PRIVILEGED AND CONFIDENTIAL — DRAFT SUBJECT TO REVIEW BY STRAITS MERIDIAN LLP
IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE
ADMIRALTY JURISDICTION
Admiralty in Rem No. [________] of 2024
IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE
ADMIRALTY JURISDICTION
Admiralty in Rem No. [________] of 2024
IN THE MATTER OF the vessel M/V *CRIMSON HORIZON* (IMO No. 9801334)
AND IN THE MATTER OF the High Court (Admiralty Jurisdiction) Act (Cap. 123)
BETWEEN:
THALASSA SHIPPING & LOGISTICS SA (A Société Anonyme (SA) organized under the laws of the Hellenic Republic) (Registered Address: 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece) (Tax Identification Number (AFM): EL-801456729)
Plaintiff
— and —
THE OWNERS OF THE VESSEL M/V *CRIMSON HORIZON (And/or the vessel M/V CRIMSON HORIZON, her engines, boilers, tackle, apparel, and furniture)*
Defendant
WRIT OF SUMMONS
(IN REM)
WRIT OF SUMMONS (IN REM)
PART I — ISSUANCE AND ADDRESS TO DEFENDANT
TO: The owners and/or all parties interested in the vessel M/V *Crimson Horizon (IMO No. 9801334), a Handymax Bulk Carrier of 37,500 deadweight tonnes, registered under the flag of the Republic of Liberia with port of registry at Monrovia, and whose registered owner is Korinthian Bulkers (Singapore) Pte. Ltd.*, a private limited company incorporated in the Republic of Singapore under company registration number 201903847K, with registered address at 80 Robinson Road, #14-02, Singapore 068898.
TAKE NOTICE that Thalassa Shipping & Logistics SA (hereinafter, the "Plaintiff"), a Société Anonyme organized under the laws of the Hellenic Republic, with registered address at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece, and bearing Tax Identification Number (AFM) EL-801456729, has commenced an action in rem in the High Court of the Republic of Singapore, exercising its Admiralty Jurisdiction, against the vessel M/V *Crimson Horizon (IMO No. 9801334), her engines, boilers, tackle, apparel, and furniture (hereinafter, the "Vessel" or the "Res*").
AND TAKE FURTHER NOTICE that you are required to enter an appearance to this Writ of Summons within eight (8) days after service hereof (exclusive of the day of service). Such appearance is to be entered in the Registry of the Supreme Court of the Republic of Singapore, in accordance with the Rules of Court (Order 70), and in such manner and form as may be prescribed by the said Rules.
PART II — CONSEQUENCES OF FAILURE TO ENTER APPEARANCE
WARNING: If you fail to enter an appearance within the time prescribed above, the Plaintiff may proceed to obtain judgment against the vessel M/V *Crimson Horizon* (IMO No. 9801334), her engines, boilers, tackle, apparel, and furniture, and the said vessel may be sold by Order of the High Court of the Republic of Singapore, exercising its Admiralty Jurisdiction, in satisfaction of the Plaintiff's claim, including all such sums, interest, and costs as may be found due and payable.
In default of entry of appearance, the Plaintiff shall be entitled to apply for judgment in default pursuant to Order 70 of the Rules of Court, read together with the applicable provisions of the High Court (Admiralty Jurisdiction) Act (Cap. 123), and any other applicable legislation or rules. The Court may, upon such application, enter judgment for the amount claimed or such sum as may be found due, together with interest and the costs of and incidental to this action, and may order the judicial sale of the vessel and the distribution of the proceeds of sale in satisfaction of the Plaintiff's judgment and any other claims properly brought before the Court.
The proceedings are governed by Order 70 of the Rules of Court, the High Court (Admiralty Jurisdiction) Act (Cap. 123), and such other provisions of the Rules of Court as may apply to admiralty actions in rem. The Defendant and all persons interested in the Vessel are advised to seek immediate legal advice upon receipt of this Writ.
PART III — VESSEL PARTICULARS
The vessel against which this action in rem is brought is identified as follows:
Current Location of the Vessel
The vessel M/V Crimson Horizon is presently within the territorial waters and/or port limits of the Republic of Singapore. The Plaintiff's Singapore solicitors, Straits Meridian LLP, have confirmed the vessel's presence in Singapore waters as at or about the date of the filing of this Writ. The vessel was arrested in Singapore waters on 20 August 2024 pursuant to the Warrant of Arrest issued in these proceedings. The specific berth, anchorage, or location of the vessel within Singapore port limits will be identified in the affidavit filed in support of the application for arrest.
