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CALDERWOOD & HARKNESS LLP Barristers and Solicitors 45 Moorgate London EC2R 6AR United Kingdom

Tel: +44 (0)20 7946 0100

Fax: +44 (0)20 7946 0101

www.calderwoodharkness.com

7 February 2025

PRIVILEGED AND CONFIDENTIAL — ATTORNEY-CLIENT COMMUNICATION This document is protected by attorney-client privilege and the work product doctrine. It is intended solely for the use of the addressees identified below. Any unauthorised disclosure, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately and destroy all copies.

TO:

Mr. Nikolaos Papadimitriou Chairman & Chief Executive Officer Thalassa Shipping & Logistics SA

Ms. Ioanna Christodoulou General Counsel Thalassa Shipping & Logistics SA

14 Akti Miaouli, 4th Floor Piraeus 185 35 Greece

FROM:

Hannah Brinkley, Lead Associate, Calderwood & Harkness LLP (Reviewed by Samuel Eklund, Responsible Partner)

RE:

Enforcement of LCIA Award No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — Bi-Weekly Status Report #10

MATTER REFERENCE:

C&H Matter No. SC-ENF-2024-0487 LCIA Case No. 224718

BI-WEEKLY STATUS REPORT #10 — NEAR-CLOSING UPDATE

1. Executive Summary

This is Bi-Weekly Status Report #10 in respect of the cross-border enforcement of LCIA Award No. 224718 dated 28 June 2024 (the "Award") in the matter of Thalassa Shipping & Logistics SA ("TSL" or the "Client") v. Korinthian Maritime Holdings Ltd. ("KMH"). This report covers the period from approximately 24 January 2025 through 7 February 2025 and provides a comprehensive update on all enforcement and recovery activities across all relevant jurisdictions.

Two significant developments have occurred during the reporting period:

(a) UAE Recovery Completion. The UAE enforcement recovery, which commenced on 10 December 2024, was confirmed as fully completed on 14 January 2025, yielding total proceeds of AED 53,400,000 (approximately £11,340,000 at prevailing exchange rates). The final tranche of funds was confirmed as received and remitted to TSL's designated recovery account. This development was anticipated in Status Report #9 and is now fully accounted for in the cumulative recovery figures.

(b) Voluntary Payment by KMH. On 3 February 2025, KMH made a voluntary payment of £7,400,000 to TSL by wire transfer. This payment followed without prejudice save as to costs correspondence between Calderwood & Harkness and KMH's solicitors, Harkness Whitford & Co. The payment was not accompanied by any admission of further liability or any proposal for settlement of the remaining outstanding balance.

As a result of these developments, the cumulative total recovered across all jurisdictions now stands at £96,590,000, representing approximately 88.94% of the combined Award (£96,450,000) and Costs (£12,150,000), totalling £108,600,000. When post-award interest is included, the estimated grand total owed through 15 March 2025 is £112,207,726.03, leaving an outstanding balance of approximately £15,617,726.03.

The enforcement campaign is now entering its closing phase. Residual recovery efforts are focused on two principal avenues: (i) the potential arrest and judicial sale of the M/V Volga Spirit (IMO 9756892), currently reported at Fujairah anchorage in the UAE; and (ii) the attachment of sub-charterer receivables identified by Hartwell Pemberton LLP through its asset tracing programme. Either avenue, if successfully pursued, has the potential to recover the outstanding balance in full.

We recommend that TSL schedule a call with the engagement team at the earliest convenient opportunity to discuss the transition to reduced-scope monitoring, the timeline and strategy for pursuing the remaining balance, and the process for seeking a partial discharge of the Worldwide Freezing Order to reflect the substantially reduced outstanding amount.

2. Summary of Recovery to Date — All Jurisdictions

2.1 Recovery Table

The following table sets out all recoveries achieved to date on a jurisdiction-by-jurisdiction basis, identifying the enforcement mechanism employed, the amounts recovered in both local currency and GBP equivalent, and the date or dates on which recovery was effected:

All currency conversions have been calculated at the prevailing exchange rates at or around the dates of recovery. Rounding differences, if any, are immaterial and have been reconciled in the multi-jurisdictional recovery tracker maintained by this firm.

2.2 Reconciliation Against Total Amounts Owed

For the purpose of clarity and completeness, the following sets out the full reconciliation of sums recovered against the total amounts owed by KMH to TSL under and in connection with the Award:

A. Total Award: £96,450,000

The Award, rendered on 28 June 2024 by the tribunal constituted under LCIA Rules (Arbitrators: Sir Geoffrey Lennox QC (President), Professor Maria Konstantinidou, and Mr. David Tay Keng Huat), comprises the following components:

(i) Damages in respect of M/V Aegean Fortuna: £42,300,000

(ii) Damages in respect of M/V Crimson Horizon: £28,150,000

(iii) Restitution in respect of M/V Volga Spirit: £2,740,000

(iv) Loss of profit and market differential: £16,480,000

(v) Pre-award interest: £6,780,000

B. Total Costs Allocated to KMH: £12,150,000

The costs order made by the tribunal allocated 85% of the combined costs to KMH, resulting in the following:

(i) LCIA administrative and tribunal costs: £3,240,000

(ii) TSL's legal costs: £8,910,000 (at 85% allocation)

C. Award + Costs: £108,600,000

D. Post-Award Interest:

Post-award interest accrues at the rate of 5.25% per annum simple on the principal sum of £96,450,000 from the date of the Award (29 June 2024). The estimated accrual through the target matter close date of 15 March 2025 is calculated as follows:

£96,450,000 × 0.0525 × (260 ÷ 365) = £3,607,726.03

This calculation is based on 260 days from 29 June 2024 to 15 March 2025 and assumes that no allocation of recovered funds has been credited against the principal for the purpose of reducing the interest-bearing balance. As discussed in Section 5.4 below, the precise allocation of payments between principal, costs, and interest should be confirmed with TSL, as the methodology adopted will affect the net interest accrual on the declining balance.

E. Grand Total Owed (estimated through 15 March 2025): £112,207,726.03

F. Total Recovered to Date: £96,590,000

G. Outstanding Balance: £112,207,726.03 − £96,590,000 = £15,617,726.03

H. Recovery Percentage (Award + Costs only): approximately 88.94%

All recovered funds have been remitted to TSL's designated recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece (IBAN: GR16 0110 1250 0000 0125 0489 302), in accordance with the standing remittance instructions provided by Ms. Christodoulou on 15 July 2024 and confirmed by Ms. Elena Stavridis (CFO, TSL) on 18 July 2024.

3. Developments Since Last Report

3.1 UAE Recovery Completion (14 January 2025)

As reported in Status Report #9 (dated 24 January 2025), enforcement proceedings in the UAE were progressing well following the grant of the enforcement order by the Dubai Court of First Instance (Case No. 1893/2024) on 20 November 2024. The enforcement order was obtained pursuant to UAE Federal Law No. 6 of 2018 on Arbitration and the provisions of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958), to which the UAE is a signatory.

The precautionary attachment order over the accounts and receivables of Korinthian DMCC (Commercial License No. 785932, Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai) held at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai), which had originally been granted on 28 August 2024, was converted to an execution attachment following the grant of the enforcement order. Our local counsel, Al-Rashid Hatem & Associates ("ARH"), acted on behalf of TSL throughout the UAE proceedings. The ARH team was led by Mr. Tariq Al-Rashid and Ms. Leila Hatem, both of whom are based at Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai.

The execution process required ARH to coordinate with the Dubai Court Execution Department and with Emirates Gulf Commercial Bank PJSC to ensure the orderly transfer of funds from the attached accounts and receivable proceeds. Recovery commenced on 10 December 2024 with an initial tranche of approximately AED 31,000,000, followed by subsequent transfers as additional receivable proceeds were collected and credited. The final tranche was confirmed on 14 January 2025.

The total UAE recovery amounts to AED 53,400,000, which, at the prevailing AED/GBP conversion rate of approximately £0.2124 per AED, equates to approximately £11,340,000. Confirmation of the final transfer was received from Mr. Tariq Al-Rashid by email dated 14 January 2025. All funds have been transferred to TSL's recovery account at Ionian National Bank SA in accordance with standing instructions.

ARH fees to date total AED 620,000. ARH has indicated that this amount is expected to be final unless further UAE enforcement activity is required. As discussed in Section 5.1 below, the M/V Volga Spirit has been reported at Fujairah anchorage, and if arrest proceedings are initiated in the UAE, ARH's fees will increase accordingly. An estimate of additional fees for vessel arrest will be obtained from ARH and reported in due course.

3.2 Voluntary Payment by KMH (3 February 2025)

On 3 February 2025, KMH made a voluntary payment of £7,400,000 to TSL. The payment was received by wire transfer to TSL's designated recovery account at Ionian National Bank SA. Receipt was confirmed by Ms. Stavridis (CFO, TSL) by email to this firm on the same date.

The context for this payment is as follows. In the weeks preceding the payment, Calderwood & Harkness had been engaged in without prejudice save as to costs correspondence with Harkness Whitford & Co. ("HW"), the solicitors acting for KMH in the English proceedings. The correspondence was addressed to Ms. Catherine Whitford, a partner at HW (12 Fetter Lane, London EC4A 1JP). We are not at liberty to disclose the substance of the without prejudice communications, but we note that the voluntary payment followed those exchanges and appears to reflect a recognition by KMH that further resistance to the enforcement campaign would be unlikely to yield any material benefit.

