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PRIVILEGED & CONFIDENTIAL

CALDERWOOD & HARKNESS LLP Solicitors 45 Moorgate London EC2R 6AR United Kingdom

Tel: +44 (0)20 7493 8200

Fax: +44 (0)20 7493 8201

www.calderwoodharkness.com

17 July 2024

BY EMAIL AND FIRST CLASS POST

Catherine Whitford Partner, International Arbitration Harkness Whitford & Co. 12 Fetter Lane London EC4A 1JP United Kingdom

Our Ref: SE/HB/PG/TSL-KMH-Enforcement Your Ref: CW/JT/KMH-2024

Re: Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — Claim No. CL-2024-000487; LCIA Arbitration No. 224718

Dear Ms Whitford,

1. Purpose of this Letter

We write in our capacity as solicitors acting for Thalassa Shipping & Logistics SA ("TSL"), a Société Anonyme organised under the laws of the Hellenic Republic, with its registered address at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece. We act for TSL in connection with all matters arising out of and relating to the enforcement of the Final Award rendered on 28 June 2024 in LCIA Arbitration No. 224718 (the "Award") against your client, 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.

The purpose of this letter is to serve upon KMH, through you as its solicitors on the record in relation to the above-captioned proceedings, sealed copies of:

(a) the Worldwide Freezing Order granted by Mr. Justice Ashworth on 16 July 2024 without notice to KMH (the "WFO"); and

(b) the Application Notice filed on 15 July 2024 pursuant to section 66 of the Arbitration Act 1996 seeking permission to enforce the Award in the same manner as a judgment or order of the Commercial Court to the same effect,

together with the supporting documents enumerated in Section 9 below.

This letter further sets out TSL's demand for immediate payment of all sums due and owing under the Award, draws your client's attention to the specific obligations imposed upon it by the WFO (including, in particular, the asset disclosure requirement), and formally warns KMH and its directors and officers of the consequences of any failure to comply with the terms of the WFO.

We would ask that you bring this letter and all enclosures to KMH's immediate attention.

2. The LCIA Award

As you are aware, a Final Award was issued on 28 June 2024 by the tribunal constituted in LCIA Arbitration No. 224718. The tribunal comprised Sir Malcolm Fenton-Clarke (presiding arbitrator), Professor Athena Drakopoulos (co-arbitrator appointed by TSL), and Dr. Henrik Dalmqvist (co-arbitrator appointed by KMH). The arbitration was seated in London, conducted in English, and governed by the LCIA Arbitration Rules 2020. The substantive law applicable to the disputes was English law.

The Award was made in favour of TSL in the total sum of £96,450,000, comprising the following heads of damage:

In addition, the tribunal, having considered the parties' respective costs submissions, allocated 85% of the costs of the arbitration to KMH. The costs awarded against KMH amount to:

(a) LCIA administrative charges and the fees and expenses of the tribunal: £3,240,000; and

(b) TSL's legal costs on an indemnity basis: £8,910,000,

giving a total costs award of £12,150,000.

The aggregate sum of the Award (inclusive of damages, pre-award interest, and costs) is therefore £108,600,000.

The tribunal further ordered that post-award interest shall accrue at the rate of 5.25% per annum simple on the unpaid principal sum of £96,450,000 from 29 June 2024 until the date of payment. Post-award interest continues to run and, as at the date of this letter, remains unpaid.

Despite the unambiguous and final character of the Award, and notwithstanding that the Award was notified to the parties on 28 June 2024, KMH has failed to make any payment whatsoever in satisfaction of the Award, whether in respect of the principal sums, interest, or costs. No communication has been received from KMH or from your firm indicating any intention to comply with the Award voluntarily.

3. Application Notice — Section 66, Arbitration Act 1996

On 15 July 2024, TSL filed an Application Notice in the Commercial Court of England and Wales under Claim No. CL-2024-000487 pursuant to section 66 of the Arbitration Act 1996. By that application, TSL seeks the permission of the court to enforce the Award in the same manner as a judgment or order of the court to the same effect, and for judgment to be entered in terms of the Award.

A sealed copy of the Application Notice filed on 15 July 2024 is enclosed with this letter.

