Contract analysis

1. EXECUTIVE SUMMARY The purpose of this memorandum is to set out and analyse the available enforcement options in England and Wales in respect of LCIA Final Award No. 224718, dated 28 June 2024 (the "Award"), rendered in favour of our client, Thalassa Shipping & Logistics SA ("TSL" or the "Claimant"), against Korinthian Maritime Holdings Ltd. ("KMH" or the "Respondent"). The Award was rendered by a distinguished tri

2. BACKGROUND 2.1 The Parties 2.1.1 Claimant / Award Creditor: Thalassa Shipping & Logistics SA Thalassa Shipping & Logistics SA is a Société Anonyme organised under Greek law. It is registered at 14 Akti Miaouli, Piraeus 185 35, Greece, under Tax Identification Number EL-801456729. TSL is a privately held shipping and logistics company operating a fleet of approximately 34 vessels and generating annual revenues of a

3. ENFORCEMENT UNDER SECTION 66 OF THE ARBITRATION ACT 1996 3.1 Legal Framework

Section 66(1) of the Arbitration Act 1996 provides: "An award made by the tribunal pursuant to an arbitration agreement may, by leave of the court, be enforced in the same manner as a judgment or order of the court to the same effect." This provision is the primary mechanism for the enforcement of London-seated arbitral awards in England and Wales. It applies to awards made pursuant to an arbitration agreement where

4. WORLDWIDE FREEZING ORDER (MAREVA INJUNCTION) 4.1 Legal Basis TSL intends to apply for a worldwide freezing order ("WFO") restraining KMH from dissipating or dealing with its assets up to the value of the enforceable sum of £108,600,000. The legal basis for the application is section 37(1) of the Senior Courts Act 1981, which confers on the High Court a broad power to grant injunctions in all cases in which it appe

5. THIRD-PARTY DEBT ORDER AGAINST MERIDIAN TRUST BANK LTD. 5.1 Identified English Assets — Bank Account intelligence The principal identified English asset of KMH is its banking relationship with Meridian Trust Bank Ltd. ("Meridian Trust"), a banking institution located at 50 Lombard Street, London EC3V 9EA. Hartwell Pemberton's preliminary findings indicate that KMH maintains one or more accounts at Meridian Trust,

6. ASSESSMENT OF KMH's LIKELY CHALLENGE UNDER SECTIONS 68 AND 69 6.1 Overview of Challenge Regime The Arbitration Act 1996 provides a limited regime for challenging arbitral awards. The available grounds of challenge are: (a) Section 67 — Substantive Jurisdiction: A party may challenge an award on the ground that the tribunal lacked substantive jurisdiction. This ground is not relevant here, as KMH participated fully

Section 68(2)(d) provides that there is a serious irregularity where the tribunal has "failed to deal with all the issues that were put to it." KMH may argue that the tribunal failed to adequately address: (a) KMH's defences in respect of the off-hire deductions for the M/V Volga Spirit, including its contention that the deductions were supported by the vessel's operational records and the reports of the attending cl