On 5 February 2025, this firm sent a formal acknowledgment letter to Harkness Whitford & Co. confirming receipt of the £7,400,000 payment and its application against the outstanding balance owed by KMH to TSL under and in connection with the Award. The letter expressly reserved all of TSL's rights in respect of the remaining outstanding balance of approximately £15,617,726.03, including the continuing accrual of post-award interest at 5.25% per annum. The letter further confirmed that the Worldwide Freezing Order (originally granted on 16 July 2024 by Mr. Justice Ashworth, continued on 30 July 2024, in Claim No. CL-2024-000487) remains in full force and effect in respect of unpaid amounts, and that TSL intends to pursue all remaining enforcement remedies available to it.

Notably, KMH did not accompany the payment with any admission of further liability, any proposal for payment of the remaining balance, or any request for variation or discharge of the Worldwide Freezing Order. The payment was made without conditions or qualifications. HW has not responded to the acknowledgment letter or initiated any further correspondence as of the date of this report.

4. Jurisdiction-by-Jurisdiction Status

4.1 England & Wales

Court: Commercial Court, Rolls Building, Royal Courts of Justice, London (Claim No. CL-2024-000487, before Mr. Justice Ashworth)

Status: Enforcement substantially complete; WFO remains in force.

The English enforcement proceedings were the first commenced following the rendering of the Award. Permission to enforce the Award as a judgment of the Commercial Court was granted on 2 August 2024 pursuant to section 66 of the Arbitration Act 1996. KMH, through its solicitors Harkness Whitford & Co. (Senior Partner: Richard Harkness, SRA No. 614823), filed an application to set aside the Award on 19 August 2024 under sections 68 and 69 of the Arbitration Act 1996, alleging serious irregularity and errors of law. That application was heard by Mr. Justice Ashworth on 7–9 October 2024 and was dismissed by judgment dated 11 October 2024 with costs awarded to TSL on the indemnity basis. The learned judge found that the grounds advanced by KMH were without merit and that the application had been brought in part as a delay tactic in the context of the wider enforcement campaign.

Following the grant of enforcement, a third-party debt order was obtained against Meridian Trust Bank Ltd. (50 Lombard Street, London EC3V 9EA) in respect of funds standing to the credit of KMH in the amount of £18,720,000. The final order was made absolute on 3 September 2024 and the funds were garnished on the same date.

The Worldwide Freezing Order was granted by Mr. Justice Ashworth on 16 July 2024 as an ancillary measure to support enforcement. The order was continued at the return date hearing on 30 July 2024. The WFO restrains KMH from dealing with, removing from the jurisdiction, or diminishing the value of its assets worldwide up to a maximum sum of £108,600,000. KMH was required to provide asset disclosure within 14 days, which disclosure was provided (with certain deficiencies that were subsequently the subject of further court directions). The WFO remains in full force and effect.

Given that total recoveries now stand at £96,590,000, the maximum restrained sum under the WFO significantly exceeds the remaining outstanding balance. We recommend that TSL apply for a partial discharge of the WFO to reduce the maximum restrained sum to the outstanding balance, as discussed further in Section 5.3 below.

No further active enforcement steps are anticipated in England at this time. The costs order in TSL's favour on the set-aside application remains to be assessed (taxed) if not agreed with HW. We will continue to monitor for any indications that KMH intends to bring further challenges, although HW has not indicated any intention to do so and we assess the risk of further opposition as low.

4.2 Cyprus. Court: Nicosia District Court (Case No. 2247/2024)

Status: Enforcement complete; freezing injunction eligible for discharge upon matter closure.

Recognition and enforcement of the Award in Cyprus was pursued pursuant to the International Commercial Arbitration Law (Law 101/1987), which gives effect to the New York Convention in Cyprus. An enforcement order was granted by the Nicosia District Court on 30 September 2024, following the dismissal of opposition filed by KMH through its Cypriot counsel, Vassiliadis & Economou LLC (Mr. Georgios Vassiliadis and Ms. Eleni Economou, 7 Stasinou Avenue, 3rd Floor, Nicosia 1060). The opposition had been filed on 18 September 2024 and was based on allegations (subsequently rejected by the court) that the Award was not yet binding and that enforcement would be contrary to Cypriot public policy.

A freezing injunction over the shares of Oceangate Ventures Ltd. (Cyprus company registration number HE 401293) and KMH's bank accounts in Cyprus had been granted on 12 August 2024. Following the enforcement order, our local counsel, Ms. Nadia Makrides of Kyprianos Makrides & Partners ("KM&P", 15 Grivas Digenis Avenue, Nicosia 1066), proceeded with the forced sale of the Oceangate Ventures shares and the levy on KMH's Cypriot bank accounts.

Total recovery in Cyprus amounted to £22,350,000 (GBP equivalent, converted from EUR), achieved between 22 October 2024 and 8 November 2024. Confirmation of the final recovery was received from Ms. Makrides by email dated 8 November 2024.

KM&P fees total €285,000, which is expected to be the final amount.

No further Cyprus enforcement steps are anticipated. The Cyprus freezing injunction can be discharged upon confirmation of matter closure. We recommend that discharge be deferred until the overall enforcement campaign is concluded to preserve optionality.

Important Note on Corporate Structure: The forced sale of the Oceangate Ventures shares in Cyprus has had implications for the corporate ownership chain of KMH's subsidiaries. In particular, Dnepr Shipholding Inc. (BVI Company No. 2014876), the registered owner of both the M/V Aegean Fortuna and the M/V Volga Spirit, was held through Oceangate Ventures Ltd. The purchaser of the Oceangate shares at the forced sale is a third party unrelated to KMH. The implications of this change in ownership for the enforcement against the M/V Volga Spirit are being monitored and assessed by this firm in consultation with our BVI counsel. The beneficial ownership chain linking KMH to Dnepr through the Volkov family (as established by Hartwell Pemberton's asset tracing) remains relevant for associated ship and piercing-the-veil arguments, notwithstanding the change at the Oceangate level.

4.3 Singapore. Court: Singapore High Court (OS No. 872/2024)

Status: Enforcement complete; proceedings to be formally concluded.

Leave to enforce the Award in Singapore was granted on 6 September 2024 pursuant to the International Arbitration Act (Cap. 143A) and the relevant provisions of the Singapore Rules of Court. KMH did not apply to set aside the enforcement order within the prescribed time.

Two enforcement mechanisms were employed in Singapore, yielding a combined recovery of £36,780,000:

(a) Garnishee order absolute against Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) in respect of accounts held by Korinthian Bulkers (Singapore) Pte. Ltd. (80 Robinson Road, #14-02, Singapore 068898), a wholly-owned subsidiary of KMH. The garnishee order was made absolute on 15 October 2024 and the sum of SGD $31,200,000 (approximately £18,450,000) was recovered on 18 October 2024.

(b) Judicial sale of M/V *Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag). The vessel was arrested on 20 August 2024 while in Singapore waters. An order for appraisement and sale was made by the Singapore High Court (Admiralty Division), and the vessel was sold by judicial sale on 15 November 2024 for USD $22,800,000 (approximately £18,330,000*). Sale proceeds were received by the Singapore Sheriff on 2 December 2024 and distributed to TSL following the determination of priorities.

Confirmation of the completion of all Singapore recoveries was received from Ms. Priya Subramaniam of Straits Meridian LLP ("SM", 1 Raffles Place, #44-01 One Raffles Place Tower 2, Singapore 048616) by email dated 5 December 2024.

SM fees total SGD $480,000, which is expected to be the final amount.

No further Singapore enforcement steps are anticipated. The proceedings are to be formally concluded in due course, and SM will attend to the necessary filings.

4.4 UAE. Court: Dubai Court of First Instance (Case No. 1893/2024)

Status: Recovery complete; enforcement order remains available for further execution (M/V *Volga Spirit*).

The UAE enforcement proceedings have been discussed in detail in preceding Status Reports and are further updated in Section 3.1 above. In summary:

• Enforcement of the Award was obtained under UAE Federal Law No. 6 of 2018 on Arbitration and the New York Convention.

• The enforcement order was granted by the Dubai Court of First Instance on 20 November 2024.

• A precautionary attachment order over the accounts and receivables of Korinthian DMCC at Emirates Gulf Commercial Bank PJSC had been granted on 28 August 2024 and was converted to an execution attachment following the enforcement order.

• Total recovery: AED 53,400,000 (approximately £11,340,000), completed 14 January 2025.

The UAE enforcement order remains in force and could support further execution against KMH and its UAE subsidiaries, including potentially the arrest of the M/V Volga Spirit if the vessel remains in UAE waters (see Section 5.1 below).

ARH fees to date total AED 620,000. Additional fees will be incurred if further execution proceedings are commenced, particularly in respect of a vessel arrest. ARH has indicated that the estimated fee for an arrest application at Fujairah would be in the range of AED 150,000 to AED 250,000, excluding court fees and any additional enforcement charges.

5. Remaining Enforcement Options and Outstanding Balance

5.1 M/V *Volga Spirit* (IMO 9756892)

The M/V Volga Spirit is a Panamax Bulk Carrier of 76,400 DWT, registered under the Cyprus flag. The registered owner is Dnepr Shipholding Inc. (BVI Company No. 2014876), whose registered agent is Vantage Corporate Services Ltd., Road Town, Tortola, British Virgin Islands.

As noted in Section 4.2 above, Dnepr was previously held through Oceangate Ventures Ltd. (HE 401293), which was itself a KMH subsidiary. The forced sale of the Oceangate Ventures shares in Cyprus has altered the formal corporate structure, but the beneficial ownership chain linking KMH to Dnepr — and ultimately to Mr. Andrei Volkov, the ultimate beneficial owner of the KMH group — was established by Hartwell Pemberton LLP's asset tracing work and confirmed through the WFO asset disclosure. This beneficial ownership analysis underpins the legal arguments available for pursuing enforcement against the vessel.

