PRIVILEGED AND CONFIDENTIAL SUBJECT TO LEGAL PROFESSIONAL PRIVILEGE

PRIVILEGED AND CONFIDENTIAL SUBJECT TO LEGAL PROFESSIONAL PRIVILEGE
CALDERWOOD & HARKNESS LLP 45 Moorgate London EC2R 6AR United Kingdom
Tel: +44 (0)20 7496 8200
Fax: +44 (0)20 7496 8201
www.calderwoodharkness.com
10 August 2024
David Teo Wei Lin, Partner Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616
By Email and Courier
Re: Enforcement of LCIA Award No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — Singapore Enforcement and Vessel Arrest Instructions
Dear David,
cc: Hannah Brinkley, Lead Associate, Calderwood & Harkness LLP (h.brinkley@calderwoodharkness.com) Patrick Gallagher, Working Associate, Calderwood & Harkness LLP (p.gallagher@calderwoodharkness.com) Ioanna Christodoulou, General Counsel, Thalassa Shipping & Logistics SA (i.christodoulou@thalassasl.com)
1. INTRODUCTION AND PURPOSE
1.1. We write on behalf of our client, Thalassa Shipping & Logistics SA ("TSL"), a Société Anonyme organized and existing under the laws of the Hellenic Republic, with its registered address at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece. Calderwood & Harkness LLP ("C&H") acts as TSL's lead international counsel in this matter and has done so since the commencement of the underlying arbitration proceedings before the London Court of International Arbitration ("LCIA").
1.2. By way of background, TSL is a privately held strategic shipping and logistics company operating a diversified fleet of thirty-four (34) vessels, comprising dry-bulk carriers, tankers, and container feeders. TSL reported annual consolidated revenues of approximately €620 million for the financial year ended 31 December 2023. The company is owned seventy-two percent (72%) by the Papadimitriou family trust and twenty-eight percent (28%) by Aegean Capital Partners SA, a Greek investment holding company. TSL is a well-established and respected participant in the international shipping market and has maintained its operations and fleet throughout the course of this dispute.
1.3. The purpose of this letter is to formally instruct Straits Meridian LLP ("SM") as TSL's local Singapore counsel to pursue the following relief in the courts of Singapore:
(a) enforcement of a final LCIA arbitration award dated 28 June 2024 (LCIA Award No. 224718) in the total sum of £108,600,000 (being the principal award amount plus costs, as further detailed below);
(b) garnishee proceedings against Pinnacle Bank (Singapore) Ltd. in respect of accounts held by a Singapore subsidiary of the award debtor; and
(c) admiralty arrest of the vessel M/V Crimson Horizon (IMO 9801334) should she enter or be present in Singapore waters.
1.4. This Singapore engagement forms part of a coordinated multi-jurisdictional enforcement campaign that TSL is pursuing simultaneously across England & Wales, Cyprus, Singapore, and the United Arab Emirates. The rationale for this multi-pronged approach is set out more fully below, but in summary, it reflects the dispersal of the award debtor's assets and corporate structure across multiple jurisdictions and the identified risk that the award debtor is actively dissipating assets to frustrate enforcement. The Singapore component is of particular significance given the presence of a key operating subsidiary and potentially substantial banking assets in the jurisdiction, as well as the prospect of arresting a vessel directly connected to the underlying dispute.
1.5. We set out below a comprehensive summary of the dispute, the arbitration, the award, the parallel enforcement proceedings in other jurisdictions, and our specific instructions for the Singapore proceedings. We enclose a substantial bundle of supporting documentation, as identified in the Enclosures List at the end of this letter, and we are of course available to discuss any aspect of these instructions at your earliest convenience.
1.6. Key client contacts at TSL for this matter are:
•  Nikolaos Papadimitriou — Chairman and Chief Executive Officer
•  Elena Stavridis — Chief Financial Officer
•  Captain Dimitrios Kouretas — Head of Chartering & Operations
•  Ioanna Christodoulou — General Counsel (copied to this letter)
1.7. The C&H team with day-to-day conduct of this matter is:
•  Samuel Eklund — Responsible Partner, Litigation (General)
•  Linda Osei — Billing Partner
•  Hannah Brinkley — Lead Associate (day-to-day contact)
•  Patrick Gallagher — Working Associate
1.8. All substantive communications from SM should in the first instance be directed to Hannah Brinkley, with a copy to the undersigned. We address reporting protocols and coordination arrangements in greater detail in Section 10 below.
2. BACKGROUND TO THE DISPUTE AND ARBITRATION
2.1 The Parties
2.1.1. Claimant / Award Creditor: Thalassa Shipping & Logistics SA, as described above. TSL was the claimant in the LCIA arbitration and is now the award creditor.
2.1.2. Respondent / Award Debtor: Korinthian Maritime Holdings Ltd. ("KMH"), 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.
2.1.3. KMH is a vessel-owning and chartering company that, at the time of the dispute, controlled a fleet of approximately eighteen (18) dry-bulk carriers through a network of single-purpose vehicle ("SPV") subsidiaries incorporated in various jurisdictions, including the British Virgin Islands, Cyprus, and Singapore. KMH is beneficially owned by the Volkov family through a layered holding structure involving BVI and Cypriot entities. Based on pre-dispute financial information available to TSL and its advisors, KMH's estimated net asset value was approximately USD $280 million. However, as detailed in Section 8 below, there is substantial evidence that KMH has been actively depleting and relocating its assets since the commencement of arbitration proceedings, and particularly since the issuance of the award.
2.1.4. The key individuals associated with KMH are:
•  Andrei Volkov — Ultimate Beneficial Owner and de facto director of KMH and its group companies
•  Sergei Volkov — Director of KMH
•  Marina Kazakova — Chief Financial Officer of KMH
•  Alexei Demidov — Director of Fleet Operations at KMH
2.1.5. KMH is represented in the arbitration and the English enforcement proceedings by Harkness Whitford & Co., solicitors, of 12 Fetter Lane, London EC4A 1JP (SRA Registration No. 614823). The lead contacts at Harkness Whitford are Richard Harkness (Senior Partner) and Catherine Whitford (Partner, International Arbitration). We do not yet know whether KMH has retained Singapore counsel; we will advise SM as and when this information becomes available.
