Contract analysis

1. Executive Summary This memorandum has been prepared for the internal use of the Calderwood & Harkness LLP ("C&H") team supervising the enforcement campaign on behalf of our client, Thalassa Shipping & Logistics SA ("TSL"), against Korinthian Maritime Holdings Ltd. ("KMH") and its various subsidiaries and affiliated entities. It identifies and analyses the conflict of laws issues arising from TSL's simultaneous pur

1. Overlapping freezing and attachment orders and their interplay. TSL has obtained a Worldwide Freezing Order ("WFO") from the English Commercial Court, a freezing injunction from the Nicosia District Court in Cyprus, a precautionary attachment from the Dubai Court of First Instance, and has pursued garnishee and admiralty arrest proceedings in Singapore. These orders and proceedings operate in parallel across four

2. The risk of double recovery and mechanisms to prevent it. TSL holds a single award for a single sum. It is entitled to recover that sum once, not multiple times. Simultaneous enforcement across four jurisdictions creates a theoretical risk that TSL could collect more than the total amount owed if execution proceeds in different jurisdictions are not properly coordinated and credited against the outstanding balance

3. The obligation to inform each court of enforcement actions and recoveries in other jurisdictions. In every jurisdiction in which TSL is pursuing enforcement, there exists an obligation — whether arising from the terms of specific court orders, procedural rules, or general equitable duties of candour — to keep the court informed of the existence and progress of parallel proceedings, and in particular of any amounts

4. Currency conversion and allocation issues. The Award is denominated in pounds sterling. Recoveries in Singapore (in SGD and USD), the UAE (in AED), and Cyprus (in EUR) must be converted to GBP and credited against the sterling-denominated outstanding balance. The allocation of partial recoveries as between costs, post-award interest, and the various heads of principal damages must be addressed consistently across

5. Priority and coordination of execution steps. The sequencing of enforcement measures — including the judicial sale of M/V Crimson Horizon in Singapore, the forced sale of KMH's shares in Oceangate Ventures Ltd. in Cyprus, the execution against Korinthian DMCC accounts in the UAE, and third-party debt order proceedings in England — must be carefully coordinated to ensure that each step is pursued only to the extent

2. Background and Procedural Posture 2.1 The Award The dispute between TSL and KMH arose from a series of charterparty agreements for three bulk carrier vessels operated under time charterparties on amended NYPE 2015 forms. Following a breakdown in the commercial relationship and extensive pre-arbitral correspondence, TSL commenced LCIA arbitration proceedings under LCIA Case Reference No. 224718. The Tribunal was co

3. The Risk of Double Recovery 3.1 Nature of the Risk TSL holds a single award for the aggregate sum of £108,600,000 (comprising the principal award of £96,450,000 and costs of £12,150,000), plus post-award interest. It is entitled to recover this sum, and the accrued post-award interest, once. It is not entitled to recover the same sum — or any portion of it — more than once. This is a fundamental principle common t

4. Overlapping Freezing and Attachment Orders 4.1 The Interplay of the WFO and Local Orders The English WFO granted by Mr. Justice Ashworth on 16 July 2024 (as continued with modifications on 30 July 2024) is a worldwide order that restrains KMH from removing from England and Wales, or in any way disposing of, dealing with, or diminishing the value of, its assets worldwide, up to the value of £108,600,000. The geogra

5. Currency Conversion and Allocation Issues 5.1 The Award Currency The LCIA Award is denominated entirely in pounds sterling. The principal award sum is £96,450,000, costs are £12,150,000, and post-award interest accrues at 5.25% per annum simple on the principal sum from 29 June 2024. All calculations of the outstanding balance, and all notifications to courts, should be expressed in pounds sterling as the currency

1. First, to costs (£12,150,000). Allocating early recoveries to the costs component first maximises the success fee calculation base by leaving the principal award intact for as long as possible. It also reduces the risk that costs remain unpaid if the enforcement campaign is only partially successful.

2. Second, to post-award interest. Allocating recoveries next to post-award interest ensures that accrued interest does not compound (the Award provides for simple interest, not compound interest, so this is a lesser concern, but crediting interest early reduces the total amount TSL must collect).

3. Third, to the principal award sum (£96,450,000). Only after costs and post-award interest have been satisfied in full should recoveries be credited against the principal. As each recovery is credited to principal, the post-award interest base is correspondingly reduced. This methodology should be applied consistently across all jurisdictions and documented in the Tracker. It should be discussed with and approved b

6. Comity and Recognition Issues 6.1 Comity Between Enforcement Jurisdictions A fundamental principle underlying the multi-jurisdictional enforcement campaign is that each of the four jurisdictions is enforcing the same underlying LCIA Award. No jurisdiction, by granting an enforcement order, creates a new, independent judgment debt separate from the Award (except to the limited extent that the enforcement order is t