The vessel was last reported at Fujairah anchorage, UAE, based on vessel-tracking data obtained through Northcape Maritime Advisory Ltd. ("Northcape", Captain Ian Forsyth, 3 Thomas More Square, London E1W 1WY). Northcape has provided prior vessel valuations and estimates the current market value of the M/V Volga Spirit in the range of USD $28–32 million, depending on prevailing market conditions and the vessel's physical condition. Even at the lower end of this range, the estimated value would be more than sufficient to cover the outstanding balance of approximately £15,617,726.03.

The following enforcement options are under consideration:

(a) Arrest in UAE. The existing UAE enforcement order (Case No. 1893/2024) could support an application for the arrest of the M/V Volga Spirit at Fujairah or any other UAE port. ARH has confirmed its readiness to prepare and file arrest documentation on a standby basis. The principal advantage of a UAE arrest is that the enforcement infrastructure is already in place.

(b) Arrest at alternative ports. The vessel's trading patterns should be monitored to identify ports of call in other New York Convention jurisdictions where arrest and enforcement may be available. Key candidate jurisdictions include India, South Africa, Turkey, and Greece, each of which has an established admiralty arrest regime and is a party to the relevant conventions.

(c) Associated ship and piercing-the-veil analysis. The M/V Volga Spirit is owned by Dnepr Shipholding Inc., which is not itself a judgment debtor under the Award. However, the associated ship doctrine (applicable in a number of common law maritime jurisdictions) and piercing-the-veil arguments (supported by the Hartwell Pemberton asset tracing establishing Volkov family control of the entire KMH group, including Dnepr) provide a basis for arresting the vessel in satisfaction of the Award debt. The strength of these arguments will vary by jurisdiction, and local counsel advice will be required in advance of any arrest application.

Challenge: KMH may argue that Dnepr is a separate legal entity and is not a judgment debtor, thereby opposing any arrest on the basis that the vessel is not subject to the Award. This argument has force in some civil law jurisdictions but is less likely to succeed where the associated ship doctrine applies or where piercing-the-veil criteria are satisfied. The evidence of common control, common beneficial ownership, and the use of the corporate structure to evade enforcement obligations is, in our assessment, strong.

Recommendation: We recommend that TSL instruct ARH to prepare standby arrest documentation for the M/V Volga Spirit in the UAE (Fujairah) as a matter of priority. Simultaneously, Northcape should be instructed to maintain active vessel-tracking and to alert this firm immediately of any departure from Fujairah or arrival at an alternative port. This will allow TSL to arrest the vessel at the optimal location.

5.2 Sub-Charterer Receivables

Hartwell Pemberton LLP ("HP", Rebecca Saunders and Mark Huxley, 25 Old Broad Street, London EC2N 1HN) has identified approximately £4,200,000 in receivables owed to KMH and its subsidiaries by various sub-charterers. These receivables were identified through a combination of the WFO asset disclosure provided by KMH and HP's global tracing work.

The receivables in question relate to hire and freight payments due from sub-charterers under time charters and voyage charters entered into by KMH and its subsidiary companies. HP has confirmed that the debtor identities and approximate amounts were established through documentary analysis and third-party inquiries conducted in the course of the asset tracing engagement.

Attachment of these receivables is being pursued across the relevant jurisdictions. Depending on the identity and location of the sub-charterer debtors, some receivables may be attachable under the existing English third-party debt order regime, the Singapore garnishee framework, or the UAE execution mechanism. Others may require fresh attachment proceedings in additional jurisdictions.

The receivable identification process is ongoing. Amounts may vary as HP continues its analysis, and some receivables may prove to be uncollectible due to disputes between KMH and its sub-charterers, set-off claims, or the financial condition of the sub-charterer debtors. HP is expected to provide an updated report on the status and collectibility of these receivables within the next two weeks.

Recommendation: We recommend that TSL instruct HP to provide a comprehensive updated report identifying all attachable sub-charterer receivables, including debtor identity, jurisdiction, estimated amount, and recommended attachment mechanism. This should be pursued as a supplementary recovery strategy alongside the M/V Volga Spirit arrest.

5.3 Partial Discharge of Worldwide Freezing Order

The WFO currently restrains KMH's assets worldwide up to a maximum sum of £108,600,000. Given that total recoveries now stand at £96,590,000, the maximum restrained sum is very significantly in excess of the remaining outstanding balance.

There is a legal obligation to ensure that the WFO is proportionate to the amount outstanding, and maintaining the order at a level that substantially exceeds the remaining debt could expose TSL to criticism from the court and, in an extreme case, to an application by KMH for discharge on the basis of material non-disclosure or inequitable conduct. Moreover, a proportionate reduction in the WFO would demonstrate good faith and strengthen TSL's position in any future applications.

Recommendation: We recommend that TSL apply to the Commercial Court (before Mr. Justice Ashworth) for a variation of the WFO reducing the maximum restrained sum from £108,600,000 to the approximate outstanding balance of £15,617,726.03 (or such figure as may be adjusted for continuing interest accrual at the date of the hearing). The draft application and supporting evidence should be prepared by this firm.

Prior to filing the application, Calderwood & Harkness will liaise with Harkness Whitford & Co. to ascertain whether consent to the variation can be obtained. A consent order would avoid the need for a contested hearing and reduce costs for both parties. If consent is forthcoming, the variation can be dealt with by agreement and filed on paper. If HW does not consent, a hearing before Mr. Justice Ashworth will be required.

It is important to emphasise that TSL should not agree to a full discharge of the WFO until all outstanding sums — including post-award interest — are recovered in full, or until a negotiated resolution is reached that provides for full satisfaction of TSL's claims. The WFO remains an essential tool for preserving the remaining assets against which enforcement may be sought.

5.4 Continuing Interest Accrual

Post-award interest continues to accrue at 5.25% per annum simple on the unpaid principal amount of £96,450,000 from 29 June 2024 (the date of the Award). The total estimated accrual through 15 March 2025, calculated on the full principal amount, is £3,607,726.03.

However, as recoveries are made and applied against the Award, the interest-bearing principal should, in principle, reduce. The precise allocation of recovered sums — as between principal, costs, and interest — is a matter that should be confirmed with TSL and, if necessary, determined by reference to the terms of the Award. The Award itself is silent on the order of allocation, and in the absence of a contrary agreement, the general common law position (under the rule in Clayton's Case as adapted to arbitral awards) permits the creditor to allocate payments in the manner most beneficial to the creditor, typically to interest and costs first and principal last.

Calderwood & Harkness and Hartwell Pemberton will prepare an updated joint interest calculation memorandum reflecting all payments received to date. The memorandum will present calculations under alternative allocation methodologies (interest-first vs. principal-first) to enable TSL to make an informed decision on the allocation approach. This is particularly important because the allocation methodology adopted will affect the quantum of the outstanding balance and, consequently, the figure used in the partial WFO discharge application.

We estimate that the actual interest accrual on a declining-balance basis (crediting recoveries chronologically against principal) will be materially lower than the £3,607,726.03 figure calculated on the full principal amount. The updated memorandum will provide the precise figure.

6. Fees and Budget Update

6.1 Calderwood & Harkness LLP Fees

The agreed fee cap for the enforcement phase of this matter is £4,200,000, exclusive of disbursements and local counsel fees. The fee cap was established in the engagement letter dated 5 July 2024 and amended by the supplemental fee agreement dated 18 September 2024.

The current position is as follows:

The remaining enforcement activities — which include the preparation of standby arrest documentation for the M/V Volga Spirit, coordination of sub-charterer receivable attachment, the preparation and filing of the partial WFO discharge application, the preparation of the updated interest calculation memorandum, and matter closing procedures — are expected to be manageable within the remaining £330,000. However, if contested proceedings arise (for example, if the M/V Volga Spirit arrest is opposed or if the partial WFO discharge application is contested by HW), additional fees may be incurred and a supplemental fee arrangement may be required. We will notify the Client promptly if it appears that the fee cap will be exceeded.

For reference, the applicable hourly rates for the engagement team are:

6.2 Success Fee

Pursuant to the supplemental fee agreement dated 18 September 2024, a success fee of 2.5% is payable on amounts recovered in excess of £80,000,000.

The current calculation is as follows:

Recoveries to date: £96,590,000

Excess over threshold: £96,590,000 − £80,000,000 = £16,590,000

Success fee: 2.5% × £16,590,000 = £414,750

The success fee of £414,750 is currently earned and payable. The fee will increase proportionally if further recoveries are made. For example, if the full outstanding balance of approximately £15,617,726.03 were to be recovered, the total excess would be £32,207,726.03 and the success fee would be £805,193.15.

The final success fee invoice will be rendered upon matter closing or at TSL's direction, as agreed in the supplemental fee agreement.

6.3 Disbursements. Total disbursements to date amount to £412,000, comprising court fees, travel expenses, expert fees, and other costs across all relevant jurisdictions. A breakdown of disbursements by category is maintained in the matter accounting records and is available upon request.

No significant further disbursements are anticipated unless M/V Volga Spirit arrest proceedings are commenced, in which event additional court fees, vessel-tracking costs, and related expenses will be incurred. We estimate these additional disbursements at approximately £35,000–£60,000, depending on the jurisdiction of arrest and the complexity of the proceedings.

6.4 Local Counsel and Expert Fees

The following summarises the fees of local counsel and experts engaged in connection with the enforcement campaign:

We will provide updated fee summaries for all local counsel and experts as part of the matter closing procedures.

