Contract analysis

I. EXECUTIVE SUMMARY AND PURPOSE 1.1 Purpose of Memorandum This memorandum sets forth the results of the comprehensive legal due diligence conducted by Calderwood & Harkness LLP ("C&H" or the "Firm") in its capacity as issuer's counsel to Thalassa Shipping & Logistics SA ("TSL" or the "Issuer") in connection with the proposed offering of $400,000,000 aggregate principal amount of Senior Secured Notes due 2029 (the "N

II. CORPORATE STRUCTURE AND ORGANIZATIONAL DOCUMENTS 2.1 Thalassa Shipping & Logistics SA (the Issuer) Entity Type and Governing Law. Thalassa Shipping & Logistics SA is a société anonyme (SA) organized and existing under the laws of the Hellenic Republic, principally governed by Greek Law 4548/2018 on the Reform of the Law of Sociétés Anonymes, as amended. TSL operates as the parent company and central management en

III. MATERIAL CONTRACTS 3.1 Charter Parties TSL's fleet of 50 vessels is employed through a combination of time charters (both medium-term and short-term), voyage charters, and spot market fixtures. The chartering strategy reflects a balanced approach to revenue generation, with a core portfolio of medium-term time charters providing revenue stability and cash flow visibility, supplemented by shorter-term and spot ma

IV. EXISTING INDEBTEDNESS 4.1 Overview of Existing Debt As of the date of this memorandum, TSL's total existing funded indebtedness (excluding intercompany obligations) is approximately $310,000,000, consisting of two bilateral secured ship-finance term loan facilities as detailed below. Both facilities are traditional shipping bank facilities, secured by first-priority ship mortgages and assignments of earnings and