2.2 The Charter-Party Agreements
2.2.1. The dispute arises from three time charter-party agreements entered into between TSL (as charterer) and KMH (as disponent owner or manager) for the charter of three dry-bulk carriers. Each of the three charter-parties is governed by English law and contains an arbitration clause providing for disputes to be resolved by arbitration under the LCIA Arbitration Rules, with the seat of arbitration in London. The three charter-parties are as follows:
(a) M/V *Aegean Fortuna*
•  IMO Number: 9784521
•  Vessel Type: Supramax Bulk Carrier
•  Deadweight Tonnage: 58,200 DWT
•  Flag State: Republic of the marshall Islands
•  SPV Owner: Dnepr Shipholding Inc. (BVI, Company No. 2014876)
•  Charter-Party Date: 15 March 2019
•  Charter Period: Five (5) years from delivery
(b) M/V *Crimson Horizon*
•  IMO Number: 9801334
•  Vessel Type: Handymax Bulk Carrier
•  Deadweight Tonnage: 37,500 DWT
•  Flag State: Republic of Liberia
•  SPV Owner: Korinthian Bulkers (Singapore) Pte. Ltd.
•  Charter-Party Date: 22 January 2020
•  Charter Period: Five (5) years from delivery
(c) M/V *Volga Spirit*
•  IMO Number: 9756892
•  Vessel Type: Panamax Bulk Carrier
•  Deadweight Tonnage: 76,400 DWT
•  Flag State: Republic of Cyprus
•  SPV Owner: Dnepr Shipholding Inc. (BVI, Company No. 2014876)
•  Charter-Party Date: 10 June 2021
•  Charter Period: Four (4) years from delivery
2.2.2. Certified copies of each of the three charter-party agreements are enclosed as Enclosure 2. We draw SM's attention in particular to the arbitration clauses contained in each agreement, which are materially identical and provide for arbitration under the LCIA Rules seated in London, with disputes governed by English law.
2.3 KMH's Breaches
2.3.1. From mid-2022 onward, KMH engaged in a pattern of repudiatory breach across all three charter-party agreements. The Tribunal found that KMH's conduct was deliberate and calculated, and that it represented a coordinated strategy to extract itself from the charter-parties in order to exploit more favourable market conditions with third parties. The breaches are summarised as follows:
(a) M/V *Aegean Fortuna* — Wrongful Early Redelivery
KMH wrongfully redelivered the M/V Aegean Fortuna to TSL on 18 June 2022, approximately fourteen (14) months before the earliest permissible redelivery date under the charter-party. The redelivery was effected without prior notice and in circumstances where KMH purported to rely on an unfounded allegation that TSL had breached its obligations regarding vessel maintenance. The Tribunal rejected KMH's justification in its entirety and found that the early redelivery constituted a repudiatory breach of the charter-party.
(b) M/V *Crimson Horizon* — Non-Payment of Hire
KMH failed to pay hire in respect of the M/V Crimson Horizon from 1 July 2022 onward. Hire arrears of £4,280,000 had accrued by the time TSL exercised its contractual right to withdraw the vessel on 15 September 2022. KMH did not cure the default at any stage, notwithstanding multiple demands from TSL and from C&H on TSL's behalf. The Tribunal found that the failure to pay hire was deliberate and that it constituted a repudiatory breach of the charter-party.
(c) M/V *Volga Spirit* — Fabricated Off-Hire Deductions
KMH applied a series of purported off-hire deductions to the hire payable under the M/V Volga Spirit charter-party, totalling approximately £2,740,000. The Tribunal found, on the basis of extensive expert and factual evidence (including contemporaneous AIS data, classification society records, and the testimony of the vessel's master), that these off-hire deductions were fabricated and that the vessel had in fact been on-hire and performing in accordance with the charter-party throughout the relevant periods. The Tribunal characterised KMH's conduct in relation to the M/V Volga Spirit as "a cynical attempt to manufacture deductions in order to reduce KMH's exposure under the charter-party."
2.4 The LCIA Arbitration
2.4.1. TSL commenced arbitration proceedings against KMH by filing a Request for Arbitration with the LCIA on 14 November 2022, under LCIA Case Reference No. 224718.
2.4.2. The arbitral 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 (Claimant-nominated): Professor Athena Drakopoulos
•  Co-Arbitrator (Respondent-nominated): Dr. Henrik Dalmqvist
•  Tribunal Secretary: Fiona Beckett
2.4.3. The proceedings followed the typical course for a complex LCIA arbitration. Following exchange of written submissions and documentary evidence, a ten-day evidentiary hearing took place from 11 to 22 September 2023 at the International Dispute Resolution Centre (IDRC) in London. The hearing involved extensive factual and expert witness testimony, including maritime industry experts, quantum experts, and a vessel chartering expert. Both parties were fully represented throughout.
2.4.4. Post-hearing submissions were exchanged in November 2023, and the Tribunal thereafter deliberated and prepared its award.
2.4.5. The Final Award was issued on 28 June 2024. The Tribunal was unanimous in its findings on liability and quantum, as further summarised below. A certified copy of the Award is enclosed as Enclosure 1.
2.5 The Award
2.5.1. The Tribunal's Final Award dated 28 June 2024 found KMH liable for repudiatory breach of all three charter-party agreements and awarded TSL damages and other relief as follows:
2.5.2. In addition, the Tribunal allocated costs as follows: eighty-five percent (85%) of the costs of the arbitration were allocated to KMH. The costs ordered to be borne by KMH comprise:
•  LCIA administrative and arbitrator costs: £3,240,000
•  TSL's legal costs: £8,910,000
•  Total costs allocated to KMH: £12,150,000
2.5.3. Accordingly, the Grand Total payable by KMH to TSL under the Award is £108,600,000 (being the Award of £96,450,000 plus costs of £12,150,000).
2.5.4. At the prevailing exchange rate as of the date of the Award (28 June 2024), being approximately £1 = USD $1.2441, the Grand Total is equivalent to approximately USD $120,000,000.
2.5.5. The Tribunal further ordered that post-award interest shall accrue on all unpaid sums at the rate of 5.25% per annum simple from 29 June 2024 until the date of payment in full. As at the date of this letter, post-award interest continues to accrue.
2.5.6. KMH has not made any payment in satisfaction or partial satisfaction of the Award. KMH's solicitors, Harkness Whitford & Co., have indicated that KMH intends to resist enforcement, although no formal application to set aside the Award has yet been made. C&H considers that any such application would have no reasonable prospect of success, given the quality and thoroughness of the Tribunal's reasoning and the narrow grounds available for challenging an LCIA award made in London.
3. PARALLEL ENFORCEMENT PROCEEDINGS IN OTHER JURISDICTIONS
3.1. As noted above, TSL is pursuing a coordinated multi-jurisdictional enforcement campaign. We provide the following summary of the parallel proceedings for SM's awareness and to ensure effective coordination. SM should note that the strategy in each jurisdiction is designed to complement the others, and we are taking care to avoid any risk of double recovery while maximising the pressure on KMH to satisfy the Award in full.