7. Risk Assessment and Key Considerations

We have identified the following key risks and considerations relevant to the remaining enforcement activities and the matter as a whole:

Risk of KMH Challenge or Further Opposition: LOW

All set-aside and opposition applications brought by KMH across the relevant jurisdictions have been dismissed. The English set-aside application under sections 68 and 69 of the Arbitration Act 1996 was dismissed with costs on the indemnity basis, and the Cypriot opposition was similarly unsuccessful. KMH has not appealed any of these decisions. Moreover, KMH's voluntary payment of £7,400,000 on 3 February 2025 suggests a degree of acceptance of liability for at least part of the remaining sums. We assess the risk of further challenges as low, although it cannot be excluded entirely, particularly in the context of a potential vessel arrest where KMH (or Dnepr) may seek to resist on the grounds that Dnepr is not a judgment debtor.

Risk of Inability to Recover Outstanding Balance: MODERATE

The ability to recover the remaining outstanding balance of approximately £15,617,726.03 depends principally on the success of two enforcement avenues: (i) the arrest and judicial sale of the M/V Volga Spirit; and (ii) the attachment of sub-charterer receivables. The vessel's estimated value of USD $28–32 million would, if realised, be more than sufficient to cover the outstanding balance. However, there are execution risks associated with vessel arrest, including the risk that the vessel may depart UAE waters before arrest documentation can be filed, the risk that KMH or Dnepr will oppose the arrest on corporate separateness grounds, and the risk that the vessel's market value may decline if shipping markets weaken. The sub-charterer receivables, while identified by HP, may prove partly or wholly uncollectible. We therefore assess the risk of inability to recover the full outstanding balance as moderate.

Currency Risk: PRESENT BUT MANAGEABLE

Recoveries have been obtained in multiple currencies, including GBP, EUR, SGD, USD, and AED. The GBP equivalents reported herein are calculated at prevailing conversion rates at or around the dates of recovery. Currency fluctuations between the dates of recovery and the dates of ultimate realisation by TSL could result in minor variances. This risk is inherent in cross-border enforcement and is managed through prompt conversion and remittance.

Double-Recovery Risk: LOW

The risk of double-recovery — i.e., the risk that TSL might inadvertently recover in excess of the total amount owed — is managed through the multi-jurisdictional recovery tracker maintained by this firm. All courts and enforcement authorities have been notified of the total recoveries obtained to date, and each new enforcement action has been calibrated to the remaining outstanding balance. At current recovery levels of approximately 89% of Award plus Costs (before interest), there is no risk of double-recovery. Should further recoveries be obtained, the tracker will be updated and all relevant courts notified accordingly.

8. Recommended Next Steps

Based on the foregoing analysis, we recommend that the following steps be taken in the near term:

1. Instruct ARH to prepare standby arrest documentation for M/V *Volga Spirit* in UAE (Fujairah). Given that the vessel is currently at Fujairah anchorage, this represents the most immediate and practical enforcement opportunity. ARH should be instructed to prepare the necessary documentation and to be ready to file on short notice upon receiving the green light from TSL and this firm.

2. Maintain active vessel-tracking for M/V *Volga Spirit* and identify alternative arrest ports. Northcape Maritime Advisory should continue to monitor the vessel's movements in real time and provide immediate alerts if the vessel departs Fujairah or arrives at any port where an arrest may be effected. Alternative arrest port strategies should be developed for key trading ports in New York Convention jurisdictions.

3. Instruct Hartwell Pemberton LLP to provide an updated report on sub-charterer receivables for attachment. HP should be asked to provide a comprehensive update identifying all attachable receivables, including debtor identity, jurisdiction, estimated amount, and recommended attachment mechanism. This will allow TSL to pursue attachment as a supplementary recovery avenue.

4. Prepare and file an application for partial discharge of the Worldwide Freezing Order in the Commercial Court. The application should seek a reduction of the maximum restrained sum from £108,600,000 to the approximate outstanding balance of £15,617,726.03 (subject to adjustment for continuing interest). Calderwood & Harkness will liaise with Harkness Whitford & Co. to seek consent to the variation.

5. Update the interest calculation memorandum to reflect all payments received. Calderwood & Harkness and Hartwell Pemberton will prepare a joint memorandum setting out the precise post-award interest accrual on a declining-balance basis, taking account of all payments received and the alternative allocation methodologies.

6. Begin matter closing preparations. These include the preparation of a final fee summary, the implementation of document retention procedures in accordance with TSL's instructions and Calderwood & Harkness's professional obligations, and the coordination of local counsel file closures in Cyprus, Singapore, and the UAE (subject to the resolution of the M/V Volga Spirit enforcement).

7. Schedule a call with TSL to discuss closing strategy. We recommend that a call be arranged with Mr. Papadimitriou and Ms. Christodoulou at the earliest convenient opportunity to discuss the following matters: (a) whether TSL wishes to pursue the remaining balance aggressively (i.e., proceed with the M/V Volga Spirit arrest and sub-charterer receivable attachment) or to transition to a reduced-scope monitoring posture; (b) the timeline for matter closure; (c) the terms on which TSL might be willing to engage in settlement discussions with KMH in respect of the remaining balance; and (d) the partial WFO discharge strategy.

9. Next Report

Bi-Weekly Status Report #11 is expected to be issued on or around 21 February 2025. The report will cover developments from 7 February to 21 February 2025, including any progress on the M/V Volga Spirit arrest documentation, the HP sub-charterer receivables update, and any further communications from HW.

The target matter close date remains 15 March 2025, subject to the resolution of the outstanding enforcement items described in this report. If it becomes apparent that the matter close date will need to be extended, we will notify TSL promptly and propose a revised timeline.

Sign-off

This report was prepared by the undersigned and has been reviewed by the Responsible Partner for accuracy and completeness. Please do not hesitate to contact us if you have any questions or wish to discuss any aspect of this report.

Prepared by:

________________________________________

Hannah Brinkley Lead Associate Calderwood & Harkness LLP

Direct Tel: +44 (0)20 7946 0142

Email: h.brinkley@calderwoodharkness.com

Reviewed by:

________________________________________

Samuel Eklund Responsible Partner Calderwood & Harkness LLP

Direct Tel: +44 (0)20 7946 0118

Email: s.eklund@calderwoodharkness.com

Address for Correspondence:

Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom

Distribution:

Enclosures:

1. Recovery Confirmation — UAE (email from Tariq Al-Rashid, Al-Rashid Hatem & Associates, dated 14 January 2025)

2. Letter to Harkness Whitford & Co. confirming receipt of voluntary payment of £7,400,000 (dated 5 February 2025)

3. Updated Multi-Jurisdictional Recovery Tracker (as at 7 February 2025)

PRIVILEGED AND CONFIDENTIAL — ATTORNEY-CLIENT COMMUNICATION. This document and all enclosures are protected by legal professional privilege and are provided solely for the use of the named addressees. Unauthorised disclosure, distribution, or copying is strictly prohibited. Calderwood & Harkness LLP is a limited liability partnership registered in England and Wales under number OC398217. A list of members is available for inspection at our registered office. The term "partner" refers to a member of the LLP or an employee or consultant with equivalent standing and qualifications.

Jurisdiction	Mechanism	Local Currency Amount	GBP Equivalent	Date(s) of Recovery
England & Wales	Third-party debt order (Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA)	£18,720,000	£18,720,000	3 September 2024
Cyprus	Forced sale of Oceangate Ventures Ltd. (HE 401293) shares and levy on KMH bank accounts (Nicosia District Court, Case No. 2247/2024)	€26,115,000 (approx.)	£22,350,000	22 October 2024 to 8 November 2024
Singapore	Garnishee order absolute (Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909)	SGD $31,200,000	£18,450,000	18 October 2024
Singapore	Judicial sale of M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag)	USD $22,800,000	£18,330,000	2 December 2024 (proceeds received)
UAE	Execution against accounts and receivables of Korinthian DMCC at Emirates Gulf Commercial Bank PJSC	AED 53,400,000	£11,340,000	10 December 2024 to 14 January 2025
Voluntary Payment	Direct payment by KMH via wire transfer	£7,400,000	£7,400,000	3 February 2025
TOTAL	£96,590,000
Item	Amount (£)
Fee cap (enforcement phase)	4,200,000
C&H fees billed to date	3,870,000
Remaining under cap	330,000
Fee Earner	Role	Rate (£/hr)
Samuel Eklund	Responsible Partner	850
Linda Osei	Senior Associate	825
Hannah Brinkley	Lead Associate	540
Patrick Gallagher	Associate	420
Firm/Expert	Jurisdiction/Role	Fees to Date	Status
Kyprianos Makrides & Partners	Cyprus (local counsel)	€285,000	Expected final
Straits Meridian LLP	Singapore (local counsel)	SGD $480,000	Expected final
Al-Rashid Hatem & Associates	UAE (local counsel)	AED 620,000	May increase if further UAE enforcement required
Hartwell Pemberton LLP	Forensic accountants / asset tracing	£345,000	May increase modestly if further tracing work required for sub-charterer receivables
Northcape Maritime Advisory Ltd.	Vessel valuation and tracking	Included in disbursements total	Ongoing; additional fees may arise for continued tracking
Recipient	Role	Copy Type
Nikolaos Papadimitriou	Chairman & CEO, Thalassa Shipping & Logistics SA	Addressee

Ioanna Christodoulou	General Counsel, Thalassa Shipping & Logistics SA	Addressee
Elena Stavridis	CFO, Thalassa Shipping & Logistics SA	Copy
Samuel Eklund	Responsible Partner, Calderwood & Harkness LLP	Internal Copy
Linda Osei	Senior Associate, Calderwood & Harkness LLP	Internal Copy