The Application Notice is supported by the first witness statement of Nikolaos Papadimitriou, Chairman and Chief Executive Officer of TSL, dated 14 July 2024 and filed on 15 July 2024. Mr. Papadimitriou's witness statement addresses the circumstances giving rise to the arbitration, the conduct of the proceedings, the terms of the Award, KMH's failure to comply with the Award, and the grounds upon which TSL contends that permission to enforce should be granted. A copy of Mr. Papadimitriou's witness statement is enclosed.

The application will be listed for hearing before the Commercial Court. We understand that a hearing date will be allocated by the Listing Office in due course, and we will notify your firm of the hearing date once confirmed.

In the meantime, KMH is invited to acknowledge service of the Application Notice in accordance with the applicable procedural rules and to indicate whether it intends to oppose the application for permission to enforce the Award under section 66. If KMH intends to resist the application, we would be grateful if you would confirm this at the earliest opportunity, together with the grounds upon which KMH relies. We note that the grounds upon which a court may refuse to grant permission to enforce an award under section 66 are extremely limited, and TSL will strenuously resist any attempt by KMH to delay or frustrate enforcement of the Award.

4. Worldwide Freezing Order

On 16 July 2024, upon the application of TSL made without notice to KMH, Mr. Justice Ashworth sitting in the Commercial Court granted a Worldwide Freezing Order in Claim No. CL-2024-000487.

A sealed copy of the Worldwide Freezing Order dated 16 July 2024 is enclosed with this letter.

We draw KMH's attention to the following key terms of the WFO, which we summarise for convenience but without prejudice to the full terms of the Order (which KMH is required to read and comply with in their entirety):

(a) Prohibition on dealing with assets. KMH is restrained from removing from England and Wales, or in any way disposing of, dealing with, or diminishing the value of, any of its assets, whether located within England and Wales or not, up to the value of £108,600,000. This prohibition applies whether the assets are in KMH's own name or not, and whether they are solely or jointly owned. The assets subject to the Order include, but are not limited to: monies held in bank accounts (whether current, deposit, or any other type of account), shares, securities, and other financial instruments, vessels and maritime assets (including vessels under construction), real property and interests in real property, receivables, contractual rights, insurance proceeds, and any interest in any asset held through subsidiaries, nominees, trusts, or other arrangements.

(b) Application to related entities. The WFO applies specifically, and without limitation, to assets held by or through the following entities which are subsidiaries, affiliates, or associated companies of KMH:

(i) Korinthian Bulkers (Singapore) Pte. Ltd., 80 Robinson Road, #14-02, Singapore 068898;

(ii) Dnepr Shipholding Inc., a company incorporated in the British Virgin Islands (Company No. 2014876);

(iii) Korinthian DMCC, Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai, United Arab Emirates; and

(iv) Oceangate Ventures Ltd., a company incorporated in the Republic of Cyprus (Registration No. HE 401293), 28 Themistokli Dervi Avenue, Suite 604, Nicosia 1066, Cyprus.

(c) Application to vessels. The Order extends to all vessels owned, controlled, or operated by KMH or any of its subsidiaries or associated entities, including specifically:

(i) M/V Aegean Fortuna (IMO No. 9784521);

(ii) M/V Crimson Horizon (IMO No. 9801334); and

(iii) M/V Volga Spirit (IMO No. 9756892).

KMH is prohibited from taking any steps to sell, transfer, mortgage, charge, encumber, or otherwise deal with any of the above-named vessels, or to procure the re-flagging, re-registration, or re-classification of any such vessel, or to do any other act which might diminish the value of those vessels or render them unavailable for execution or enforcement.

We emphasise that the foregoing is a summary only. KMH must read and comply with the WFO in its entirety. If there is any doubt as to the scope or application of any term of the WFO, KMH should obtain legal advice immediately. The obligation to comply with the WFO takes effect as soon as KMH is served with or notified of its terms.

5. Asset Disclosure Obligation

We draw KMH's specific and urgent attention to the asset disclosure provisions contained in the WFO.

Pursuant to paragraph 9 of the WFO, KMH is required, within 7 days of service of this Order (i.e., by no later than 4:00 p.m. on 24 July 2024), to provide full disclosure of all its assets worldwide exceeding £25,000 in value, whether held in its own name or not, and whether solely or jointly owned.

