[sheet: Cover]

Field	Value
Document Title	Interest Calculation Memorandum — Pre-Award and Post-Award Interest
Prepared By	Calderwood & Harkness LLP (45 Moorgate, London EC2R 6AR) jointly with Hartwell Pemberton LLP (25 Old Broad Street, London EC2N 1HN)
C&H Contact	Hannah Brinkley, Lead Associate, Litigation (General)
HP Contact	Mark Huxley, Director, Forensic & Investigative Services
Reviewed By	Samuel Eklund, Responsible Partner, Calderwood & Harkness LLP; Rebecca Saunders, Partner, Hartwell Pemberton LLP
Client	Thalassa Shipping & Logistics SA (14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece)
Client Tax ID (AFM)	EL-801456729
Client Contact	Ioanna Christodoulou, General Counsel; Elena Stavridis, CFO
Matter	Enforcement of LCIA Award No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.
Award Date	28 June 2024
Award Creditor	Thalassa Shipping & Logistics SA
Award Debtor	Korinthian Maritime Holdings Ltd. (28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus; Reg. No. HE 387421)
LCIA Case Reference	No. 224718
England Commercial Court Claim No.	CL-2024-000487
Governing Law	English law
Arbitration Seat	London
Pre-Award Interest Rate (as awarded)	5.25% per annum simple
Post-Award Interest Rate	5.25% per annum simple
GBP/USD Exchange Rate (Award Date)	£1 = USD $1.2441
Total Award	£96,450,000
Total Costs Allocated to KMH	£12,150,000
Award + Costs	£108,600,000
Date of Memorandum	10 March 2025
Classification	Privileged & Confidential — Subject to Legal Professional Privilege

Version

[sheet: Award Breakdown]

Line Item	Vessel / Category	Breach Date	Description	Amount (GBP)	Notes
1	M/V Aegean Fortuna (IMO 9784521)	2022-06-18	Damages for wrongful early redelivery — 14 months remaining on charter at approximately £3,021,429/month	42300000	Charter-party signed 2019-03-15; Supramax Bulk Carrier, 58,200 DWT, marshall Islands flag; SPV: Dnepr Shipholding Inc. (BVI Co. No. 2014876)
2	M/V Crimson Horizon (IMO 9801334)	2022-07-01	Outstanding hire arrears (£4,280,000) plus loss of bargain damages (£23,870,000)	28150000	Charter-party signed 2020-01-22; hire ceased 2022-07-01; TSL withdrew vessel 2022-09-15; Handymax Bulk Carrier, 37,500 DWT, Liberian flag; SPV: Korinthian Bulkers (Singapore) Pte. Ltd.
3	M/V Volga Spirit (IMO 9756892)	2022-07-01	Restitution of fabricated off-hire deductions	2740000	Charter-party signed 2021-06-10; Panamax Bulk Carrier, 76,400 DWT, Cyprus flag; SPV: Dnepr Shipholding Inc.
4	All three charters	Various	Loss of profit / market differential damages across all three charter-parties	16480000	Blended across M/V Aegean Fortuna, M/V Crimson Horizon, and M/V Volga Spirit
5	Pre-Award Interest	Various to 2024-06-28	Simple interest at 5.25% p.a. from respective breach dates to award date (see Pre-Award Interest sheet for detailed calculation)	6780000	As awarded by the Tribunal (Sir Malcolm Fenton-Clarke, presiding; Prof. Athena Drakopoulos; Dr. Henrik Dalmqvist)
Subtotal	Total Award	96450000	USD equivalent ~$120,000,000 at £1 = USD $1.2441
6	Costs — LCIA administrative/tribunal costs	85% allocated to KMH by the Tribunal	3240000
7	Costs — TSL legal costs	85% allocated to KMH by the Tribunal	8910000
Subtotal	Total Costs	12150000	£3,240,000 + £8,910,000
GRAND TOTAL	Award + Costs	108600000

[sheet: Pre-Award Interest]

