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IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE

GENERAL DIVISION OF THE HIGH COURT

ORIGINATING SUMMONS NO. 872 OF 2024

Filed: 14 August 2024

In the Matter of the International Arbitration Act (Chapter 143A)

And In the Matter of an Arbitration Award dated 28 June 2024 made in LCIA Arbitration No. 224718

Between

THALASSA SHIPPING & LOGISTICS SA (a company incorporated in Greece, Société Anonyme, with registered address at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece)

… Applicant

And

KORINTHIAN MARITIME HOLDINGS LTD. (a company incorporated in Cyprus, Registration No. HE 387421, with registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus)

… Respondent

SOLICITORS ON RECORD

Solicitors for the Applicant:

Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616

Partner with conduct: David Teo Wei Lin

Tel: +65 6223 7100

Fax: +65 6223 7101

Email: david.teo@straitsmeridian.com.sg

Ref: SM/DT/OS-2024/0872

Instructed by:

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

(Lead Enforcement Counsel for the Applicant)

APPLICATION

TAKE NOTICE that the Applicant, Thalassa Shipping & Logistics SA, applies to this Honourable Court for the following orders:

Prayer 1 — Leave to Enforce the Award

1. That the Applicant be granted leave, pursuant to Section 19 of the International Arbitration Act (Cap. 143A) read with Order 69A of the Rules of Court, to enforce in Singapore a Final Arbitral Award dated 28 June 2024 (the "Award") rendered by a tribunal duly constituted under the rules of the London Court of International Arbitration ("LCIA") in LCIA Arbitration No. 224718.

The Award was made in favour of the Applicant and against the Respondent. The seat of the arbitration was London, England. The substantive law governing the arbitration was English law. The arbitration was administered by the LCIA and conducted in accordance with the LCIA Arbitration Rules. The Award is final and binding upon both parties, and no appeal or application to set aside has succeeded or remains pending. Accordingly, the Applicant is entitled to have the Award recognised and enforced in Singapore in the same manner as a judgment or order of this Honourable Court to the same effect.

Prayer 2 — Entry of Judgment

2. That the Award be entered as a judgment of the High Court of the Republic of Singapore in the terms of the Award, pursuant to Section 19 of the International Arbitration Act (Cap. 143A), in the following amounts:

(a) £96,450,000 (Pounds Sterling Ninety-Six Million Four Hundred and Fifty Thousand) in respect of damages and pre-award interest, as more particularly described in Schedule 1 hereto;

(b) £12,150,000 (Pounds Sterling Twelve Million One Hundred and Fifty Thousand) in respect of the costs of the arbitration, comprising:

(i) LCIA administrative and tribunal costs in the sum of £3,240,000 (Pounds Sterling Three Million Two Hundred and Forty Thousand), being the portion allocated by the Tribunal to the Respondent at 85% of the total costs of the arbitration; and

(ii) the Applicant's legal costs in the sum of £8,910,000 (Pounds Sterling Eight Million Nine Hundred and Ten Thousand), being the portion of the Applicant's costs ordered by the Tribunal to be borne by the Respondent at the same 85% allocation;

(d) post-award interest on the sum of £96,450,000 at the rate of 5.25% per annum simple from 29 June 2024 until the date of full and final payment, in accordance with the terms of the Award.

Prayer 3 — Costs of This Application

3. That the Respondent do pay the Applicant's costs of and incidental to this application, such costs to be taxed by the Registrar if not agreed between the parties.

Prayer 4 — Further or Other Relief

4. Such further or other relief as this Honourable Court deems fit.

GROUNDS OF THE APPLICATION

The grounds upon which this application is made are set out below.

A. The Parties

The Applicant.

5. Thalassa Shipping & Logistics SA ("TSL" or the "Applicant") is a Société Anonyme organized and existing under the laws of the Hellenic Republic, with its registered and principal office at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece. Its Greek Tax Identification Number (AFM) is EL-801456729.

6. TSL is a strategic private shipping and logistics company founded in 1987. The company operates a diversified fleet of 34 vessels, comprising bulk carriers, tankers, and container feeders, trading primarily across the Mediterranean Sea, the Black Sea, and the Arabian Gulf. TSL is a well-established and reputable participant in the international maritime industry, with a track record spanning over three decades of continuous operations.

7. In the financial year ending 31 December 2023, TSL reported annual revenues of approximately €620 million. The company's operations are supported by an extensive network of offices, agents, and commercial relationships across Europe, the Middle East, and the Asia-Pacific region.

8. TSL's ownership structure comprises the following: 72% of the issued share capital is held by the Papadimitriou family trust, a trust settled under Greek law for the benefit of the Papadimitriou family; and 28% is held by Aegean Capital Partners SA, a Greek private investment vehicle.

9. The principal officers of TSL relevant to this application are as follows:

(a) Nikolaos Papadimitriou — Chairman and Chief Executive Officer;

(b) Elena Stavridis — Chief Financial Officer;

(d) Ioanna Christodoulou — General Counsel.

The Respondent.

10. Korinthian Maritime Holdings Ltd. ("KMH" or the "Respondent") is a private limited company incorporated in the Republic of Cyprus under Registration No. HE 387421, with its registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus.

11. KMH is a vessel-owning and chartering company that controls approximately 18 dry-bulk carriers through a network of single-purpose vehicle ("SPV") subsidiaries incorporated in various jurisdictions, including the British Virgin Islands, Cyprus, the marshall Islands, and Singapore. KMH operates as the commercial and strategic holding entity of a fleet engaged primarily in the carriage of dry-bulk commodities, including coal, grain, iron ore, and bauxite.

12. KMH is beneficially owned by the Volkov family through a series of British Virgin Islands and Cypriot holding structures. Andrei Volkov is the ultimate beneficial owner and de facto director of KMH, exercising control over the company's strategic and operational decisions notwithstanding that he does not appear as a registered director of KMH in the Cypriot companies registry. Sergei Volkov serves as a registered director of KMH. Marina Kazakova serves as Chief Financial Officer, and Alexei Demidov serves as Director of Fleet Operations.

13. Prior to the disputes giving rise to the arbitration, KMH had an estimated net asset value of approximately USD $280 million, based on publicly available valuations of its fleet and corporate filings.

14. Of particular relevance to this application, KMH maintains a subsidiary and operations in Singapore. Korinthian Bulkers (Singapore) Pte. Ltd. is a company incorporated in Singapore, with its registered office at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. is a wholly-owned subsidiary of KMH and holds proceeds, bank accounts, and assets related to the Respondent's fleet operations in the Asia-Pacific region. It is also the registered owner of one of the vessels that was the subject of the underlying charter-party dispute, namely M/V Crimson Horizon (IMO No. 9801334). The existence and nature of these Singapore-based assets are addressed in further detail at paragraphs 47 to 50 below.

B. The Underlying Dispute

15. The dispute underlying the Award arises out of three time charter-party agreements entered into between the Applicant (as charterer) and the Respondent (as disponent owner) between 2019 and 2021, for the charter of three dry-bulk carriers. The particulars of each charter are as follows:

(a) M/V *Aegean Fortuna (IMO No. 9784521) — a Supramax Bulk Carrier of 58,200 DWT, registered under the flag of the marshall Islands, and owned by Dnepr Shipholding Inc., a BVI-incorporated SPV controlled by the Respondent. The charter-party in respect of this vessel was signed on 15 March 2019*.

(b) M/V *Crimson Horizon (IMO No. 9801334) — a Handymax Bulk Carrier of 37,500 DWT, registered under the flag of Liberia, and owned by Korinthian Bulkers (Singapore) Pte. Ltd., the Respondent's Singapore subsidiary. The charter-party in respect of this vessel was signed on 22 January 2020*.

(c) M/V *Volga Spirit (IMO No. 9756892) — a Panamax Bulk Carrier of 76,400 DWT, registered under the flag of Cyprus, and owned by Dnepr Shipholding Inc. (BVI Company No. 2014876), another SPV controlled by the Respondent. The charter-party in respect of this vessel was signed on 10 June 2021*.

16. All three charter-party agreements were subject to English law as the governing law. Each charter-party contained an arbitration clause providing for arbitration under the rules of the London Court of International Arbitration (LCIA), with London, England as the seat of arbitration.