3.1.1 England & Wales
3.1.2. An application under section 66 of the Arbitration Act 1996 was filed on 15 July 2024 in the Commercial Court of the High Court of England and Wales (Claim No. CL-2024-000487), seeking permission to enforce the Award as a judgment of the court.
3.1.3. On 16 July 2024, Mr. Justice Ashworth granted a Worldwide Freezing Order ("WFO") on an ex parte basis, restraining KMH from dealing with or diminishing its assets worldwide up to the value of £108,600,000. The return date hearing took place on 30 July 2024, at which the WFO was continued with minor modifications to allow for ordinary course of business expenditure and reasonable legal fees. A sealed copy of the WFO is enclosed as Enclosure 5.
3.1.4. Permission to enforce the Award as a judgment was granted by the Commercial Court on 2 August 2024. A sealed copy of the permission order is enclosed as Enclosure 6.
3.1.5. An interim third-party debt order was granted on 5 August 2024 against Meridian Trust Bank Ltd. (50 Lombard Street, London EC3V 9EA) in respect of KMH's accounts held at that institution. A final hearing on that application is pending.
3.1.6. We anticipate that KMH will file an application to set aside the leave order and/or the WFO in the near term. We will keep SM fully informed of any such developments. Our preliminary assessment is that KMH's prospects of success on any such application are poor.
3.1.7 Cyprus
3.1.8. An application for recognition and enforcement of the Award under the New York Convention and the Cyprus Arbitration Law, Cap. 4 is to be filed imminently in the Nicosia District Court. TSL's Cyprus local counsel is:
Kyprianos Makrides & Partners 15 Grivas Digenis Avenue Nicosia 1066, Cyprus
•  Andreas Kyprianos, Senior Partner
•  Nadia Makrides, Partner
3.1.9. In conjunction with the enforcement application, a freezing injunction will be sought in Cyprus targeting:
(a) the shares in Oceangate Ventures Ltd. (Cyprus, HE 401293) — the intermediate holding company through which KMH holds its vessel-owning SPVs, including Korinthian Bulkers (Singapore) Pte. Ltd.; and
(b) KMH's Cyprus bank accounts.
3.1.10. KMH's Cyprus local counsel is understood to be:
Vassiliadis & Economou LLC 7 Stasinou Avenue, 3rd Floor Nicosia 1060, Cyprus
•  Georgios Vassiliadis, Managing Partner
•  Eleni Economou, Partner
3.1.11 United Arab Emirates
3.1.12. An enforcement application under UAE Federal Law No. 6 of 2018 (on Arbitration) and the New York Convention is to be filed in the Dubai Court of First Instance. TSL's UAE local counsel is:
Al-Rashid Hatem & Associates Office 1802, Emirates Financial Towers (South Tower) DIFC, Dubai, United Arab Emirates
•  Tariq Al-Rashid, Managing Partner
•  Leila Hatem, Partner
3.1.13. A precautionary attachment will be sought in Dubai over the accounts of Korinthian DMCC (a Dubai-registered entity within the KMH group) held at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai). Intelligence from Hartwell Pemberton indicates that significant operational funds have been channelled through the Korinthian DMCC accounts.
3.1.14 Coordination Note
3.1.15. SM will be kept fully informed of material developments in all jurisdictions, and C&H requests that SM similarly provide prompt updates on all Singapore developments so that we can maintain a coordinated enforcement strategy. This is particularly important in the context of:
(a) avoiding any inconsistency or conflict between court orders obtained in different jurisdictions;
(b) preventing double recovery, which would undermine TSL's credibility and potentially expose TSL to adverse costs consequences; and
(c) ensuring that tactical decisions in one jurisdiction are made with full awareness of the position in other jurisdictions (for example, the timing of arrest relative to the garnishee proceedings, or the impact of any security posted in one jurisdiction on the amount claimed in another).
4. SINGAPORE-SPECIFIC INSTRUCTIONS
We now turn to the specific instructions for the Singapore proceedings. SM is instructed to pursue three primary forms of relief, as detailed below.
4.1 Instruction A: Application for Leave to Enforce the LCIA Award
4.1.1. SM is instructed to prepare and file an originating summons in the Singapore High Court under section 19 of the International Arbitration Act (Cap. 143A) ("IAA"), seeking leave to enforce LCIA Award No. 224718 dated 28 June 2024 as if it were a judgment of the Singapore High Court.
4.1.2. The Award is a "foreign award" within the meaning of Part III of the IAA, having been made pursuant to an arbitration agreement providing for arbitration under the LCIA Rules in London, England. The United Kingdom is a Contracting State to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958) (the "New York Convention"), and Singapore has given effect to the New York Convention through the IAA. Accordingly, the Award is prima facie enforceable in Singapore under the IAA.
4.1.3. The application should seek enforcement of the full sum of £108,600,000, comprising:
(a) the principal Award amount of £96,450,000; and
(b) the costs allocation of £12,150,000 (being LCIA costs of £3,240,000 and TSL's legal costs of £8,910,000),
together with post-award interest at the rate of 5.25% per annum simple on all unpaid sums from 29 June 2024 until the date of payment.
4.1.4. C&H has prepared a draft originating summons and a draft supporting affidavit for SM's review and finalization, enclosed as Enclosures 10 and 11 respectively. The supporting affidavit has been drafted for swearing by Captain Dimitrios Kouretas, Head of Chartering & Operations at TSL. Captain Kouretas is the most appropriate deponent, as he has direct personal knowledge of the charter-party arrangements, the disputes that gave rise to the arbitration, and the enforcement proceedings. He is also a Greek national ordinarily resident in Piraeus, and we would welcome SM's guidance on whether the affidavit can be sworn before a notary public in Greece or whether any additional formalities are required for use in Singapore proceedings.
4.1.5. The supporting documentation required under section 19 of the IAA includes, among other things:
(a) the duly authenticated original Award or a certified copy thereof;
(b) the original arbitration agreement or a certified copy thereof; and
(c) such translations as may be required.
4.1.6. We enclose all of the above documentation with this letter (see Enclosures List below). The Award, the charter-party agreements (containing the arbitration clauses), and the LCIA Registrar's certificate are all in the English language, and we do not anticipate that translations will be required for Singapore proceedings. However, SM should advise if any additional documentation or formalities are necessary.
