[sheet: Cover]
Field | Value
Document Title | Final Recovery and Interest Reconciliation Memorandum
Matter | Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.
LCIA Reference | No. 224718
England Claim No. | CL-2024-000487
Prepared By | Calderwood & Harkness LLP, 45 Moorgate, London EC2R 6AR
Team | Samuel Eklund (Responsible Partner), Linda Osei (Billing Partner), Hannah Brinkley (Lead Associate), Patrick Gallagher (Working Associate)
Client | Thalassa Shipping & Logistics SA, 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece
Client Contact | Ioanna Christodoulou (General Counsel) / Elena Stavridis (CFO)
Respondent / Award Debtor | Korinthian Maritime Holdings Ltd., 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus (Reg. No. HE 387421)
Date of Award | 28 June 2024
Date of this Memorandum | 10 March 2025
Reconciliation Date | 15 March 2025 (target matter close date)
Classification | PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT
GBP/USD Exchange Rate (Award Date) | £1 = USD $1.2441
[sheet: Award Breakdown]
Line Item | Vessel / Category | Amount GBP | Notes
Damages — Wrongful early redelivery | M/V Aegean Fortuna (IMO 9784521) | £42,300,000 | 14 months remaining charter period at approx. £3,021,429/month; Supramax Bulk Carrier, 58,200 DWT, marshall Islands flag; SPV owner: Dnepr Shipholding Inc.
Outstanding hire and damages | M/V Crimson Horizon (IMO 9801334) | £28,150,000 | Outstanding hire arrears £4,280,000 (2022-07-01 to 2022-09-15) + loss of bargain £23,870,000; Handymax Bulk Carrier, 37,500 DWT, Liberian flag; SPV owner: Korinthian Bulkers (Singapore) Pte. Ltd.
Restitution of fabricated off-hire deductions | M/V Volga Spirit (IMO 9756892) | £2,740,000 | Fabricated off-hire deductions; Panamax Bulk Carrier, 76,400 DWT, Cyprus flag; SPV owner: Dnepr Shipholding Inc. (BVI Co. No. 2014876)
Loss of profit / market differential damages | All three charters | £16,480,000 | Market differential across all three time charter-party agreements
Pre-award interest | Blended | £6,780,000 | 5.25% per annum simple from various breach dates to 28 June 2024
SUBTOTAL — AWARD | £96,450,000 | Sum of above five line items
LCIA administrative and tribunal costs (85% to KMH) | Costs | £3,240,000 | 85% allocation per tribunal direction
TSL legal costs (85% to KMH) | Costs | £8,910,000 | 85% allocation per tribunal direction
SUBTOTAL — COSTS | £12,150,000 | £3,240,000 + £8,910,000
TOTAL AWARD + COSTS | £108,600,000 | £96,450,000 + £12,150,000
USD Equivalent of Total Award | ~USD $135,102,600 | At £1 = USD $1.2441 (rate as of 28 June 2024)
[sheet: Post-Award Interest]
Parameter | Value | Notes
Principal subject to post-award interest | £96,450,000 | Per the Award — interest runs on the Award amount (not costs)
Post-award interest rate | 5.25% | Per annum, simple, as ordered by Tribunal
Interest start date | 29 June 2024 | Day after date of Final Award
Calculation end date | 15 March 2025 | Target matter close / reconciliation date
Number of days | 260 | 29 June 2024 to 15 March 2025 inclusive = 260 days
Daily interest accrual | £13,876.03 | £96,450,000 × 0.0525 ÷ 365 = £13,876.03 per day (rounded)
Total post-award interest accrued | £3,607,726.03 | £96,450,000 × 0.0525 × (260/365) = £3,607,726.03
GRAND TOTAL OWED (as of 15 March 2025) | £112,207,726.03 | £108,600,000 (Award + Costs) + £3,607,726.03 (post-award interest)
[sheet: Recovery Detail]
Ref # | Jurisdiction | Enforcement Mechanism | Case / Order Reference | Target Entity / Asset | Bank / Source | Date of Recovery | Local Currency Amount | Local Currency | Exchange Rate to GBP | GBP Equivalent | Remitted To | Status | Notes
1 | England & Wales | Third-Party Debt Order (Final) — CPR Part 72 | CL-2024-000487; Interim TPDO 2024-08-05; Final TPDO 2024-09-03 | Korinthian Maritime Holdings Ltd. | Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA | 2024-09-03 | £18,720,000 | GBP | 1 | £18,720,000 | Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece — TSL Recovery Account | Complete | Final order granted by Mr. Justice Ashworth; garnished from KMH accounts at Meridian Trust
2 | Cyprus | Forced sale of Oceangate Ventures Ltd. shares + KMH Cyprus bank accounts | Case No. 2247/2024; Enforcement order 2024-09-30; Freezing injunction 2024-08-12 | KMH shares in Oceangate Ventures Ltd. (HE 401293) and KMH Cyprus bank accounts | Various Cyprus banks / Court bailiff | 2024-10-22 to 2024-11-08 | €25,833,750 (approx.) | EUR | ~0.8651 (EUR/GBP) | £22,350,000 | Ionian National Bank SA — TSL Recovery Account | Complete | Local counsel: Kyprianos Makrides & Partners (Andreas Kyprianos / Nadia Makrides); KMH opposition by Vassiliadis & Economou LLC dismissed; enforcement order 2024-09-30; recovery confirmed by KM&P 2024-11-08