PART IV — BASIS OF ADMIRALTY JURISDICTION
4.1 Statutory Basis
The Plaintiff invokes the admiralty jurisdiction of the High Court of the Republic of Singapore pursuant to the High Court (Admiralty Jurisdiction) Act (Cap. 123) (hereinafter, the "HCAJA"), and in particular the following provisions:
(a) Section 3(1)(d) of the HCAJA: Any claim arising out of any agreement relating to the carriage of goods in a ship or to the use or hire of a ship. The Plaintiff's claim arises out of three time charter-party agreements entered into between the Plaintiff and Korinthian Maritime Holdings Ltd. for the charter of three dry-bulk carriers, including the vessel M/V Crimson Horizon. Each of these charter-party agreements constitutes an agreement relating to the use or hire of a ship within the meaning of Section 3(1)(d).
(b) Section 3(1)(h) of the HCAJA: Any claim arising out of any agreement relating to the use or hire of a ship. Without prejudice to the generality of Section 3(1)(d), the Plaintiff additionally relies on Section 3(1)(h) to establish that the claim falls within the admiralty jurisdiction of the Court. The three time charter-party agreements for the vessels M/V Aegean Fortuna, M/V Crimson Horizon, and M/V Volga Spirit are each agreements relating to the use or hire of a ship, and the Plaintiff's claim for damages, outstanding hire, and enforcement of the LCIA Award arises directly out of those agreements.
(c) Section 4(4) of the HCAJA: An action in rem may be brought against the vessel in connection with which the claim arises, or against any other vessel which, at the time the action is brought, is beneficially owned by the person who would be liable on the claim in an action in personam (the "associated ship" or "sister ship" doctrine). The Plaintiff relies on Section 4(4) to bring this action in rem against the vessel M/V Crimson Horizon on the grounds that the person who would be liable on the Plaintiff's claim in an action in personam — namely, Korinthian Maritime Holdings Ltd. — is the beneficial owner of all shares in the vessel M/V Crimson Horizon, through its wholly-owned subsidiaries as detailed below.
4.2 The "Person Who Would Be Liable" and Associated Ship Analysis
The person who would be liable on the Plaintiff's claim in an action in personam is Korinthian Maritime Holdings Ltd. ("KMH"), a private limited company incorporated in the Republic of Cyprus under company registration number HE 387421, with registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus.
KMH was the disponent owner of the vessels at the center of the charter-party disputes and was the Respondent in the LCIA arbitration proceedings bearing Case Reference LCIA No. 224718. The Final Award dated 28 June 2024 was rendered against KMH in the aggregate amount of £108,600,000 (inclusive of costs).
The vessel M/V Crimson Horizon (IMO No. 9801334) is registered in the name of Korinthian Bulkers (Singapore) Pte. Ltd., a private limited company incorporated in the Republic of Singapore with company registration number 201903847K and registered address at 80 Robinson Road, #14-02, Singapore 068898. Korinthian Bulkers (Singapore) Pte. Ltd. is a wholly-owned subsidiary of Oceangate Ventures Ltd., a private limited company incorporated in the Republic of Cyprus under company registration number HE 401293, with registered address at 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus. Oceangate Ventures Ltd. is, in turn, a wholly-owned subsidiary of KMH.
The full corporate ownership chain is as follows:
Korinthian Maritime Holdings Ltd. (Cyprus, Reg. No. HE 387421)
→ 100% ownership of Oceangate Ventures Ltd. (Cyprus, Reg. No. HE 401293)
→ → 100% ownership of Korinthian Bulkers (Singapore) Pte. Ltd. (Singapore, Reg. No. 201903847K)
→ → → Registered Owner of M/V Crimson Horizon (IMO No. 9801334)
Pursuant to Section 4(4) of the HCAJA, where the person who would be liable on the claim in an action in personam was, when the cause of action arose, the owner or charterer of, or in possession or in control of, a ship, and at the time the action is brought is the beneficial owner of all the shares in the vessel against which the action in rem is brought, the action in rem may be brought against that vessel. The Plaintiff avers that KMH satisfies each of these requirements:
(a) KMH is the person who would be liable on the Plaintiff's claim in an action in personam, as confirmed by the Final Award of the LCIA Tribunal dated 28 June 2024.
(b) When the cause of action arose (i.e., at the time of the repudiatory breaches of the charter-party agreements in mid-2022), KMH was the disponent owner and/or charterer and/or person in possession or control of the vessels M/V Aegean Fortuna, M/V Crimson Horizon, and M/V Volga Spirit.