17. Under each of the three charter-party agreements, the Respondent acted as the disponent owner of the respective vessel, assuming the commercial and operational obligations of a time-charter owner vis-à-vis the Applicant as charterer. The Applicant duly performed its obligations under all three charters, including the prompt and regular payment of charter hire as and when due.

C. The Respondent's Breaches

18. Beginning in mid-2022, the Respondent engaged in a deliberate and systematic pattern of repudiatory breach across all three charter-party agreements, causing the Applicant to suffer substantial financial loss. The principal breaches are summarised as follows:

(a) Wrongful early redelivery of M/V *Aegean Fortuna*: In breach of the terms of the charter-party dated 15 March 2019, the Respondent wrongfully redelivered M/V Aegean Fortuna to the Applicant approximately 14 months before the earliest contractual redelivery date, effecting redelivery on 18 June 2022 without justification and without the Applicant's consent. The charter-party provided for a minimum remaining period that extended well into the third quarter of 2023. The wrongful early redelivery deprived the Applicant of the bargained-for benefit of the remaining charter period and caused the Applicant to suffer substantial loss of earnings, market differential damages, and repositioning costs.

(b) Failure to pay hire on M/V *Crimson Horizon*: With effect from 1 July 2022, the Respondent ceased making hire payments under the charter-party dated 22 January 2020 for M/V Crimson Horizon. Despite repeated demands from the Applicant, hire payments were not resumed. As of the date on which the Applicant exercised its right to withdraw the vessel on 15 September 2022, arrears of hire in the amount of £4,280,000 had accrued. The Respondent's failure to pay hire constituted a repudiatory breach of the charter-party, which the Applicant accepted by withdrawing the vessel. The Applicant thereby suffered further losses arising from the loss of the bargained-for charter hire for the remaining period of the charter.

(c) Fabricated off-hire deductions on M/V *Volga Spirit*: In respect of the charter-party dated 10 June 2021 for M/V Volga Spirit, the Respondent made a series of purported off-hire deductions from charter hire payments totalling approximately £2,740,000. The Tribunal found, on the evidence adduced at the hearing, that these deductions were fabricated and not supported by any legitimate off-hire event. The deductions were made dishonestly and in bad faith, with the intention of reducing the Respondent's hire obligations under the charter-party.

19. The cumulative effect of the Respondent's breaches was to deprive the Applicant of the commercial benefit of three significant charter-party relationships, causing aggregate losses that were quantified by the Tribunal in the Award at £96,450,000 (inclusive of pre-award interest).

D. The LCIA Arbitration

20. In consequence of the Respondent's breaches, the Applicant filed a Request for Arbitration with the LCIA on 14 November 2022, which was registered under LCIA Reference No. 224718. The claims were advanced under all three charter-party agreements, consolidated by agreement of the parties and the Tribunal into a single set of proceedings.

21. The Arbitral Tribunal was duly constituted on 8 February 2023 in accordance with the LCIA Arbitration Rules. The Tribunal comprised the following members:

(a) Sir Malcolm Fenton-Clarke — Presiding Arbitrator, appointed by the LCIA Court pursuant to Article 5.8 of the LCIA Rules;

(b) Professor Athena Drakopoulos — Co-Arbitrator, nominated by the Applicant (Claimant in the arbitration) pursuant to Article 7 of the LCIA Rules;

(d) Ms. Fiona Beckett — Tribunal Secretary, appointed by the Tribunal.

22. The arbitration was fully contested by both parties. The Respondent participated in the proceedings at all material stages, filing pleadings, producing documents in the disclosure phase, and submitting factual and expert witness evidence. The Respondent raised a number of defences and counterclaims, all of which were ultimately dismissed by the Tribunal.

23. Following an extended procedural timetable that included the exchange of written submissions, factual witness statements, expert reports, and reply submissions, an evidentiary hearing was held over 10 hearing days at the International Dispute Resolution Centre ("IDRC") in London, from 11 September 2023 to 22 September 2023. The hearing included the examination and cross-examination of factual witnesses called by both parties, the examination of expert witnesses on quantum and market rates, and oral closing submissions.

24. Post-hearing briefs were submitted by both parties, and the Tribunal reserved its decision.

E. The Award

25. The Tribunal issued its Final Award on 28 June 2024, finding unanimously in favour of the Applicant on all its claims and dismissing the Respondent's defences and counterclaims in their entirety. The Award is a detailed and comprehensive determination running to over 400 pages, addressing liability, quantum, interest, and costs.

26. The Award comprised the following principal heads of relief:

(a) Damages for wrongful early redelivery of M/V *Aegean Fortuna*: The Tribunal awarded the sum of £42,300,000, representing the Applicant's loss of bargain for the remaining 14 months of the charter period at a rate equivalent to approximately £3,021,429 per month, being the difference between the contractual rate and the market rate at the date of redelivery, compounded over the unexpired charter period.

(b) Outstanding hire and damages for M/V *Crimson Horizon*: The Tribunal awarded the sum of £28,150,000, comprising outstanding hire arrears of £4,280,000 that had accrued prior to the Applicant's withdrawal of the vessel on 15 September 2022, together with loss of bargain damages of £23,870,000 representing the Applicant's loss for the remaining charter period.

(c) Restitution of fabricated off-hire deductions for M/V *Volga Spirit*: The Tribunal awarded the sum of £2,740,000, representing the full amount of the fabricated off-hire deductions wrongfully withheld by the Respondent from hire payments under the M/V Volga Spirit charter-party.

(d) Loss of profit and market differential damages across all three charters: The Tribunal awarded the further sum of £16,480,000, representing additional losses suffered by the Applicant arising from adverse market movements, repositioning costs, and loss of commercial opportunities caused by the Respondent's repudiatory breaches across all three charter-party agreements.

(e) Pre-award interest: The Tribunal awarded pre-award interest in the sum of £6,780,000, calculated at a rate of 5.25% per annum simple from the respective dates of breach in respect of each charter to the date of the Award, in accordance with the Late Payment of Commercial Debts (Interest) Act 1998 and the general discretion of the Tribunal.

(f) Total Award: The total amount of the Award in respect of damages and pre-award interest was £96,450,000 (approximately USD $120,000,000 at the prevailing exchange rate of £1 = USD $1.2441 as of 28 June 2024).

27. In addition to the substantive relief described above, the Tribunal made the following costs orders:

(a) The Tribunal allocated 85% of the costs of the arbitration to the Respondent, reflecting the Respondent's failure on all claims and counterclaims.

(b) The LCIA administrative and tribunal costs, in the total sum of £3,240,000, were ordered to be borne 85% by the Respondent.

(c) The Applicant's legal costs, assessed in the total sum of £8,910,000, were ordered to be borne 85% by the Respondent.

(d) The total costs ordered against the Respondent amounted to £12,150,000.

28. The Grand Total of the Award (comprising damages, pre-award interest, and costs) is therefore £108,600,000 (Pounds Sterling One Hundred and Eight Million Six Hundred Thousand).

29. The Tribunal further ordered that post-award interest shall accrue on the unpaid sum of £96,450,000 at the rate of 5.25% per annum simple from 29 June 2024 until the date of full and final payment.

F. The Respondent's Failure to Satisfy the Award

30. Despite the Award having been issued on 28 June 2024, and despite formal demands made by the Applicant's solicitors upon the Respondent's solicitors, the Respondent has failed and refused to make any payment whatsoever in satisfaction of the Award. No part of the sum of £108,600,000 (or any portion thereof) has been paid, and no credible proposal for payment has been made by or on behalf of the Respondent at any time since the date of the Award.

31. Moreover, the Applicant has reason to believe, and avers, that the Respondent has engaged in deliberate asset dissipation and the dispersal of assets across multiple international jurisdictions with the intention and effect of frustrating the Applicant's efforts to enforce and collect the Award. Evidence of such conduct has been adduced in the enforcement and freezing proceedings in England and is exhibited in the supporting affidavit filed herein.

