[sheet: Cover]
Field | Value
Document Title | Jurisdictional Priority Matrix — Enforcement Prospects by Jurisdiction
Matter | Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.
LCIA Reference | No. 224718
Award Date | 28 June 2024
Total Award | £96,450,000
Total Award + Costs | £108,600,000
Post-Award Interest Rate | 5.25% per annum simple on £96,450,000 from 29 June 2024
Grand Total Owed (est. 15 March 2025) | £112,207,726.03
GBP/USD Exchange Rate (28 June 2024) | £1 = USD $1.2441
Prepared By | Hannah Brinkley (Lead Associate) / Patrick Gallagher (Working Associate)
Reviewed By | Samuel Eklund (Responsible Partner)
Classification | PRIVILEGED & CONFIDENTIAL — Attorney Work Product
Initially Prepared | 14 September 2024
Last Updated | 7 February 2025
Client | Thalassa Shipping & Logistics SA
Client Contact | Ioanna Christodoulou, General Counsel
Client Address | 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece
Award Debtor | Korinthian Maritime Holdings Ltd. (HE 387421)
Award Debtor Registered Address | 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus
Target Jurisdictions | England & Wales; Cyprus; Singapore; UAE
[sheet: Priority Matrix]
Jurisdiction | Local Counsel | Identified Assets / Targets | Estimated Asset Value — Local Currency | Estimated Asset Value — GBP Equivalent | Legal Framework | Legal Framework Favorability Score (1-5) | Expected Timeline to Enforcement Order | Expected Timeline to Recovery | Timeline Score (1-5, 5=fastest) | Estimated Local Counsel Fees | Estimated C&H Cost Allocation | Estimated Disbursements | Total Estimated Cost | Cost Score (1-5, 5=lowest cost) | Risk of Challenge / Opposition | Challenge Risk Score (1-5, 5=lowest risk) | Estimated Recovery Amount — GBP | Recovery Confidence (%) | Recovery Score (1-5) | Overall Priority Score | Recommended Sequence | Status as of Last Update | Actual Amount Recovered — GBP | Notes
England & Wales | Calderwood & Harkness LLP (direct); 45 Moorgate, London EC2R 6AR | KMH bank accounts at Meridian Trust Bank Ltd. (50 Lombard Street, London EC3V 9EA); WFO ancillary disclosure may reveal additional assets | ~£18,700,000 (identified account balances) | 18700000 | Arbitration Act 1996, s. 66 (enforcement as judgment); CPR Part 72 (TPDO); Commercial Court WFO jurisdiction. Highly developed, pro-enforcement regime. Seat of arbitration — no New York Convention required, direct s. 66 route. | 5 | 2-4 weeks for s. 66 permission; WFO ex parte within days | 4-8 weeks for final TPDO; set-aside risk adds 2-3 months | 4 | N/A (C&H direct — no separate local counsel) | 850000 | 80000 | 930000 | 4 | KMH filed set-aside under ss. 68/69 on 19 Aug 2024 via Harkness Whitford & Co. (SRA No. 614823); assessed as low risk (<10%). Dismissed 11 Oct 2024 by Mr. Justice Ashworth with indemnity costs. | 4 | 18720000 | 95 | 5 | 4.4 | 1 | COMPLETE — Permission to enforce granted 2 Aug 2024 (CL-2024-000487). WFO granted 16 Jul 2024 (continued 30 Jul 2024). Interim TPDO 5 Aug 2024; final TPDO 3 Sep 2024. Set-aside dismissed 11 Oct 2024. £18,720,000 garnished from Meridian Trust Bank Ltd. | 18720000 | First priority due to seat of arbitration, fastest route, and WFO providing global support for all other jurisdictions. WFO remains in force (up to £108,600,000, to be reduced to outstanding balance).
