[sheet: Award Summary]

Line Item	Amount GBP	Notes
Damages — M/V Aegean Fortuna (wrongful early redelivery)	£42,300,000	14 months remaining at £3,021,429/month
Damages — M/V Crimson Horizon (outstanding hire + loss of bargain)	£28,150,000	Outstanding hire £4,280,000 + loss of bargain £23,870,000
Restitution — M/V Volga Spirit (fabricated off-hire deductions)	£2,740,000	Fabricated off-hire deductions reversed
Loss of Profit / Market Differential Damages	£16,480,000	Across all three charters
Pre-Award Interest (5.25% p.a. simple)	£6,780,000	Blended from various breach dates to 2024-06-28
TOTAL AWARD	£96,450,000	Sum of above five items
Costs — LCIA Administrative/Tribunal (85% to KMH)	£3,240,000	85% allocated to Korinthian Maritime Holdings Ltd.
Costs — TSL Legal Costs (85% to KMH)	£8,910,000	85% allocated to KMH
TOTAL COSTS	£12,150,000	£3,240,000 + £8,910,000
AWARD + COSTS	£108,600,000	£96,450,000 + £12,150,000
USD Equivalent of Award (at 2024-06-28)	~USD $120,000,000	At £1 = USD $1.2441
Post-Award Interest Rate	5.25% p.a. simple	On £96,450,000 from 2024-06-29
Post-Award Interest (est. through 2025-03-15)	£3,607,726.03	£96,450,000 × 5.25% × (260/365)
GRAND TOTAL OWED (est. 2025-03-15)	£112,207,726.03	£108,600,000 + £3,607,726.03

[sheet: Recovery Tracker]

Ref #	Jurisdiction	Enforcement Mechanism	Target Entity / Asset	Bank / Source	Court / Case Reference	Date of Court Order	Date Proceeds Received	Local Currency	Amount (Local Currency)	Exchange Rate to GBP	GBP Equivalent	Cumulative Total Recovered GBP	Outstanding Balance GBP	Notes
1	England & Wales	Third-Party Debt Order (CPR Part 72)	Korinthian Maritime Holdings Ltd.	Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA	CL-2024-000487 (Commercial Court); interim TPDO 2024-08-05; final TPDO 2024-09-03	2024-09-03	2024-09-03	GBP	18,720,000	1.0000	£18,720,000	£18,720,000	£93,487,726.03	Final third-party debt order granted by Mr. Justice Ashworth; funds garnished from KMH accounts at Meridian Trust Bank Ltd.
2	Cyprus	Forced sale of shares + bank account seizure (New York Convention / Cap. 4)	Oceangate Ventures Ltd. (HE 401293) shares; KMH Cyprus bank accounts	Various Cyprus bank accounts	Case No. 2247/2024 (Nicosia District Court); enforcement order 2024-09-30; freezing injunction 2024-08-12	2024-09-30	2024-10-22 to 2024-11-08	EUR (converted to GBP)	N/A	Various	£22,350,000	£41,070,000	£71,137,726.03	Forced sale of KMH's 100% holding in Oceangate Ventures Ltd. plus seizure of KMH bank accounts in Cyprus; EUR amounts converted at prevailing rates. Local counsel: Kyprianos Makrides & Partners (Andreas Kyprianos / Nadia Makrides). Opposition by Vassiliadis & Economou LLC dismissed.
3	Singapore	Garnishee Order Absolute	Korinthian Bulkers (Singapore) Pte. Ltd.	Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909	OS No. 872/2024 (Singapore High Court); leave to enforce 2024-09-06; garnishee order absolute 2024-10-18	2024-10-18	2024-10-18	SGD	31,200,000	0.5913	£18,450,000	£59,520,000	£52,687,726.03	Garnishee order absolute against Pinnacle Bank over accounts of Korinthian Bulkers (Singapore) Pte. Ltd. Local counsel: Straits Meridian LLP (David Teo Wei Lin / Priya Subramaniam).
4	Singapore	Judicial Sale of Arrested Vessel	M/V Crimson Horizon (IMO 9801334; Handymax Bulk Carrier; 37,500 DWT; Liberian flag)	Korinthian Bulkers (Singapore) Pte. Ltd. (registered owner)	OS No. 872/2024; vessel arrested 2024-08-20; judicial sale 2024-11-15	2024-11-15	2024-12-02	USD	22,800,000	0.8039	£18,330,000	£77,850,000	£34,357,726.03	M/V Crimson Horizon arrested in Singapore waters 2024-08-20, sold by judicial sale 2024-11-15 for USD $22,800,000. Proceeds received 2024-12-02. Valuation by Northcape Maritime Advisory Ltd. (Captain Ian Forsyth). Local counsel: Straits Meridian LLP.
5	UAE	Precautionary attachment converted to execution; bank accounts + receivables	Korinthian DMCC (Unit 3407, Almas Tower, JLT, Dubai)	Emirates Gulf Commercial Bank PJSC, Gate Village 3, DIFC, Dubai	Case No. 1893/2024 (Dubai Court of First Instance); precautionary attachment 2024-08-28; enforcement order 2024-11-20	2024-11-20	2024-12-10 to 2025-01-14	AED	53,400,000	0.2124	£11,340,000	£89,190,000	£23,017,726.03	Recovery from Korinthian DMCC accounts and receivables at EGCB. Enforcement under UAE Federal Law No. 6 of 2018 / New York Convention. Local counsel: Al-Rashid Hatem & Associates (Tariq Al-Rashid / Leila Hatem).
6	N/A (Voluntary)	Voluntary Payment by Award Debtor	Korinthian Maritime Holdings Ltd. (HE 387421)	Direct transfer to TSL recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece	N/A	N/A	2025-02-03	GBP	7,400,000	1.0000	£7,400,000	£96,590,000	£15,617,726.03	Voluntary payment by KMH following without-prejudice negotiations. TSL reserves all rights re remaining balance. WFO remains in force.
TOTAL RECOVERED	£96,590,000	Sum of all GBP Equivalent values
OUTSTANDING BALANCE	£15,617,726.03	£112,207,726.03 − £96,590,000