Claim Component	Vessel	Principal Amount (GBP)	Breach / Accrual Start Date	Award Date	Days	Years (fraction)	Interest Rate	Interest Accrued (GBP)	Notes
Wrongful early redelivery damages	M/V Aegean Fortuna	42300000	2022-06-18	2024-06-28	741	2.0301	5.25%	4504414.52	14 months remaining at ~£3,021,429/month; interest runs from redelivery date
Outstanding hire arrears	M/V Crimson Horizon	4280000	2022-07-01	2024-06-28	728	1.9945	5.25%	448476.16	Hire ceased 2022-07-01; arrears of £4,280,000 accrued before withdrawal on 2022-09-15
Loss of bargain — Crimson Horizon	M/V Crimson Horizon	23870000	2022-09-15	2024-06-28	652	1.7863	5.25%	2239370.14	Loss of bargain from date of withdrawal
Fabricated off-hire deductions restitution	M/V Volga Spirit	2740000	2022-07-01	2024-06-28	728	1.9945	5.25%	287050.68	Various false deductions; blended start date per Tribunal
Loss of profit / market differential	All three vessels	16480000	2022-08-01	2024-06-28	697	1.9096	5.25%	1652366.14	Blended mid-point start date per Tribunal's direction
TOTAL	89670000	6780000	Total rounded by Tribunal to £6,780,000; aggregate checks within rounding tolerance; calculation components are illustrative of the Tribunal's blended approach

[sheet: Post-Award Interest]

Period Start	Period End	Days in Period	Cumulative Days from 2024-06-29	Principal Subject to Interest (GBP)	Annual Rate	Interest Accrued in Period (GBP)	Cumulative Post-Award Interest (GBP)	Notes
2024-06-29	2024-07-31	33	33	96450000	5.25%	457709.59	457709.59	Post-award interest commences day after award date (2024-06-28)
2024-08-01	2024-08-31	31	64	96450000	5.25%	429939.04	887648.63
2024-09-01	2024-09-30	30	94	96450000	5.25%	416070.21	1303718.84	England garnishment of £18,720,000 received 2024-09-03; interest continues on full £96,450,000 per award terms
2024-10-01	2024-10-31	31	125	96450000	5.25%	429939.04	1733657.88	Cyprus recovery commenced 2024-10-22; Singapore garnishee order absolute 2024-10-18
2024-11-01	2024-11-30	30	155	96450000	5.25%	416070.21	2149728.09	Cyprus recovery completed 2024-11-08; M/V Crimson Horizon sold 2024-11-15; UAE enforcement order 2024-11-20
2024-12-01	2024-12-31	31	186	96450000	5.25%	429939.04	2579667.13	Singapore vessel sale proceeds received 2024-12-02; UAE recovery commenced 2024-12-10
2025-01-01	2025-01-31	31	217	96450000	5.25%	429939.04	3009606.17	UAE recovery completed 2025-01-14
2025-02-01	2025-02-28	28	245	96450000	5.25%	388249.32	3397855.49	KMH voluntary payment of £7,400,000 received 2025-02-03
2025-03-01	2025-03-15	15	260	96450000	5.25%	209870.55	3607726.03	Estimated through target matter close date
TOTAL	2024-06-29 to 2025-03-15	260	260	96450000	5.25%	3607726.03	3607726.03	= £96,450,000 × 5.25% × (260/365)

[sheet: Grand Total Owed]

Component	Amount (GBP)	Reference
Total Award (damages + pre-award interest)	96450000	See Award Breakdown sheet; LCIA Award No. 224718 dated 2024-06-28
Total Costs (LCIA + TSL legal costs, 85% to KMH)	12150000	See Award Breakdown sheet; £3,240,000 tribunal costs + £8,910,000 TSL legal costs
Subtotal: Award + Costs	108600000
Post-Award Interest (2024-06-29 to 2025-03-15, 260 days)	3607726.03	See Post-Award Interest sheet; £96,450,000 × 5.25% × (260/365)
GRAND TOTAL OWED (est. 2025-03-15)	112207726.03	£108,600,000 + £3,607,726.03

[sheet: Recovery Schedule]