32. In light of the Respondent's failure to satisfy the Award and its deliberate efforts to evade its obligations thereunder, the Applicant has been compelled to commence enforcement proceedings in multiple jurisdictions where the Respondent is believed to maintain assets. The following parallel proceedings are currently on foot:

(a) England & Wales: Enforcement proceedings have been commenced in the Commercial Court of the Queen's Bench Division of the High Court of Justice under Claim No. CL-2024-000487. A Worldwide Freezing Order was granted by Mr. Justice Ashworth on 16 July 2024 on an ex parte basis, restraining the Respondent from dealing with or diminishing the value of its assets worldwide up to the value of £108,600,000. The Worldwide Freezing Order was continued with modifications following an inter partes return date hearing on 30 July 2024. Further, permission to enforce the Award as a judgment of the English High Court was granted by Mr. Justice Ashworth on 2 August 2024. The Respondent subsequently applied to the English High Court to set aside the Award pursuant to Sections 68 and 69 of the Arbitration Act 1996, on grounds of alleged serious irregularity and alleged error of law. That application was dismissed in its entirety on 11 October 2024, confirming the validity and finality of the Award.

(b) Cyprus: Enforcement proceedings have been commenced in the Nicosia District Court under Case No. 2247/2024, seeking recognition and enforcement of the Award in Cyprus, where the Respondent is incorporated and maintains its registered office.

(c) United Arab Emirates: Enforcement proceedings have been commenced in the Dubai Court of First Instance under Case No. 1893/2024, seeking recognition and enforcement of the Award in the UAE, where the Respondent is believed to hold assets and conduct business operations.

33. The present application before the Singapore High Court is a further step in the Applicant's multi-jurisdictional enforcement strategy, necessitated by the Respondent's continued failure and refusal to honour the Award.

G. Basis for Enforcement in Singapore

34. The Award is a foreign arbitral award within the meaning of Section 27(1) of the International Arbitration Act (Cap. 143A), being an award made in pursuance of an arbitration agreement in a country other than Singapore (namely, England) which is a party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (the "New York Convention").

35. The Republic of Singapore is a Contracting State to the New York Convention, having acceded to the Convention on 21 August 1986. The Convention was given the force of law in Singapore by the International Arbitration Act (Cap. 143A).

36. The United Kingdom of Great Britain and Northern Ireland, being the country in which the seat of the arbitration was situated (London, England), is likewise a Contracting State to the New York Convention.

37. Pursuant to Section 19 of the International Arbitration Act (Cap. 143A), an award on an arbitration agreement may, by leave of the High Court or a Judge thereof, be enforced in the same manner as a judgment or an order of the Court to the same effect, and where leave is so given, judgment may be entered in terms of the award. The Applicant respectfully submits that leave ought to be granted in this case.

38. The requirements for enforcement under Article IV of the New York Convention (as reflected in Section 19 and the Second Schedule to the International Arbitration Act) have been satisfied. The Applicant has supplied, and exhibits to the supporting affidavit:

(a) a duly authenticated copy of the Final Award dated 28 June 2024; and

(b) copies of the three arbitration agreements (being the arbitration clauses contained in the three charter-party agreements dated 15 March 2019, 22 January 2020, and 10 June 2021 respectively).

39. None of the grounds for refusal of recognition or enforcement set out in Article V of the New York Convention (as reflected in the Second Schedule to the International Arbitration Act) applies in this case. The Applicant addresses each potential ground in turn:

(a) Article V(1)(a) — Incapacity or invalidity of agreement: The arbitration agreements contained in the three charter-party agreements are valid and enforceable under English law, being the law to which the parties have subjected the agreements. There is no issue of incapacity of any party.

(b) Article V(1)(b) — Lack of proper notice or inability to present case: The Respondent was given proper notice of the appointment of the arbitrators and of all stages of the arbitration proceedings. The Respondent was represented by experienced legal counsel (Harkness Whitford & Co.) throughout the arbitration and participated fully in all aspects of the proceedings, including the 10-day evidentiary hearing held from 11 to 22 September 2023. The Respondent was afforded, and availed itself of, every reasonable opportunity to present its case.

(c) Article V(1)(c) — Award deals with matters beyond scope of submission: The Award deals exclusively with matters falling squarely within the terms of the parties' submission to arbitration under the three charter-party agreements. All claims determined by the Tribunal arose out of and in connection with the charter-party relationships between the parties.

(d) Article V(1)(d) — Irregular composition of tribunal or procedure: The composition of the Tribunal and the arbitral procedure were in full accordance with the agreement of the parties and the LCIA Rules. The Presiding Arbitrator was appointed by the LCIA Court, and each Co-Arbitrator was nominated by the respective party, in accordance with the applicable rules. No challenge to the composition of the Tribunal was made at any stage of the proceedings.

(e) Article V(1)(e) — Award not yet binding, or set aside or suspended: The Award is final and binding upon both parties pursuant to Article 26.8 of the LCIA Rules. No appeal lies from the Award under the LCIA Rules. The Respondent's application to the English High Court to set aside the Award pursuant to Sections 68 and 69 of the Arbitration Act 1996 was dismissed on 11 October 2024. The Award has not been set aside or suspended by a competent authority of the country in which, or under the law of which, the Award was made.

(f) Article V(2)(a) — Subject matter not capable of settlement by arbitration: The subject matter of the dispute — being claims for damages and other relief arising out of time charter-party agreements — is plainly capable of settlement by arbitration under the law of Singapore.

(g) Article V(2)(b) — Enforcement contrary to public policy: The recognition and enforcement of the Award would not be contrary to the public policy of Singapore. The Award was rendered by a duly constituted tribunal following a fair and transparent process, in accordance with procedures that are consistent with the fundamental principles of natural justice. There is no element of fraud, corruption, or other vitiating factor.

40. For the foregoing reasons, the Applicant respectfully submits that this Honourable Court should grant leave to enforce the Award in Singapore and enter judgment in the terms of the Award.

H. The Respondent's Assets in Singapore

41. The enforcement of the Award in Singapore is supported by the existence of substantial assets held by or on behalf of the Respondent within the jurisdiction. The Applicant sets out below the principal assets identified.

42. The Respondent maintains a presence in Singapore through its wholly-owned subsidiary, Korinthian Bulkers (Singapore) Pte. Ltd. (UEN: 201812345G), a company incorporated in the Republic of Singapore with its registered office at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. was incorporated for the specific purpose of holding and managing assets and operations relating to the Respondent's fleet activities in the Asia-Pacific region.

43. Korinthian Bulkers (Singapore) Pte. Ltd. holds one or more bank accounts at Pinnacle Bank (Singapore) Ltd., located at 6 Battery Road, #20-01, Singapore 049909. Based on information available to the Applicant, these accounts have been used for the receipt and disbursement of significant sums related to vessel operations, including charter hire receipts, bunker payments, port disbursements, and other trading proceeds. The Applicant believes that substantial funds remain held in these accounts.

44. Furthermore, Korinthian Bulkers (Singapore) Pte. Ltd. is the registered owner of M/V *Crimson Horizon (IMO No. 9801334), a Handymax Bulk Carrier of 37,500 DWT flying the Liberian flag. M/V Crimson Horizon* is one of the three vessels that were the subject of the charter-party dispute and is directly connected to the claims determined in the Award. The vessel has a current estimated market value that is material to the enforcement of the Award.

45. The existence of these assets within the jurisdiction of Singapore — comprising both the corporate entity, the funds held in Singapore bank accounts, and the vessel owned by the Singapore subsidiary — provides a proper and sufficient basis for the granting of leave to enforce the Award in this jurisdiction. The Applicant anticipates that, upon obtaining leave to enforce the Award and entry of judgment, it will be in a position to take such further enforcement steps in Singapore as may be necessary to satisfy the judgment debt, including but not limited to garnishee proceedings, examination of judgment debtor proceedings, and, if appropriate, proceedings against the vessel in rem.

SUPPORTING AFFIDAVIT

46. This application is supported by the Affidavit of Captain Dimitrios Kouretas, Head of Chartering and Operations of Thalassa Shipping & Logistics SA, filed herein on the date of this Originating Summons. Captain Kouretas has personal knowledge of the facts relating to the three charter-party agreements, the disputes arising thereunder, the LCIA arbitration, the Award, and the Respondent's failure to satisfy the Award.