CALDERWOOD & HARKNESS LLP Barristers and Solicitors 45 Moorgate London EC2R 6AR United Kingdom
Tel: +44 (0)20 7946 0100
Fax: +44 (0)20 7946 0101
www.calderwoodharkness.com
7 February 2025
PRIVILEGED AND CONFIDENTIAL — ATTORNEY-CLIENT COMMUNICATION This document is protected by attorney-client privilege and the work product doctrine. It is intended solely for the use of the addressees identified below. Any unauthorised disclosure, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately and destroy all copies.
TO:
Mr. Nikolaos Papadimitriou Chairman & Chief Executive Officer Thalassa Shipping & Logistics SA
Ms. Ioanna Christodoulou General Counsel Thalassa Shipping & Logistics SA
14 Akti Miaouli, 4th Floor Piraeus 185 35 Greece
FROM:
Hannah Brinkley, Lead Associate, Calderwood & Harkness LLP (Reviewed by Samuel Eklund, Responsible Partner)
RE:
Enforcement of LCIA Award No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — Bi-Weekly Status Report #10
MATTER REFERENCE:
C&H Matter No. SC-ENF-2024-0487 LCIA Case No. 224718
BI-WEEKLY STATUS REPORT #10 — NEAR-CLOSING UPDATE
1. Executive Summary
This is Bi-Weekly Status Report #10 in respect of the cross-border enforcement of LCIA Award No. 224718 dated 28 June 2024 (the "Award") in the matter of Thalassa Shipping & Logistics SA ("TSL" or the "Client") v. Korinthian Maritime Holdings Ltd. ("KMH"). This report covers the period from approximately 24 January 2025 through 7 February 2025 and provides a comprehensive update on all enforcement and recovery activities across all relevant jurisdictions.
Two significant developments have occurred during the reporting period:
(a) UAE Recovery Completion. The UAE enforcement recovery, which commenced on 10 December 2024, was confirmed as fully completed on 14 January 2025, yielding total proceeds of AED 53,400,000 (approximately £11,340,000 at prevailing exchange rates). The final tranche of funds was confirmed as received and remitted to TSL's designated recovery account. This development was anticipated in Status Report #9 and is now fully accounted for in the cumulative recovery figures.
(b) Voluntary Payment by KMH. On 3 February 2025, KMH made a voluntary payment of £7,400,000 to TSL by wire transfer. This payment followed without prejudice save as to costs correspondence between Calderwood & Harkness and KMH's solicitors, Harkness Whitford & Co. The payment was not accompanied by any admission of further liability or any proposal for settlement of the remaining outstanding balance.
As a result of these developments, the cumulative total recovered across all jurisdictions now stands at £96,590,000, representing approximately 88.94% of the combined Award (£96,450,000) and Costs (£12,150,000), totalling £108,600,000. When post-award interest is included, the estimated grand total owed through 15 March 2025 is £112,207,726.03, leaving an outstanding balance of approximately £15,617,726.03.
The enforcement campaign is now entering its closing phase. Residual recovery efforts are focused on two principal avenues: (i) the potential arrest and judicial sale of the M/V Volga Spirit (IMO 9756892), currently reported at Fujairah anchorage in the UAE; and (ii) the attachment of sub-charterer receivables identified by Hartwell Pemberton LLP through its asset tracing programme. Either avenue, if successfully pursued, has the potential to recover the outstanding balance in full.
We recommend that TSL schedule a call with the engagement team at the earliest convenient opportunity to discuss the transition to reduced-scope monitoring, the timeline and strategy for pursuing the remaining balance, and the process for seeking a partial discharge of the Worldwide Freezing Order to reflect the substantially reduced outstanding amount.
2. Summary of Recovery to Date — All Jurisdictions
2.1 Recovery Table
The following table sets out all recoveries achieved to date on a jurisdiction-by-jurisdiction basis, identifying the enforcement mechanism employed, the amounts recovered in both local currency and GBP equivalent, and the date or dates on which recovery was effected:
All currency conversions have been calculated at the prevailing exchange rates at or around the dates of recovery. Rounding differences, if any, are immaterial and have been reconciled in the multi-jurisdictional recovery tracker maintained by this firm.
2.2 Reconciliation Against Total Amounts Owed
For the purpose of clarity and completeness, the following sets out the full reconciliation of sums recovered against the total amounts owed by KMH to TSL under and in connection with the Award:
A. Total Award: £96,450,000
The Award, rendered on 28 June 2024 by the tribunal constituted under LCIA Rules (Arbitrators: Sir Geoffrey Lennox QC (President), Professor Maria Konstantinidou, and Mr. David Tay Keng Huat), comprises the following components:
(i) Damages in respect of M/V Aegean Fortuna: £42,300,000
(ii) Damages in respect of M/V Crimson Horizon: £28,150,000
(iii) Restitution in respect of M/V Volga Spirit: £2,740,000
(iv) Loss of profit and market differential: £16,480,000
(v) Pre-award interest: £6,780,000
B. Total Costs Allocated to KMH: £12,150,000
The costs order made by the tribunal allocated 85% of the combined costs to KMH, resulting in the following:
(i) LCIA administrative and tribunal costs: £3,240,000
(ii) TSL's legal costs: £8,910,000 (at 85% allocation)
C. Award + Costs: £108,600,000
D. Post-Award Interest:
Post-award interest accrues at the rate of 5.25% per annum simple on the principal sum of £96,450,000 from the date of the Award (29 June 2024). The estimated accrual through the target matter close date of 15 March 2025 is calculated as follows:
£96,450,000 × 0.0525 × (260 ÷ 365) = £3,607,726.03
This calculation is based on 260 days from 29 June 2024 to 15 March 2025 and assumes that no allocation of recovered funds has been credited against the principal for the purpose of reducing the interest-bearing balance. As discussed in Section 5.4 below, the precise allocation of payments between principal, costs, and interest should be confirmed with TSL, as the methodology adopted will affect the net interest accrual on the declining balance.
E. Grand Total Owed (estimated through 15 March 2025): £112,207,726.03
F. Total Recovered to Date: £96,590,000
G. Outstanding Balance: £112,207,726.03 − £96,590,000 = £15,617,726.03
H. Recovery Percentage (Award + Costs only): approximately 88.94%
All recovered funds have been remitted to TSL's designated recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece (IBAN: GR16 0110 1250 0000 0125 0489 302), in accordance with the standing remittance instructions provided by Ms. Christodoulou on 15 July 2024 and confirmed by Ms. Elena Stavridis (CFO, TSL) on 18 July 2024.
3. Developments Since Last Report
3.1 UAE Recovery Completion (14 January 2025)
As reported in Status Report #9 (dated 24 January 2025), enforcement proceedings in the UAE were progressing well following the grant of the enforcement order by the Dubai Court of First Instance (Case No. 1893/2024) on 20 November 2024. The enforcement order was obtained pursuant to UAE Federal Law No. 6 of 2018 on Arbitration and the provisions of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958), to which the UAE is a signatory.
The precautionary attachment order over the accounts and receivables of Korinthian DMCC (Commercial License No. 785932, Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai) held at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai), which had originally been granted on 28 August 2024, was converted to an execution attachment following the grant of the enforcement order. Our local counsel, Al-Rashid Hatem & Associates ("ARH"), acted on behalf of TSL throughout the UAE proceedings. The ARH team was led by Mr. Tariq Al-Rashid and Ms. Leila Hatem, both of whom are based at Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai.
The execution process required ARH to coordinate with the Dubai Court Execution Department and with Emirates Gulf Commercial Bank PJSC to ensure the orderly transfer of funds from the attached accounts and receivable proceeds. Recovery commenced on 10 December 2024 with an initial tranche of approximately AED 31,000,000, followed by subsequent transfers as additional receivable proceeds were collected and credited. The final tranche was confirmed on 14 January 2025.
The total UAE recovery amounts to AED 53,400,000, which, at the prevailing AED/GBP conversion rate of approximately £0.2124 per AED, equates to approximately £11,340,000. Confirmation of the final transfer was received from Mr. Tariq Al-Rashid by email dated 14 January 2025. All funds have been transferred to TSL's recovery account at Ionian National Bank SA in accordance with standing instructions.
ARH fees to date total AED 620,000. ARH has indicated that this amount is expected to be final unless further UAE enforcement activity is required. As discussed in Section 5.1 below, the M/V Volga Spirit has been reported at Fujairah anchorage, and if arrest proceedings are initiated in the UAE, ARH's fees will increase accordingly. An estimate of additional fees for vessel arrest will be obtained from ARH and reported in due course.
3.2 Voluntary Payment by KMH (3 February 2025)
On 3 February 2025, KMH made a voluntary payment of £7,400,000 to TSL. The payment was received by wire transfer to TSL's designated recovery account at Ionian National Bank SA. Receipt was confirmed by Ms. Stavridis (CFO, TSL) by email to this firm on the same date.
The context for this payment is as follows. In the weeks preceding the payment, Calderwood & Harkness had been engaged in without prejudice save as to costs correspondence with Harkness Whitford & Co. ("HW"), the solicitors acting for KMH in the English proceedings. The correspondence was addressed to Ms. Catherine Whitford, a partner at HW (12 Fetter Lane, London EC4A 1JP). We are not at liberty to disclose the substance of the without prejudice communications, but we note that the voluntary payment followed those exchanges and appears to reflect a recognition by KMH that further resistance to the enforcement campaign would be unlikely to yield any material benefit.
On 5 February 2025, this firm sent a formal acknowledgment letter to Harkness Whitford & Co. confirming receipt of the £7,400,000 payment and its application against the outstanding balance owed by KMH to TSL under and in connection with the Award. The letter expressly reserved all of TSL's rights in respect of the remaining outstanding balance of approximately £15,617,726.03, including the continuing accrual of post-award interest at 5.25% per annum. The letter further confirmed that the Worldwide Freezing Order (originally granted on 16 July 2024 by Mr. Justice Ashworth, continued on 30 July 2024, in Claim No. CL-2024-000487) remains in full force and effect in respect of unpaid amounts, and that TSL intends to pursue all remaining enforcement remedies available to it.