The disclosure must include, without limitation, the following information in respect of each asset:

(a) the nature of the asset and its current value (or best estimate thereof);

(b) the location of the asset;

(c) details of the account number, sort code, IBAN or SWIFT code, and name and address of every bank, financial institution, or other deposit-taker at which KMH or any of its subsidiaries or associated entities (including, without limitation, Korinthian Bulkers (Singapore) Pte. Ltd., Dnepr Shipholding Inc., Korinthian DMCC, and Oceangate Ventures Ltd.) maintains any account or holds any funds;

(d) full details of all vessels owned, operated, managed, or controlled by KMH or any subsidiary or associated entity, including the name of each vessel, its flag state, IMO number, classification society, current location and voyage status, the identity of the registered owner, and the identity of any mortgagee or secured creditor;

(e) details of all shares, securities, units, bonds, options, warrants, and other interests in companies or funds held by KMH or on its behalf, including the name of each company or fund, the jurisdiction of incorporation or establishment, the number and class of shares or units held, and the current value thereof; and

(f) details of all real property, interests in land, and rights over real property held by KMH or on its behalf, including the address and description of each property, the registered owner, and the current estimated value.

The disclosure must be made by way of a sworn affidavit filed with the Commercial Court and served upon Calderwood & Harkness LLP at the address set out at the head of this letter. The affidavit must be sworn by a director of KMH who has personal knowledge of KMH's assets or who has made all proper enquiries to inform himself or herself of the same.

We remind KMH in the strongest possible terms that failure to comply with the asset disclosure obligation within the time specified will constitute a contempt of court. Any breach of the WFO or the disclosure obligation may result in committal proceedings being brought against KMH's directors and officers, the sequestration of assets, the imposition of fines, or such other sanctions or penalties as the court may see fit to impose. TSL will not hesitate to apply for appropriate relief in the event of non-compliance.

6. Return Date

The return date for the WFO is 30 July 2024 before the Commercial Court. The precise time and courtroom will be confirmed by the Listing Office, and we will communicate these details to your firm as soon as they are known.

KMH is entitled to apply at the return date to vary or discharge the WFO. If KMH wishes to make such an application, it should file and serve any evidence upon which it intends to rely, together with a skeleton argument, in sufficient time before the hearing to enable TSL to respond. We would invite your client to comply with the usual directions in this regard, and in any event to serve any such evidence no later than 4:00 p.m. on 26 July 2024.

For its part, TSL intends to seek the continuation of the WFO at the return date and will file and serve any further evidence in support of the continuation of the Order in advance of the hearing.

We would be grateful if you would confirm as soon as possible whether KMH intends to apply to vary or discharge the WFO at the return date, so that the court may be informed and appropriate time estimates can be provided.

7. Penal Notice — Formal Contempt Warning

We formally draw KMH's attention to the fact that the WFO contains a penal notice on its face.

Any person who knowingly assists in or permits a breach of the terms of the WFO may be held to be in contempt of court and may be imprisoned, fined, or have their assets seized.

This warning is addressed specifically, and without limitation, to KMH itself and to each of the following individuals in their capacity as directors and officers of KMH:

(a) Andrei Volkov, Director;

(b) Sergei Volkov, Director;

(d) Marina Kazakova, Chief Financial Officer.

The warning also extends to any other person who is served with or notified of the WFO, including employees, agents, and advisors of KMH and its related entities. We would ask that you ensure that each of the individuals named above is personally notified of the terms of the WFO and of this contempt warning at the earliest opportunity.

We trust that neither KMH nor any of the individuals identified above will take any step that is inconsistent with the terms of the WFO. In the event that TSL becomes aware of any breach or attempted breach of the Order, it will apply immediately to the court for appropriate relief, including committal proceedings.

8. Third-Party Notification

We further notify you that Calderwood & Harkness LLP, on behalf of TSL, intends to serve copies of the WFO upon the following financial institutions and other relevant third parties, in order to ensure that the terms of the Order are brought to their attention and that they comply with the same:

(a) Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA, being KMH's London correspondent bank;

(b) Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909;

(c) Emirates Gulf Commercial Bank PJSC, Gate Village 3, Dubai International Financial Centre, Dubai, United Arab Emirates; and

(d) any other financial institution, bank, custodian, broker, or third party identified as holding assets of or for KMH or any of its subsidiaries, affiliates, or associated entities.

KMH is not to take any steps, whether directly or through any third party, to frustrate, circumvent, or impede such notification. Any attempt to move, dissipate, or conceal assets in anticipation of or in response to service of the WFO upon third parties will be treated as a serious breach of the WFO and will be drawn to the court's attention.