4.1.7. We note that, upon the grant of leave to enforce, KMH is entitled to apply to set aside the leave order on the grounds set out in section 31 of the IAA, which mirrors the grounds set out in Article V of the New York Convention. We address KMH's likely defences in Section 9 below. In our assessment, the risk of a successful challenge is low, given:
(a) the arbitration agreement is valid and enforceable under English law;
(b) KMH was given proper notice of the arbitral proceedings and participated fully;
(c) the Award deals with matters within the scope of the arbitration agreement;
(d) the composition of the Tribunal and the arbitral procedure were in accordance with the parties' agreement and the LCIA Rules;
(e) the Award is binding and has not been set aside or suspended at the seat; and
(f) there is no basis on which enforcement could be said to be contrary to the public policy of Singapore.
4.1.8. SM should nonetheless be prepared for a contested hearing if KMH does apply to set aside, and we request SM's preliminary view on the likely timeline for such a challenge and the court's approach.
4.2 Instruction B: Garnishee Proceedings Against Pinnacle Bank (Singapore) Ltd.
4.2.1. Following (or contemporaneously with, if procedurally permissible) the grant of leave to enforce, SM is instructed to file garnishee proceedings — specifically, an application for a garnishee order to show cause — against Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) in respect of all accounts held in the name of Korinthian Bulkers (Singapore) Pte. Ltd. (80 Robinson Road, #14-02, Singapore 068898).
4.2.2. Korinthian Bulkers (Singapore) Pte. Ltd. ("KBSPL") is a wholly-owned subsidiary of KMH, held through the intermediate Cypriot holding company Oceangate Ventures Ltd. (HE 401293). KBSPL is (or was) the registered owner of the M/V Crimson Horizon and has served as KMH's principal operating entity in the Asia-Pacific region, receiving charter hire, freight revenues, and proceeds from the sub-chartering of KMH group vessels to third parties.
4.2.3. We note the potential legal question of whether garnishee proceedings can be pursued against KBSPL's bank accounts (as opposed to KMH's own accounts) in enforcement of an award against KMH. SM's advice on this point is specifically requested. In our view, there are strong arguments in favour of enforcement against KBSPL as an asset of KMH, given the corporate relationship and the manner in which funds have been channelled through KBSPL. We address the corporate structure and potential alter ego / veil-piercing arguments in Section 5 below.
4.2.4. The intelligence underlying this instruction comes from Hartwell Pemberton LLP (forensic accountants, 25 Old Broad Street, London EC2N 1HN), who have been engaged by C&H on behalf of TSL to conduct global asset tracing. The partner responsible at Hartwell Pemberton is Rebecca Saunders, supported by Mark Huxley (Director). Their preliminary asset tracing report, dated 15 August 2024, is enclosed as Enclosure 7 and is provided on a strictly privileged and confidential basis — for counsel's eyes only.
4.2.5. The key findings relevant to the garnishee application are:
(a) KBSPL maintains at least two accounts at Pinnacle Bank (Singapore) Ltd., including a USD-denominated operating account and a SGD-denominated local expenses account;
(b) the Pinnacle Bank accounts have historically held significant balances — Hartwell Pemberton's analysis of available financial records indicates that average monthly balances over the period January to June 2024 were in excess of USD $12 million;
(c) the accounts are believed to include proceeds from sub-charter operations involving KMH group vessels trading in the Asia-Pacific region; and
(d) there is evidence suggesting that proceeds from the attempted post-award sale of M/V Crimson Horizon (discussed further below) may have been or may be destined for these accounts.
4.2.6. The identification of the Pinnacle Bank accounts was facilitated in part by the WFO granted by Mr. Justice Ashworth in the English proceedings, which required KMH to provide disclosure of its worldwide assets. The Pinnacle Bank accounts were identified in KMH's initial (and, we believe, incomplete) asset disclosure.
4.2.7. Given the evidence of dissipation set out in Section 8 below, we request that SM pursue the garnishee order on an urgent basis to prevent the further depletion of funds held at Pinnacle Bank. We would welcome SM's advice on the earliest realistic timeline for obtaining a provisional garnishee order and on whether any interim freezing relief is available or advisable pending the garnishee application.
4.3 Instruction C: Admiralty Arrest of M/V *Crimson Horizon*
4.3.1. SM is instructed to prepare and file an in rem writ of summons in the Singapore High Court (Admiralty Division) and to apply for the arrest of the M/V *Crimson Horizon* should the vessel enter or be present in Singapore waters.
4.3.2. The vessel particulars are as follows:
•  Name: M/V Crimson Horizon
•  IMO Number: 9801334
•  Type: Handymax Bulk Carrier
•  Deadweight Tonnage: 37,500 DWT
•  Flag State: Republic of Liberia
•  Classification Society: Meridian Industries (class notation: +100A1, Bulk Carrier, +LMC, UMS)
•  Registered Owner / SPV: Korinthian Bulkers (Singapore) Pte. Ltd. (80 Robinson Road, #14-02, Singapore 068898)
•  Year of Build: 2018
4.3.3. The claim arises from the enforcement of the LCIA Award. We recognise that the legal basis for an admiralty arrest in Singapore will need to be carefully considered under the High Court (Admiralty Jurisdiction) Act (Cap. 123) ("HCAJA"). The relevant question is whether TSL's claim falls within the categories of claims for which the court has admiralty jurisdiction, and whether the statutory conditions for arrest under section 4 of the HCAJA are satisfied.
4.3.4. We note, in particular, that the underlying claims arise from charter-party agreements, which would ordinarily fall within the ambit of section 3(1)(h) of the HCAJA (claims arising out of an agreement relating to the carriage of goods in or the use or hire of a ship). In addition, SM should consider the application of the "associated ship" doctrine under section 4(4) of the HCAJA, to the extent that it may be necessary to establish a connection between the vessel and the person who would be liable on the claim in an action in personam. We invite SM's detailed advice on the most appropriate jurisdictional basis for the arrest.
4.3.5. Beneficial ownership analysis: The corporate chain from the registered owner of the M/V Crimson Horizon to the award debtor is direct and uncomplicated:
•  Korinthian Bulkers (Singapore) Pte. Ltd. (registered owner of M/V Crimson Horizon) is wholly owned by
•  Oceangate Ventures Ltd. (Cyprus, HE 401293), which is in turn wholly owned by
•  Korinthian Maritime Holdings Ltd. (KMH) (Cyprus, HE 387421) — the award debtor.
4.3.6. This establishes a direct corporate chain from the vessel owner to the award debtor, which we expect will be relevant to the beneficial ownership inquiry under the HCAJA. We note that Andrei Volkov is the ultimate beneficial owner of KMH and, through the corporate chain, of the M/V Crimson Horizon itself. SM should advise on whether any additional evidence of beneficial ownership is required beyond the corporate registry extracts already enclosed.