Notably, KMH did not accompany the payment with any admission of further liability, any proposal for payment of the remaining balance, or any request for variation or discharge of the Worldwide Freezing Order. The payment was made without conditions or qualifications. HW has not responded to the acknowledgment letter or initiated any further correspondence as of the date of this report.
4. Jurisdiction-by-Jurisdiction Status
4.1 England & Wales
Court: Commercial Court, Rolls Building, Royal Courts of Justice, London (Claim No. CL-2024-000487, before Mr. Justice Ashworth)
Status: Enforcement substantially complete; WFO remains in force.
The English enforcement proceedings were the first commenced following the rendering of the Award. Permission to enforce the Award as a judgment of the Commercial Court was granted on 2 August 2024 pursuant to section 66 of the Arbitration Act 1996. KMH, through its solicitors Harkness Whitford & Co. (Senior Partner: Richard Harkness, SRA No. 614823), filed an application to set aside the Award on 19 August 2024 under sections 68 and 69 of the Arbitration Act 1996, alleging serious irregularity and errors of law. That application was heard by Mr. Justice Ashworth on 7–9 October 2024 and was dismissed by judgment dated 11 October 2024 with costs awarded to TSL on the indemnity basis. The learned judge found that the grounds advanced by KMH were without merit and that the application had been brought in part as a delay tactic in the context of the wider enforcement campaign.
Following the grant of enforcement, a third-party debt order was obtained against Meridian Trust Bank Ltd. (50 Lombard Street, London EC3V 9EA) in respect of funds standing to the credit of KMH in the amount of £18,720,000. The final order was made absolute on 3 September 2024 and the funds were garnished on the same date.
The Worldwide Freezing Order was granted by Mr. Justice Ashworth on 16 July 2024 as an ancillary measure to support enforcement. The order was continued at the return date hearing on 30 July 2024. The WFO restrains KMH from dealing with, removing from the jurisdiction, or diminishing the value of its assets worldwide up to a maximum sum of £108,600,000. KMH was required to provide asset disclosure within 14 days, which disclosure was provided (with certain deficiencies that were subsequently the subject of further court directions). The WFO remains in full force and effect.
Given that total recoveries now stand at £96,590,000, the maximum restrained sum under the WFO significantly exceeds the remaining outstanding balance. We recommend that TSL apply for a partial discharge of the WFO to reduce the maximum restrained sum to the outstanding balance, as discussed further in Section 5.3 below.
No further active enforcement steps are anticipated in England at this time. The costs order in TSL's favour on the set-aside application remains to be assessed (taxed) if not agreed with HW. We will continue to monitor for any indications that KMH intends to bring further challenges, although HW has not indicated any intention to do so and we assess the risk of further opposition as low.
4.2 Cyprus. Court: Nicosia District Court (Case No. 2247/2024)
Status: Enforcement complete; freezing injunction eligible for discharge upon matter closure.
Recognition and enforcement of the Award in Cyprus was pursued pursuant to the International Commercial Arbitration Law (Law 101/1987), which gives effect to the New York Convention in Cyprus. An enforcement order was granted by the Nicosia District Court on 30 September 2024, following the dismissal of opposition filed by KMH through its Cypriot counsel, Vassiliadis & Economou LLC (Mr. Georgios Vassiliadis and Ms. Eleni Economou, 7 Stasinou Avenue, 3rd Floor, Nicosia 1060). The opposition had been filed on 18 September 2024 and was based on allegations (subsequently rejected by the court) that the Award was not yet binding and that enforcement would be contrary to Cypriot public policy.
A freezing injunction over the shares of Oceangate Ventures Ltd. (Cyprus company registration number HE 401293) and KMH's bank accounts in Cyprus had been granted on 12 August 2024. Following the enforcement order, our local counsel, Ms. Nadia Makrides of Kyprianos Makrides & Partners ("KM&P", 15 Grivas Digenis Avenue, Nicosia 1066), proceeded with the forced sale of the Oceangate Ventures shares and the levy on KMH's Cypriot bank accounts.
Total recovery in Cyprus amounted to £22,350,000 (GBP equivalent, converted from EUR), achieved between 22 October 2024 and 8 November 2024. Confirmation of the final recovery was received from Ms. Makrides by email dated 8 November 2024.
KM&P fees total €285,000, which is expected to be the final amount.
No further Cyprus enforcement steps are anticipated. The Cyprus freezing injunction can be discharged upon confirmation of matter closure. We recommend that discharge be deferred until the overall enforcement campaign is concluded to preserve optionality.
Important Note on Corporate Structure: The forced sale of the Oceangate Ventures shares in Cyprus has had implications for the corporate ownership chain of KMH's subsidiaries. In particular, Dnepr Shipholding Inc. (BVI Company No. 2014876), the registered owner of both the M/V Aegean Fortuna and the M/V Volga Spirit, was held through Oceangate Ventures Ltd. The purchaser of the Oceangate shares at the forced sale is a third party unrelated to KMH. The implications of this change in ownership for the enforcement against the M/V Volga Spirit are being monitored and assessed by this firm in consultation with our BVI counsel. The beneficial ownership chain linking KMH to Dnepr through the Volkov family (as established by Hartwell Pemberton's asset tracing) remains relevant for associated ship and piercing-the-veil arguments, notwithstanding the change at the Oceangate level.
4.3 Singapore. Court: Singapore High Court (OS No. 872/2024)
Status: Enforcement complete; proceedings to be formally concluded.
Leave to enforce the Award in Singapore was granted on 6 September 2024 pursuant to the International Arbitration Act (Cap. 143A) and the relevant provisions of the Singapore Rules of Court. KMH did not apply to set aside the enforcement order within the prescribed time.
Two enforcement mechanisms were employed in Singapore, yielding a combined recovery of £36,780,000:
(a) Garnishee order absolute against Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) in respect of accounts held by Korinthian Bulkers (Singapore) Pte. Ltd. (80 Robinson Road, #14-02, Singapore 068898), a wholly-owned subsidiary of KMH. The garnishee order was made absolute on 15 October 2024 and the sum of SGD $31,200,000 (approximately £18,450,000) was recovered on 18 October 2024.
(b) Judicial sale of M/V *Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag). The vessel was arrested on 20 August 2024 while in Singapore waters. An order for appraisement and sale was made by the Singapore High Court (Admiralty Division), and the vessel was sold by judicial sale on 15 November 2024 for USD $22,800,000 (approximately £18,330,000*). Sale proceeds were received by the Singapore Sheriff on 2 December 2024 and distributed to TSL following the determination of priorities.
Confirmation of the completion of all Singapore recoveries was received from Ms. Priya Subramaniam of Straits Meridian LLP ("SM", 1 Raffles Place, #44-01 One Raffles Place Tower 2, Singapore 048616) by email dated 5 December 2024.
SM fees total SGD $480,000, which is expected to be the final amount.
No further Singapore enforcement steps are anticipated. The proceedings are to be formally concluded in due course, and SM will attend to the necessary filings.
4.4 UAE. Court: Dubai Court of First Instance (Case No. 1893/2024)
Status: Recovery complete; enforcement order remains available for further execution (M/V *Volga Spirit*).
The UAE enforcement proceedings have been discussed in detail in preceding Status Reports and are further updated in Section 3.1 above. In summary:
• Enforcement of the Award was obtained under UAE Federal Law No. 6 of 2018 on Arbitration and the New York Convention.
• The enforcement order was granted by the Dubai Court of First Instance on 20 November 2024.
• A precautionary attachment order over the accounts and receivables of Korinthian DMCC at Emirates Gulf Commercial Bank PJSC had been granted on 28 August 2024 and was converted to an execution attachment following the enforcement order.
• Total recovery: AED 53,400,000 (approximately £11,340,000), completed 14 January 2025.
The UAE enforcement order remains in force and could support further execution against KMH and its UAE subsidiaries, including potentially the arrest of the M/V Volga Spirit if the vessel remains in UAE waters (see Section 5.1 below).
ARH fees to date total AED 620,000. Additional fees will be incurred if further execution proceedings are commenced, particularly in respect of a vessel arrest. ARH has indicated that the estimated fee for an arrest application at Fujairah would be in the range of AED 150,000 to AED 250,000, excluding court fees and any additional enforcement charges.
5. Remaining Enforcement Options and Outstanding Balance
5.1 M/V *Volga Spirit* (IMO 9756892)
The M/V Volga Spirit is a Panamax Bulk Carrier of 76,400 DWT, registered under the Cyprus flag. The registered owner is Dnepr Shipholding Inc. (BVI Company No. 2014876), whose registered agent is Vantage Corporate Services Ltd., Road Town, Tortola, British Virgin Islands.
As noted in Section 4.2 above, Dnepr was previously held through Oceangate Ventures Ltd. (HE 401293), which was itself a KMH subsidiary. The forced sale of the Oceangate Ventures shares in Cyprus has altered the formal corporate structure, but the beneficial ownership chain linking KMH to Dnepr — and ultimately to Mr. Andrei Volkov, the ultimate beneficial owner of the KMH group — was established by Hartwell Pemberton LLP's asset tracing work and confirmed through the WFO asset disclosure. This beneficial ownership analysis underpins the legal arguments available for pursuing enforcement against the vessel.
The vessel was last reported at Fujairah anchorage, UAE, based on vessel-tracking data obtained through Northcape Maritime Advisory Ltd. ("Northcape", Captain Ian Forsyth, 3 Thomas More Square, London E1W 1WY). Northcape has provided prior vessel valuations and estimates the current market value of the M/V Volga Spirit in the range of USD $28–32 million, depending on prevailing market conditions and the vessel's physical condition. Even at the lower end of this range, the estimated value would be more than sufficient to cover the outstanding balance of approximately £15,617,726.03.