47. The following documents are exhibited to the supporting affidavit of Captain Dimitrios Kouretas and are relied upon in support of this application:

(a) Exhibit DK-1: A duly authenticated copy of the Final Award dated 28 June 2024, rendered by the Tribunal in LCIA Arbitration No. 224718, comprising the complete Award including the operative part, the reasons, and all appendices and schedules thereto;

(b) Exhibit DK-2: A copy of the time charter-party agreement in respect of M/V Aegean Fortuna, dated 15 March 2019, including the arbitration clause contained therein;

(c) Exhibit DK-3: A copy of the time charter-party agreement in respect of M/V Crimson Horizon, dated 22 January 2020, including the arbitration clause contained therein;

(d) Exhibit DK-4: A copy of the time charter-party agreement in respect of M/V Volga Spirit, dated 10 June 2021, including the arbitration clause contained therein;

(e) Exhibit DK-5: A copy of the LCIA Arbitration Rules applicable to the proceedings;

(f) Exhibit DK-6: Correspondence between the parties' solicitors evidencing the Applicant's demands for payment of the Award and the Respondent's failure and refusal to satisfy the same;

(g) Exhibit DK-7: Evidence of the Respondent's assets in Singapore, including:

(i) corporate records and filings of Korinthian Bulkers (Singapore) Pte. Ltd. obtained from the Accounting and Corporate Regulatory Authority of Singapore (ACRA);

(ii) information relating to bank accounts maintained by Korinthian Bulkers (Singapore) Pte. Ltd. at Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909; and

(iii) vessel registration records confirming Korinthian Bulkers (Singapore) Pte. Ltd. as the registered owner of M/V Crimson Horizon (IMO No. 9801334);

(h) Exhibit DK-8: A copy of the Worldwide Freezing Order granted by Mr. Justice Ashworth in the Commercial Court of England and Wales on 16 July 2024, as continued with modifications on 30 July 2024;

(i) Exhibit DK-9: A copy of the Order of Mr. Justice Ashworth dated 2 August 2024 granting permission to enforce the Award as a judgment of the English High Court; and

(j) Exhibit DK-10: A copy of the Order of the English High Court dated 11 October 2024 dismissing the Respondent's application to set aside the Award under Sections 68 and 69 of the Arbitration Act 1996.

LEGISLATIVE PROVISIONS RELIED UPON

48. The Applicant relies upon the following legislative provisions in support of this application:

(a) International Arbitration Act (Cap. 143A):

(i) Section 19 — Enforcement of awards;

(ii) Section 27 — Recognition and enforcement of foreign arbitral awards;

(iii) Section 29 — Refusal of enforcement (reflecting Article V of the New York Convention); and

(iv) Section 31 — Evidence to be produced for enforcement;

(b) Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (the New York Convention), as set out in the Second Schedule to the International Arbitration Act:

(i) Article III — Obligation to recognise and enforce arbitral awards;

(ii) Article IV — Conditions for enforcement (authenticated copy of award and arbitration agreement); and

(iii) Article V — Grounds for refusal of recognition and enforcement;

(i) Order 69A — International Arbitration Act (providing the procedural framework for applications to enforce foreign arbitral awards by Originating Summons in the High Court).

SERVICE

49. The Applicant proposes to effect service of this Originating Summons and the supporting affidavit upon the Respondent by the following means:

(a) By registered post and courier to the Respondent's registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus; and/or

(b) Through the Respondent's known solicitors, Harkness Whitford & Co. (SRA No. 614823), at 12 Fetter Lane, London EC4A 1JP, United Kingdom, who have been on record as acting for the Respondent in the English enforcement and set-aside proceedings and in the LCIA arbitration.

50. The Applicant notes that the Respondent is a company incorporated and registered outside of Singapore, and accordingly service out of jurisdiction may be required. To the extent that service cannot be effected by the means described above, or that the Rules of Court require leave for service out of jurisdiction, the Applicant reserves the right to apply for leave to serve out of jurisdiction and/or for an order for substituted service, on such terms as this Honourable Court deems appropriate. The Applicant respectfully submits that the circumstances of this case — including the Respondent's maintenance of a subsidiary and substantial assets in Singapore, the Respondent's participation in parallel enforcement proceedings in England, and the Respondent's representation by known solicitors who have accepted service in related proceedings — justify the making of such orders as may be necessary to ensure effective service upon the Respondent.

ATTESTATION AND FILING DETAILS

Dated this 14th day of August 2024

This Originating Summons is filed by Straits Meridian LLP, Solicitors for the Applicant.

STRAITS MERIDIAN LLP Solicitors for the Applicant

By: ________

David Teo Wei Lin Partner

1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616

Tel: +65 6223 7100

Fax: +65 6223 7101

Email: david.teo@straitsmeridian.com.sg

Ref: SM/DT/OS-2024/0872

Address for service of documents on the Applicant:

Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616

Attn: David Teo Wei Lin

Ref: SM/DT/OS-2024/0872

SCHEDULE 1 — SUMMARY OF THE AWARD

The following is a summary of the amounts awarded by the Tribunal in the Final Award dated 28 June 2024 in LCIA Arbitration No. 224718:

SCHEDULE 2 — DETAILS OF THE ARBITRAL TRIBUNAL

The Arbitral Tribunal in LCIA Arbitration No. 224718 was constituted as follows:

LCIA Case Reference: No. 224718

Seat of Arbitration: London, England

Governing Law of the Arbitration (Substantive): English law

Applicable Procedural Rules: LCIA Arbitration Rules (2020 edition)

Date of Constitution of Tribunal: 8 February 2023

Date of Evidentiary Hearing: 11 September 2023 to 22 September 2023 (10 hearing days)

Date of Award: 28 June 2024

SCHEDULE 3 — VESSEL PARTICULARS

The following table sets out the particulars of the three vessels that were the subject of the charter-party agreements and the underlying dispute:

Charter-Party Dates:

(a) M/V Aegean Fortuna — Charter-party dated 15 March 2019

(b) M/V Crimson Horizon — Charter-party dated 22 January 2020

Governing Law: English law (all three charters)

Arbitration Clause: LCIA arbitration, seat in London, England (all three charters)

End of Originating Summons No. 872 of 2024

Component	Amount (£)
Damages — M/V Aegean Fortuna (wrongful early redelivery, 14 months remaining at approx. £3,021,429/month)	42,300,000
Damages — M/V Crimson Horizon (outstanding hire of £4,280,000 + loss of bargain of £23,870,000)	28,150,000
Restitution — M/V Volga Spirit (fabricated off-hire deductions)	2,740,000
Loss of profit / market differential damages (across all three charters)	16,480,000
Pre-award interest (5.25% per annum simple, from dates of breach to 28 June 2024)	6,780,000
Total Award (Damages and Pre-Award Interest)	96,450,000
LCIA administrative and tribunal costs (85% allocated to the Respondent)	3,240,000
Applicant's legal costs (85% allocated to the Respondent)	8,910,000
Total Costs	12,150,000
Grand Total (Award + Costs)	108,600,000
Post-award interest	5.25% per annum simple from 29 June 2024 on £96,450,000 until date of full payment
Role	Name
Presiding Arbitrator (appointed by the LCIA Court)	Sir Malcolm Fenton-Clarke
Co-Arbitrator (Claimant-nominated)	Professor Athena Drakopoulos
Co-Arbitrator (Respondent-nominated)	Dr. Henrik Dalmqvist
Tribunal Secretary	Ms. Fiona Beckett
Vessel Name	IMO No.	Type	DWT	Flag	SPV Owner
M/V Aegean Fortuna	9784521	Supramax Bulk Carrier	58,200	Marshall Islands	Dnepr Shipholding Inc.
M/V Crimson Horizon	9801334	Handymax Bulk Carrier	37,500	Liberia	Korinthian Bulkers (Singapore) Pte. Ltd.
M/V Volga Spirit	9756892	Panamax Bulk Carrier	76,400	Cyprus	Dnepr Shipholding Inc. (BVI Company No. 2014876)

IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE
GENERAL DIVISION OF THE HIGH COURT
ORIGINATING SUMMONS NO. 872 OF 2024
Filed: 14 August 2024
In the Matter of the International Arbitration Act (Chapter 143A)
And In the Matter of an Arbitration Award dated 28 June 2024 made in LCIA Arbitration No. 224718
Between
THALASSA SHIPPING & LOGISTICS SA (a company incorporated in Greece, Société Anonyme, with registered address at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece)
… Applicant
And
KORINTHIAN MARITIME HOLDINGS LTD. (a company incorporated in Cyprus, Registration No. HE 387421, with registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus)
… Respondent
SOLICITORS ON RECORD
Solicitors for the Applicant:
Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616
Partner with conduct: David Teo Wei Lin
Tel: +65 6223 7100
Fax: +65 6223 7101
Email: david.teo@straitsmeridian.com.sg
Ref: SM/DT/OS-2024/0872
Instructed by:
Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom
(Lead Enforcement Counsel for the Applicant)
APPLICATION
TAKE NOTICE that the Applicant, Thalassa Shipping & Logistics SA, applies to this Honourable Court for the following orders:
Prayer 1 — Leave to Enforce the Award
1. That the Applicant be granted leave, pursuant to Section 19 of the International Arbitration Act (Cap. 143A) read with Order 69A of the Rules of Court, to enforce in Singapore a Final Arbitral Award dated 28 June 2024 (the "Award") rendered by a tribunal duly constituted under the rules of the London Court of International Arbitration ("LCIA") in LCIA Arbitration No. 224718.
The Award was made in favour of the Applicant and against the Respondent. The seat of the arbitration was London, England. The substantive law governing the arbitration was English law. The arbitration was administered by the LCIA and conducted in accordance with the LCIA Arbitration Rules. The Award is final and binding upon both parties, and no appeal or application to set aside has succeeded or remains pending. Accordingly, the Applicant is entitled to have the Award recognised and enforced in Singapore in the same manner as a judgment or order of this Honourable Court to the same effect.
Prayer 2 — Entry of Judgment
2. That the Award be entered as a judgment of the High Court of the Republic of Singapore in the terms of the Award, pursuant to Section 19 of the International Arbitration Act (Cap. 143A), in the following amounts:
(a) £96,450,000 (Pounds Sterling Ninety-Six Million Four Hundred and Fifty Thousand) in respect of damages and pre-award interest, as more particularly described in Schedule 1 hereto;
(b) £12,150,000 (Pounds Sterling Twelve Million One Hundred and Fifty Thousand) in respect of the costs of the arbitration, comprising:
(i) LCIA administrative and tribunal costs in the sum of £3,240,000 (Pounds Sterling Three Million Two Hundred and Forty Thousand), being the portion allocated by the Tribunal to the Respondent at 85% of the total costs of the arbitration; and
(ii) the Applicant's legal costs in the sum of £8,910,000 (Pounds Sterling Eight Million Nine Hundred and Ten Thousand), being the portion of the Applicant's costs ordered by the Tribunal to be borne by the Respondent at the same 85% allocation;
(c) making a combined total of £108,600,000 (Pounds Sterling One Hundred and Eight Million Six Hundred Thousand); and
(d) post-award interest on the sum of £96,450,000 at the rate of 5.25% per annum simple from 29 June 2024 until the date of full and final payment, in accordance with the terms of the Award.
Prayer 3 — Costs of This Application
3. That the Respondent do pay the Applicant's costs of and incidental to this application, such costs to be taxed by the Registrar if not agreed between the parties.
Prayer 4 — Further or Other Relief
4. Such further or other relief as this Honourable Court deems fit.
GROUNDS OF THE APPLICATION
The grounds upon which this application is made are set out below.
A. The Parties
The Applicant.
5. Thalassa Shipping & Logistics SA ("TSL" or the "Applicant") is a Société Anonyme organized and existing under the laws of the Hellenic Republic, with its registered and principal office at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece. Its Greek Tax Identification Number (AFM) is EL-801456729.
6. TSL is a strategic private shipping and logistics company founded in 1987. The company operates a diversified fleet of 34 vessels, comprising bulk carriers, tankers, and container feeders, trading primarily across the Mediterranean Sea, the Black Sea, and the Arabian Gulf. TSL is a well-established and reputable participant in the international maritime industry, with a track record spanning over three decades of continuous operations.
7. In the financial year ending 31 December 2023, TSL reported annual revenues of approximately €620 million. The company's operations are supported by an extensive network of offices, agents, and commercial relationships across Europe, the Middle East, and the Asia-Pacific region.
8. TSL's ownership structure comprises the following: 72% of the issued share capital is held by the Papadimitriou family trust, a trust settled under Greek law for the benefit of the Papadimitriou family; and 28% is held by Aegean Capital Partners SA, a Greek private investment vehicle.
9. The principal officers of TSL relevant to this application are as follows:
(a) Nikolaos Papadimitriou — Chairman and Chief Executive Officer;
(b) Elena Stavridis — Chief Financial Officer;
(c) Captain Dimitrios Kouretas — Head of Chartering and Operations; and
(d) Ioanna Christodoulou — General Counsel.
The Respondent.
10. Korinthian Maritime Holdings Ltd. ("KMH" or the "Respondent") is a private limited company incorporated in the Republic of Cyprus under Registration No. HE 387421, with its registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus.
11. KMH is a vessel-owning and chartering company that controls approximately 18 dry-bulk carriers through a network of single-purpose vehicle ("SPV") subsidiaries incorporated in various jurisdictions, including the British Virgin Islands, Cyprus, the marshall Islands, and Singapore. KMH operates as the commercial and strategic holding entity of a fleet engaged primarily in the carriage of dry-bulk commodities, including coal, grain, iron ore, and bauxite.
12. KMH is beneficially owned by the Volkov family through a series of British Virgin Islands and Cypriot holding structures. Andrei Volkov is the ultimate beneficial owner and de facto director of KMH, exercising control over the company's strategic and operational decisions notwithstanding that he does not appear as a registered director of KMH in the Cypriot companies registry. Sergei Volkov serves as a registered director of KMH. Marina Kazakova serves as Chief Financial Officer, and Alexei Demidov serves as Director of Fleet Operations.
13. Prior to the disputes giving rise to the arbitration, KMH had an estimated net asset value of approximately USD $280 million, based on publicly available valuations of its fleet and corporate filings.
14. Of particular relevance to this application, KMH maintains a subsidiary and operations in Singapore. Korinthian Bulkers (Singapore) Pte. Ltd. is a company incorporated in Singapore, with its registered office at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. is a wholly-owned subsidiary of KMH and holds proceeds, bank accounts, and assets related to the Respondent's fleet operations in the Asia-Pacific region. It is also the registered owner of one of the vessels that was the subject of the underlying charter-party dispute, namely M/V Crimson Horizon (IMO No. 9801334). The existence and nature of these Singapore-based assets are addressed in further detail at paragraphs 47 to 50 below.
B. The Underlying Dispute
15. The dispute underlying the Award arises out of three time charter-party agreements entered into between the Applicant (as charterer) and the Respondent (as disponent owner) between 2019 and 2021, for the charter of three dry-bulk carriers. The particulars of each charter are as follows:
(a) M/V *Aegean Fortuna (IMO No. 9784521) — a Supramax Bulk Carrier of 58,200 DWT, registered under the flag of the marshall Islands, and owned by Dnepr Shipholding Inc., a BVI-incorporated SPV controlled by the Respondent. The charter-party in respect of this vessel was signed on 15 March 2019*.
(b) M/V *Crimson Horizon (IMO No. 9801334) — a Handymax Bulk Carrier of 37,500 DWT, registered under the flag of Liberia, and owned by Korinthian Bulkers (Singapore) Pte. Ltd., the Respondent's Singapore subsidiary. The charter-party in respect of this vessel was signed on 22 January 2020*.
(c) M/V *Volga Spirit (IMO No. 9756892) — a Panamax Bulk Carrier of 76,400 DWT, registered under the flag of Cyprus, and owned by Dnepr Shipholding Inc. (BVI Company No. 2014876), another SPV controlled by the Respondent. The charter-party in respect of this vessel was signed on 10 June 2021*.
16. All three charter-party agreements were subject to English law as the governing law. Each charter-party contained an arbitration clause providing for arbitration under the rules of the London Court of International Arbitration (LCIA), with London, England as the seat of arbitration.