(c) At the time this action is brought, KMH is the beneficial owner of all the shares in the vessel M/V Crimson Horizon, through its wholly-owned subsidiary chain comprising Oceangate Ventures Ltd. and Korinthian Bulkers (Singapore) Pte. Ltd.
The analysis of the beneficial ownership chain has been prepared jointly by Calderwood & Harkness LLP (London) and Hartwell Pemberton LLP (London), based upon corporate search records obtained from the Department of Registrar of Companies, Ministry of Energy, Commerce and Industry, Republic of Cyprus, and from the Accounting and Corporate Regulatory Authority of Singapore ("ACRA"). Certified copies of the relevant corporate records are exhibited to the supporting affidavit of Captain Dimitrios Kouretas.
PART V — THE PLAINTIFF'S CLAIM
5.1 Background — The Parties and the Charter-Party Agreements
The Plaintiff, Thalassa Shipping & Logistics SA ("TSL"), is a Greek-headquartered shipping and logistics company operating a fleet of thirty-four (34) vessels across the dry-bulk, tanker, and multipurpose segments of the international shipping market. TSL reported annual revenues of approximately €620 million for the financial year ending 31 December 2023. TSL is majority-owned (72%) by the Papadimitriou family trust, with the remaining 28% held by Aegean Capital Partners SA. TSL maintains its principal offices in Piraeus, Greece, with operational offices in London, Singapore, and Dubai.
Between 2019 and 2021, TSL entered into three time charter-party agreements with Korinthian Maritime Holdings Ltd. ("KMH") for the charter of three dry-bulk carrier vessels. The charter-parties were negotiated at arm's length through broking intermediaries and were each on bespoke amended NYPE 2015 forms. The details of the three charter-party agreements are as follows:
(i) M/V *Aegean Fortuna* (IMO 9784521)
The first charter-party was signed on 15 March 2019 for the time charter of the vessel M/V Aegean Fortuna, a Supramax Bulk Carrier of 58,200 DWT, registered under the flag of the Republic of the marshall Islands. The charter period was for a duration of approximately four (4) years, with redelivery scheduled for approximately March 2023. The daily hire rate was agreed at USD $14,750 per day for the first two years, escalating to USD $16,200 per day for the remaining charter period.
(ii) M/V *Crimson Horizon* (IMO 9801334)
The second charter-party was signed on 22 January 2020 for the time charter of the vessel M/V Crimson Horizon, a Handymax Bulk Carrier of 37,500 DWT, registered under the flag of the Republic of Liberia. The charter period was for a duration of approximately three (3) years, with redelivery scheduled for approximately January 2023. The daily hire rate was agreed at USD $11,500 per day for the first eighteen months, escalating to USD $13,800 per day for the remainder of the charter period.
(iii) M/V *Volga Spirit* (IMO 9756892)
The third charter-party was signed on 10 June 2021 for the time charter of the vessel M/V Volga Spirit, a Panamax Bulk Carrier of 76,400 DWT, registered under the flag of the Republic of Cyprus. The charter period was for a duration of approximately three (3) years, with redelivery scheduled for approximately June 2024. The daily hire rate was agreed at USD $18,900 per day for the first twelve months, escalating to USD $21,300 per day thereafter.
Each of the three charter-party agreements was governed by English law and contained an arbitration clause providing for the resolution of disputes by arbitration under the Rules of the London Court of International Arbitration ("LCIA"), with the seat of arbitration in London, England. The arbitration clauses were substantively identical in each charter-party and provided for a tribunal of three arbitrators.
5.2 KMH's Repudiatory Breaches
Beginning in or about mid-2022, KMH engaged in a pattern of repudiatory breach of its obligations under each of the three charter-party agreements. The breaches were not isolated incidents but constituted a deliberate and coordinated course of conduct, reflecting KMH's deteriorating financial position and its strategic decision to abandon its charter-party commitments in the face of declining freight rates. The specific breaches were as follows:
(i) M/V *Aegean Fortuna* — Wrongful Early Redelivery
On or about 18 June 2022, KMH effected the wrongful early redelivery of M/V Aegean Fortuna to TSL, approximately fourteen (14) months before the contractual expiry date of the charter-party. KMH purported to terminate the charter-party on the basis of alleged deficiencies in the vessel's performance, but the Tribunal subsequently found that no such deficiencies existed and that the purported termination was without justification. The early redelivery constituted a repudiatory breach of the charter-party, entitling TSL to damages representing the loss of bargain for the unexpired period of the charter.