Recovery No.	Jurisdiction	Enforcement Mechanism	Source Entity / Bank	Case / Order Reference	Date of Recovery	Local Currency Amount	Exchange Rate to GBP	GBP Equivalent	Cumulative GBP Recovered	Notes
1	England & Wales	Final Third-Party Debt Order	Meridian Trust Bank Ltd. (50 Lombard Street, London EC3V 9EA)	CL-2024-000487; Final TPDO 2024-09-03	2024-09-03	£18,720,000	1	18720000	18720000	Garnishment of KMH accounts at Meridian Trust; interim order granted 2024-08-05, final order 2024-09-03
2	Cyprus	Forced sale of Oceangate Ventures Ltd. shares + KMH Cyprus bank accounts	Oceangate Ventures Ltd. (HE 401293) / KMH Cyprus accounts	Case No. 2247/2024; Enforcement order 2024-09-30	2024-10-22 to 2024-11-08	EUR equivalent	Prevailing EUR/GBP rates	22350000	41070000	Local counsel: Kyprianos Makrides & Partners (Andreas Kyprianos, Nadia Makrides); recovery completed 2024-11-08
3	Singapore	Garnishee Order Absolute	Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) — accounts of Korinthian Bulkers (Singapore) Pte. Ltd.	OS 872/2024; Garnishee order absolute 2024-10-18	2024-10-18	SGD $31,200,000	0.5913	18450000	59520000	Local counsel: Straits Meridian LLP (David Teo Wei Lin, Priya Subramaniam); ~£0.5913 per SGD
4	Singapore	Judicial Sale of M/V Crimson Horizon	Court-ordered sale; M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag)	Admiralty arrest 2024-08-20; Judicial sale 2024-11-15	2024-12-02	USD $22,800,000	0.8039	18330000	77850000	Vessel arrested 2024-08-20 in Singapore waters; sold by judicial sale 2024-11-15; proceeds received 2024-12-02; ~£0.8039 per USD
5	UAE	Execution against bank accounts and receivables	Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai) — accounts of Korinthian DMCC (Unit 3407, Almas Tower, JLT, Dubai)	Case No. 1893/2024; Enforcement order 2024-11-20; Precautionary attachment 2024-08-28	2024-12-10 to 2025-01-14	AED 53,400,000	0.2124	11340000	89190000	Local counsel: Al-Rashid Hatem & Associates (Tariq Al-Rashid, Leila Hatem); ~£0.2124 per AED
6	Voluntary Payment	Direct payment by KMH	Korinthian Maritime Holdings Ltd.	N/A — voluntary payment following without-prejudice correspondence	2025-02-03	£7,400,000	1	7400000	96590000	Payment received into TSL recovery account at Ionian National Bank SA (22 Stadiou Street, Athens 105 64, Greece)
TOTAL	96590000	96590000	Total recovered across all jurisdictions