17. Under each of the three charter-party agreements, the Respondent acted as the disponent owner of the respective vessel, assuming the commercial and operational obligations of a time-charter owner vis-à-vis the Applicant as charterer. The Applicant duly performed its obligations under all three charters, including the prompt and regular payment of charter hire as and when due.
C. The Respondent's Breaches
18. Beginning in mid-2022, the Respondent engaged in a deliberate and systematic pattern of repudiatory breach across all three charter-party agreements, causing the Applicant to suffer substantial financial loss. The principal breaches are summarised as follows:
(a) Wrongful early redelivery of M/V *Aegean Fortuna*: In breach of the terms of the charter-party dated 15 March 2019, the Respondent wrongfully redelivered M/V Aegean Fortuna to the Applicant approximately 14 months before the earliest contractual redelivery date, effecting redelivery on 18 June 2022 without justification and without the Applicant's consent. The charter-party provided for a minimum remaining period that extended well into the third quarter of 2023. The wrongful early redelivery deprived the Applicant of the bargained-for benefit of the remaining charter period and caused the Applicant to suffer substantial loss of earnings, market differential damages, and repositioning costs.
(b) Failure to pay hire on M/V *Crimson Horizon*: With effect from 1 July 2022, the Respondent ceased making hire payments under the charter-party dated 22 January 2020 for M/V Crimson Horizon. Despite repeated demands from the Applicant, hire payments were not resumed. As of the date on which the Applicant exercised its right to withdraw the vessel on 15 September 2022, arrears of hire in the amount of £4,280,000 had accrued. The Respondent's failure to pay hire constituted a repudiatory breach of the charter-party, which the Applicant accepted by withdrawing the vessel. The Applicant thereby suffered further losses arising from the loss of the bargained-for charter hire for the remaining period of the charter.
(c) Fabricated off-hire deductions on M/V *Volga Spirit*: In respect of the charter-party dated 10 June 2021 for M/V Volga Spirit, the Respondent made a series of purported off-hire deductions from charter hire payments totalling approximately £2,740,000. The Tribunal found, on the evidence adduced at the hearing, that these deductions were fabricated and not supported by any legitimate off-hire event. The deductions were made dishonestly and in bad faith, with the intention of reducing the Respondent's hire obligations under the charter-party.
19. The cumulative effect of the Respondent's breaches was to deprive the Applicant of the commercial benefit of three significant charter-party relationships, causing aggregate losses that were quantified by the Tribunal in the Award at £96,450,000 (inclusive of pre-award interest).
D. The LCIA Arbitration
20. In consequence of the Respondent's breaches, the Applicant filed a Request for Arbitration with the LCIA on 14 November 2022, which was registered under LCIA Reference No. 224718. The claims were advanced under all three charter-party agreements, consolidated by agreement of the parties and the Tribunal into a single set of proceedings.
21. The Arbitral Tribunal was duly constituted on 8 February 2023 in accordance with the LCIA Arbitration Rules. The Tribunal comprised the following members:
(a) Sir Malcolm Fenton-Clarke — Presiding Arbitrator, appointed by the LCIA Court pursuant to Article 5.8 of the LCIA Rules;
(b) Professor Athena Drakopoulos — Co-Arbitrator, nominated by the Applicant (Claimant in the arbitration) pursuant to Article 7 of the LCIA Rules;
(c) Dr. Henrik Dalmqvist — Co-Arbitrator, nominated by the Respondent pursuant to Article 7 of the LCIA Rules; and
(d) Ms. Fiona Beckett — Tribunal Secretary, appointed by the Tribunal.
22. The arbitration was fully contested by both parties. The Respondent participated in the proceedings at all material stages, filing pleadings, producing documents in the disclosure phase, and submitting factual and expert witness evidence. The Respondent raised a number of defences and counterclaims, all of which were ultimately dismissed by the Tribunal.
23. Following an extended procedural timetable that included the exchange of written submissions, factual witness statements, expert reports, and reply submissions, an evidentiary hearing was held over 10 hearing days at the International Dispute Resolution Centre ("IDRC") in London, from 11 September 2023 to 22 September 2023. The hearing included the examination and cross-examination of factual witnesses called by both parties, the examination of expert witnesses on quantum and market rates, and oral closing submissions.
24. Post-hearing briefs were submitted by both parties, and the Tribunal reserved its decision.
E. The Award
25. The Tribunal issued its Final Award on 28 June 2024, finding unanimously in favour of the Applicant on all its claims and dismissing the Respondent's defences and counterclaims in their entirety. The Award is a detailed and comprehensive determination running to over 400 pages, addressing liability, quantum, interest, and costs.
26. The Award comprised the following principal heads of relief:
(a) Damages for wrongful early redelivery of M/V *Aegean Fortuna*: The Tribunal awarded the sum of £42,300,000, representing the Applicant's loss of bargain for the remaining 14 months of the charter period at a rate equivalent to approximately £3,021,429 per month, being the difference between the contractual rate and the market rate at the date of redelivery, compounded over the unexpired charter period.
(b) Outstanding hire and damages for M/V *Crimson Horizon*: The Tribunal awarded the sum of £28,150,000, comprising outstanding hire arrears of £4,280,000 that had accrued prior to the Applicant's withdrawal of the vessel on 15 September 2022, together with loss of bargain damages of £23,870,000 representing the Applicant's loss for the remaining charter period.
(c) Restitution of fabricated off-hire deductions for M/V *Volga Spirit*: The Tribunal awarded the sum of £2,740,000, representing the full amount of the fabricated off-hire deductions wrongfully withheld by the Respondent from hire payments under the M/V Volga Spirit charter-party.
(d) Loss of profit and market differential damages across all three charters: The Tribunal awarded the further sum of £16,480,000, representing additional losses suffered by the Applicant arising from adverse market movements, repositioning costs, and loss of commercial opportunities caused by the Respondent's repudiatory breaches across all three charter-party agreements.
(e) Pre-award interest: The Tribunal awarded pre-award interest in the sum of £6,780,000, calculated at a rate of 5.25% per annum simple from the respective dates of breach in respect of each charter to the date of the Award, in accordance with the Late Payment of Commercial Debts (Interest) Act 1998 and the general discretion of the Tribunal.
(f) Total Award: The total amount of the Award in respect of damages and pre-award interest was £96,450,000 (approximately USD $120,000,000 at the prevailing exchange rate of £1 = USD $1.2441 as of 28 June 2024).
27. In addition to the substantive relief described above, the Tribunal made the following costs orders:
(a) The Tribunal allocated 85% of the costs of the arbitration to the Respondent, reflecting the Respondent's failure on all claims and counterclaims.
(b) The LCIA administrative and tribunal costs, in the total sum of £3,240,000, were ordered to be borne 85% by the Respondent.
(c) The Applicant's legal costs, assessed in the total sum of £8,910,000, were ordered to be borne 85% by the Respondent.
(d) The total costs ordered against the Respondent amounted to £12,150,000.
28. The Grand Total of the Award (comprising damages, pre-award interest, and costs) is therefore £108,600,000 (Pounds Sterling One Hundred and Eight Million Six Hundred Thousand).
29. The Tribunal further ordered that post-award interest shall accrue on the unpaid sum of £96,450,000 at the rate of 5.25% per annum simple from 29 June 2024 until the date of full and final payment.
F. The Respondent's Failure to Satisfy the Award
30. Despite the Award having been issued on 28 June 2024, and despite formal demands made by the Applicant's solicitors upon the Respondent's solicitors, the Respondent has failed and refused to make any payment whatsoever in satisfaction of the Award. No part of the sum of £108,600,000 (or any portion thereof) has been paid, and no credible proposal for payment has been made by or on behalf of the Respondent at any time since the date of the Award.
31. Moreover, the Applicant has reason to believe, and avers, that the Respondent has engaged in deliberate asset dissipation and the dispersal of assets across multiple international jurisdictions with the intention and effect of frustrating the Applicant's efforts to enforce and collect the Award. Evidence of such conduct has been adduced in the enforcement and freezing proceedings in England and is exhibited in the supporting affidavit filed herein.