(ii) M/V *Crimson Horizon* — Failure to Pay Hire
From on or about 1 July 2022, KMH failed to make the contractual hire payments due under the charter-party for M/V Crimson Horizon. Arrears of approximately £4,280,000 accrued over the period from 1 July 2022 to 15 September 2022. On 15 September 2022, TSL exercised its right under the charter-party to withdraw the vessel from KMH's service in consequence of the non-payment of hire. KMH's failure to pay hire constituted a repudiatory breach, entitling TSL to the outstanding arrears and to damages for the unexpired charter period.
(iii) M/V *Volga Spirit* — Fabricated Off-Hire Deductions
Over the period from approximately April 2022 to September 2022, KMH effected a series of purported off-hire deductions from the hire payments due under the charter-party for M/V Volga Spirit, totaling approximately £2,740,000. The Tribunal found that these deductions were fabricated and without any legitimate basis. KMH had asserted that the vessel was off-hire for periods during which she was, in fact, fully operational and at KMH's disposal. The fabricated off-hire deductions constituted a further repudiatory breach of KMH's charter-party obligations.
5.3 The LCIA Arbitration and the Final Award
On 14 November 2022, TSL filed a Request for Arbitration with the London Court of International Arbitration in respect of its claims against KMH arising out of the three charter-party agreements. The arbitration was assigned LCIA Case Reference No. 224718.
The Tribunal was constituted on 8 February 2023 and comprised the following members:
• Presiding Arbitrator: Sir Malcolm Fenton-Clarke (appointed by the LCIA Court)
• Co-Arbitrator: Professor Athena Drakopoulos (nominated by the Claimant, TSL)
• Co-Arbitrator: Dr. Henrik Dalmqvist (nominated by the Respondent, KMH)
• Tribunal Secretary: Ms. Fiona Beckett
The proceedings were conducted in accordance with the LCIA Rules (2020 edition). Extensive submissions and documentary evidence were exchanged between the parties over the course of 2023. Witness statements and expert reports were served by both parties. An evidentiary hearing was held over a period of ten (10) sitting days from 11 September 2023 to 22 September 2023 at the International Dispute Resolution Centre ("IDRC"), 70 Fleet Street, London EC4Y 1EU. Oral testimony was heard from a total of twelve witnesses of fact and four expert witnesses.
On 28 June 2024, the Tribunal issued its Final Award in favor of TSL. The Award was rendered unanimously by all three members of the Tribunal. The substantive findings and sums awarded are as follows:
(a) Damages for Wrongful Early Redelivery of M/V *Aegean Fortuna*:
The Tribunal found that KMH's early redelivery of M/V Aegean Fortuna on 18 June 2022 was wrongful and constituted a repudiatory breach of the charter-party. TSL was entitled to damages representing the difference between the contractual hire rate and the market rate for the unexpired period of the charter, together with consequential losses. The Tribunal assessed these damages in the amount of £42,300,000.
(b) Outstanding Hire and Damages for M/V *Crimson Horizon*:
The Tribunal found that KMH's failure to pay hire from 1 July 2022 constituted a repudiatory breach of the charter-party. TSL was entitled to the outstanding hire arrears of approximately £4,280,000, together with damages for the unexpired charter period calculated on the same basis as the Aegean Fortuna claim. The Tribunal assessed the total amount due in respect of M/V Crimson Horizon at £28,150,000.
(c) Restitution of Fabricated Off-Hire Deductions for M/V *Volga Spirit*:
The Tribunal found that the off-hire deductions effected by KMH in respect of M/V Volga Spirit were fabricated and without justification. TSL was entitled to the restitution of the sums wrongfully deducted, assessed at £2,740,000.
(d) Loss of Profit / Market Differential Damages:
The Tribunal further awarded TSL damages in respect of loss of profit and market differential damages arising from KMH's breaches across all three charter-parties, reflecting the difference between the contracted rates and the prevailing market rates at the time of KMH's repudiatory conduct, in the amount of £16,480,000.
(e) Pre-Award Interest:
The Tribunal awarded pre-award interest at the rate of 5.25% per annum simple on the sums found due, calculated from the respective dates of breach to the date of the Award. The total pre-award interest was assessed at £6,780,000.
The total of the sums awarded under heads (a) through (e) above is as follows:
At the exchange rate prevailing at the date of the Award of approximately £1 = USD $1.2441, the Total Award is equivalent to approximately USD $120,000,000.