[sheet: Recovery Summary]

Metric	Value	Notes
Matter Reference	LCIA No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.	Award dated 2024-06-28
Lead Counsel	Calderwood & Harkness LLP (45 Moorgate, London EC2R 6AR)	Responsible Partner: Samuel Eklund; Maintained by: Patrick Gallagher
Client	Thalassa Shipping & Logistics SA (14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece)	Tax ID (AFM): EL-801456729
Award Debtor	Korinthian Maritime Holdings Ltd. (28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus)	Reg. No. HE 387421; UBO: Andrei Volkov
Total Award	£96,450,000
Total Costs (85% to KMH)	£12,150,000	LCIA costs £3,240,000 + TSL legal costs £8,910,000
Award + Costs	£108,600,000
Post-Award Interest (est. to 2025-03-15)	£3,607,726.03	5.25% p.a. simple on £96,450,000; 260 days
Grand Total Owed (est. 2025-03-15)	£112,207,726.03
Total Recovered (all jurisdictions)	£96,590,000	As of 2025-03-10
Outstanding Balance	£15,617,726.03	Grand Total Owed minus Total Recovered
Recovery % (of Award + Costs)	88.94%	£96,590,000 ÷ £108,600,000
Recovery % (of Grand Total incl. interest)	86.08%	£96,590,000 ÷ £112,207,726.03
Recovery — England & Wales	£18,720,000	TPDO vs. Meridian Trust Bank Ltd. (2024-09-03)
Recovery — Cyprus	£22,350,000	Oceangate shares + KMH accounts (Oct–Nov 2024)
Recovery — Singapore (garnishment)	£18,450,000	SGD $31,200,000; Pinnacle Bank (2024-10-18)
Recovery — Singapore (vessel sale)	£18,330,000	USD $22,800,000; M/V Crimson Horizon (2024-12-02)
Recovery — UAE	£11,340,000	AED 53,400,000; EGCB (Dec 2024–Jan 2025)
Recovery — Voluntary Payment (KMH)	£7,400,000	Received 2025-02-03
WFO Status	In force (reduced to ~£15,617,726.03 — partial discharge pending)	Originally granted 2024-07-16 up to £108,600,000; CL-2024-000487
Tracker Last Updated	2025-03-10	By Patrick Gallagher, Calderwood & Harkness LLP

[sheet: Remaining Targets]