The following enforcement options are under consideration:
(a) Arrest in UAE. The existing UAE enforcement order (Case No. 1893/2024) could support an application for the arrest of the M/V Volga Spirit at Fujairah or any other UAE port. ARH has confirmed its readiness to prepare and file arrest documentation on a standby basis. The principal advantage of a UAE arrest is that the enforcement infrastructure is already in place.
(b) Arrest at alternative ports. The vessel's trading patterns should be monitored to identify ports of call in other New York Convention jurisdictions where arrest and enforcement may be available. Key candidate jurisdictions include India, South Africa, Turkey, and Greece, each of which has an established admiralty arrest regime and is a party to the relevant conventions.
(c) Associated ship and piercing-the-veil analysis. The M/V Volga Spirit is owned by Dnepr Shipholding Inc., which is not itself a judgment debtor under the Award. However, the associated ship doctrine (applicable in a number of common law maritime jurisdictions) and piercing-the-veil arguments (supported by the Hartwell Pemberton asset tracing establishing Volkov family control of the entire KMH group, including Dnepr) provide a basis for arresting the vessel in satisfaction of the Award debt. The strength of these arguments will vary by jurisdiction, and local counsel advice will be required in advance of any arrest application.
Challenge: KMH may argue that Dnepr is a separate legal entity and is not a judgment debtor, thereby opposing any arrest on the basis that the vessel is not subject to the Award. This argument has force in some civil law jurisdictions but is less likely to succeed where the associated ship doctrine applies or where piercing-the-veil criteria are satisfied. The evidence of common control, common beneficial ownership, and the use of the corporate structure to evade enforcement obligations is, in our assessment, strong.
Recommendation: We recommend that TSL instruct ARH to prepare standby arrest documentation for the M/V Volga Spirit in the UAE (Fujairah) as a matter of priority. Simultaneously, Northcape should be instructed to maintain active vessel-tracking and to alert this firm immediately of any departure from Fujairah or arrival at an alternative port. This will allow TSL to arrest the vessel at the optimal location.
5.2 Sub-Charterer Receivables
Hartwell Pemberton LLP ("HP", Rebecca Saunders and Mark Huxley, 25 Old Broad Street, London EC2N 1HN) has identified approximately £4,200,000 in receivables owed to KMH and its subsidiaries by various sub-charterers. These receivables were identified through a combination of the WFO asset disclosure provided by KMH and HP's global tracing work.
The receivables in question relate to hire and freight payments due from sub-charterers under time charters and voyage charters entered into by KMH and its subsidiary companies. HP has confirmed that the debtor identities and approximate amounts were established through documentary analysis and third-party inquiries conducted in the course of the asset tracing engagement.
Attachment of these receivables is being pursued across the relevant jurisdictions. Depending on the identity and location of the sub-charterer debtors, some receivables may be attachable under the existing English third-party debt order regime, the Singapore garnishee framework, or the UAE execution mechanism. Others may require fresh attachment proceedings in additional jurisdictions.
The receivable identification process is ongoing. Amounts may vary as HP continues its analysis, and some receivables may prove to be uncollectible due to disputes between KMH and its sub-charterers, set-off claims, or the financial condition of the sub-charterer debtors. HP is expected to provide an updated report on the status and collectibility of these receivables within the next two weeks.
Recommendation: We recommend that TSL instruct HP to provide a comprehensive updated report identifying all attachable sub-charterer receivables, including debtor identity, jurisdiction, estimated amount, and recommended attachment mechanism. This should be pursued as a supplementary recovery strategy alongside the M/V Volga Spirit arrest.
5.3 Partial Discharge of Worldwide Freezing Order
The WFO currently restrains KMH's assets worldwide up to a maximum sum of £108,600,000. Given that total recoveries now stand at £96,590,000, the maximum restrained sum is very significantly in excess of the remaining outstanding balance.
There is a legal obligation to ensure that the WFO is proportionate to the amount outstanding, and maintaining the order at a level that substantially exceeds the remaining debt could expose TSL to criticism from the court and, in an extreme case, to an application by KMH for discharge on the basis of material non-disclosure or inequitable conduct. Moreover, a proportionate reduction in the WFO would demonstrate good faith and strengthen TSL's position in any future applications.
Recommendation: We recommend that TSL apply to the Commercial Court (before Mr. Justice Ashworth) for a variation of the WFO reducing the maximum restrained sum from £108,600,000 to the approximate outstanding balance of £15,617,726.03 (or such figure as may be adjusted for continuing interest accrual at the date of the hearing). The draft application and supporting evidence should be prepared by this firm.
Prior to filing the application, Calderwood & Harkness will liaise with Harkness Whitford & Co. to ascertain whether consent to the variation can be obtained. A consent order would avoid the need for a contested hearing and reduce costs for both parties. If consent is forthcoming, the variation can be dealt with by agreement and filed on paper. If HW does not consent, a hearing before Mr. Justice Ashworth will be required.
It is important to emphasise that TSL should not agree to a full discharge of the WFO until all outstanding sums — including post-award interest — are recovered in full, or until a negotiated resolution is reached that provides for full satisfaction of TSL's claims. The WFO remains an essential tool for preserving the remaining assets against which enforcement may be sought.
5.4 Continuing Interest Accrual
Post-award interest continues to accrue at 5.25% per annum simple on the unpaid principal amount of £96,450,000 from 29 June 2024 (the date of the Award). The total estimated accrual through 15 March 2025, calculated on the full principal amount, is £3,607,726.03.
However, as recoveries are made and applied against the Award, the interest-bearing principal should, in principle, reduce. The precise allocation of recovered sums — as between principal, costs, and interest — is a matter that should be confirmed with TSL and, if necessary, determined by reference to the terms of the Award. The Award itself is silent on the order of allocation, and in the absence of a contrary agreement, the general common law position (under the rule in Clayton's Case as adapted to arbitral awards) permits the creditor to allocate payments in the manner most beneficial to the creditor, typically to interest and costs first and principal last.
Calderwood & Harkness and Hartwell Pemberton will prepare an updated joint interest calculation memorandum reflecting all payments received to date. The memorandum will present calculations under alternative allocation methodologies (interest-first vs. principal-first) to enable TSL to make an informed decision on the allocation approach. This is particularly important because the allocation methodology adopted will affect the quantum of the outstanding balance and, consequently, the figure used in the partial WFO discharge application.
We estimate that the actual interest accrual on a declining-balance basis (crediting recoveries chronologically against principal) will be materially lower than the £3,607,726.03 figure calculated on the full principal amount. The updated memorandum will provide the precise figure.
6. Fees and Budget Update
6.1 Calderwood & Harkness LLP Fees
The agreed fee cap for the enforcement phase of this matter is £4,200,000, exclusive of disbursements and local counsel fees. The fee cap was established in the engagement letter dated 5 July 2024 and amended by the supplemental fee agreement dated 18 September 2024.
The current position is as follows:
The remaining enforcement activities — which include the preparation of standby arrest documentation for the M/V Volga Spirit, coordination of sub-charterer receivable attachment, the preparation and filing of the partial WFO discharge application, the preparation of the updated interest calculation memorandum, and matter closing procedures — are expected to be manageable within the remaining £330,000. However, if contested proceedings arise (for example, if the M/V Volga Spirit arrest is opposed or if the partial WFO discharge application is contested by HW), additional fees may be incurred and a supplemental fee arrangement may be required. We will notify the Client promptly if it appears that the fee cap will be exceeded.
For reference, the applicable hourly rates for the engagement team are:
6.2 Success Fee
Pursuant to the supplemental fee agreement dated 18 September 2024, a success fee of 2.5% is payable on amounts recovered in excess of £80,000,000.
The current calculation is as follows:
Recoveries to date: £96,590,000
Excess over threshold: £96,590,000 − £80,000,000 = £16,590,000
Success fee: 2.5% × £16,590,000 = £414,750
The success fee of £414,750 is currently earned and payable. The fee will increase proportionally if further recoveries are made. For example, if the full outstanding balance of approximately £15,617,726.03 were to be recovered, the total excess would be £32,207,726.03 and the success fee would be £805,193.15.
The final success fee invoice will be rendered upon matter closing or at TSL's direction, as agreed in the supplemental fee agreement.
6.3 Disbursements. Total disbursements to date amount to £412,000, comprising court fees, travel expenses, expert fees, and other costs across all relevant jurisdictions. A breakdown of disbursements by category is maintained in the matter accounting records and is available upon request.
No significant further disbursements are anticipated unless M/V Volga Spirit arrest proceedings are commenced, in which event additional court fees, vessel-tracking costs, and related expenses will be incurred. We estimate these additional disbursements at approximately £35,000–£60,000, depending on the jurisdiction of arrest and the complexity of the proceedings.
6.4 Local Counsel and Expert Fees
The following summarises the fees of local counsel and experts engaged in connection with the enforcement campaign:
We will provide updated fee summaries for all local counsel and experts as part of the matter closing procedures.