In addition to the substantive award, the Tribunal made the following order as to the costs of the arbitration:
The costs of the arbitration were allocated 85% to KMH and 15% to TSL. The Tribunal ordered KMH to pay:
• LCIA institutional costs and Tribunal fees allocated to KMH: £3,240,000
• TSL's legal costs (on an indemnity basis): £8,910,000
• Total Costs Payable by KMH: £12,150,000
The Grand Total of the Award (substantive sums plus costs) is therefore £108,600,000.
The Tribunal further ordered that post-award interest shall run at the rate of 5.25% per annum simple on all unpaid sums from 29 June 2024 (the day following the date of the Award) until the date of full and final satisfaction.
5.4 Non-Satisfaction of the Award and Enforcement Proceedings
Despite the clear and unambiguous terms of the Final Award, KMH has failed and refused to satisfy the Award in whole or in part. No payment whatsoever has been made by KMH to TSL in respect of the sums awarded. The Plaintiff has taken the following steps to enforce the Award in multiple jurisdictions:
(a) Enforcement in England and Wales
On 15 July 2024, TSL filed an application to enforce the Award as a judgment of the court pursuant to Section 66 of the Arbitration Act 1996 in the Commercial Court of England and Wales, under Claim No. CL-2024-000487. On 2 August 2024, Mr. Justice Ashworth of the Commercial Court granted permission to enforce the Award as a judgment of the English court. That order was made without a hearing, and the time for KMH to apply to set aside the order has not yet expired as at the date of this Writ.
(b) Worldwide Freezing Order
On 16 July 2024, TSL obtained a Worldwide Freezing Order on an ex parte basis from Mr. Justice Ashworth in the Commercial Court of England and Wales, restraining KMH and its subsidiaries from disposing of, dealing with, or diminishing the value of their assets worldwide, up to the value of £108,600,000. The Worldwide Freezing Order was continued with modifications on the return date hearing on 30 July 2024. The Freezing Order remains in force and effect.
(c) Enforcement in Singapore
On 14 August 2024, TSL filed an Originating Summons in the High Court of the Republic of Singapore (OS No. 872/2024) seeking leave to enforce the Award in Singapore pursuant to Section 19 of the International Arbitration Act (Cap. 143A). On 6 September 2024, the Singapore High Court granted leave to enforce the Award as a judgment of the Singapore court, and entered judgment in terms of the Award.
The Plaintiff relies on the fact of KMH's non-satisfaction of the Award and the enforcement proceedings in both England and Singapore as demonstrating the necessity of arresting the vessel M/V Crimson Horizon as security for the Plaintiff's claim.
5.5 The Claim in This Action
The Plaintiff claims against the Defendant (the owners of the vessel M/V Crimson Horizon) and/or against the vessel M/V Crimson Horizon, her engines, boilers, tackle, apparel, and furniture, as follows:
(a) The sum of £108,600,000 (one hundred and eight million, six hundred thousand pounds sterling), being the total of the Final Award of £96,450,000 and the costs order of £12,150,000, or such portion thereof as may remain outstanding at the date of judgment;
(b) Post-award interest at the rate of 5.25% per annum simple on the sum of £96,450,000 from 29 June 2024 until the date of full and final satisfaction of the Award;
(c) The costs of and incidental to this action, including the costs of the arrest of the vessel and all costs associated with the maintenance and custody of the vessel during the period of arrest;
(d) Such further or other relief as the Honourable Court may deem just and expedient.
PART VI — APPLICATION FOR WARRANT OF ARREST
6.1 Prayer for Arrest
The Plaintiff respectfully applies to the Honourable Court pursuant to Order 70 of the Rules of Court for the issuance of a Warrant of Arrest against the following property:
The vessel M/V *Crimson Horizon* (IMO No. 9801334), a Handymax Bulk Carrier of 37,500 DWT, registered under the flag of the Republic of Liberia with port of registry at Monrovia, together with her engines, boilers, tackle, apparel, and furniture, presently within the territorial waters and/or port limits of the Republic of Singapore.
The Plaintiff prays that the Warrant of Arrest be issued forthwith and that the vessel be arrested and detained by the Sheriff of the Supreme Court of the Republic of Singapore pending the provision of satisfactory security by the Defendant or by KMH, or pending further order of this Honourable Court.