Ref #	Target Asset / Receivable	Jurisdiction	Estimated Value GBP	Status	Responsible Local Counsel	Notes
1	M/V Volga Spirit (IMO 9756892; Panamax Bulk Carrier; 76,400 DWT; Cyprus flag; owned by Dnepr Shipholding Inc., BVI Co. No. 2014876)	UAE (last reported Fujairah anchorage) / various potential ports	TBD — valuation pending from Northcape Maritime Advisory Ltd.	Monitoring vessel position; arrest to be executed when vessel calls at suitable port	Al-Rashid Hatem & Associates (UAE); additional local counsel TBD depending on port of call	Beneficial ownership chain: Dnepr Shipholding Inc. (BVI) → Oceangate Ventures Ltd. (Cyprus, HE 401293) → KMH. Vessel flagged in Cyprus; M/V Aegean Fortuna (IMO 9784521, marshall Islands flag) also owned by Dnepr — separate target.
2	Sub-charterer receivables owed to KMH and subsidiaries	Multiple	~£4,200,000	Under analysis; attachment proceedings being prepared	Calderwood & Harkness LLP (lead) with local counsel as applicable	Receivables identified through WFO disclosure and Hartwell Pemberton LLP (Rebecca Saunders / Mark Huxley) asset tracing reports. Specific sub-charter debtors identified.
3	Accruing post-award interest on unpaid balance	N/A	Accruing at ~£13,872/day	Ongoing — interest continues at 5.25% p.a. simple on £96,450,000	N/A	Daily interest = £96,450,000 × 0.0525 / 365 = £13,872.26/day. Interest accrues until full satisfaction.

[sheet: Enforcement Timeline]

Date	Jurisdiction	Event	Court / Case Reference	Counsel / Party	Outcome / Amount
2019-03-15	N/A	First charter-party signed — M/V Aegean Fortuna (IMO 9784521)	N/A	TSL / KMH	Charter commencement
2020-01-22	N/A	Second charter-party signed — M/V Crimson Horizon (IMO 9801334)	N/A	TSL / KMH	Charter commencement
2021-06-10	N/A	Third charter-party signed — M/V Volga Spirit (IMO 9756892)	N/A	TSL / KMH	Charter commencement
2022-06-18	N/A	Wrongful early redelivery of M/V Aegean Fortuna (14 months early)	N/A	KMH	Breach — basis of £42,300,000 damages
2022-07-01	N/A	Hire payments ceased on M/V Crimson Horizon	N/A	KMH	Breach — arrears of £4,280,000 accrued
2022-09-15	N/A	TSL withdrew M/V Crimson Horizon	N/A	TSL	Withdrawal for non-payment
2022-11-14	England & Wales (LCIA seat)	Request for Arbitration filed	LCIA No. 224718	TSL (Calderwood & Harkness LLP)	Arbitration commenced
2023-02-08	England & Wales	Tribunal constituted	LCIA No. 224718	Presiding: Sir Malcolm Fenton-Clarke; Prof. Athena Drakopoulos; Dr. Henrik Dalmqvist; Secretary: Fiona Beckett	Three-member tribunal
2023-09-11	England & Wales	Evidentiary hearing commenced (10 hearing days at IDRC, London)	LCIA No. 224718	TSL / KMH
2023-09-22	England & Wales	Evidentiary hearing concluded	LCIA No. 224718	TSL / KMH
2024-06-28	England & Wales	Final Award issued	LCIA No. 224718	Tribunal	Total Award: £96,450,000; Costs: £12,150,000; Grand Total: £108,600,000
2024-07-08	England & Wales	Pre-enforcement demand letter sent to Harkness Whitford & Co.	N/A	Calderwood & Harkness LLP → Harkness Whitford & Co.	14-day demand for full payment
2024-07-15	England & Wales	Application to enforce under s. 66 Arbitration Act 1996 filed	CL-2024-000487 (Commercial Court)	Calderwood & Harkness LLP for TSL
2024-07-16	England & Wales	Worldwide Freezing Order granted (ex parte)	CL-2024-000487	Mr. Justice Ashworth	Up to £108,600,000; ancillary disclosure
2024-07-30	England & Wales	WFO continued on return date (with modifications)	CL-2024-000487	Mr. Justice Ashworth
2024-08-02	England & Wales	Permission to enforce award as judgment granted	CL-2024-000487	Mr. Justice Ashworth
2024-08-05	England & Wales	Interim third-party debt order against Meridian Trust Bank Ltd.	CL-2024-000487	Commercial Court	Accounts of KMH frozen
2024-08-09	Cyprus	Application for recognition and enforcement filed (New York Convention / Cap. 4)	Case No. 2247/2024 (Nicosia District Court)	Kyprianos Makrides & Partners for TSL
2024-08-12	Cyprus	Freezing injunction granted over Oceangate Ventures Ltd. shares and KMH Cyprus accounts	Case No. 2247/2024	Nicosia District Court
2024-08-14	Singapore	Application to enforce under International Arbitration Act (Cap. 143A) filed	OS No. 872/2024 (Singapore High Court)	Straits Meridian LLP for TSL
2024-08-19	England & Wales	KMH's set-aside application filed under ss. 68/69 Arbitration Act 1996	CL-2024-000487	Harkness Whitford & Co. for KMH
2024-08-20	Singapore	M/V Crimson Horizon arrested in Singapore waters	Admiralty action via OS No. 872/2024	Straits Meridian LLP	Vessel at anchorage; no security offered by KMH
2024-08-22	UAE	Enforcement application filed under UAE Federal Law No. 6 of 2018 / New York Convention	Case No. 1893/2024 (Dubai Court of First Instance)	Al-Rashid Hatem & Associates for TSL
2024-08-28	UAE	Precautionary attachment granted over Korinthian DMCC accounts at EGCB	Case No. 1893/2024	Dubai Court of First Instance

