Contract analysis

From: Tariq Al-Rashid <t.alrashid@arh-legal.ae> To: Samuel Eklund <s.eklund@calderwoodharkness.com> Cc: Hannah Brinkley <h.brinkley@calderwoodharkness.com> Date: Tue, 14 Jan 2025 16:42:00 -0000 Subject: RE: Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — UAE Enforcement (Case No. 1893/2024) — Recovery Confirmation

I am pleased to write to confirm the successful completion of all recoveries in the UAE enforcement workstream in the matter of Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — enforcement of LCIA Award No. 224718, Case No. 1893/2024 before the Dubai Court of First Instance.

The details are set out below for your and Hannah's records.

For completeness, the key enforcement milestones in the UAE were as follows:

- **22 August 2024** — Enforcement application filed before the Dubai Court of First Instance under UAE Federal Law No. 6 of 2018 (UAE Arbitration Law) and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958). - **28 August 2024** — Precautionary attachment order granted over the accounts of Korinthian DMCC held at Emirates Gulf Commercial Bank PJSC ("EGCB"). - **20 November 2

Execution was levied against the accounts of Korinthian DMCC (registered at Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai, UAE) held at Emirates Gulf Commercial Bank PJSC, Gate Village 3, DIFC, Dubai. These accounts held operational funds of the judgment debtor.

**Amount recovered from EGCB bank accounts: AED 31,750,000**

The full balance standing to the credit of Korinthian DMCC across all identified EGCB accounts was seized and remitted to the execution court, and subsequently released for transfer to the judgment creditor.

In addition, third-party attachment orders were served on identified sub-charterers and trade counterparties of Korinthian DMCC in respect of receivables owed to the judgment debtor. These receivables were collected over the period from December 2024 through January 2025, with the final tranche received on 12 January 2025.

**Amount recovered from receivables: AED 21,650,000**

The total amount recovered in the UAE is as follows:

| **Source** | **Amount (AED)** | |---|---| | EGCB bank account proceeds | 31,750,000 | | Receivables from sub-charterers / counterparties | 21,650,000 | | **Total** | **53,400,000** |

**Sterling equivalent: approximately £11,340,000** (at prevailing exchange rates; approximate conversion rate of ~AED 4.71 per GBP / ~£0.2124 per AED).

We confirm that, following a thorough search, no further attachable assets or receivables of Korinthian DMCC have been identified in the UAE at this time.

The full recovered amount of AED 53,400,000 has been transferred to the designated recovery account of Thalassa Shipping & Logistics SA at:

> **Ionian National Bank SA** > 22 Stadiou Street, Athens 105 64, Greece

Transfers were made in two tranches, with the final transfer completed today, 14 January 2025. Remittance confirmations and wire transfer receipts for both tranches are attached to this email for your records.

I confirm that ARH's fees and court execution costs were **not** deducted from the recovered proceeds, consistent with the engagement structure. Our fees will be invoiced separately to Calderwood & Harkness LLP as set out below.

ARH's final invoice for the UAE enforcement work — total professional fees of **AED 620,000** — will be issued separately to Calderwood & Harkness LLP under the terms of our engagement letter. A detailed cost statement covering all court execution fees, translation charges, and legalization disbursements is being finalized and will accompany the invoice under separate cover.

As noted above, we have conducted a final asset check and have not identified any further assets or receivables of Korinthian DMCC within the UAE jurisdiction.

However, I wish to draw your attention to the following: we have received information indicating that the **M/V *Volga Spirit*** (IMO 9756892, Panamax Bulk Carrier, 76,400 DWT, Cyprus flag, owned by Dnepr Shipholding Inc.) has been reported at **Fujairah anchorage**. Should Calderwood & Harkness consider this vessel to be a viable enforcement target — whether on the basis of associated-ship principles or otherwise —

If no further instructions are received in relation to the above or any other UAE-related matters, we will proceed to close out the UAE enforcement workstream upon issuance of our final invoice and cost statement.

It has been a pleasure to work on this matter, and I am gratified by the successful outcome of the UAE enforcement. The coordination between our respective teams across multiple jurisdictions has been exemplary, and I commend the efficiency with which Calderwood & Harkness managed the overall enforcement strategy.

I would be grateful if you could confirm receipt of the funds at Ionian National Bank SA at your earliest convenience, so that we may finalize our records accordingly.

Please do not hesitate to contact me or Leila should you have any questions or require anything further.

**Al-Rashid Hatem & Associates** Office 1802, Emirates Financial Towers (South Tower) DIFC, Dubai, UAE T: +971 4 XXX XXXX | M: +971 50 XXX XXXX E: t.alrashid@arh-legal.ae

*Attachments:* 1. Remittance confirmation — Tranche 1 transfer to Ionian National Bank SA 2. Remittance confirmation — Tranche 2 transfer to Ionian National Bank SA (14 January 2025)

*To follow under separate cover:* - Final invoice (professional fees — AED 620,000) - Detailed cost statement (court execution fees, translation, and legalization disbursements)