9. Enclosures

The following documents are enclosed with this letter:

1. Sealed copy of the Worldwide Freezing Order dated 16 July 2024 (incorporating the penal notice endorsed on its face);

2. Sealed copy of the Application Notice under section 66 of the Arbitration Act 1996, dated 15 July 2024 (Claim No. CL-2024-000487);

3. Witness Statement of Nikolaos Papadimitriou dated 14 July 2024 (first witness statement in support of the application under section 66 of the Arbitration Act 1996 and the application for the Worldwide Freezing Order), together with the exhibits thereto; and

4. Certified copy of the Final Award dated 28 June 2024 in LCIA Arbitration No. 224718.

We would be grateful if you would acknowledge receipt of this letter and the above enclosures at your earliest convenience.

10. Reservation of Rights and Demand for Payment

Nothing in this letter, or in the proceedings commenced to date, shall be taken as a waiver or limitation of any of TSL's rights under the Award or at law, all of which are expressly reserved.

TSL hereby demands immediate and unconditional payment of the following sums:

Payment of the full amount of £108,600,000, together with all accrued post-award interest calculated at 5.25% per annum simple on the sum of £96,450,000 from 29 June 2024 to the date of payment, should be made forthwith by telegraphic transfer to the following account:

Account Name: Calderwood & Harkness LLP — Client Account Bank: Penrose National Bank, 440 Strand, London WC2R 0QS Sort Code: 18-00-02 Account Number: 07294831 IBAN: GB42 COUT 1800 0207 2948 31 SWIFT/BIC: COUTGB22 Reference: TSL-KMH-Enforcement

In the event that KMH fails to satisfy the Award and costs forthwith, TSL reserves the right to commence enforcement proceedings in any jurisdiction worldwide, including (without limitation) in the Republic of Cyprus, in the Republic of Singapore, and in the United Arab Emirates (including the DIFC and ADGM courts), and to take all steps necessary to identify, trace, and seize KMH's assets wherever they may be found.

This letter is without prejudice to any other rights or remedies available to TSL, whether under the Award, at common law, in equity, or otherwise.

11. Confirmations Requested

We would be grateful if Harkness Whitford & Co. would confirm the following by return, and in any event by no later than 4:00 p.m. on 19 July 2024:

1. That you are instructed to accept service on behalf of KMH in these proceedings (Claim No. CL-2024-000487) and that you have authority to do so;

2. That you have brought the Worldwide Freezing Order and its terms — including, in particular, the asset disclosure obligation and the penal notice — to KMH's immediate attention, and that KMH's directors and officers (including Messrs. Andrei Volkov, Sergei Volkov, and Alexei Demidov, and Ms. Marina Kazakova) have been personally notified of the Order; and

3. KMH's position as to compliance with the asset disclosure requirement within 7 days of service (i.e., by 24 July 2024), and the identity of the director who will be swearing the disclosure affidavit.

We look forward to receiving your prompt response on each of the above points.

Yours sincerely,

CALDERWOOD & HARKNESS LLP

By: ________

Samuel Eklund Partner, Litigation Calderwood & Harkness LLP 45 Moorgate, London EC2R 6AR

Direct Line: +44 (0)20 7493 8247

Email: s.eklund@calderwoodharkness.com

Enc.

cc: Ioanna Christodoulou, General Counsel, Thalassa Shipping & Logistics SA (by email) cc: Hannah Brinkley, Calderwood & Harkness LLP (internal) cc: Patrick Gallagher, Calderwood & Harkness LLP (internal)

Head of Claim	Amount
Damages for wrongful early redelivery of M/V Aegean Fortuna	£42,300,000
Outstanding hire and damages in respect of M/V Crimson Horizon	£28,150,000
Restitution of fabricated off-hire deductions in respect of M/V Volga Spirit	£2,740,000
Loss of profit / market differential damages	£16,480,000
Pre-award interest at 5.25% per annum simple	£6,780,000
Total principal and pre-award interest	£96,450,000
Item	Amount
Principal sum awarded (damages and pre-award interest)	£96,450,000
Costs of the arbitration (LCIA administrative and tribunal costs)	£3,240,000
TSL's legal costs	£8,910,000
Post-award interest at 5.25% p.a. simple on £96,450,000 from 29 June 2024 to date and continuing	Accruing daily
Total (excluding post-award interest)	£108,600,000