4.3.7. Vessel intelligence and urgency: C&H has instructed vessel tracking services and our intelligence indicates that the M/V Crimson Horizon may transit Singapore waters in the near term. Specifically, our most recent AIS data (as of 8 August 2024) shows the vessel discharging cargo at a port in Indonesia, and her next reported fixture is believed to involve loading at a port in the Straits region. We therefore request that SM make all necessary preparations for an arrest to be executed at short notice, including:
(a) filing the in rem writ of summons so that it is ready to be served;
(b) preparing all necessary arrest papers in advance, requiring only final execution;
(c) engagement with the Sheriff of the Supreme Court and any harbour or port authority notifications required;
(d) filing a caveat against release if appropriate; and
(e) any other preparatory steps that SM considers necessary or prudent.
4.3.8. We enclose a draft in rem writ of summons as Enclosure 12 for SM's review and finalization. SM should amend the draft as necessary to conform to Singapore procedural requirements.
4.3.9. Vessel valuation: C&H has instructed Northcape Maritime Advisory Ltd. (3 Thomas More Square, London E1W 1WY; Captain Ian Forsyth, Managing Director) to provide an independent valuation of the M/V Crimson Horizon. The valuation report is being prepared and will be provided to SM as soon as it is available. Preliminary indications suggest a market value in the range of USD $18–22 million, although this is subject to formal confirmation. The valuation will be relevant to the question of security and to any eventual judicial sale.
4.3.10. Judicial sale: In the event that the vessel is arrested and KMH fails to provide adequate security for the release of the vessel (whether by way of a P&I Club letter of undertaking, bank guarantee, or cash deposit), C&H intends to pursue a judicial sale (also known as a court-ordered sale or pendente lite sale) of the M/V Crimson Horizon. SM is requested to advise on:
(a) the applicable procedure and legal requirements for a judicial sale in Singapore;
(b) the estimated timeline from arrest to completion of sale;
(c) the estimated costs of a judicial sale (including commission, custody costs, and legal fees);
(d) any priority of claims considerations that would affect TSL's recovery from the sale proceeds (including any maritime liens, mortgages, or other encumbrances that may have priority over TSL's claim); and
(e) the practical mechanics of a judicial sale, including the appointment of the Sheriff, the marketing process, and the distribution of proceeds.
5. KMH'S CORPORATE STRUCTURE IN SINGAPORE
5.1. For SM's reference, we set out below the corporate structure relevant to the Singapore enforcement proceedings.
5.2. Korinthian Bulkers (Singapore) Pte. Ltd. ("KBSPL") is the key KMH group entity in Singapore. KBSPL is a private company limited by shares, registered in Singapore at 80 Robinson Road, #14-02, Singapore 068898. KBSPL is the registered owner of the M/V Crimson Horizon and has functioned as KMH's principal operating subsidiary in the Asia-Pacific region.
5.3. The ownership chain is as follows:
Korinthian Maritime Holdings Ltd. (KMH) (Cyprus, HE 387421) ↓ 100% ownership Oceangate Ventures Ltd. (Cyprus, HE 401293) ↓ 100% ownership Korinthian Bulkers (Singapore) Pte. Ltd. (KBSPL) (Singapore)
5.4. Dnepr Shipholding Inc. (BVI, Company No. 2014876; registered agent: Vantage Corporate Services Ltd., Road Town, Tortola, BVI) is the SPV that owns the M/V Aegean Fortuna and the M/V Volga Spirit. Dnepr Shipholding Inc. is also part of the KMH group and is held through Oceangate Ventures Ltd. While Dnepr Shipholding is a BVI entity and is not directly subject to Singapore jurisdiction, the relationship between the entities in the KMH group is relevant to establishing the beneficial ownership chain for the purposes of the arrest and to any arguments regarding the treatment of group assets in enforcement.
5.5. We request SM's advice on the following corporate structure and enforcement questions:
(a) Execution against KBSPL assets: Can TSL execute against the assets of KBSPL (including its bank accounts at Pinnacle Bank) directly in enforcement of an award against KMH? What are the legal mechanisms available under Singapore law for treating KBSPL as an alter ego of, or as an asset of, KMH?
(b) Veil-piercing: To the extent that direct enforcement against KBSPL requires piercing the corporate veil, what is the threshold under Singapore law, and does the evidence available to TSL (including the corporate structure, the shared management and control by the Volkov family, and the evidence of post-award asset shifting) support such a claim?
(c) Shares in KBSPL as an asset of KMH: Can TSL obtain an order for the seizure or sale of KMH's indirect shareholding in KBSPL (held through Oceangate) as an enforcement mechanism?
(d) Receivership or other equitable relief: Is there any basis under Singapore law for the appointment of a receiver over KBSPL's assets or the assets of KMH in Singapore?
5.6. Corporate registry extracts for KBSPL and related entities are enclosed as Enclosure 8. SM should advise if any additional searches or filings are required.
6. ENCLOSED DOCUMENTATION
6.1. The following documents are enclosed with this letter, by courier and in electronic form (via C&H's secure document portal):
Enclosure 1: Certified copy of LCIA Award No. 224718, dated 28 June 2024
Enclosure 2: Certified copies of the three charter-party agreements:
•  M/V Aegean Fortuna — dated 15 March 2019
•  M/V Crimson Horizon — dated 22 January 2020
•  M/V Volga Spirit — dated 10 June 2021
(Each agreement contains the LCIA arbitration clause at Clause 37.)
Enclosure 3: Certificate from the LCIA Registrar confirming the authenticity of the Award
Enclosure 4: Copy of the LCIA Arbitration Rules applicable to the arbitration (2020 edition)
Enclosure 5: Sealed copy of the Worldwide Freezing Order granted by Mr. Justice Ashworth on 16 July 2024 (as continued on 30 July 2024)
Enclosure 6: Sealed copy of the section 66 Arbitration Act 1996 permission order, granted 2 August 2024
Enclosure 7: Hartwell Pemberton LLP — Preliminary Asset Tracing Report, dated 15 August 2024 (PRIVILEGED AND CONFIDENTIAL — FOR COUNSEL'S EYES ONLY)
Enclosure 8: Corporate registry extracts for Korinthian Bulkers (Singapore) Pte. Ltd. and related entities (including ACRA extracts for KBSPL and available extracts for Oceangate Ventures Ltd. and KMH)
Enclosure 9: Vessel registry extracts and classification records for M/V Crimson Horizon (IMO 9801334), including Meridian Industries class records and Liberian flag state registration particulars
Enclosure 10: Draft originating summons for leave to enforce LCIA Award No. 224718 (for SM's review and finalization)
Enclosure 11: Draft supporting affidavit of Captain Dimitrios Kouretas (for SM's review and finalization)
Enclosure 12: Draft in rem writ of summons for the arrest of M/V Crimson Horizon (for SM's review and finalization)
6.2. SM should confirm safe receipt of all enclosed documents. To the extent that any additional documentation is required for the Singapore proceedings, SM should advise C&H promptly so that we can arrange for the preparation and delivery of the same.