Cyprus | Kyprianos Makrides & Partners; Andreas Kyprianos (Senior Partner), Nadia Makrides (Partner); 15 Grivas Digenis Avenue, Nicosia 1066, Cyprus | KMH registered office & bank accounts in Cyprus; 100% shareholding in Oceangate Ventures Ltd. (HE 401293, 28 Themistokli Dervi Avenue, Suite 604, Nicosia 1066); Oceangate is intermediate holding company for fleet SPVs including Dnepr Shipholding Inc. (BVI Co. No. 2014876) | ~EUR 26,000,000 (Oceangate shares + bank accounts, estimated) | 22350000 | New York Convention as implemented in Cyprus Arbitration Law, Cap. 4; Nicosia District Court. Generally pro-enforcement but slower procedural timelines. Freezing injunction available. | 4 | 6-8 weeks for enforcement order | 8-14 weeks for full recovery (including forced share sale) | 3 | €285,000 (Kyprianos Makrides & Partners) | 620000 | 45000 | 950000 | 3 | KMH opposed via Vassiliadis & Economou LLC (7 Stasinou Avenue, 3rd Floor, Nicosia 1060) on public policy and notice grounds under Article V NYC — assessed as weak. Opposition dismissed; enforcement order granted 30 Sep 2024. | 4 | 22350000 | 85 | 4 | 3.6 | 2 | COMPLETE — Application filed 9 Aug 2024 (Case No. 2247/2024). Freezing injunction 12 Aug 2024. Enforcement order 30 Sep 2024. Recovery of £22,350,000 (GBP equiv. from EUR) via forced sale of Oceangate shares and bank accounts, 22 Oct – 8 Nov 2024. Funds remitted to TSL at Ionian National Bank SA. | 22350000 | Second priority — significant asset base (Oceangate shareholding controls fleet SPVs). Strategically important to freeze corporate structure.
Singapore | Straits Meridian LLP; David Teo Wei Lin (Partner), Priya Subramaniam (Senior Associate); 1 Raffles Place, #44-01 One Raffles Place Tower 2, Singapore 048616 | (1) Bank accounts of Korinthian Bulkers (Singapore) Pte. Ltd. (80 Robinson Road, #14-02, Singapore 068898) at Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909); (2) M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag) — vessel subject to admiralty arrest | (1) SGD $31,200,000 (bank); (2) USD $22,800,000 (vessel sale) | 36780000 | International Arbitration Act (Cap. 143A) — strong pro-enforcement regime; High Court (Admiralty Jurisdiction) Act for vessel arrest (including associated ship doctrine to reach SPV-owned vessels). Garnishee proceedings under Rules of Court. | 5 | 3-4 weeks for leave to enforce; arrest can be executed within days once vessel in jurisdiction | Garnishee: 6-10 weeks; Vessel judicial sale: 3-4 months from arrest | 3 | SGD $480,000 (Straits Meridian LLP) | 780000 | 120000 | 1380000 | 2 | Low opposition risk on enforcement; beneficial ownership analysis required for vessel arrest (Korinthian Bulkers (Singapore) Pte. Ltd. is wholly-owned subsidiary of KMH via Oceangate). KMH did not post security after arrest. | 4 | 36780000 | 90 | 5 | 3.8 | 2 | COMPLETE — OS 872/2024 filed 14 Aug 2024. Leave to enforce 6 Sep 2024. Vessel arrested 20 Aug 2024. Garnishee order absolute 18 Oct 2024 (SGD $31,200,000 ≈ £18,450,000). M/V Crimson Horizon sold by judicial sale 15 Nov 2024 for USD $22,800,000 (≈ £18,330,000); proceeds received 2 Dec 2024. Total Singapore recovery: £36,780,000. | 36780000 | Equal second priority with Cyprus — largest single-jurisdiction recovery. Vessel arrest was time-critical (needed vessel to enter Singapore waters). Valuation by Northcape Maritime Advisory Ltd. (Captain Ian Forsyth).