PRIVILEGED & CONFIDENTIAL
CALDERWOOD & HARKNESS LLP Solicitors 45 Moorgate London EC2R 6AR United Kingdom
Tel: +44 (0)20 7493 8200
Fax: +44 (0)20 7493 8201
www.calderwoodharkness.com
17 July 2024
BY EMAIL AND FIRST CLASS POST
Catherine Whitford Partner, International Arbitration Harkness Whitford & Co. 12 Fetter Lane London EC4A 1JP United Kingdom
Our Ref: SE/HB/PG/TSL-KMH-Enforcement Your Ref: CW/JT/KMH-2024
Re: Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — Claim No. CL-2024-000487; LCIA Arbitration No. 224718
Dear Ms Whitford,
1. Purpose of this Letter
We write in our capacity as solicitors acting for Thalassa Shipping & Logistics SA ("TSL"), a Société Anonyme organised under the laws of the Hellenic Republic, with its registered address at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece. We act for TSL in connection with all matters arising out of and relating to the enforcement of the Final Award rendered on 28 June 2024 in LCIA Arbitration No. 224718 (the "Award") against your client, 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.
The purpose of this letter is to serve upon KMH, through you as its solicitors on the record in relation to the above-captioned proceedings, sealed copies of:
(a) the Worldwide Freezing Order granted by Mr. Justice Ashworth on 16 July 2024 without notice to KMH (the "WFO"); and
(b) the Application Notice filed on 15 July 2024 pursuant to section 66 of the Arbitration Act 1996 seeking permission to enforce the Award in the same manner as a judgment or order of the Commercial Court to the same effect,
together with the supporting documents enumerated in Section 9 below.
This letter further sets out TSL's demand for immediate payment of all sums due and owing under the Award, draws your client's attention to the specific obligations imposed upon it by the WFO (including, in particular, the asset disclosure requirement), and formally warns KMH and its directors and officers of the consequences of any failure to comply with the terms of the WFO.
We would ask that you bring this letter and all enclosures to KMH's immediate attention.
2. The LCIA Award
As you are aware, a Final Award was issued on 28 June 2024 by the tribunal constituted in LCIA Arbitration No. 224718. The tribunal comprised Sir Malcolm Fenton-Clarke (presiding arbitrator), Professor Athena Drakopoulos (co-arbitrator appointed by TSL), and Dr. Henrik Dalmqvist (co-arbitrator appointed by KMH). The arbitration was seated in London, conducted in English, and governed by the LCIA Arbitration Rules 2020. The substantive law applicable to the disputes was English law.
The Award was made in favour of TSL in the total sum of £96,450,000, comprising the following heads of damage:
In addition, the tribunal, having considered the parties' respective costs submissions, allocated 85% of the costs of the arbitration to KMH. The costs awarded against KMH amount to:
(a) LCIA administrative charges and the fees and expenses of the tribunal: £3,240,000; and
(b) TSL's legal costs on an indemnity basis: £8,910,000,
giving a total costs award of £12,150,000.
The aggregate sum of the Award (inclusive of damages, pre-award interest, and costs) is therefore £108,600,000.
The tribunal further ordered that post-award interest shall accrue at the rate of 5.25% per annum simple on the unpaid principal sum of £96,450,000 from 29 June 2024 until the date of payment. Post-award interest continues to run and, as at the date of this letter, remains unpaid.
Despite the unambiguous and final character of the Award, and notwithstanding that the Award was notified to the parties on 28 June 2024, KMH has failed to make any payment whatsoever in satisfaction of the Award, whether in respect of the principal sums, interest, or costs. No communication has been received from KMH or from your firm indicating any intention to comply with the Award voluntarily.
3. Application Notice — Section 66, Arbitration Act 1996
On 15 July 2024, TSL filed an Application Notice in the Commercial Court of England and Wales under Claim No. CL-2024-000487 pursuant to section 66 of the Arbitration Act 1996. By that application, TSL seeks the permission of the court to enforce the Award in the same manner as a judgment or order of the court to the same effect, and for judgment to be entered in terms of the Award.
A sealed copy of the Application Notice filed on 15 July 2024 is enclosed with this letter.
The Application Notice is supported by the first witness statement of Nikolaos Papadimitriou, Chairman and Chief Executive Officer of TSL, dated 14 July 2024 and filed on 15 July 2024. Mr. Papadimitriou's witness statement addresses the circumstances giving rise to the arbitration, the conduct of the proceedings, the terms of the Award, KMH's failure to comply with the Award, and the grounds upon which TSL contends that permission to enforce should be granted. A copy of Mr. Papadimitriou's witness statement is enclosed.