6.3. We draw SM's particular attention to Enclosure 7 (the Hartwell Pemberton asset tracing report), which is provided on a strictly privileged and confidential basis and must not be disclosed to any third party or filed in court without C&H's prior written consent. The report contains sensitive intelligence regarding KMH's asset structure and movements, and premature disclosure could compromise the enforcement strategy.
7. ASSET TRACING SUPPORT AND FORENSIC INTELLIGENCE
7.1. As noted above, Hartwell Pemberton LLP has been engaged by C&H on behalf of TSL to conduct global asset tracing of KMH and its related entities. Hartwell Pemberton is a leading forensic accounting and asset tracing firm based in London. The engagement is led by Rebecca Saunders (Partner) and Mark Huxley (Director). Their preliminary findings inform the Singapore instructions set out in this letter and are summarised in the enclosed report (Enclosure 7).
7.2. The key findings relevant to the Singapore proceedings are as follows:
(a) Pinnacle Bank accounts: Hartwell Pemberton has identified that KBSPL holds substantial balances at Pinnacle Bank (Singapore) Ltd. As noted above, the average monthly balance over the period January to June 2024 was in excess of USD $12 million. These accounts have been used as the primary repository for operational revenues generated by KMH's Asia-Pacific fleet activities.
(b) Post-award asset movement: There is clear evidence that KMH has been actively moving assets in the period since the Award was issued on 28 June 2024. Specifically, Hartwell Pemberton has identified a series of transfers from KMH's principal accounts in Cyprus and London to accounts in jurisdictions with weaker enforcement regimes. This pattern of movement is consistent with a deliberate strategy to frustrate enforcement and was a key factor in the grant of the WFO by Mr. Justice Ashworth.
(c) Attempted sale of M/V *Crimson Horizon*: Hartwell Pemberton's intelligence, corroborated by industry sources, indicates that KMH has attempted to arrange a private sale of the M/V *Crimson Horizon* in the period following the issuance of the Award. The prospective buyer is believed to be a company associated with a Chinese shipowner, although the identity of the buyer has not been definitively established. The attempted sale appears to have been conducted through brokers in Singapore and Shanghai. If completed, such a sale would defeat TSL's ability to arrest the vessel and would dissipate a significant asset. This intelligence underscores the urgency of the arrest preparation.
(d) Other Singapore assets: Hartwell Pemberton continues to investigate whether KBSPL or other KMH group entities hold any additional assets in Singapore, including real property, receivables, or other financial assets. SM should advise on any Singapore-specific search or discovery mechanisms that could be deployed to identify additional assets.
7.3. Further asset tracing reports will be provided to SM as they become available. Hartwell Pemberton's work is ongoing, and they expect to issue an updated report by early September 2024.
7.4. SM is requested to advise on whether any of the following additional steps are recommended in Singapore:
(a) further corporate registry searches (ACRA or otherwise) in respect of KBSPL or other entities connected to the KMH group;
(b) Singapore-specific asset discovery mechanisms (for example, an order for examination of a judgment debtor or third-party discovery orders);
(c) any Singapore-specific registers or databases that may reveal additional assets (e.g., personal property security registers, land registry searches, intellectual property registers); and
(d) any other investigative measures that SM considers appropriate.
8. EVIDENCE OF DISSIPATION AND URGENCY
8.1. C&H wishes to emphasise the urgency of the Singapore applications. The evidence demonstrates a clear and present risk of further dissipation of KMH's assets, and delay in obtaining Singapore relief could materially prejudice TSL's ability to enforce the Award.
8.2. The specific grounds for urgency are as follows:
(a) International asset dispersal: KMH has a well-established pattern of dispersing its assets across multiple jurisdictions through a complex web of holding companies and SPVs. The corporate structure described in Section 5 above — involving Cypriot holding companies, BVI SPVs, and a Singapore operating subsidiary — is designed to create barriers to enforcement and to allow the rapid movement of assets between entities and jurisdictions.
(b) Post-award transfers: As detailed in the Hartwell Pemberton report (Enclosure 7), significant transfers of funds have been identified from KMH accounts in the period since the Award was issued on 28 June 2024. These transfers are inconsistent with ordinary course of business activity and are indicative of a deliberate effort to reduce KMH's asset base in jurisdictions where TSL is likely to seek enforcement.
(c) Attempted sale of M/V *Crimson Horizon*: The intelligence that KMH has been attempting to arrange a private sale of the M/V Crimson Horizon after the issuance of the Award is particularly concerning. A completed sale would not only deprive TSL of a valuable enforcement target but would also constitute a clear breach of the English WFO (which restrains KMH from dealing with its assets worldwide). This attempted sale underscores the need for the vessel to be arrested at the earliest opportunity.
(d) Grant of the Worldwide Freezing Order: The WFO was granted by Mr. Justice Ashworth on the basis of a finding that there was a real risk of dissipation of assets. The evidence presented to the English court in support of the WFO application included, among other things, evidence of KMH's complex corporate structure, the movement of funds post-award, and KMH's lack of candour regarding its assets. The grant of the WFO by an experienced Commercial Court judge is itself a significant indicator of the risk of dissipation.
(e) Risk to Pinnacle Bank balances: Given the evidence of post-award asset movement, there is a real risk that the balances at Pinnacle Bank will be depleted or transferred to other accounts if not frozen promptly. The garnishee application must therefore be pursued on the earliest possible date.
8.3. In light of the above, we request that SM:
(a) prioritise the filing of the originating summons for leave to enforce and the garnishee application on the earliest possible date;
(b) complete all preparations for the arrest of the M/V Crimson Horizon immediately, so that the arrest can be effected at short notice as soon as the vessel enters Singapore waters; and
(c) advise on whether any interim or emergency relief is available under Singapore law to prevent the dissipation of assets pending the outcome of the enforcement and garnishee applications — for example, a Mareva injunction or other freezing order granted by the Singapore court.