United Arab Emirates | Al-Rashid Hatem & Associates; Tariq Al-Rashid (Managing Partner), Leila Hatem (Partner); Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai | Korinthian DMCC accounts and receivables at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai); Korinthian DMCC (Unit 3407, Almas Tower, JLT, Dubai) held operational funds and trade receivables | AED 53,400,000 | 11340000 | UAE Federal Law No. 6 of 2018 (UAE Arbitration Law) and New York Convention; Dubai Court of First Instance. Precautionary attachment available under Civil Procedure Law. Requirement for certified Arabic translations and document legalization adds procedural complexity. | 3 | 8-12 weeks for enforcement order | 12-20 weeks for full recovery | 2 | AED 620,000 (Al-Rashid Hatem & Associates) | 550000 | 85000 | 1255000 | 3 | Moderate procedural complexity; no substantive challenge anticipated. Translation and legalization requirements slow process. Enforcement order granted 20 Nov 2024. | 3 | 11340000 | 80 | 3 | 2.8 | 3 | COMPLETE — Application filed 22 Aug 2024 (Case No. 1893/2024). Precautionary attachment 28 Aug 2024. Enforcement order 20 Nov 2024. Recovery of AED 53,400,000 (≈ £11,340,000) from EGCB accounts and receivables, 10 Dec 2024 – 14 Jan 2025. Funds remitted to TSL at Ionian National Bank SA. | 11340000 | Third priority — smaller identified asset base and longer timeline, but worth pursuing given aggregate recovery needs. Also relevant for potential arrest of M/V Volga Spirit (IMO 9756892, last reported Fujairah anchorage).
[sheet: Asset Detail]
Jurisdiction | Asset / Target Description | Holding Entity | Entity Registration | Ownership Chain to KMH | Bank / Custodian | Bank Address | Estimated Value — Local Currency | Estimated Value — GBP | Enforcement Mechanism | Freezing / Attachment Status | Recovery Status | Actual Recovery — GBP | Source of intelligence
England & Wales | KMH bank accounts (current and deposit) | Korinthian Maritime Holdings Ltd. | HE 387421 (Cyprus) | Direct — KMH is the award debtor | Meridian Trust Bank Ltd. | 50 Lombard Street, London EC3V 9EA | ~£18,720,000 | 18720000 | Third-Party Debt Order (CPR Part 72) | Interim TPDO 5 Aug 2024; Final TPDO 3 Sep 2024 | RECOVERED | 18720000 | Hartwell Pemberton LLP asset tracing; WFO disclosure
Cyprus | 100% shareholding in Oceangate Ventures Ltd. | Korinthian Maritime Holdings Ltd. | Oceangate: HE 401293; KMH: HE 387421 | KMH → 100% Oceangate → fleet SPVs (incl. Dnepr Shipholding Inc., BVI Co. No. 2014876) | N/A (shares held directly) | 28 Themistokli Dervi Avenue, Suite 604, Nicosia 1066 | ~EUR 20,000,000 (estimated share value) | 17100000 | Forced sale under Cypriot execution law | Freezing injunction 12 Aug 2024 | RECOVERED (part of Cyprus total) | 0 | Hartwell Pemberton LLP corporate structure analysis
Cyprus | KMH bank accounts in Cyprus | Korinthian Maritime Holdings Ltd. | HE 387421 | Direct | Various Cypriot banks (identified via KM&P inquiries) | Nicosia, Cyprus | ~EUR 6,000,000 | 5250000 | Bank account garnishment / execution | Freezing injunction 12 Aug 2024 | RECOVERED (part of Cyprus total) | 0 | Hartwell Pemberton LLP; KM&P local inquiries
Cyprus (combined) | Total Cyprus recovery (shares + accounts) | — | — | — | — | — | — | 22350000 | — | — | RECOVERED — 22 Oct to 8 Nov 2024 | 22350000 | —
Singapore | Bank accounts of Korinthian Bulkers (Singapore) Pte. Ltd. | Korinthian Bulkers (Singapore) Pte. Ltd. | Singapore private limited company; 80 Robinson Road, #14-02, Singapore 068898 | KMH → Oceangate Ventures Ltd. → Korinthian Bulkers (Singapore) Pte. Ltd. (held proceeds from M/V Crimson Horizon operations/sale) | Pinnacle Bank (Singapore) Ltd. | 6 Battery Road, #20-01, Singapore 049909 | SGD $31,200,000 | 18450000 | Garnishee order (show cause → absolute) | Garnishee order absolute 18 Oct 2024 | RECOVERED | 18450000 | Hartwell Pemberton LLP; Straits Meridian LLP inquiries