The application will be listed for hearing before the Commercial Court. We understand that a hearing date will be allocated by the Listing Office in due course, and we will notify your firm of the hearing date once confirmed.
In the meantime, KMH is invited to acknowledge service of the Application Notice in accordance with the applicable procedural rules and to indicate whether it intends to oppose the application for permission to enforce the Award under section 66. If KMH intends to resist the application, we would be grateful if you would confirm this at the earliest opportunity, together with the grounds upon which KMH relies. We note that the grounds upon which a court may refuse to grant permission to enforce an award under section 66 are extremely limited, and TSL will strenuously resist any attempt by KMH to delay or frustrate enforcement of the Award.
4. Worldwide Freezing Order
On 16 July 2024, upon the application of TSL made without notice to KMH, Mr. Justice Ashworth sitting in the Commercial Court granted a Worldwide Freezing Order in Claim No. CL-2024-000487.
A sealed copy of the Worldwide Freezing Order dated 16 July 2024 is enclosed with this letter.
We draw KMH's attention to the following key terms of the WFO, which we summarise for convenience but without prejudice to the full terms of the Order (which KMH is required to read and comply with in their entirety):
(a) Prohibition on dealing with assets. KMH is restrained from removing from England and Wales, or in any way disposing of, dealing with, or diminishing the value of, any of its assets, whether located within England and Wales or not, up to the value of £108,600,000. This prohibition applies whether the assets are in KMH's own name or not, and whether they are solely or jointly owned. The assets subject to the Order include, but are not limited to: monies held in bank accounts (whether current, deposit, or any other type of account), shares, securities, and other financial instruments, vessels and maritime assets (including vessels under construction), real property and interests in real property, receivables, contractual rights, insurance proceeds, and any interest in any asset held through subsidiaries, nominees, trusts, or other arrangements.
(b) Application to related entities. The WFO applies specifically, and without limitation, to assets held by or through the following entities which are subsidiaries, affiliates, or associated companies of KMH:
(i) Korinthian Bulkers (Singapore) Pte. Ltd., 80 Robinson Road, #14-02, Singapore 068898;
(ii) Dnepr Shipholding Inc., a company incorporated in the British Virgin Islands (Company No. 2014876);
(iii) Korinthian DMCC, Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai, United Arab Emirates; and
(iv) Oceangate Ventures Ltd., a company incorporated in the Republic of Cyprus (Registration No. HE 401293), 28 Themistokli Dervi Avenue, Suite 604, Nicosia 1066, Cyprus.
(c) Application to vessels. The Order extends to all vessels owned, controlled, or operated by KMH or any of its subsidiaries or associated entities, including specifically:
(i) M/V Aegean Fortuna (IMO No. 9784521);
(ii) M/V Crimson Horizon (IMO No. 9801334); and
(iii) M/V Volga Spirit (IMO No. 9756892).
KMH is prohibited from taking any steps to sell, transfer, mortgage, charge, encumber, or otherwise deal with any of the above-named vessels, or to procure the re-flagging, re-registration, or re-classification of any such vessel, or to do any other act which might diminish the value of those vessels or render them unavailable for execution or enforcement.
We emphasise that the foregoing is a summary only. KMH must read and comply with the WFO in its entirety. If there is any doubt as to the scope or application of any term of the WFO, KMH should obtain legal advice immediately. The obligation to comply with the WFO takes effect as soon as KMH is served with or notified of its terms.
5. Asset Disclosure Obligation
We draw KMH's specific and urgent attention to the asset disclosure provisions contained in the WFO.
Pursuant to paragraph 9 of the WFO, KMH is required, within 7 days of service of this Order (i.e., by no later than 4:00 p.m. on 24 July 2024), to provide full disclosure of all its assets worldwide exceeding £25,000 in value, whether held in its own name or not, and whether solely or jointly owned.
The disclosure must include, without limitation, the following information in respect of each asset:
(a) the nature of the asset and its current value (or best estimate thereof);
(b) the location of the asset;
(c) details of the account number, sort code, IBAN or SWIFT code, and name and address of every bank, financial institution, or other deposit-taker at which KMH or any of its subsidiaries or associated entities (including, without limitation, Korinthian Bulkers (Singapore) Pte. Ltd., Dnepr Shipholding Inc., Korinthian DMCC, and Oceangate Ventures Ltd.) maintains any account or holds any funds;