32. In light of the Respondent's failure to satisfy the Award and its deliberate efforts to evade its obligations thereunder, the Applicant has been compelled to commence enforcement proceedings in multiple jurisdictions where the Respondent is believed to maintain assets. The following parallel proceedings are currently on foot:
(a) England & Wales: Enforcement proceedings have been commenced in the Commercial Court of the Queen's Bench Division of the High Court of Justice under Claim No. CL-2024-000487. A Worldwide Freezing Order was granted by Mr. Justice Ashworth on 16 July 2024 on an ex parte basis, restraining the Respondent from dealing with or diminishing the value of its assets worldwide up to the value of £108,600,000. The Worldwide Freezing Order was continued with modifications following an inter partes return date hearing on 30 July 2024. Further, permission to enforce the Award as a judgment of the English High Court was granted by Mr. Justice Ashworth on 2 August 2024. The Respondent subsequently applied to the English High Court to set aside the Award pursuant to Sections 68 and 69 of the Arbitration Act 1996, on grounds of alleged serious irregularity and alleged error of law. That application was dismissed in its entirety on 11 October 2024, confirming the validity and finality of the Award.
(b) Cyprus: Enforcement proceedings have been commenced in the Nicosia District Court under Case No. 2247/2024, seeking recognition and enforcement of the Award in Cyprus, where the Respondent is incorporated and maintains its registered office.
(c) United Arab Emirates: Enforcement proceedings have been commenced in the Dubai Court of First Instance under Case No. 1893/2024, seeking recognition and enforcement of the Award in the UAE, where the Respondent is believed to hold assets and conduct business operations.
33. The present application before the Singapore High Court is a further step in the Applicant's multi-jurisdictional enforcement strategy, necessitated by the Respondent's continued failure and refusal to honour the Award.
G. Basis for Enforcement in Singapore
34. The Award is a foreign arbitral award within the meaning of Section 27(1) of the International Arbitration Act (Cap. 143A), being an award made in pursuance of an arbitration agreement in a country other than Singapore (namely, England) which is a party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (the "New York Convention").
35. The Republic of Singapore is a Contracting State to the New York Convention, having acceded to the Convention on 21 August 1986. The Convention was given the force of law in Singapore by the International Arbitration Act (Cap. 143A).
36. The United Kingdom of Great Britain and Northern Ireland, being the country in which the seat of the arbitration was situated (London, England), is likewise a Contracting State to the New York Convention.
37. Pursuant to Section 19 of the International Arbitration Act (Cap. 143A), an award on an arbitration agreement may, by leave of the High Court or a Judge thereof, be enforced in the same manner as a judgment or an order of the Court to the same effect, and where leave is so given, judgment may be entered in terms of the award. The Applicant respectfully submits that leave ought to be granted in this case.
38. The requirements for enforcement under Article IV of the New York Convention (as reflected in Section 19 and the Second Schedule to the International Arbitration Act) have been satisfied. The Applicant has supplied, and exhibits to the supporting affidavit:
(a) a duly authenticated copy of the Final Award dated 28 June 2024; and
(b) copies of the three arbitration agreements (being the arbitration clauses contained in the three charter-party agreements dated 15 March 2019, 22 January 2020, and 10 June 2021 respectively).
39. None of the grounds for refusal of recognition or enforcement set out in Article V of the New York Convention (as reflected in the Second Schedule to the International Arbitration Act) applies in this case. The Applicant addresses each potential ground in turn:
(a) Article V(1)(a) — Incapacity or invalidity of agreement: The arbitration agreements contained in the three charter-party agreements are valid and enforceable under English law, being the law to which the parties have subjected the agreements. There is no issue of incapacity of any party.
(b) Article V(1)(b) — Lack of proper notice or inability to present case: The Respondent was given proper notice of the appointment of the arbitrators and of all stages of the arbitration proceedings. The Respondent was represented by experienced legal counsel (Harkness Whitford & Co.) throughout the arbitration and participated fully in all aspects of the proceedings, including the 10-day evidentiary hearing held from 11 to 22 September 2023. The Respondent was afforded, and availed itself of, every reasonable opportunity to present its case.
(c) Article V(1)(c) — Award deals with matters beyond scope of submission: The Award deals exclusively with matters falling squarely within the terms of the parties' submission to arbitration under the three charter-party agreements. All claims determined by the Tribunal arose out of and in connection with the charter-party relationships between the parties.
(d) Article V(1)(d) — Irregular composition of tribunal or procedure: The composition of the Tribunal and the arbitral procedure were in full accordance with the agreement of the parties and the LCIA Rules. The Presiding Arbitrator was appointed by the LCIA Court, and each Co-Arbitrator was nominated by the respective party, in accordance with the applicable rules. No challenge to the composition of the Tribunal was made at any stage of the proceedings.
(e) Article V(1)(e) — Award not yet binding, or set aside or suspended: The Award is final and binding upon both parties pursuant to Article 26.8 of the LCIA Rules. No appeal lies from the Award under the LCIA Rules. The Respondent's application to the English High Court to set aside the Award pursuant to Sections 68 and 69 of the Arbitration Act 1996 was dismissed on 11 October 2024. The Award has not been set aside or suspended by a competent authority of the country in which, or under the law of which, the Award was made.
(f) Article V(2)(a) — Subject matter not capable of settlement by arbitration: The subject matter of the dispute — being claims for damages and other relief arising out of time charter-party agreements — is plainly capable of settlement by arbitration under the law of Singapore.
(g) Article V(2)(b) — Enforcement contrary to public policy: The recognition and enforcement of the Award would not be contrary to the public policy of Singapore. The Award was rendered by a duly constituted tribunal following a fair and transparent process, in accordance with procedures that are consistent with the fundamental principles of natural justice. There is no element of fraud, corruption, or other vitiating factor.
40. For the foregoing reasons, the Applicant respectfully submits that this Honourable Court should grant leave to enforce the Award in Singapore and enter judgment in the terms of the Award.
H. The Respondent's Assets in Singapore
41. The enforcement of the Award in Singapore is supported by the existence of substantial assets held by or on behalf of the Respondent within the jurisdiction. The Applicant sets out below the principal assets identified.
42. The Respondent maintains a presence in Singapore through its wholly-owned subsidiary, Korinthian Bulkers (Singapore) Pte. Ltd. (UEN: 201812345G), a company incorporated in the Republic of Singapore with its registered office at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. was incorporated for the specific purpose of holding and managing assets and operations relating to the Respondent's fleet activities in the Asia-Pacific region.
43. Korinthian Bulkers (Singapore) Pte. Ltd. holds one or more bank accounts at Pinnacle Bank (Singapore) Ltd., located at 6 Battery Road, #20-01, Singapore 049909. Based on information available to the Applicant, these accounts have been used for the receipt and disbursement of significant sums related to vessel operations, including charter hire receipts, bunker payments, port disbursements, and other trading proceeds. The Applicant believes that substantial funds remain held in these accounts.
44. Furthermore, Korinthian Bulkers (Singapore) Pte. Ltd. is the registered owner of M/V *Crimson Horizon (IMO No. 9801334), a Handymax Bulk Carrier of 37,500 DWT flying the Liberian flag. M/V Crimson Horizon* is one of the three vessels that were the subject of the charter-party dispute and is directly connected to the claims determined in the Award. The vessel has a current estimated market value that is material to the enforcement of the Award.
45. The existence of these assets within the jurisdiction of Singapore — comprising both the corporate entity, the funds held in Singapore bank accounts, and the vessel owned by the Singapore subsidiary — provides a proper and sufficient basis for the granting of leave to enforce the Award in this jurisdiction. The Applicant anticipates that, upon obtaining leave to enforce the Award and entry of judgment, it will be in a position to take such further enforcement steps in Singapore as may be necessary to satisfy the judgment debt, including but not limited to garnishee proceedings, examination of judgment debtor proceedings, and, if appropriate, proceedings against the vessel in rem.