2024-09-03	England & Wales	Final third-party debt order — Meridian Trust Bank Ltd.	CL-2024-000487	Commercial Court	£18,720,000 garnished
2024-09-06	Singapore	Leave to enforce LCIA award granted	OS No. 872/2024	Singapore High Court
2024-09-12	N/A	Calderwood & Harkness LLP enforcement engagement formally opened	N/A	Calderwood & Harkness LLP
2024-09-30	Cyprus	Enforcement order granted (opposition by KMH dismissed)	Case No. 2247/2024	Nicosia District Court	V&E opposition on behalf of KMH dismissed
2024-10-11	England & Wales	KMH set-aside application dismissed; indemnity costs awarded to TSL	CL-2024-000487	Mr. Justice Ashworth	Set-aside grounds found without merit
2024-10-18	Singapore	Garnishee order absolute against Pinnacle Bank (Singapore) Ltd.	OS No. 872/2024	Singapore High Court	SGD $31,200,000 (≈ £18,450,000) recovered
2024-10-22	Cyprus	Cyprus recovery commenced (execution against Oceangate shares + accounts)	Case No. 2247/2024	KM&P
2024-11-08	Cyprus	Cyprus recovery completed	Case No. 2247/2024	KM&P	£22,350,000 recovered (GBP equivalent from EUR)
2024-11-15	Singapore	M/V Crimson Horizon sold by judicial sale	OS No. 872/2024	Singapore High Court Sheriff	Sale price: USD $22,800,000
2024-11-20	UAE	Enforcement order granted	Case No. 1893/2024	Dubai Court of First Instance	Precautionary attachment converted to execution
2024-12-02	Singapore	Vessel sale proceeds received by TSL	OS No. 872/2024	Straits Meridian LLP	USD $22,800,000 (≈ £18,330,000) remitted to Ionian National Bank SA
2024-12-10	UAE	UAE recovery commenced	Case No. 1893/2024	ARH	Execution against Korinthian DMCC accounts and receivables
2025-01-14	UAE	UAE recovery completed	Case No. 1893/2024	ARH	AED 53,400,000 (≈ £11,340,000) recovered
2025-02-03	N/A (Voluntary)	KMH voluntary payment received	N/A	KMH → TSL (via Ionian National Bank SA)	£7,400,000
2025-03-15	All	Target matter close date	N/A	Calderwood & Harkness LLP

[sheet: FX Rates]

Currency Pair	Rate	Date / Context	Applied To
GBP/USD	1.2441	2024-06-28 (Award date)	USD equivalent of Award (~USD $120,000,000)
SGD/GBP	0.5913	~2024-10-18 (Singapore garnishment date)	SGD $31,200,000 → £18,450,000
USD/GBP	0.8039	~2024-12-02 (vessel sale proceeds date)	USD $22,800,000 → £18,330,000
AED/GBP	0.2124	~2024-12-10 to 2025-01-14 (UAE recovery period)	AED 53,400,000 → £11,340,000
EUR/GBP	Various (prevailing rates Oct–Nov 2024)	2024-10-22 to 2024-11-08 (Cyprus recovery period)	Cyprus recovery converted to £22,350,000