(d) full details of all vessels owned, operated, managed, or controlled by KMH or any subsidiary or associated entity, including the name of each vessel, its flag state, IMO number, classification society, current location and voyage status, the identity of the registered owner, and the identity of any mortgagee or secured creditor;
(e) details of all shares, securities, units, bonds, options, warrants, and other interests in companies or funds held by KMH or on its behalf, including the name of each company or fund, the jurisdiction of incorporation or establishment, the number and class of shares or units held, and the current value thereof; and
(f) details of all real property, interests in land, and rights over real property held by KMH or on its behalf, including the address and description of each property, the registered owner, and the current estimated value.
The disclosure must be made by way of a sworn affidavit filed with the Commercial Court and served upon Calderwood & Harkness LLP at the address set out at the head of this letter. The affidavit must be sworn by a director of KMH who has personal knowledge of KMH's assets or who has made all proper enquiries to inform himself or herself of the same.
We remind KMH in the strongest possible terms that failure to comply with the asset disclosure obligation within the time specified will constitute a contempt of court. Any breach of the WFO or the disclosure obligation may result in committal proceedings being brought against KMH's directors and officers, the sequestration of assets, the imposition of fines, or such other sanctions or penalties as the court may see fit to impose. TSL will not hesitate to apply for appropriate relief in the event of non-compliance.
6. Return Date
The return date for the WFO is 30 July 2024 before the Commercial Court. The precise time and courtroom will be confirmed by the Listing Office, and we will communicate these details to your firm as soon as they are known.
KMH is entitled to apply at the return date to vary or discharge the WFO. If KMH wishes to make such an application, it should file and serve any evidence upon which it intends to rely, together with a skeleton argument, in sufficient time before the hearing to enable TSL to respond. We would invite your client to comply with the usual directions in this regard, and in any event to serve any such evidence no later than 4:00 p.m. on 26 July 2024.
For its part, TSL intends to seek the continuation of the WFO at the return date and will file and serve any further evidence in support of the continuation of the Order in advance of the hearing.
We would be grateful if you would confirm as soon as possible whether KMH intends to apply to vary or discharge the WFO at the return date, so that the court may be informed and appropriate time estimates can be provided.
7. Penal Notice — Formal Contempt Warning
We formally draw KMH's attention to the fact that the WFO contains a penal notice on its face.
Any person who knowingly assists in or permits a breach of the terms of the WFO may be held to be in contempt of court and may be imprisoned, fined, or have their assets seized.
This warning is addressed specifically, and without limitation, to KMH itself and to each of the following individuals in their capacity as directors and officers of KMH:
(a) Andrei Volkov, Director;
(b) Sergei Volkov, Director;
(c) Alexei Demidov, Director; and
(d) Marina Kazakova, Chief Financial Officer.
The warning also extends to any other person who is served with or notified of the WFO, including employees, agents, and advisors of KMH and its related entities. We would ask that you ensure that each of the individuals named above is personally notified of the terms of the WFO and of this contempt warning at the earliest opportunity.
We trust that neither KMH nor any of the individuals identified above will take any step that is inconsistent with the terms of the WFO. In the event that TSL becomes aware of any breach or attempted breach of the Order, it will apply immediately to the court for appropriate relief, including committal proceedings.
8. Third-Party Notification
We further notify you that Calderwood & Harkness LLP, on behalf of TSL, intends to serve copies of the WFO upon the following financial institutions and other relevant third parties, in order to ensure that the terms of the Order are brought to their attention and that they comply with the same:
(a) Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA, being KMH's London correspondent bank;
(b) Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909;
(c) Emirates Gulf Commercial Bank PJSC, Gate Village 3, Dubai International Financial Centre, Dubai, United Arab Emirates; and