6.2 Grounds for Arrest
The Plaintiff relies on the following grounds in support of this application for the arrest of the vessel:
(a) There is a valid and enforceable arbitration award, being the Final Award of the LCIA Tribunal in LCIA Case Reference No. 224718, dated 28 June 2024, rendered in favor of the Plaintiff and against KMH, in the total sum of £108,600,000 (inclusive of the costs order), together with post-award interest at 5.25% per annum simple from 29 June 2024 on the sum of £96,450,000.
(b) Leave to enforce the Award in Singapore has been granted by the Singapore High Court under Originating Summons OS No. 872/2024. Permission to enforce the Award as a judgment has also been granted by the Commercial Court of England and Wales under Claim No. CL-2024-000487.
(c) KMH has failed and refused to satisfy the Award, whether in whole or in part. No payment has been made by KMH to TSL in respect of any sum awarded by the Tribunal. KMH has further engaged in a deliberate and systematic pattern of asset dissipation designed to frustrate the enforcement of the Award. The evidence of asset dissipation, as set out in the supporting affidavit and the asset tracing report prepared by Hartwell Pemberton LLP, includes the dispersal of assets across multiple jurisdictions through subsidiary and special purpose vehicle structures, the transfer of funds from accounts within the reach of the English court's freezing order to accounts in jurisdictions where enforcement may be more difficult, and the restructuring of KMH's corporate group to place assets beyond the reach of TSL's judgment.
(d) The vessel M/V Crimson Horizon is owned by Korinthian Bulkers (Singapore) Pte. Ltd., a wholly-owned subsidiary of the award debtor KMH (through the intermediate holding company Oceangate Ventures Ltd.), making the vessel subject to arrest as security for the enforcement judgment pursuant to Section 4(4) of the HCAJA.
(e) No security has been provided by the Defendant, by KMH, or by any other person on behalf of KMH, in respect of the Plaintiff's claim, whether by way of a payment into court, a bank guarantee, a P&I Club letter of undertaking, or otherwise.
(f) Unless the vessel is arrested, there is a real and substantial risk that the vessel will leave Singapore waters and that the Plaintiff will be unable to satisfy the judgment from KMH's Singapore-based assets or from any other identifiable assets of KMH or its subsidiaries. The Plaintiff has reason to believe, based on the vessel's trading patterns and the intelligence gathered by its agents and solicitors, that the vessel's intended departure from Singapore is imminent. The arrest of the vessel is necessary and proportionate to secure the Plaintiff's claim.
6.3 Undertaking as to Damages
The Plaintiff undertakes to the Honourable Court as follows: in the event that the Court subsequently finds that the arrest of the vessel M/V Crimson Horizon was wrongful, or that the arrest should not have been granted, or that the Plaintiff's claim fails in whole or in part, the Plaintiff will comply with any order the Court may make as to the payment of damages sustained by the Defendant, by the registered owner Korinthian Bulkers (Singapore) Pte. Ltd., by KMH, or by any other person, by reason of the arrest, including but not limited to damages for loss of use of the vessel, port charges, crew wages, maintenance costs, and any other loss or expense directly caused by the arrest.
The Plaintiff is a substantial and solvent company with annual revenues of approximately €620 million and is able to satisfy any such order for damages as the Court may make.
PART VII — SUPPORTING EVIDENCE
7.1 Affidavit in Support
This Writ of Summons and the application for a Warrant of Arrest are supported by the affidavit of Captain Dimitrios Kouretas, the Head of Chartering & Operations of Thalassa Shipping & Logistics SA, sworn on or about the date of filing of this Writ. The affidavit of Captain Kouretas sets out, inter alia, the following matters:
(a) The factual background of the charter-party disputes between TSL and KMH, including the history of the three charter-party agreements, KMH's repudiatory breaches, and the losses sustained by TSL;
(b) The history and outcome of the LCIA arbitration (Case Reference No. 224718), including the constitution of the Tribunal, the procedural history, the evidentiary hearing, and the Final Award dated 28 June 2024;
(c) The beneficial ownership chain linking the vessel M/V Crimson Horizon (IMO No. 9801334) to KMH, through Korinthian Bulkers (Singapore) Pte. Ltd. and Oceangate Ventures Ltd., and the corporate records supporting the ownership analysis;
(d) Evidence of KMH's asset dissipation and conduct in frustration of the enforcement of the Award, including the findings set out in the asset tracing report prepared by Hartwell Pemberton LLP;
(e) The vessel's presence in Singapore waters as at the date of the affidavit, and the steps taken by the Plaintiff's solicitors to confirm the vessel's location;
(f) The enforcement proceedings commenced in England and Wales (Claim No. CL-2024-000487) and in Singapore (OS No. 872/2024), and the orders obtained therein;
(g) The Plaintiff's grounds for seeking the arrest of the vessel and the absence of any alternative security.