Singapore | M/V Crimson Horizon (Handymax Bulk Carrier, 37,500 DWT, Liberian flag, IMO 9801334) | Korinthian Bulkers (Singapore) Pte. Ltd. | Singapore private limited company | KMH → Oceangate → Korinthian Bulkers (Singapore) Pte. Ltd. (registered owner); associated ship doctrine applicable | N/A (physical vessel) | Arrested in Singapore waters 20 Aug 2024 | USD $22,800,000 (judicial sale price) | 18330000 | Admiralty arrest → judicial sale under High Court (Admiralty Jurisdiction) Act | Arrested 20 Aug 2024; sold 15 Nov 2024 | RECOVERED — proceeds received 2 Dec 2024 | 18330000 | Vessel tracking; Northcape Maritime Advisory Ltd. valuation (Captain Ian Forsyth)
Singapore (combined) | Total Singapore recovery (bank accounts + vessel sale) | — | — | — | — | — | — | 36780000 | — | — | RECOVERED — 18 Oct to 2 Dec 2024 | 36780000 | —
UAE | Korinthian DMCC bank accounts and operational receivables | Korinthian DMCC | DMCC free zone company; Unit 3407, Almas Tower, JLT, Dubai | KMH → Korinthian DMCC (controlled by Volkov family; operational funds and trade receivables) | Emirates Gulf Commercial Bank PJSC | Gate Village 3, DIFC, Dubai, UAE | AED 53,400,000 | 11340000 | Precautionary attachment → execution attachment under UAE Civil Procedure Law | Precautionary attachment 28 Aug 2024; converted to execution post-enforcement order 20 Nov 2024 | RECOVERED — 10 Dec 2024 to 14 Jan 2025 | 11340000 | Hartwell Pemberton LLP; Al-Rashid Hatem & Associates local inquiries
UAE (potential) | M/V Volga Spirit (Panamax Bulk Carrier, 76,400 DWT, Cyprus flag, IMO 9756892) | Dnepr Shipholding Inc. | BVI Co. No. 2014876; c/o Vantage Corporate Services Ltd., Road Town, Tortola, BVI | KMH → Oceangate Ventures Ltd. → Dnepr Shipholding Inc. (registered owner) | N/A (physical vessel) | Last reported at Fujairah anchorage | Estimated USD $30-35M (Northcape preliminary assessment) | £24,000,000 – £28,000,000 (estimated) | Admiralty arrest if vessel enters port where enforcement order/award recognised | PENDING — vessel movement being monitored | OUTSTANDING — pursuit ongoing | 0 | Vessel tracking; Northcape Maritime Advisory Ltd.
Multiple / TBD | Sub-charterer receivables owed to KMH / subsidiaries | Various KMH entities | Various | Direct obligations owed to KMH or subsidiaries | Various sub-charterer banks | Various | ~£4,200,000 (estimated total) | 4200000 | Third-party attachment in relevant jurisdictions | Identification in progress (WFO disclosure + HP tracing) | OUTSTANDING — pursuit ongoing | 0 | Hartwell Pemberton LLP; WFO disclosure by KMH
TOTAL | All identified and recovered assets | — | — | — | — | — | — | — | — | — | 89190000 | Total actual recoveries (excl. KMH voluntary payment of £7,400,000)
[sheet: Timeline & Sequencing]
Sequence No. | Date | Jurisdiction | Event / Action | Case Reference | Court / Authority | Status | Amount Involved — GBP | Responsible Counsel | Notes
1 | 2024-07-08 | England & Wales | Pre-enforcement demand letter to Harkness Whitford & Co. | N/A | N/A | Complete | 0 | Samuel Eklund (C&H) | 14-day demand; no response from KMH
2 | 2024-07-15 | England & Wales | s. 66 application filed | CL-2024-000487 | Commercial Court | Complete | 108600000 | Samuel Eklund / Hannah Brinkley (C&H) | Application for permission to enforce LCIA Award No. 224718
3 | 2024-07-16 | England & Wales | Worldwide Freezing Order granted (ex parte) | CL-2024-000487 | Commercial Court — Mr. Justice Ashworth | Complete | 108600000 | C&H | Up to £108,600,000; global asset freeze