(d) any other financial institution, bank, custodian, broker, or third party identified as holding assets of or for KMH or any of its subsidiaries, affiliates, or associated entities.
KMH is not to take any steps, whether directly or through any third party, to frustrate, circumvent, or impede such notification. Any attempt to move, dissipate, or conceal assets in anticipation of or in response to service of the WFO upon third parties will be treated as a serious breach of the WFO and will be drawn to the court's attention.
9. Enclosures
The following documents are enclosed with this letter:
1. Sealed copy of the Worldwide Freezing Order dated 16 July 2024 (incorporating the penal notice endorsed on its face);
2. Sealed copy of the Application Notice under section 66 of the Arbitration Act 1996, dated 15 July 2024 (Claim No. CL-2024-000487);
3. Witness Statement of Nikolaos Papadimitriou dated 14 July 2024 (first witness statement in support of the application under section 66 of the Arbitration Act 1996 and the application for the Worldwide Freezing Order), together with the exhibits thereto; and
4. Certified copy of the Final Award dated 28 June 2024 in LCIA Arbitration No. 224718.
We would be grateful if you would acknowledge receipt of this letter and the above enclosures at your earliest convenience.
10. Reservation of Rights and Demand for Payment
Nothing in this letter, or in the proceedings commenced to date, shall be taken as a waiver or limitation of any of TSL's rights under the Award or at law, all of which are expressly reserved.
TSL hereby demands immediate and unconditional payment of the following sums:
Payment of the full amount of £108,600,000, together with all accrued post-award interest calculated at 5.25% per annum simple on the sum of £96,450,000 from 29 June 2024 to the date of payment, should be made forthwith by telegraphic transfer to the following account:
Account Name: Calderwood & Harkness LLP — Client Account Bank: Penrose National Bank, 440 Strand, London WC2R 0QS Sort Code: 18-00-02 Account Number: 07294831 IBAN: GB42 COUT 1800 0207 2948 31 SWIFT/BIC: COUTGB22 Reference: TSL-KMH-Enforcement
In the event that KMH fails to satisfy the Award and costs forthwith, TSL reserves the right to commence enforcement proceedings in any jurisdiction worldwide, including (without limitation) in the Republic of Cyprus, in the Republic of Singapore, and in the United Arab Emirates (including the DIFC and ADGM courts), and to take all steps necessary to identify, trace, and seize KMH's assets wherever they may be found.
This letter is without prejudice to any other rights or remedies available to TSL, whether under the Award, at common law, in equity, or otherwise.
11. Confirmations Requested
We would be grateful if Harkness Whitford & Co. would confirm the following by return, and in any event by no later than 4:00 p.m. on 19 July 2024:
1. That you are instructed to accept service on behalf of KMH in these proceedings (Claim No. CL-2024-000487) and that you have authority to do so;
2. That you have brought the Worldwide Freezing Order and its terms — including, in particular, the asset disclosure obligation and the penal notice — to KMH's immediate attention, and that KMH's directors and officers (including Messrs. Andrei Volkov, Sergei Volkov, and Alexei Demidov, and Ms. Marina Kazakova) have been personally notified of the Order; and
3. KMH's position as to compliance with the asset disclosure requirement within 7 days of service (i.e., by 24 July 2024), and the identity of the director who will be swearing the disclosure affidavit.
We look forward to receiving your prompt response on each of the above points.
Yours sincerely,
CALDERWOOD & HARKNESS LLP
By: ________
Samuel Eklund Partner, Litigation Calderwood & Harkness LLP 45 Moorgate, London EC2R 6AR
Direct Line: +44 (0)20 7493 8247
Email: s.eklund@calderwoodharkness.com
Enc.
cc: Ioanna Christodoulou, General Counsel, Thalassa Shipping & Logistics SA (by email) cc: Hannah Brinkley, Calderwood & Harkness LLP (internal) cc: Patrick Gallagher, Calderwood & Harkness LLP (internal)
Head of Claim | Amount
Damages for wrongful early redelivery of M/V Aegean Fortuna | £42,300,000
Outstanding hire and damages in respect of M/V Crimson Horizon | £28,150,000
Restitution of fabricated off-hire deductions in respect of M/V Volga Spirit | £2,740,000
Loss of profit / market differential damages | £16,480,000
Pre-award interest at 5.25% per annum simple | £6,780,000
Total principal and pre-award interest | £96,450,000
Item | Amount
Principal sum awarded (damages and pre-award interest) | £96,450,000
Costs of the arbitration (LCIA administrative and tribunal costs) | £3,240,000
TSL's legal costs | £8,910,000
Post-award interest at 5.25% p.a. simple on £96,450,000 from 29 June 2024 to date and continuing | Accruing daily
Total (excluding post-award interest) | £108,600,000

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