9. KMH'S LIKELY DEFENCES
9.1. For SM's benefit, we set out below our assessment of the defences that KMH is likely to advance in the Singapore proceedings. While we consider these defences to be without merit, SM should be prepared to respond to each of them substantively.
9.1.1 Challenge to Leave to Enforce Under Section 31 of the IAA
9.1.2. KMH may apply to set aside the order granting leave to enforce the Award on one or more of the grounds set out in section 31 of the IAA, which transposes Article V of the New York Convention. The potentially relevant grounds include:
(a) Section 31(2)(a): incapacity of a party or invalidity of the arbitration agreement — there is no basis for this defence; the charter-party agreements and the LCIA arbitration clauses contained therein are valid under English law, and both parties participated in the arbitration;
(b) Section 31(2)(b): lack of proper notice or inability to present one's case — KMH was represented by experienced counsel throughout the arbitration and participated fully in the evidentiary hearing;
(c) Section 31(2)(c): award deals with a difference not contemplated by, or falling outside the terms of, the submission to arbitration — the Award addresses the charter-party disputes, which are squarely within the scope of the arbitration clauses;
(d) Section 31(2)(d): composition of the Tribunal or arbitral procedure not in accordance with the agreement — the Tribunal was constituted under the LCIA Rules by agreement of the parties, and the procedure followed the LCIA Rules and the Tribunal's procedural orders;
(e) Section 31(2)(e): award not yet binding, or set aside or suspended at the seat — the Award is final and binding under the LCIA Rules and has not been set aside or suspended in England; and
(f) Section 31(4): enforcement contrary to the public policy of Singapore — we are aware of no basis on which enforcement of this commercial arbitration award could be said to offend Singapore public policy.
9.1.3. In summary, C&H assesses the risk of a successful challenge to leave to enforce as low. The Award was rendered by a distinguished and experienced tribunal following a comprehensive hearing, and KMH participated fully in the proceedings.
9.1.4 Identity of the Judgment Debtor / Enforcement Against a Subsidiary
9.1.5. KMH may argue that the Award was made against KMH as the named respondent and that enforcement cannot be pursued against KBSPL, which is a separate legal entity. This argument goes to the garnishee proceedings and the ability to execute against KBSPL's assets directly.
9.1.6. We anticipate that SM will need to address this argument, and we request SM's detailed advice on the available mechanisms under Singapore law for enforcement against a subsidiary's assets in satisfaction of an award against the parent, including any alter ego, agency, or single economic entity theories that may be available. The evidence of the Volkov family's control over all entities in the KMH group, the co-mingling of funds, and the use of KBSPL as a conduit for KMH's operations may be relevant to this analysis.
9.1.7 Challenge to Arrest on Beneficial Ownership Grounds
9.1.8. KMH may challenge the arrest of the M/V Crimson Horizon on the basis that the registered owner of the vessel (KBSPL) is not the same entity as the award debtor (KMH), and that the beneficial ownership requirement under the HCAJA is not satisfied.
9.1.9. In our view, this argument should fail given the direct and unbroken chain of 100% ownership from KMH through Oceangate to KBSPL. However, SM should advise on the applicable standard for establishing beneficial ownership in the context of an admiralty arrest in Singapore and on any recent jurisprudence that may be relevant.
9.1.10 Application to Set Aside Garnishee Order
9.1.11. KMH (or KBSPL, or Pinnacle Bank as the garnishee) may apply to set aside the garnishee order on various grounds, including arguments that the debts held by Pinnacle Bank are not debts owed by KMH (but rather by KBSPL), that the amounts are not ascertainable, or that there are competing claims to the funds.
9.1.12. SM should advise on the standard procedures and likely defences in contested garnishee proceedings in Singapore.
9.1.13 Singapore-Specific Issues
9.1.14. SM is requested to advise on any Singapore-specific procedural issues, tactical considerations, or defences that C&H should be aware of and that have not been addressed above. In particular, we would welcome SM's view on:
(a) the likely attitude of the Singapore court to concurrent enforcement proceedings in multiple jurisdictions;
(b) any comity or lis pendens issues that may arise;
(c) the interaction between the English WFO and any Singapore freezing relief;
(d) any practical or procedural matters specific to the Singapore Admiralty Division that C&H should bear in mind; and
(e) the experience and approach of the judges likely to hear these applications.
10. COORDINATION AND REPORTING
10.1. The successful enforcement of the Award requires close coordination between TSL's legal teams across all jurisdictions. C&H requests that SM adhere to the following coordination and reporting protocols:
(a) Immediate confirmation: SM should provide immediate written confirmation of its acceptance of these instructions and confirm that no conflicts of interest exist with respect to KMH, its group companies, its directors or officers, or any other party to the dispute (including Harkness Whitford & Co., Pinnacle Bank (Singapore) Ltd., and any other relevant entity).
(b) Initial case assessment: SM should provide an initial case assessment setting out SM's preliminary views on the merits and strategy for the Singapore proceedings, together with an indicative timeline for each of the three instructions (enforcement, garnishee, and arrest).
(c) Regular updates: C&H requests regular status updates, to be provided at least bi-weekly during periods of normal activity, or more frequently as events develop (for example, in advance of or following court hearings, or upon the identification of new intelligence regarding the vessel's movements).
(d) Court documents and orders: SM should provide C&H with copies of all documents filed with the Singapore court and all court orders as soon as they are available, in both electronic and hard copy form as appropriate.
(e) Hearing notifications: SM should provide C&H with advance notice of all court hearings so that C&H may arrange for attendance (whether in person or by video-link) or provide input on the submissions to be made.
(f) Strategic decisions: Any strategic decision of significance (including decisions regarding the timing of applications, the content of key submissions, the acceptance or rejection of any offer of security, or any proposal for settlement) should be discussed with C&H and, where appropriate, with TSL before being taken.
10.2. Primary contacts: All communications should be directed to:
•  Hannah Brinkley (Lead Associate, C&H) — who is the day-to-day contact for this matter; and
•  Samuel Eklund (Responsible Partner, C&H) — to be copied on all substantive communications.
10.3. C&H will, in turn, coordinate with SM, Kyprianos Makrides & Partners (Cyprus counsel), and Al-Rashid Hatem & Associates (UAE counsel) to ensure a unified enforcement strategy. Where developments in one jurisdiction may affect the strategy or timing of proceedings in Singapore, C&H will communicate this promptly to SM. C&H will also manage the relationship with Hartwell Pemberton LLP and ensure that updated intelligence and asset tracing reports are shared with SM on a timely basis.