7.2 Exhibits. The following exhibits are annexed to the affidavit of Captain Dimitrios Kouretas and are relied upon in support of this Writ and the application for arrest:
PART VIII — SERVICE
8.1 Service of Writ of Summons
In accordance with Order 70 Rule 10 of the Rules of Court, the Writ of Summons herein shall be served upon the vessel M/V Crimson Horizon (IMO No. 9801334) by:
(a) Affixing or attaching the Writ, or a sealed copy thereof, to a mast or other conspicuous part of the vessel; and
(b) Leaving a copy of the Writ with the master of the vessel, or with any other person who appears to be in charge of the vessel at the time of service.
Service shall be effected by or on behalf of the Plaintiff's solicitors, Straits Meridian LLP, in coordination with the Sheriff of the Supreme Court of Singapore, and in such manner as may be directed by the Court.
8.2 Service of Warrant of Arrest
The Warrant of Arrest, upon its issuance by the Court, shall be executed by the Sheriff of the Supreme Court of the Republic of Singapore, or by such person as the Sheriff may appoint or authorize for that purpose, in accordance with Order 70 of the Rules of Court and the established practice of the Admiralty Registry. The Sheriff shall take custody of the vessel M/V Crimson Horizon and shall ensure that the vessel is detained within the port limits of Singapore pending the provision of satisfactory security or further order of the Court.
PART IX — SOLICITORS FOR THE PLAINTIFF
9.1 Filing Solicitors (Singapore)
Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616
Partner with Conduct: David Teo Wei Lin Senior Associate: Priya Subramaniam
Tel: +65 6438 7700
Fax: +65 6438 7701
Email: david.teo@straitsmeridian.com.sg / priya.subramaniam@straitsmeridian.com.sg
Ref: DTW/PS/ADM-2024-0093
9.2 Instructing Solicitors (Foreign — England and Wales)
Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom
Responsible Partner: Samuel Eklund Lead Associate: Hannah Brinkley
Tel: +44 (0)20 7614 8200
Fax: +44 (0)20 7614 8201
Email: s.eklund@calderwoodharkness.com / h.brinkley@calderwoodharkness.com
Ref: SE/HB/MAT-2024-1741
PART X — ENDORSEMENT AND CERTIFICATION
10.1 Endorsement of Claim
This Writ of Summons is endorsed with the following summary of the nature and amount of the Plaintiff's claim:
The Plaintiff's claim is for the enforcement of LCIA Award No. 224718 dated 28 June 2024, rendered in favor of the Plaintiff, Thalassa Shipping & Logistics SA, and against Korinthian Maritime Holdings Ltd., in the amount of £108,600,000 (one hundred and eight million, six hundred thousand pounds sterling), comprising the Total Award of £96,450,000 and total costs of £12,150,000, together with post-award interest at the rate of 5.25% per annum simple on the sum of £96,450,000 from 29 June 2024 until the date of full and final satisfaction. The Plaintiff further claims the costs of and incidental to this action and such further or other relief as the Court may deem just and expedient.
10.2 Certification. I, David Teo Wei Lin, Partner of Straits Meridian LLP, solicitors for the Plaintiff herein, hereby certify as follows:
(a) This action in rem is brought against the vessel M/V Crimson Horizon (IMO No. 9801334), and to the best of my knowledge, information, and belief, no caution against arrest has been entered in the Admiralty Registry of the Supreme Court of the Republic of Singapore in respect of this vessel;
(b) No prior application for the arrest of the vessel M/V Crimson Horizon (IMO No. 9801334) has been made by or on behalf of the Plaintiff in this action;
(c) The Plaintiff's claim falls within the admiralty jurisdiction of the High Court of the Republic of Singapore, exercising its Admiralty Jurisdiction, by virtue of Sections 3(1)(d), 3(1)(h), and 4(4) of the High Court (Admiralty Jurisdiction) Act (Cap. 123);
(d) The deponent of the affidavit leading the Warrant of Arrest, Captain Dimitrios Kouretas, has stated in his affidavit that to the best of his knowledge, information, and belief, the facts set out in the affidavit are true; and
(e) This Writ and the supporting affidavit have been prepared and filed in accordance with the requirements of Order 70 of the Rules of Court and the Practice Directions applicable to admiralty proceedings in the High Court of the Republic of Singapore.