SUPPORTING AFFIDAVIT
46. This application is supported by the Affidavit of Captain Dimitrios Kouretas, Head of Chartering and Operations of Thalassa Shipping & Logistics SA, filed herein on the date of this Originating Summons. Captain Kouretas has personal knowledge of the facts relating to the three charter-party agreements, the disputes arising thereunder, the LCIA arbitration, the Award, and the Respondent's failure to satisfy the Award.
47. The following documents are exhibited to the supporting affidavit of Captain Dimitrios Kouretas and are relied upon in support of this application:
(a) Exhibit DK-1: A duly authenticated copy of the Final Award dated 28 June 2024, rendered by the Tribunal in LCIA Arbitration No. 224718, comprising the complete Award including the operative part, the reasons, and all appendices and schedules thereto;
(b) Exhibit DK-2: A copy of the time charter-party agreement in respect of M/V Aegean Fortuna, dated 15 March 2019, including the arbitration clause contained therein;
(c) Exhibit DK-3: A copy of the time charter-party agreement in respect of M/V Crimson Horizon, dated 22 January 2020, including the arbitration clause contained therein;
(d) Exhibit DK-4: A copy of the time charter-party agreement in respect of M/V Volga Spirit, dated 10 June 2021, including the arbitration clause contained therein;
(e) Exhibit DK-5: A copy of the LCIA Arbitration Rules applicable to the proceedings;
(f) Exhibit DK-6: Correspondence between the parties' solicitors evidencing the Applicant's demands for payment of the Award and the Respondent's failure and refusal to satisfy the same;
(g) Exhibit DK-7: Evidence of the Respondent's assets in Singapore, including:
(i) corporate records and filings of Korinthian Bulkers (Singapore) Pte. Ltd. obtained from the Accounting and Corporate Regulatory Authority of Singapore (ACRA);
(ii) information relating to bank accounts maintained by Korinthian Bulkers (Singapore) Pte. Ltd. at Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909; and
(iii) vessel registration records confirming Korinthian Bulkers (Singapore) Pte. Ltd. as the registered owner of M/V Crimson Horizon (IMO No. 9801334);
(h) Exhibit DK-8: A copy of the Worldwide Freezing Order granted by Mr. Justice Ashworth in the Commercial Court of England and Wales on 16 July 2024, as continued with modifications on 30 July 2024;
(i) Exhibit DK-9: A copy of the Order of Mr. Justice Ashworth dated 2 August 2024 granting permission to enforce the Award as a judgment of the English High Court; and
(j) Exhibit DK-10: A copy of the Order of the English High Court dated 11 October 2024 dismissing the Respondent's application to set aside the Award under Sections 68 and 69 of the Arbitration Act 1996.
LEGISLATIVE PROVISIONS RELIED UPON
48. The Applicant relies upon the following legislative provisions in support of this application:
(a) International Arbitration Act (Cap. 143A):
(i) Section 19 — Enforcement of awards;
(ii) Section 27 — Recognition and enforcement of foreign arbitral awards;
(iii) Section 29 — Refusal of enforcement (reflecting Article V of the New York Convention); and
(iv) Section 31 — Evidence to be produced for enforcement;
(b) Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (the New York Convention), as set out in the Second Schedule to the International Arbitration Act:
(i) Article III — Obligation to recognise and enforce arbitral awards;
(ii) Article IV — Conditions for enforcement (authenticated copy of award and arbitration agreement); and
(iii) Article V — Grounds for refusal of recognition and enforcement;
(c) Rules of Court:
(i) Order 69A — International Arbitration Act (providing the procedural framework for applications to enforce foreign arbitral awards by Originating Summons in the High Court).
SERVICE
49. The Applicant proposes to effect service of this Originating Summons and the supporting affidavit upon the Respondent by the following means:
(a) By registered post and courier to the Respondent's registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus; and/or
(b) Through the Respondent's known solicitors, Harkness Whitford & Co. (SRA No. 614823), at 12 Fetter Lane, London EC4A 1JP, United Kingdom, who have been on record as acting for the Respondent in the English enforcement and set-aside proceedings and in the LCIA arbitration.
50. The Applicant notes that the Respondent is a company incorporated and registered outside of Singapore, and accordingly service out of jurisdiction may be required. To the extent that service cannot be effected by the means described above, or that the Rules of Court require leave for service out of jurisdiction, the Applicant reserves the right to apply for leave to serve out of jurisdiction and/or for an order for substituted service, on such terms as this Honourable Court deems appropriate. The Applicant respectfully submits that the circumstances of this case — including the Respondent's maintenance of a subsidiary and substantial assets in Singapore, the Respondent's participation in parallel enforcement proceedings in England, and the Respondent's representation by known solicitors who have accepted service in related proceedings — justify the making of such orders as may be necessary to ensure effective service upon the Respondent.
ATTESTATION AND FILING DETAILS
Dated this 14th day of August 2024
This Originating Summons is filed by Straits Meridian LLP, Solicitors for the Applicant.
STRAITS MERIDIAN LLP Solicitors for the Applicant
By: ________
David Teo Wei Lin Partner
1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616
Tel: +65 6223 7100
Fax: +65 6223 7101
Email: david.teo@straitsmeridian.com.sg
Ref: SM/DT/OS-2024/0872
Address for service of documents on the Applicant:
Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616
Attn: David Teo Wei Lin
Ref: SM/DT/OS-2024/0872
SCHEDULE 1 — SUMMARY OF THE AWARD
The following is a summary of the amounts awarded by the Tribunal in the Final Award dated 28 June 2024 in LCIA Arbitration No. 224718:
SCHEDULE 2 — DETAILS OF THE ARBITRAL TRIBUNAL
The Arbitral Tribunal in LCIA Arbitration No. 224718 was constituted as follows:
LCIA Case Reference: No. 224718
Seat of Arbitration: London, England
Governing Law of the Arbitration (Substantive): English law
Applicable Procedural Rules: LCIA Arbitration Rules (2020 edition)
Date of Constitution of Tribunal: 8 February 2023
Date of Evidentiary Hearing: 11 September 2023 to 22 September 2023 (10 hearing days)
Date of Award: 28 June 2024
SCHEDULE 3 — VESSEL PARTICULARS
The following table sets out the particulars of the three vessels that were the subject of the charter-party agreements and the underlying dispute:
Charter-Party Dates:
(a) M/V Aegean Fortuna — Charter-party dated 15 March 2019
(b) M/V Crimson Horizon — Charter-party dated 22 January 2020
(c) M/V Volga Spirit — Charter-party dated 10 June 2021
Governing Law: English law (all three charters)
Arbitration Clause: LCIA arbitration, seat in London, England (all three charters)
End of Originating Summons No. 872 of 2024
Component | Amount (£)
Damages — M/V Aegean Fortuna (wrongful early redelivery, 14 months remaining at approx. £3,021,429/month) | 42,300,000
Damages — M/V Crimson Horizon (outstanding hire of £4,280,000 + loss of bargain of £23,870,000) | 28,150,000
Restitution — M/V Volga Spirit (fabricated off-hire deductions) | 2,740,000
Loss of profit / market differential damages (across all three charters) | 16,480,000
Pre-award interest (5.25% per annum simple, from dates of breach to 28 June 2024) | 6,780,000
Total Award (Damages and Pre-Award Interest) | 96,450,000
LCIA administrative and tribunal costs (85% allocated to the Respondent) | 3,240,000
Applicant's legal costs (85% allocated to the Respondent) | 8,910,000
Total Costs | 12,150,000
Grand Total (Award + Costs) | 108,600,000
Post-award interest | 5.25% per annum simple from 29 June 2024 on £96,450,000 until date of full payment
Role | Name
Presiding Arbitrator (appointed by the LCIA Court) | Sir Malcolm Fenton-Clarke
Co-Arbitrator (Claimant-nominated) | Professor Athena Drakopoulos
Co-Arbitrator (Respondent-nominated) | Dr. Henrik Dalmqvist
Tribunal Secretary | Ms. Fiona Beckett
Vessel Name | IMO No. | Type | DWT | Flag | SPV Owner
M/V Aegean Fortuna | 9784521 | Supramax Bulk Carrier | 58,200 | Marshall Islands | Dnepr Shipholding Inc.
M/V Crimson Horizon | 9801334 | Handymax Bulk Carrier | 37,500 | Liberia | Korinthian Bulkers (Singapore) Pte. Ltd.
M/V Volga Spirit | 9756892 | Panamax Bulk Carrier | 76,400 | Cyprus | Dnepr Shipholding Inc. (BVI Company No. 2014876)

IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE

GENERAL DIVISION OF THE HIGH COURT

ORIGINATING SUMMONS NO. 872 OF 2024

SOLICITORS ON RECORD

APPLICATION

GROUNDS OF THE APPLICATION

SUPPORTING AFFIDAVIT

LEGISLATIVE PROVISIONS RELIED UPON

SERVICE

ATTESTATION AND FILING DETAILS

Record

Parties

Dates

Amounts