4 | 2024-07-30 | England & Wales | WFO continued on return date | CL-2024-000487 | Commercial Court — Mr. Justice Ashworth | Complete | 108600000 | C&H | Continued with modifications
5 | 2024-08-02 | England & Wales | Permission to enforce granted | CL-2024-000487 | Commercial Court — Mr. Justice Ashworth | Complete | 108600000 | C&H | Award enforceable as judgment of the court
6 | 2024-08-05 | England & Wales | Interim TPDO against Meridian Trust Bank Ltd. | CL-2024-000487 | Commercial Court | Complete | 18720000 | Hannah Brinkley (C&H) | Accounts of KMH at 50 Lombard Street frozen
7 | 2024-08-06 | Cyprus | Instruction letter to Kyprianos Makrides & Partners | N/A | N/A | Complete | 0 | Hannah Brinkley (C&H) | Instructing Cyprus enforcement proceedings
8 | 2024-08-09 | Cyprus | Enforcement application filed (New York Convention / Cap. 4) | 2247/2024 | Nicosia District Court | Complete | 108600000 | Andreas Kyprianos / Nadia Makrides (KM&P) | Recognition and enforcement of LCIA award
9 | 2024-08-10 | Singapore | Instruction letter to Straits Meridian LLP | N/A | N/A | Complete | 0 | Samuel Eklund (C&H) | Instructing Singapore enforcement and vessel arrest
10 | 2024-08-12 | Cyprus | Freezing injunction granted (Oceangate shares + KMH accounts) | 2247/2024 | Nicosia District Court | Complete | 0 | KM&P | Freezing Oceangate Ventures shares and KMH bank accounts
11 | 2024-08-14 | Singapore | Enforcement application filed (IAA Cap. 143A) | OS 872/2024 | Singapore High Court | Complete | 108600000 | David Teo Wei Lin / Priya Subramaniam (SM) | Originating summons for leave to enforce
12 | 2024-08-18 | UAE | Instruction letter to Al-Rashid Hatem & Associates | N/A | N/A | Complete | 0 | Samuel Eklund (C&H) | Instructing UAE enforcement
13 | 2024-08-19 | England & Wales | KMH set-aside application filed (ss. 68/69) | CL-2024-000487 | Commercial Court | Dismissed | 0 | Harkness Whitford & Co. (for KMH) | Alleged serious irregularity and errors of law — assessed as <10% risk
14 | 2024-08-20 | Singapore | M/V Crimson Horizon arrested | Admiralty action | Singapore High Court (Admiralty) | Complete | 18330000 | SM | IMO 9801334; arrested by Sheriff of the Supreme Court in Singapore waters
15 | 2024-08-22 | UAE | Enforcement application filed (UAE Arb. Law / NYC) | 1893/2024 | Dubai Court of First Instance | Complete | 108600000 | Tariq Al-Rashid / Leila Hatem (ARH) | Application for recognition and enforcement under UAE Federal Law No. 6 of 2018
16 | 2024-08-28 | UAE | Precautionary attachment granted (Korinthian DMCC at EGCB) | 1893/2024 | Dubai Court of First Instance | Complete | 11340000 | ARH | Accounts at Emirates Gulf Commercial Bank PJSC frozen
17 | 2024-09-03 | England & Wales | Final TPDO — £18,720,000 garnished from Meridian Trust Bank Ltd. | CL-2024-000487 | Commercial Court | RECOVERED | 18720000 | C&H | First recovery milestone
18 | 2024-09-06 | Singapore | Leave to enforce granted | OS 872/2024 | Singapore High Court | Complete | 0 | SM | Award recognised and enforceable in Singapore
19 | 2024-09-30 | Cyprus | Enforcement order granted (opposition dismissed) | 2247/2024 | Nicosia District Court | Complete | 0 | KM&P | V&E opposition on public policy / notice grounds rejected
20 | 2024-10-11 | England & Wales | KMH set-aside application dismissed | CL-2024-000487 | Commercial Court — Mr. Justice Ashworth | Complete | 0 | C&H | Dismissed with indemnity costs; hearing attended by Hannah Brinkley
21 | 2024-10-18 | Singapore | Garnishee order absolute — SGD $31,200,000 (≈ £18,450,000) | OS 872/2024 | Singapore High Court | RECOVERED | 18450000 | SM | From Pinnacle Bank (Singapore) Ltd.