10.3 Signature.
STRAITS MERIDIAN LLP Solicitors for the Plaintiff
By: ________
Name: David Teo Wei Lin
Title: Partner
Date: ________
1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616 Ref: DTW/PS/ADM-2024-0093
PART XI — SCHEDULE OF PARTIES TO BE SERVED
The following persons are to be served with this Writ of Summons and/or with the Warrant of Arrest, as applicable:
1. The Registered Owner of the Vessel
Korinthian Bulkers (Singapore) Pte. Ltd. 80 Robinson Road, #14-02 Singapore 068898 (Company Registration No. 201903847K)
2. The Beneficial Owner and/or Party Interested in the Vessel
Korinthian Maritime Holdings Ltd. 28 Themistokli Dervi Avenue, Suite 601 Nicosia 1066, Cyprus (Company Registration No. HE 387421)
3. KMH's Legal Representatives (for the avoidance of doubt and for purposes of courtesy notification)
Harkness Whitford & Co. 12 Fetter Lane London EC4A 1JP United Kingdom (SRA Registration No. 614823)
Senior Partner: Richard Harkness Partner: Catherine Whitford Associate: James Thornbury
Note: Harkness Whitford & Co. have acted as KMH's English solicitors in the LCIA arbitration proceedings and in the enforcement proceedings in the Commercial Court of England and Wales. It is anticipated that local Singapore counsel may be engaged by KMH and/or Korinthian Bulkers (Singapore) Pte. Ltd. to respond to these proceedings; service on Harkness Whitford & Co. is provided by way of courtesy notification and does not constitute service for the purposes of Order 70 of the Rules of Court.
DRAFTER'S NOTES — INTERNAL — NOT FOR FILING
This document has been prepared by Calderwood & Harkness LLP (drafted by Hannah Brinkley and Patrick Gallagher, Shipping & International Arbitration Group, under the supervision of Samuel Eklund, Partner) and is transmitted to Straits Meridian LLP (David Teo Wei Lin, Partner) for review, localization to Singapore practice and filing requirements, and filing in the High Court of the Republic of Singapore (Admiralty Jurisdiction).
The following matters require attention by Straits Meridian LLP prior to filing:
1. Vessel presence: Straits Meridian to confirm the presence of M/V Crimson Horizon (IMO 9801334) within Singapore territorial waters and/or port limits immediately prior to filing. The arrest application should not be filed unless and until the vessel's presence in Singapore waters is confirmed by the Plaintiff's appointed shipping agents or port intelligence services.
2. Admiralty in Rem Number: The action number is to be assigned by the Admiralty Registry upon filing. The blank in the style of cause is to be completed at that time.
3. Coordinate with garnishee application: The filing of this Writ and the arrest application should be coordinated with the garnishee application against Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) in respect of accounts held by Korinthian Bulkers (Singapore) Pte. Ltd. with that bank. The garnishee application has been prepared separately and is to be filed contemporaneously or in close sequence with this action.
4. Beneficial ownership analysis: Cross-reference the beneficial ownership analysis set out in this Writ with the separate detailed memorandum prepared jointly by Calderwood & Harkness LLP and Hartwell Pemberton LLP (Rebecca Saunders, Partner; Mark Huxley, Director). Any discrepancies should be resolved prior to filing.
5. OS No. 872/2024 status: At the time of drafting, the application for leave to enforce the Award in Singapore (OS No. 872/2024) was filed on 14 August 2024 and leave was granted on 6 September 2024. Straits Meridian to confirm the current status of OS No. 872/2024 and to ensure that the references in this Writ are accurate and up to date as at the date of filing.
6. Notification upon arrest: Upon the arrest of M/V Crimson Horizon, Straits Meridian LLP is to immediately notify: (a) Calderwood & Harkness LLP (Samuel Eklund / Hannah Brinkley); and (b) TSL's in-house General Counsel, Ioanna Christodoulou (email: i.christodoulou@thalassashipping.gr; mobile: +30 6944 821 307).
7. Post-arrest steps: Consider the need for an application for appraisement and sale of the vessel in the event that satisfactory security is not provided promptly by the Defendant or by KMH. A separate memorandum on the judicial sale process under Singapore admiralty law has been prepared by Straits Meridian LLP and is under review.
8. Monitor for caveats / setting aside applications: Upon filing, monitor for any caveat against arrest entered by KMH or Korinthian Bulkers (Singapore) Pte. Ltd., and for any application to set aside the arrest or to provide alternative security. It is anticipated that KMH may instruct local Singapore counsel through Harkness Whitford & Co. to contest the arrest.