7. Risk Assessment and Key Considerations
We have identified the following key risks and considerations relevant to the remaining enforcement activities and the matter as a whole:
Risk of KMH Challenge or Further Opposition: LOW
All set-aside and opposition applications brought by KMH across the relevant jurisdictions have been dismissed. The English set-aside application under sections 68 and 69 of the Arbitration Act 1996 was dismissed with costs on the indemnity basis, and the Cypriot opposition was similarly unsuccessful. KMH has not appealed any of these decisions. Moreover, KMH's voluntary payment of £7,400,000 on 3 February 2025 suggests a degree of acceptance of liability for at least part of the remaining sums. We assess the risk of further challenges as low, although it cannot be excluded entirely, particularly in the context of a potential vessel arrest where KMH (or Dnepr) may seek to resist on the grounds that Dnepr is not a judgment debtor.
Risk of Inability to Recover Outstanding Balance: MODERATE
The ability to recover the remaining outstanding balance of approximately £15,617,726.03 depends principally on the success of two enforcement avenues: (i) the arrest and judicial sale of the M/V Volga Spirit; and (ii) the attachment of sub-charterer receivables. The vessel's estimated value of USD $28–32 million would, if realised, be more than sufficient to cover the outstanding balance. However, there are execution risks associated with vessel arrest, including the risk that the vessel may depart UAE waters before arrest documentation can be filed, the risk that KMH or Dnepr will oppose the arrest on corporate separateness grounds, and the risk that the vessel's market value may decline if shipping markets weaken. The sub-charterer receivables, while identified by HP, may prove partly or wholly uncollectible. We therefore assess the risk of inability to recover the full outstanding balance as moderate.
Currency Risk: PRESENT BUT MANAGEABLE
Recoveries have been obtained in multiple currencies, including GBP, EUR, SGD, USD, and AED. The GBP equivalents reported herein are calculated at prevailing conversion rates at or around the dates of recovery. Currency fluctuations between the dates of recovery and the dates of ultimate realisation by TSL could result in minor variances. This risk is inherent in cross-border enforcement and is managed through prompt conversion and remittance.
Double-Recovery Risk: LOW
The risk of double-recovery — i.e., the risk that TSL might inadvertently recover in excess of the total amount owed — is managed through the multi-jurisdictional recovery tracker maintained by this firm. All courts and enforcement authorities have been notified of the total recoveries obtained to date, and each new enforcement action has been calibrated to the remaining outstanding balance. At current recovery levels of approximately 89% of Award plus Costs (before interest), there is no risk of double-recovery. Should further recoveries be obtained, the tracker will be updated and all relevant courts notified accordingly.
8. Recommended Next Steps
Based on the foregoing analysis, we recommend that the following steps be taken in the near term:
1. Instruct ARH to prepare standby arrest documentation for M/V *Volga Spirit* in UAE (Fujairah). Given that the vessel is currently at Fujairah anchorage, this represents the most immediate and practical enforcement opportunity. ARH should be instructed to prepare the necessary documentation and to be ready to file on short notice upon receiving the green light from TSL and this firm.
2. Maintain active vessel-tracking for M/V *Volga Spirit* and identify alternative arrest ports. Northcape Maritime Advisory should continue to monitor the vessel's movements in real time and provide immediate alerts if the vessel departs Fujairah or arrives at any port where an arrest may be effected. Alternative arrest port strategies should be developed for key trading ports in New York Convention jurisdictions.
3. Instruct Hartwell Pemberton LLP to provide an updated report on sub-charterer receivables for attachment. HP should be asked to provide a comprehensive update identifying all attachable receivables, including debtor identity, jurisdiction, estimated amount, and recommended attachment mechanism. This will allow TSL to pursue attachment as a supplementary recovery avenue.
4. Prepare and file an application for partial discharge of the Worldwide Freezing Order in the Commercial Court. The application should seek a reduction of the maximum restrained sum from £108,600,000 to the approximate outstanding balance of £15,617,726.03 (subject to adjustment for continuing interest). Calderwood & Harkness will liaise with Harkness Whitford & Co. to seek consent to the variation.
5. Update the interest calculation memorandum to reflect all payments received. Calderwood & Harkness and Hartwell Pemberton will prepare a joint memorandum setting out the precise post-award interest accrual on a declining-balance basis, taking account of all payments received and the alternative allocation methodologies.
6. Begin matter closing preparations. These include the preparation of a final fee summary, the implementation of document retention procedures in accordance with TSL's instructions and Calderwood & Harkness's professional obligations, and the coordination of local counsel file closures in Cyprus, Singapore, and the UAE (subject to the resolution of the M/V Volga Spirit enforcement).
7. Schedule a call with TSL to discuss closing strategy. We recommend that a call be arranged with Mr. Papadimitriou and Ms. Christodoulou at the earliest convenient opportunity to discuss the following matters: (a) whether TSL wishes to pursue the remaining balance aggressively (i.e., proceed with the M/V Volga Spirit arrest and sub-charterer receivable attachment) or to transition to a reduced-scope monitoring posture; (b) the timeline for matter closure; (c) the terms on which TSL might be willing to engage in settlement discussions with KMH in respect of the remaining balance; and (d) the partial WFO discharge strategy.
9. Next Report
Bi-Weekly Status Report #11 is expected to be issued on or around 21 February 2025. The report will cover developments from 7 February to 21 February 2025, including any progress on the M/V Volga Spirit arrest documentation, the HP sub-charterer receivables update, and any further communications from HW.
The target matter close date remains 15 March 2025, subject to the resolution of the outstanding enforcement items described in this report. If it becomes apparent that the matter close date will need to be extended, we will notify TSL promptly and propose a revised timeline.
Sign-off
This report was prepared by the undersigned and has been reviewed by the Responsible Partner for accuracy and completeness. Please do not hesitate to contact us if you have any questions or wish to discuss any aspect of this report.
Prepared by:
________________________________________
Hannah Brinkley Lead Associate Calderwood & Harkness LLP
Direct Tel: +44 (0)20 7946 0142
Email: h.brinkley@calderwoodharkness.com
Reviewed by:
________________________________________
Samuel Eklund Responsible Partner Calderwood & Harkness LLP
Direct Tel: +44 (0)20 7946 0118
Email: s.eklund@calderwoodharkness.com
Address for Correspondence:
Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom
Distribution:
Enclosures:
1. Recovery Confirmation — UAE (email from Tariq Al-Rashid, Al-Rashid Hatem & Associates, dated 14 January 2025)
2. Letter to Harkness Whitford & Co. confirming receipt of voluntary payment of £7,400,000 (dated 5 February 2025)
3. Updated Multi-Jurisdictional Recovery Tracker (as at 7 February 2025)
PRIVILEGED AND CONFIDENTIAL — ATTORNEY-CLIENT COMMUNICATION. This document and all enclosures are protected by legal professional privilege and are provided solely for the use of the named addressees. Unauthorised disclosure, distribution, or copying is strictly prohibited. Calderwood & Harkness LLP is a limited liability partnership registered in England and Wales under number OC398217. A list of members is available for inspection at our registered office. The term "partner" refers to a member of the LLP or an employee or consultant with equivalent standing and qualifications.
Jurisdiction | Mechanism | Local Currency Amount | GBP Equivalent | Date(s) of Recovery
England & Wales | Third-party debt order (Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA) | £18,720,000 | £18,720,000 | 3 September 2024
Cyprus | Forced sale of Oceangate Ventures Ltd. (HE 401293) shares and levy on KMH bank accounts (Nicosia District Court, Case No. 2247/2024) | €26,115,000 (approx.) | £22,350,000 | 22 October 2024 to 8 November 2024
Singapore | Garnishee order absolute (Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909) | SGD $31,200,000 | £18,450,000 | 18 October 2024
Singapore | Judicial sale of M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag) | USD $22,800,000 | £18,330,000 | 2 December 2024 (proceeds received)
UAE | Execution against accounts and receivables of Korinthian DMCC at Emirates Gulf Commercial Bank PJSC | AED 53,400,000 | £11,340,000 | 10 December 2024 to 14 January 2025
Voluntary Payment | Direct payment by KMH via wire transfer | £7,400,000 | £7,400,000 | 3 February 2025
TOTAL | £96,590,000
Item | Amount (£)
Fee cap (enforcement phase) | 4,200,000
C&H fees billed to date | 3,870,000
Remaining under cap | 330,000
Fee Earner | Role | Rate (£/hr)
Samuel Eklund | Responsible Partner | 850
Linda Osei | Senior Associate | 825
Hannah Brinkley | Lead Associate | 540
Patrick Gallagher | Associate | 420
Firm/Expert | Jurisdiction/Role | Fees to Date | Status
Kyprianos Makrides & Partners | Cyprus (local counsel) | €285,000 | Expected final
Straits Meridian LLP | Singapore (local counsel) | SGD $480,000 | Expected final
Al-Rashid Hatem & Associates | UAE (local counsel) | AED 620,000 | May increase if further UAE enforcement required
Hartwell Pemberton LLP | Forensic accountants / asset tracing | £345,000 | May increase modestly if further tracing work required for sub-charterer receivables
Northcape Maritime Advisory Ltd. | Vessel valuation and tracking | Included in disbursements total | Ongoing; additional fees may arise for continued tracking
Recipient | Role | Copy Type
Nikolaos Papadimitriou | Chairman & CEO, Thalassa Shipping & Logistics SA | Addressee
Ioanna Christodoulou | General Counsel, Thalassa Shipping & Logistics SA | Addressee
Elena Stavridis | CFO, Thalassa Shipping & Logistics SA | Copy
Samuel Eklund | Responsible Partner, Calderwood & Harkness LLP | Internal Copy
Linda Osei | Senior Associate, Calderwood & Harkness LLP | Internal Copy

CALDERWOOD & HARKNESS LLP Barristers and Solicitors 45 Moorgate London EC2R 6AR United Kingdom

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