22 | 2024-10-22 | Cyprus | Cyprus recovery commenced (forced sale of Oceangate shares) | 2247/2024 | Nicosia District Court | Complete | 0 | KM&P | Execution proceedings commenced against Oceangate shares and bank accounts
23 | 2024-11-08 | Cyprus | Cyprus recovery completed — £22,350,000 (GBP equiv.) | 2247/2024 | Nicosia District Court | RECOVERED | 22350000 | KM&P | Shares + accounts; converted from EUR at prevailing rates
24 | 2024-11-15 | Singapore | M/V Crimson Horizon sold by judicial sale (USD $22,800,000) | Admiralty action | Singapore High Court (Admiralty) | Complete | 18330000 | SM | Sold pursuant to court order
25 | 2024-11-20 | UAE | Enforcement order granted | 1893/2024 | Dubai Court of First Instance | Complete | 0 | ARH | Precautionary attachment converts to execution attachment
26 | 2024-12-02 | Singapore | Vessel sale proceeds received (≈ £18,330,000) | Admiralty action | N/A | RECOVERED | 18330000 | SM | Remitted to TSL at Ionian National Bank SA
27 | 2024-12-10 | UAE | UAE recovery commenced | 1893/2024 | Dubai Court of First Instance | Complete | 0 | ARH | Execution against EGCB accounts and receivables
28 | 2025-01-14 | UAE | UAE recovery completed — AED 53,400,000 (≈ £11,340,000) | 1893/2024 | Dubai Court of First Instance | RECOVERED | 11340000 | ARH | Funds remitted to TSL at Ionian National Bank SA
29 | 2025-02-03 | N/A (voluntary) | KMH voluntary payment of £7,400,000 | N/A | N/A | RECOVERED | 7400000 | C&H / HW | Payment received; rights reserved for remaining balance
30 | 2025-03-15 | All | Target matter close date | N/A | N/A | PENDING | 0 | C&H | Residual monitoring of M/V Volga Spirit and sub-charterer receivables
[sheet: Recovery Summary]
Category | Description | Amount — GBP | Date(s) | Notes
A. AWARD BREAKDOWN
Award Component | M/V Aegean Fortuna — wrongful early redelivery damages (14 months remaining) | 42300000 | Breach: 18 Jun 2022 | £3,021,429/month × 14 months
Award Component | M/V Crimson Horizon — outstanding hire + loss of bargain | 28150000 | Hire ceased: 1 Jul 2022; vessel withdrawn: 15 Sep 2022 | Outstanding hire £4,280,000 + loss of bargain £23,870,000
Award Component | M/V Volga Spirit — restitution of fabricated off-hire deductions | 2740000 | Charter signed: 10 Jun 2021 | False deductions by KMH
Award Component | Loss of profit / market differential (all three charters) | 16480000 | Various | Across M/V Aegean Fortuna, Crimson Horizon, and Volga Spirit
Award Component | Pre-award interest (5.25% p.a. simple, blended breach dates to 28 Jun 2024) | 6780000 | To 28 Jun 2024 | As awarded by Tribunal (Sir Malcolm Fenton-Clarke, presiding)
TOTAL AWARD | Sum of all award components | 96450000 | Award date: 28 Jun 2024 | LCIA No. 224718
B. COSTS BREAKDOWN
Costs | LCIA administrative and tribunal costs (85% to KMH) | 3240000 | 85% allocation per Award
Costs | TSL legal costs (85% to KMH) | 8910000 | 85% allocation per Award
TOTAL COSTS | Sum of costs allocated to KMH | 12150000
AWARD + COSTS | Total Award plus Costs | 108600000 | ≈ USD $135,100,000 at £1 = USD $1.2441
C. POST-AWARD INTEREST
Post-Award Interest | 5.25% p.a. simple on £96,450,000 from 29 Jun 2024 to 15 Mar 2025 (260 days) | 3607726.03 | 29 Jun 2024 – 15 Mar 2025 | = £96,450,000 × 0.0525 × (260/365)
D. GRAND TOTAL OWED (est. 15 Mar 2025) | 112207726.03 | £108,600,000 + £3,607,726.03
E. RECOVERIES BY JURISDICTION
Recovery | England & Wales — TPDO (Meridian Trust Bank Ltd.) | 18720000 | 3 Sep 2024 | Final TPDO; CL-2024-000487
