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1044-00001 · Client 1044 · documents
final-recovery-interest-reconciliation.xlsx DOCUMENT Finance & Banking
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Contract analysis Extract to table

[sheet: Cover]

FieldValue
Document TitleFinal Recovery and Interest Reconciliation Memorandum
MatterThalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.
LCIA ReferenceNo. 224718
England Claim No.CL-2024-000487
Prepared ByCalderwood & Harkness LLP, 45 Moorgate, London EC2R 6AR
TeamSamuel Eklund (Responsible Partner), Linda Osei (Billing Partner), Hannah Brinkley (Lead Associate), Patrick Gallagher (Working Associate)
ClientThalassa Shipping & Logistics SA, 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece
Client ContactIoanna Christodoulou (General Counsel) / Elena Stavridis (CFO)
Respondent / Award DebtorKorinthian Maritime Holdings Ltd., 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus (Reg. No. HE 387421)
Date of Award28 June 2024
Date of this Memorandum10 March 2025
Reconciliation Date15 March 2025 (target matter close date)
ClassificationPRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT
GBP/USD Exchange Rate (Award Date)£1 = USD $1.2441

[sheet: Award Breakdown]

Line ItemVessel / CategoryAmount GBPNotes
Damages — Wrongful early redeliveryM/V Aegean Fortuna (IMO 9784521)£42,300,00014 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 damagesM/V Crimson Horizon (IMO 9801334)£28,150,000Outstanding 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 deductionsM/V Volga Spirit (IMO 9756892)£2,740,000Fabricated 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 damagesAll three charters£16,480,000Market differential across all three time charter-party agreements
Pre-award interestBlended£6,780,0005.25% per annum simple from various breach dates to 28 June 2024
SUBTOTAL — AWARD£96,450,000Sum of above five line items
LCIA administrative and tribunal costs (85% to KMH)Costs£3,240,00085% allocation per tribunal direction
TSL legal costs (85% to KMH)Costs£8,910,00085% 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 $135,102,600At £1 = USD $1.2441 (rate as of 28 June 2024)

[sheet: Post-Award Interest]

ParameterValueNotes
Principal subject to post-award interest£96,450,000Per the Award — interest runs on the Award amount (not costs)
Post-award interest rate5.25%Per annum, simple, as ordered by Tribunal
Interest start date29 June 2024Day after date of Final Award
Calculation end date15 March 2025Target matter close / reconciliation date
Number of days26029 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 #JurisdictionEnforcement MechanismCase / Order ReferenceTarget Entity / AssetBank / SourceDate of RecoveryLocal Currency AmountLocal CurrencyExchange Rate to GBPGBP EquivalentRemitted ToStatusNotes
1England & WalesThird-Party Debt Order (Final) — CPR Part 72CL-2024-000487; Interim TPDO 2024-08-05; Final TPDO 2024-09-03Korinthian Maritime Holdings Ltd.Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA2024-09-03£18,720,000GBP1£18,720,000Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece — TSL Recovery AccountCompleteFinal order granted by Mr. Justice Ashworth; garnished from KMH accounts at Meridian Trust
2CyprusForced sale of Oceangate Ventures Ltd. shares + KMH Cyprus bank accountsCase No. 2247/2024; Enforcement order 2024-09-30; Freezing injunction 2024-08-12KMH shares in Oceangate Ventures Ltd. (HE 401293) and KMH Cyprus bank accountsVarious Cyprus banks / Court bailiff2024-10-22 to 2024-11-08€25,833,750 (approx.)EUR~0.8651 (EUR/GBP)£22,350,000Ionian National Bank SA — TSL Recovery AccountCompleteLocal 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
3SingaporeGarnishee Order AbsoluteOS 872/2024; Leave to enforce 2024-09-06; Garnishee order absolute 2024-10-18Korinthian Bulkers (Singapore) Pte. Ltd., 80 Robinson Road, #14-02, Singapore 068898Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 0499092024-10-18SGD $31,200,000SGD~0.5913 (SGD/GBP)£18,450,000Ionian National Bank SA — TSL Recovery AccountCompleteLocal counsel: Straits Meridian LLP (David Teo Wei Lin / Priya Subramaniam); enforcement under International Arbitration Act (Cap. 143A)
4SingaporeJudicial Sale of M/V Crimson HorizonAdmiralty arrest 2024-08-20; Judicial sale 2024-11-15; Proceeds received 2024-12-02M/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 proceeds2024-12-02USD $22,800,000USD~0.8039 (USD/GBP)£18,330,000Ionian National Bank SA — TSL Recovery AccountCompleteVessel arrested in Singapore waters 2024-08-20; sold by judicial sale 2024-11-15; valuation by Northcape Maritime Advisory Ltd. (Captain Ian Forsyth)
5UAEPrecautionary attachment converted to execution — bank accounts and receivablesCase No. 1893/2024; Precautionary attachment 2024-08-28; Enforcement order 2024-11-20Korinthian DMCC, Unit 3407, Almas Tower, JLT, Dubai, UAEEmirates Gulf Commercial Bank PJSC, Gate Village 3, DIFC, Dubai2024-12-10 to 2025-01-14AED 53,400,000AED~0.2124 (AED/GBP)£11,340,000Ionian National Bank SA — TSL Recovery AccountCompleteLocal counsel: Al-Rashid Hatem & Associates (Tariq Al-Rashid / Leila Hatem); enforcement under UAE Federal Law No. 6 of 2018 and New York Convention
6N/A — VoluntaryVoluntary payment by KMHN/AKorinthian Maritime Holdings Ltd.KMH / Harkness Whitford & Co. (SRA No. 614823)2025-02-03£7,400,000GBP1£7,400,000Ionian National Bank SA — TSL Recovery AccountCompletePayment 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£96,590,000Sum of all GBP Equivalent values

[sheet: Recovery Summary]

JurisdictionEnforcement MechanismDate(s) of RecoveryAmount Recovered — GBPCumulative Total Recovered% of Award + Costs Recovered
England & WalesThird-Party Debt Order (Meridian Trust Bank Ltd.)2024-09-03£18,720,000£18,720,00017.24%
SingaporeGarnishee Order Absolute (Pinnacle Bank (Singapore) Ltd.)2024-10-18£18,450,000£37,170,00034.22%
CyprusForced sale of Oceangate shares + KMH bank accounts2024-10-22 to 2024-11-08£22,350,000£59,520,00054.81%
SingaporeJudicial sale of M/V Crimson Horizon (USD $22,800,000)2024-12-02£18,330,000£77,850,00071.69%
UAEExecution on Korinthian DMCC accounts/receivables (AED 53,400,000)2024-12-10 to 2025-01-14£11,340,000£89,190,00082.13%
Voluntary PaymentKMH voluntary payment via Harkness Whitford & Co.2025-02-03£7,400,000£96,590,00088.94%
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]

ItemAmount GBPStatus / Notes
Grand Total Owed (as of 2025-03-15)£112,207,726.03Award £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£15,617,726.03As of reconciliation date 15 March 2025

POTENTIAL REMAINING RECOVERY SOURCES

M/V Volga Spirit (IMO 9756892)Est. value TBDPanamax 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~£4,200,000Identified by Hartwell Pemberton LLP; attachment proceedings under consideration in relevant jurisdictions
Ongoing post-award interest accrual£13,876.03/day5.25% p.a. simple on £96,450,000 continues to accrue on unpaid amounts until fully satisfied
Additional KMH assets (if identified)UnknownWorldwide 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