3 | Singapore | Garnishee Order Absolute | OS 872/2024; Leave to enforce 2024-09-06; Garnishee order absolute 2024-10-18 | Korinthian Bulkers (Singapore) Pte. Ltd., 80 Robinson Road, #14-02, Singapore 068898 | Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909 | 2024-10-18 | SGD $31,200,000 | SGD | ~0.5913 (SGD/GBP) | £18,450,000 | Ionian National Bank SA — TSL Recovery Account | Complete | Local counsel: Straits Meridian LLP (David Teo Wei Lin / Priya Subramaniam); enforcement under International Arbitration Act (Cap. 143A)
4 | Singapore | Judicial Sale of M/V Crimson Horizon | Admiralty arrest 2024-08-20; Judicial sale 2024-11-15; Proceeds received 2024-12-02 | M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag), owned by Korinthian Bulkers (Singapore) Pte. Ltd. | Singapore High Court Sheriff / sale proceeds | 2024-12-02 | USD $22,800,000 | USD | ~0.8039 (USD/GBP) | £18,330,000 | Ionian National Bank SA — TSL Recovery Account | Complete | Vessel arrested in Singapore waters 2024-08-20; sold by judicial sale 2024-11-15; valuation by Northcape Maritime Advisory Ltd. (Captain Ian Forsyth)
5 | UAE | Precautionary attachment converted to execution — bank accounts and receivables | Case No. 1893/2024; Precautionary attachment 2024-08-28; Enforcement order 2024-11-20 | Korinthian DMCC, Unit 3407, Almas Tower, JLT, Dubai, UAE | Emirates Gulf Commercial Bank PJSC, Gate Village 3, DIFC, Dubai | 2024-12-10 to 2025-01-14 | AED 53,400,000 | AED | ~0.2124 (AED/GBP) | £11,340,000 | Ionian National Bank SA — TSL Recovery Account | Complete | Local counsel: Al-Rashid Hatem & Associates (Tariq Al-Rashid / Leila Hatem); enforcement under UAE Federal Law No. 6 of 2018 and New York Convention
6 | N/A — Voluntary | Voluntary payment by KMH | N/A | Korinthian Maritime Holdings Ltd. | KMH / Harkness Whitford & Co. (SRA No. 614823) | 2025-02-03 | £7,400,000 | GBP | 1 | £7,400,000 | Ionian National Bank SA — TSL Recovery Account | Complete | Payment made following without-prejudice correspondence; acknowledged by C&H letter to Harkness Whitford & Co. dated 2025-02-05; rights reserved for remaining balance
TOTAL RECOVERED | £96,590,000 | Sum of all GBP Equivalent values
[sheet: Recovery Summary]
Jurisdiction | Enforcement Mechanism | Date(s) of Recovery | Amount Recovered — GBP | Cumulative Total Recovered | % of Award + Costs Recovered
England & Wales | Third-Party Debt Order (Meridian Trust Bank Ltd.) | 2024-09-03 | £18,720,000 | £18,720,000 | 17.24%
Singapore | Garnishee Order Absolute (Pinnacle Bank (Singapore) Ltd.) | 2024-10-18 | £18,450,000 | £37,170,000 | 34.22%
Cyprus | Forced sale of Oceangate shares + KMH bank accounts | 2024-10-22 to 2024-11-08 | £22,350,000 | £59,520,000 | 54.81%
Singapore | Judicial sale of M/V Crimson Horizon (USD $22,800,000) | 2024-12-02 | £18,330,000 | £77,850,000 | 71.69%
UAE | Execution on Korinthian DMCC accounts/receivables (AED 53,400,000) | 2024-12-10 to 2025-01-14 | £11,340,000 | £89,190,000 | 82.13%
Voluntary Payment | KMH voluntary payment via Harkness Whitford & Co. | 2025-02-03 | £7,400,000 | £96,590,000 | 88.94%
TOTAL RECOVERED | £96,590,000
Award + Costs | £108,600,000
Post-Award Interest (to 2025-03-15) | £3,607,726.03
Grand Total Owed (to 2025-03-15) | £112,207,726.03
OUTSTANDING BALANCE | £15,617,726.03
Recovery % (of Award + Costs) | 88.94%
Recovery % (of Grand Total incl. interest) | 86.08%
[sheet: Outstanding Balance Analysis]
Item | Amount GBP | Status / Notes
Grand Total Owed (as of 2025-03-15) | £112,207,726.03 | Award £96,450,000 + Costs £12,150,000 + Post-award interest £3,607,726.03
Less: Total Recovered | (£96,590,000) | Six recovery events across four jurisdictions plus voluntary payment
OUTSTANDING BALANCE | £15,617,726.03 | As of reconciliation date 15 March 2025
POTENTIAL REMAINING RECOVERY SOURCES
M/V Volga Spirit (IMO 9756892) | Est. value TBD | Panamax Bulk Carrier, 76,400 DWT, Cyprus flag; owned by Dnepr Shipholding Inc. (BVI Co. No. 2014876); last reported at Fujairah anchorage; arrest prospects under review in UAE and other potential ports of call
Sub-charterer receivables owed to KMH | ~£4,200,000 | Identified by Hartwell Pemberton LLP; attachment proceedings under consideration in relevant jurisdictions
Ongoing post-award interest accrual | £13,876.03/day | 5.25% p.a. simple on £96,450,000 continues to accrue on unpaid amounts until fully satisfied
Additional KMH assets (if identified) | Unknown | Worldwide Freezing Order remains in force (to be reduced to £15,617,726.03 via partial discharge application in CL-2024-000487); WFO disclosure obligations continue