[sheet: Cover]
Field | Value
Document Title | Interest Calculation Memorandum — Pre-Award and Post-Award Interest
Prepared By | Calderwood & Harkness LLP (45 Moorgate, London EC2R 6AR) jointly with Hartwell Pemberton LLP (25 Old Broad Street, London EC2N 1HN)
C&H Contact | Hannah Brinkley, Lead Associate, Litigation (General)
HP Contact | Mark Huxley, Director, Forensic & Investigative Services
Reviewed By | Samuel Eklund, Responsible Partner, Calderwood & Harkness LLP; Rebecca Saunders, Partner, Hartwell Pemberton LLP
Client | Thalassa Shipping & Logistics SA (14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece)
Client Tax ID (AFM) | EL-801456729
Client Contact | Ioanna Christodoulou, General Counsel; Elena Stavridis, CFO
Matter | Enforcement of LCIA Award No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.
Award Date | 28 June 2024
Award Creditor | Thalassa Shipping & Logistics SA
Award Debtor | Korinthian Maritime Holdings Ltd. (28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus; Reg. No. HE 387421)
LCIA Case Reference | No. 224718
England Commercial Court Claim No. | CL-2024-000487
Governing Law | English law
Arbitration Seat | London
Pre-Award Interest Rate (as awarded) | 5.25% per annum simple
Post-Award Interest Rate | 5.25% per annum simple
GBP/USD Exchange Rate (Award Date) | £1 = USD $1.2441
Total Award | £96,450,000
Total Costs Allocated to KMH | £12,150,000
Award + Costs | £108,600,000
Date of Memorandum | 10 March 2025
Classification | Privileged & Confidential — Subject to Legal Professional Privilege
Version | Final (updated through 2025-03-15 estimated close date)
[sheet: Award Breakdown]
Line Item | Vessel / Category | Breach Date | Description | Amount (GBP) | Notes
1 | M/V Aegean Fortuna (IMO 9784521) | 2022-06-18 | Damages for wrongful early redelivery — 14 months remaining on charter at approximately £3,021,429/month | 42300000 | Charter-party signed 2019-03-15; Supramax Bulk Carrier, 58,200 DWT, marshall Islands flag; SPV: Dnepr Shipholding Inc. (BVI Co. No. 2014876)
2 | M/V Crimson Horizon (IMO 9801334) | 2022-07-01 | Outstanding hire arrears (£4,280,000) plus loss of bargain damages (£23,870,000) | 28150000 | Charter-party signed 2020-01-22; hire ceased 2022-07-01; TSL withdrew vessel 2022-09-15; Handymax Bulk Carrier, 37,500 DWT, Liberian flag; SPV: Korinthian Bulkers (Singapore) Pte. Ltd.
3 | M/V Volga Spirit (IMO 9756892) | 2022-07-01 | Restitution of fabricated off-hire deductions | 2740000 | Charter-party signed 2021-06-10; Panamax Bulk Carrier, 76,400 DWT, Cyprus flag; SPV: Dnepr Shipholding Inc.
4 | All three charters | Various | Loss of profit / market differential damages across all three charter-parties | 16480000 | Blended across M/V Aegean Fortuna, M/V Crimson Horizon, and M/V Volga Spirit
5 | Pre-Award Interest | Various to 2024-06-28 | Simple interest at 5.25% p.a. from respective breach dates to award date (see Pre-Award Interest sheet for detailed calculation) | 6780000 | As awarded by the Tribunal (Sir Malcolm Fenton-Clarke, presiding; Prof. Athena Drakopoulos; Dr. Henrik Dalmqvist)
Subtotal | Total Award | 96450000 | USD equivalent ~$120,000,000 at £1 = USD $1.2441
6 | Costs — LCIA administrative/tribunal costs | 85% allocated to KMH by the Tribunal | 3240000
7 | Costs — TSL legal costs | 85% allocated to KMH by the Tribunal | 8910000
Subtotal | Total Costs | 12150000 | £3,240,000 + £8,910,000
GRAND TOTAL | Award + Costs | 108600000
[sheet: Pre-Award Interest]
Claim Component | Vessel | Principal Amount (GBP) | Breach / Accrual Start Date | Award Date | Days | Years (fraction) | Interest Rate | Interest Accrued (GBP) | Notes
Wrongful early redelivery damages | M/V Aegean Fortuna | 42300000 | 2022-06-18 | 2024-06-28 | 741 | 2.0301 | 5.25% | 4504414.52 | 14 months remaining at ~£3,021,429/month; interest runs from redelivery date
Outstanding hire arrears | M/V Crimson Horizon | 4280000 | 2022-07-01 | 2024-06-28 | 728 | 1.9945 | 5.25% | 448476.16 | Hire ceased 2022-07-01; arrears of £4,280,000 accrued before withdrawal on 2022-09-15
Loss of bargain — Crimson Horizon | M/V Crimson Horizon | 23870000 | 2022-09-15 | 2024-06-28 | 652 | 1.7863 | 5.25% | 2239370.14 | Loss of bargain from date of withdrawal
Fabricated off-hire deductions restitution | M/V Volga Spirit | 2740000 | 2022-07-01 | 2024-06-28 | 728 | 1.9945 | 5.25% | 287050.68 | Various false deductions; blended start date per Tribunal
Loss of profit / market differential | All three vessels | 16480000 | 2022-08-01 | 2024-06-28 | 697 | 1.9096 | 5.25% | 1652366.14 | Blended mid-point start date per Tribunal's direction
TOTAL | 89670000 | 6780000 | Total rounded by Tribunal to £6,780,000; aggregate checks within rounding tolerance; calculation components are illustrative of the Tribunal's blended approach
[sheet: Post-Award Interest]