10.4. To the extent necessary and with TSL's consent, C&H may arrange for direct communication between SM and the other local counsel teams on specific operational matters (for example, the coordination of freezing and arrest applications). Any such direct communication should be reported to C&H.
10.5. C&H will also coordinate to ensure that no double recovery occurs. If enforcement proceeds are received in any jurisdiction, C&H will promptly inform all counsel teams so that the amounts claimed in other jurisdictions can be adjusted accordingly. Similarly, if KMH provides security in any jurisdiction, C&H will assess whether and how this affects the enforcement strategy in other jurisdictions and advise accordingly.
11. FEE ARRANGEMENTS
11.1. C&H has agreed with TSL a fee cap arrangement for the overall multi-jurisdictional enforcement engagement. Local counsel fees in Singapore (and in Cyprus and the UAE) are separate from and in addition to the C&H fee cap.
11.2. C&H requests that SM provide a detailed fee estimate for the Singapore engagement as soon as practicable, broken down by the following work streams:
(a) Originating summons application for leave to enforce — including preparation and filing of the originating summons and supporting affidavit, attendance at any ex parte hearing, and any contested hearing if KMH applies to set aside leave;
(b) Garnishee proceedings against Pinnacle Bank — including preparation and filing of the garnishee application, attendance at the show cause hearing, and any contested hearing;
(c) Admiralty arrest and potential judicial sale of M/V *Crimson Horizon* — including preparation and filing of the in rem writ, the arrest application, engagement with the Sheriff, custody costs during the arrest period, and (if required) the judicial sale process;
(d) Anticipated interlocutory applications or contested hearings — including any Mareva injunction application, any application to set aside leave to enforce, any challenge to the arrest, and any other contested proceedings;
(e) Disbursements — including court fees, Sheriff's fees, vessel custody costs, process server costs, and any other material disbursements; and
(f) General advisory and coordination — including advice on Singapore law issues, coordination with C&H and other counsel teams, and review of documentation.
11.3. For SM's reference, TSL's estimated budget for the Singapore local counsel engagement is approximately SGD $480,000. This figure is provided as a guideline only, and we recognise that the actual fees will depend on the complexity of the proceedings and, in particular, on whether the applications are contested. We are happy to discuss the fee estimate with SM and to agree a suitable arrangement, whether on a time-spent basis, a capped fee basis, or a hybrid structure.
11.4. Billing should be rendered monthly in arrears, with detailed narratives for each timekeeper, broken down by work stream. Invoices should be submitted to C&H for review and onward approval by TSL. C&H will process invoices promptly and arrange for payment within TSL's agreed payment cycle, which is typically thirty (30) days from receipt of an approved invoice.
11.5. SM should advise on any requirements for payment of court fees or other disbursements in advance and should provide estimates for those amounts so that TSL can arrange for the necessary funds to be placed on account.
12. CLOSING AND CONTACT INFORMATION
12.1. We look forward to working with SM on this important matter for TSL. We are confident that SM's expertise in Singapore commercial litigation, enforcement, and admiralty law will be invaluable to the overall enforcement strategy.
12.2. We would welcome an introductory call to discuss the strategy and sequencing of the Singapore applications, as well as any preliminary questions that SM may have regarding the instructions set out in this letter. We propose that this call take place in the week commencing 12 August 2024, at a time convenient to both teams. Hannah Brinkley will reach out to your office to arrange a suitable time.
12.3. Our contact details are as follows:
Samuel Eklund — Responsible Partner Direct line: +44 (0)20 7496 8210
Email: s.eklund@calderwoodharkness.com
Hannah Brinkley — Lead Associate (day-to-day contact) Direct line: +44 (0)20 7496 8237
Email: h.brinkley@calderwoodharkness.com
Patrick Gallagher — Working Associate Direct line: +44 (0)20 7496 8244
Email: p.gallagher@calderwoodharkness.com
12.4. Please confirm receipt of this letter and the enclosed documentation at your earliest convenience. We would also ask that you confirm the absence of any conflicts of interest at the earliest opportunity so that we can proceed with the Singapore engagement without delay.
12.5. If you have any preliminary questions regarding these instructions, please do not hesitate to contact us.
Yours sincerely,
CALDERWOOD & HARKNESS LLP
By: ________
Samuel Eklund Partner — Litigation (General) Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom
Tel: +44 (0)20 7496 8210
Email: s.eklund@calderwoodharkness.com
ENCLOSURES LIST
The following documents are enclosed with this letter:
This letter and all enclosures are subject to legal professional privilege and are provided in confidence. They must not be disclosed to any third party without the prior written consent of Calderwood & Harkness LLP.
Component | Amount (£)
Damages for wrongful early redelivery of M/V Aegean Fortuna | £42,300,000
Outstanding hire and damages for M/V Crimson Horizon (comprising £4,280,000 outstanding hire and £23,870,000 loss of bargain) | £28,150,000
Restitution of fabricated off-hire deductions for M/V Volga Spirit | £2,740,000
Loss of profit / market differential damages | £16,480,000
Pre-award interest (5.25% per annum simple from respective dates of breach to date of Award) | £6,780,000
Total Award | £96,450,000
Enclosure | Description
Enclosure 1 | Certified copy of LCIA Award No. 224718, dated 28 June 2024
Enclosure 2 | Certified copies of three charter-party agreements: (i) M/V Aegean Fortuna, dated 15 March 2019; (ii) M/V Crimson Horizon, dated 22 January 2020; (iii) M/V Volga Spirit, dated 10 June 2021
Enclosure 3 | Certificate from the LCIA Registrar confirming the authenticity of the Award
Enclosure 4 | Copy of LCIA Arbitration Rules (2020 edition)
Enclosure 5 | Sealed copy of Worldwide Freezing Order granted by Mr. Justice Ashworth on 16 July 2024 (as continued on 30 July 2024)
Enclosure 6 | Sealed copy of section 66 Arbitration Act 1996 permission order, granted 2 August 2024
Enclosure 7 | Hartwell Pemberton LLP — Preliminary Asset Tracing Report, dated 15 August 2024 [PRIVILEGED AND CONFIDENTIAL — FOR COUNSEL'S EYES ONLY]
Enclosure 8 | Corporate registry extracts — Korinthian Bulkers (Singapore) Pte. Ltd. and related entities
Enclosure 9 | Vessel registry extracts and classification records — M/V Crimson Horizon (IMO 9801334)
Enclosure 10 | Draft originating summons (OS) for leave to enforce LCIA Award No. 224718
Enclosure 11 | Draft supporting affidavit of Captain Dimitrios Kouretas
Enclosure 12 | Draft in rem writ of summons for arrest of M/V Crimson Horizon