Contract analysis

1. Summary of Settlement Terms 1.1 Settlement Amount and Payment Schedule The total settlement amount payable by TSL and Aegean Fortuna to Northwind under the Settlement Agreement is $7,850,000, to be paid in three installments according to the following schedule: The Effective Date of the Settlement Agreement is the date of execution, November 20, 2024. All settlement payments are to be deposited into escrow with At

2. Court Filings and Case Status 2.1 Withdrawal of Pending Motions As previously reported, TSL's Motion for Partial Summary Judgment — which sought dismissal of Northwind's liquidated damages claims on the basis that the charter-party imposed a single aggregate cap of $4,500,000 for the entire charter period, as well as dismissal of the deviation claim related to the Maputo port call — was filed on September 20, 2024

3. Insurance and Lender Notifications — Confirmation of Compliance We confirm that all required notifications to TSL's insurers and lenders have been made in connection with the settlement. The status of each notification is summarized below. 3.1 Oceanus Mutual Protection & Indemnity Club The Oceanus Mutual Protection & Indemnity Club ("Oceanus") was notified of the claim and TSL's request for a $2,500,000 settlement

4. Outstanding Action Items Although the Settlement Agreement has been executed and the Court has been notified, several important action items remain before the matter can be formally closed. We set forth each item below with recommended next steps. 4.1 Settlement Payments The most critical outstanding obligation is the timely funding of the three settlement installments. As noted above, the payment schedule require

5. Summary of Fees and Costs 5.1 Legal Fees The total Calderwood & Harkness legal fees billed through the settlement of this matter are $2,147,625. This amount is within the estimated range of approximately $2,180,000 that was discussed with TSL at the outset of the engagement and subsequently updated during the course of the litigation. The billing rates for the C&H professionals who worked on this matter were as fo

6. Key Takeaways and Case Outcome Summary We believe it is useful, in connection with this final report, to provide a brief summary of the litigation and the considerations that informed the settlement. The matter originated with Northwind's complaint, filed on October 2, 2023, alleging breach of the time charter-party (NYPE 2015 form, as amended) for the M/V Aegean Fortuna (IMO 9847231, Liberian flag, Supramax dry b

7. Matter Closing C&H Matter No. 1044-00006 will be formally closed upon the satisfaction of all of the following conditions: (a) Confirmation that all three settlement payments have been deposited into the Atlantic Fiduciary Trust Company escrow account and released to Northwind in accordance with the payment schedule set forth in the Settlement Agreement; (b) Filing and so-ordering of the Stipulation of discontinua

8. Expression of Appreciation and Closing Remarks On behalf of the entire Calderwood & Harkness team, we wish to express our sincere gratitude to Alexandros Stavridis, Markos Theodorakis, Elena Papadimitriou, and the broader TSL team for their cooperation, trust, and responsiveness throughout this engagement. This was a complex, high-stakes international commercial dispute, and the successful resolution achieved here