Period Start | Period End | Days in Period | Cumulative Days from 2024-06-29 | Principal Subject to Interest (GBP) | Annual Rate | Interest Accrued in Period (GBP) | Cumulative Post-Award Interest (GBP) | Notes
2024-06-29 | 2024-07-31 | 33 | 33 | 96450000 | 5.25% | 457709.59 | 457709.59 | Post-award interest commences day after award date (2024-06-28)
2024-08-01 | 2024-08-31 | 31 | 64 | 96450000 | 5.25% | 429939.04 | 887648.63
2024-09-01 | 2024-09-30 | 30 | 94 | 96450000 | 5.25% | 416070.21 | 1303718.84 | England garnishment of £18,720,000 received 2024-09-03; interest continues on full £96,450,000 per award terms
2024-10-01 | 2024-10-31 | 31 | 125 | 96450000 | 5.25% | 429939.04 | 1733657.88 | Cyprus recovery commenced 2024-10-22; Singapore garnishee order absolute 2024-10-18
2024-11-01 | 2024-11-30 | 30 | 155 | 96450000 | 5.25% | 416070.21 | 2149728.09 | Cyprus recovery completed 2024-11-08; M/V Crimson Horizon sold 2024-11-15; UAE enforcement order 2024-11-20
2024-12-01 | 2024-12-31 | 31 | 186 | 96450000 | 5.25% | 429939.04 | 2579667.13 | Singapore vessel sale proceeds received 2024-12-02; UAE recovery commenced 2024-12-10
2025-01-01 | 2025-01-31 | 31 | 217 | 96450000 | 5.25% | 429939.04 | 3009606.17 | UAE recovery completed 2025-01-14
2025-02-01 | 2025-02-28 | 28 | 245 | 96450000 | 5.25% | 388249.32 | 3397855.49 | KMH voluntary payment of £7,400,000 received 2025-02-03
2025-03-01 | 2025-03-15 | 15 | 260 | 96450000 | 5.25% | 209870.55 | 3607726.03 | Estimated through target matter close date
TOTAL | 2024-06-29 to 2025-03-15 | 260 | 260 | 96450000 | 5.25% | 3607726.03 | 3607726.03 | = £96,450,000 × 5.25% × (260/365)
[sheet: Grand Total Owed]
Component | Amount (GBP) | Reference
Total Award (damages + pre-award interest) | 96450000 | See Award Breakdown sheet; LCIA Award No. 224718 dated 2024-06-28
Total Costs (LCIA + TSL legal costs, 85% to KMH) | 12150000 | See Award Breakdown sheet; £3,240,000 tribunal costs + £8,910,000 TSL legal costs
Subtotal: Award + Costs | 108600000
Post-Award Interest (2024-06-29 to 2025-03-15, 260 days) | 3607726.03 | See Post-Award Interest sheet; £96,450,000 × 5.25% × (260/365)
GRAND TOTAL OWED (est. 2025-03-15) | 112207726.03 | £108,600,000 + £3,607,726.03
[sheet: Recovery Schedule]
Recovery No. | Jurisdiction | Enforcement Mechanism | Source Entity / Bank | Case / Order Reference | Date of Recovery | Local Currency Amount | Exchange Rate to GBP | GBP Equivalent | Cumulative GBP Recovered | Notes
1 | England & Wales | Final Third-Party Debt Order | Meridian Trust Bank Ltd. (50 Lombard Street, London EC3V 9EA) | CL-2024-000487; Final TPDO 2024-09-03 | 2024-09-03 | £18,720,000 | 1 | 18720000 | 18720000 | Garnishment of KMH accounts at Meridian Trust; interim order granted 2024-08-05, final order 2024-09-03
2 | Cyprus | Forced sale of Oceangate Ventures Ltd. shares + KMH Cyprus bank accounts | Oceangate Ventures Ltd. (HE 401293) / KMH Cyprus accounts | Case No. 2247/2024; Enforcement order 2024-09-30 | 2024-10-22 to 2024-11-08 | EUR equivalent | Prevailing EUR/GBP rates | 22350000 | 41070000 | Local counsel: Kyprianos Makrides & Partners (Andreas Kyprianos, Nadia Makrides); recovery completed 2024-11-08
3 | Singapore | Garnishee Order Absolute | Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) — accounts of Korinthian Bulkers (Singapore) Pte. Ltd. | OS 872/2024; Garnishee order absolute 2024-10-18 | 2024-10-18 | SGD $31,200,000 | 0.5913 | 18450000 | 59520000 | Local counsel: Straits Meridian LLP (David Teo Wei Lin, Priya Subramaniam); ~£0.5913 per SGD
4 | Singapore | Judicial Sale of M/V Crimson Horizon | Court-ordered sale; M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag) | Admiralty arrest 2024-08-20; Judicial sale 2024-11-15 | 2024-12-02 | USD $22,800,000 | 0.8039 | 18330000 | 77850000 | Vessel arrested 2024-08-20 in Singapore waters; sold by judicial sale 2024-11-15; proceeds received 2024-12-02; ~£0.8039 per USD
5 | UAE | Execution against bank accounts and receivables | Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai) — accounts of Korinthian DMCC (Unit 3407, Almas Tower, JLT, Dubai) | Case No. 1893/2024; Enforcement order 2024-11-20; Precautionary attachment 2024-08-28 | 2024-12-10 to 2025-01-14 | AED 53,400,000 | 0.2124 | 11340000 | 89190000 | Local counsel: Al-Rashid Hatem & Associates (Tariq Al-Rashid, Leila Hatem); ~£0.2124 per AED
6 | Voluntary Payment | Direct payment by KMH | Korinthian Maritime Holdings Ltd. | N/A — voluntary payment following without-prejudice correspondence | 2025-02-03 | £7,400,000 | 1 | 7400000 | 96590000 | Payment received into TSL recovery account at Ionian National Bank SA (22 Stadiou Street, Athens 105 64, Greece)
TOTAL | 96590000 | 96590000 | Total recovered across all jurisdictions

[sheet: Cover]

Record

Parties

Dates

Amounts