Recovery | Cyprus — forced sale of Oceangate shares + bank accounts | 22350000 | 22 Oct – 8 Nov 2024 | Case No. 2247/2024; converted from EUR
Recovery | Singapore — garnishee order (Pinnacle Bank) | 18450000 | 18 Oct 2024 | SGD $31,200,000 at ~£0.5913/SGD; OS 872/2024
Recovery | Singapore — judicial sale of M/V Crimson Horizon | 18330000 | 2 Dec 2024 (proceeds received) | USD $22,800,000 at ~£0.8039/USD; IMO 9801334
Recovery | UAE — accounts and receivables (Korinthian DMCC at EGCB) | 11340000 | 10 Dec 2024 – 14 Jan 2025 | AED 53,400,000 at ~£0.2124/AED; Case No. 1893/2024
Recovery | KMH voluntary payment | 7400000 | 3 Feb 2025 | Via Harkness Whitford & Co.; rights reserved for balance
F. TOTAL RECOVERED | Sum of all recoveries | 96590000
G. OUTSTANDING BALANCE | Grand Total Owed minus Total Recovered | 15617726.03 | = £112,207,726.03 − £96,590,000
H. RECOVERY PERCENTAGE | Of Award + Costs (excl. post-award interest) | 88.94% | = £96,590,000 ÷ £108,600,000
Of Grand Total Owed (incl. post-award interest) | 86.08% | = £96,590,000 ÷ £112,207,726.03
[sheet: Cost Analysis]
Jurisdiction | Counsel / Advisor | Fee Type | Currency | Amount — Local Currency | Amount — GBP Equivalent | Budget / Actual | Notes
England & Wales | Calderwood & Harkness LLP | Professional fees (hourly, against £4,200,000 cap) | GBP | 3870000 | 3870000 | Actual (billed to date) | Samuel Eklund £850/hr; Linda Osei £825/hr; Hannah Brinkley £540/hr; Patrick Gallagher £420/hr. £330,000 remaining under cap.
England & Wales | Calderwood & Harkness LLP | Success fee (2.5% of recovery above £80,000,000) | GBP | 414750 | 414750 | Actual (accrued) | 2.5% × (£96,590,000 − £80,000,000) = 2.5% × £16,590,000 = £414,750
All jurisdictions | Calderwood & Harkness LLP | Disbursements (court fees, travel, expert fees) | GBP | 412000 | 412000 | Actual | Includes filing fees, courier/service costs, travel to hearings
Cyprus | Kyprianos Makrides & Partners | Local counsel fees | EUR | 285000 | 243000 | Actual | Andreas Kyprianos (Senior Partner) and Nadia Makrides (Partner)
Singapore | Straits Meridian LLP | Local counsel fees | SGD | 480000 | 284000 | Actual | David Teo Wei Lin (Partner) and Priya Subramaniam (Senior Associate)
UAE | Al-Rashid Hatem & Associates | Local counsel fees | AED | 620000 | 132000 | Actual | Tariq Al-Rashid (Managing Partner) and Leila Hatem (Partner)
England & Wales | Hartwell Pemberton LLP | Forensic accounting and asset tracing | GBP | 345000 | 345000 | Actual | Rebecca Saunders (Partner) and Mark Huxley (Director)
England & Wales | Northcape Maritime Advisory Ltd. | Vessel valuation (M/V Crimson Horizon) | GBP | 0 | 0 | Included in disbursements | Captain Ian Forsyth; fee included in C&H disbursements total
TOTAL PROFESSIONAL FEES (C&H + success fee) | GBP | 4284750 | 4284750 | £3,870,000 + £414,750
TOTAL LOCAL COUNSEL FEES | GBP equiv. | 0 | 659000 | KM&P £243,000 + SM £284,000 + ARH £132,000
TOTAL DISBURSEMENTS + EXPERTS | GBP | 757000 | 757000 | £412,000 disbursements + £345,000 Hartwell Pemberton fees
GRAND TOTAL — ALL ENFORCEMENT COSTS | GBP | 0 | 5700750 | Approximate total enforcement spend
COST-TO-RECOVERY RATIO | 5.90% | = £5,700,750 ÷ £96,590,000
FEE CAP UTILISATION (C&H hourly) | 92.14% | = £3,870,000 ÷ £4,200,000
NET RECOVERY TO CLIENT (indicative) | GBP | 0 | 90889250 | = £96,590,000 − £5,700,750 (subject to costs recoverable from KMH)