/V Volga Spirit. The arbitration was conducted under the LCIA Arbitration Rules 2020, with the seat of arbitration in London. The tribunal comprised Sir Malcolm Fento

3. Corporate Ownership Chain — M/V *Crimson Horizon* This section documents the corporate ownership chain linking M/V Crimson Horizon to KMH. The analysis is based on HP's preliminary asset tracing report dated August 15, 2024, corporate registry records obtained from ACRA (Singapore), the Cyprus Registrar of Companies, and the Liberian ship registry, as well as contemporaneous commercial documentation produced durin

4. Legal Analysis — Singapore Admiralty Arrest 4.1 Statutory Framework The admiralty jurisdiction of the Singapore High Court is governed by the High Court (Admiralty Jurisdiction) Act (Cap. 123) (the "HCAJA"). The relevant provisions for the purposes of this analysis are sections 3 and 4.

Section 3(1) of the HCAJA confers admiralty jurisdiction on the High Court over a broad range of maritime claims, including (inter alia) claims arising out of agreements relating to the carriage of goods in a ship or the use or hire of a ship, claims for loss of or damage to goods carried in a ship, and claims arising out of charterparties. The charter-party disputes underlying the LCIA Award fall within the scope of

Section 4 of the HCAJA governs the circumstances in which an admiralty action may be commenced in rem (i.e., against a vessel). Section 4(4) is the provision of central importance and provides as follows: "(4) In the case of any such claim as is mentioned in section 3(1)(d) to (q), where — (a) the claim arises in connection with a ship; and (b) the person who would be liable on the claim in an action in personam (ref

Section 4(4)(ii) is the so-called "associated ship" provision. It permits the arrest not only of the vessel in connection with which the claim arose, but also of "any other ship" which is beneficially owned by the person who would be liable in personam on the claim. The associated ship doctrine is a powerful enforcement mechanism specifically designed to address the reality that shipping groups typically hold individ

5. Hartwell Pemberton's Forensic Findings on Vessel Ownership 5.1 Methodology HP was engaged by this firm at the outset of the enforcement campaign to conduct a comprehensive forensic investigation into the KMH group's corporate structure, asset holdings, and fund flows, for the purpose of identifying enforceable assets and supporting the enforcement applications across all jurisdictions. The investigation into the o

6. Vessel Particulars and Valuation For convenience of reference, the full particulars of the vessel are restated below: Northcape Maritime Advisory Ltd. has been separately instructed to provide an independent fair market valuation of M/V Crimson Horizon for the purposes of any judicial sale. The instruction was given to Captain Ian Forsyth, Managing Director of Northcape, at their offices at 3 Thomas More Square, L

7. Recommendations Based on the foregoing analysis, the following recommendations are made:

1. Proceed with Arrest. The in rem writ of summons should be filed through Straits Meridian LLP (David Teo Wei Lin, Partner; Priya Subramaniam, Senior Associate) for the arrest of M/V Crimson Horizon in Singapore waters at the earliest opportunity. Commercial vessel tracking intelligence indicates that the vessel is currently in or approaching Singapore, and the arrest should be executed before the vessel departs. St

2. Rely on the Associated Ship Doctrine. The corporate ownership chain — in which KMH holds 100% of Oceangate, which holds 100% of KB Singapore, which is the registered owner of the vessel — provides a strong and well-supported basis for arrest under section 4(4) of the HCAJA. The supporting affidavit should exhibit the corporate registry records, HP's report, and the relevant charter-party documentation confirming K

3. Coordinate with OS 872/2024. The arrest proceedings must be closely coordinated with the pending enforcement application under OS 872/2024. Leave to enforce the LCIA Award as a Singapore judgment should be obtained as promptly as possible. Straits Meridian LLP should present both matters to the court in a manner that emphasizes the complementary nature of the proceedings: the arrest secures the asset while the enf

4. Prepare for Judicial Sale. Once M/V Crimson Horizon is arrested, if KMH does not furnish adequate security (in the form of a bank guarantee, P&I Club letter of undertaking, or cash deposit) or satisfy the Award within the time permitted by the court, TSL should apply for appraisement and judicial sale of the vessel. The valuation being prepared by Northcape Maritime Advisory Ltd. (Captain Ian Forsyth) will support

5. Monitor for Ownership Transfer Attempts. HP should continue to monitor for any attempt by KMH to transfer or encumber M/V Crimson Horizon, the shares in KB Singapore, or the shares in Oceangate, in breach of the WFO or the Cyprus freezing injunction. Real-time vessel tracking should be maintained to monitor the vessel's position and movements. Any evidence of an attempted or completed disposal should be reported i

6. Garnishee Proceedings in Parallel. The garnishee application against Pinnacle Bank (Singapore) Ltd. in respect of the accounts held by KB Singapore should proceed in parallel with the arrest. Fund flow analysis by HP indicates that there are likely to be operational funds standing to the credit of KB Singapore's accounts at Pinnacle Bank. Recovery of these funds, while likely to be modest in comparison to the vess

8. Appendices (Referenced) The following appendices are referenced in this memorandum and are attached hereto or available in the matter file: Appendix A: Corporate structure chart — M/V Crimson Horizon ownership chain (KMH → Oceangate Ventures Ltd. → Korinthian Bulkers (Singapore) Pte. Ltd. → M/V Crimson Horizon). Appendix B: Extracts from Hartwell Pemberton LLP preliminary asset tracing report dated August 15, 2024