[sheet: Award Summary]
Line Item | Amount GBP | Notes
Damages — M/V Aegean Fortuna (wrongful early redelivery) | £42,300,000 | 14 months remaining at £3,021,429/month
Damages — M/V Crimson Horizon (outstanding hire + loss of bargain) | £28,150,000 | Outstanding hire £4,280,000 + loss of bargain £23,870,000
Restitution — M/V Volga Spirit (fabricated off-hire deductions) | £2,740,000 | Fabricated off-hire deductions reversed
Loss of Profit / Market Differential Damages | £16,480,000 | Across all three charters
Pre-Award Interest (5.25% p.a. simple) | £6,780,000 | Blended from various breach dates to 2024-06-28
TOTAL AWARD | £96,450,000 | Sum of above five items
Costs — LCIA Administrative/Tribunal (85% to KMH) | £3,240,000 | 85% allocated to Korinthian Maritime Holdings Ltd.
Costs — TSL Legal Costs (85% to KMH) | £8,910,000 | 85% allocated to KMH
TOTAL COSTS | £12,150,000 | £3,240,000 + £8,910,000
AWARD + COSTS | £108,600,000 | £96,450,000 + £12,150,000
USD Equivalent of Award (at 2024-06-28) | ~USD $120,000,000 | At £1 = USD $1.2441
Post-Award Interest Rate | 5.25% p.a. simple | On £96,450,000 from 2024-06-29
Post-Award Interest (est. through 2025-03-15) | £3,607,726.03 | £96,450,000 × 5.25% × (260/365)
GRAND TOTAL OWED (est. 2025-03-15) | £112,207,726.03 | £108,600,000 + £3,607,726.03
[sheet: Recovery Tracker]
Ref # | Jurisdiction | Enforcement Mechanism | Target Entity / Asset | Bank / Source | Court / Case Reference | Date of Court Order | Date Proceeds Received | Local Currency | Amount (Local Currency) | Exchange Rate to GBP | GBP Equivalent | Cumulative Total Recovered GBP | Outstanding Balance GBP | Notes
1 | England & Wales | Third-Party Debt Order (CPR Part 72) | Korinthian Maritime Holdings Ltd. | Meridian Trust Bank Ltd., 50 Lombard Street, London EC3V 9EA | CL-2024-000487 (Commercial Court); interim TPDO 2024-08-05; final TPDO 2024-09-03 | 2024-09-03 | 2024-09-03 | GBP | 18,720,000 | 1.0000 | £18,720,000 | £18,720,000 | £93,487,726.03 | Final third-party debt order granted by Mr. Justice Ashworth; funds garnished from KMH accounts at Meridian Trust Bank Ltd.
2 | Cyprus | Forced sale of shares + bank account seizure (New York Convention / Cap. 4) | Oceangate Ventures Ltd. (HE 401293) shares; KMH Cyprus bank accounts | Various Cyprus bank accounts | Case No. 2247/2024 (Nicosia District Court); enforcement order 2024-09-30; freezing injunction 2024-08-12 | 2024-09-30 | 2024-10-22 to 2024-11-08 | EUR (converted to GBP) | N/A | Various | £22,350,000 | £41,070,000 | £71,137,726.03 | Forced sale of KMH's 100% holding in Oceangate Ventures Ltd. plus seizure of KMH bank accounts in Cyprus; EUR amounts converted at prevailing rates. Local counsel: Kyprianos Makrides & Partners (Andreas Kyprianos / Nadia Makrides). Opposition by Vassiliadis & Economou LLC dismissed.
3 | Singapore | Garnishee Order Absolute | Korinthian Bulkers (Singapore) Pte. Ltd. | Pinnacle Bank (Singapore) Ltd., 6 Battery Road, #20-01, Singapore 049909 | OS No. 872/2024 (Singapore High Court); leave to enforce 2024-09-06; garnishee order absolute 2024-10-18 | 2024-10-18 | 2024-10-18 | SGD | 31,200,000 | 0.5913 | £18,450,000 | £59,520,000 | £52,687,726.03 | Garnishee order absolute against Pinnacle Bank over accounts of Korinthian Bulkers (Singapore) Pte. Ltd. Local counsel: Straits Meridian LLP (David Teo Wei Lin / Priya Subramaniam).
4 | Singapore | Judicial Sale of Arrested Vessel | M/V Crimson Horizon (IMO 9801334; Handymax Bulk Carrier; 37,500 DWT; Liberian flag) | Korinthian Bulkers (Singapore) Pte. Ltd. (registered owner) | OS No. 872/2024; vessel arrested 2024-08-20; judicial sale 2024-11-15 | 2024-11-15 | 2024-12-02 | USD | 22,800,000 | 0.8039 | £18,330,000 | £77,850,000 | £34,357,726.03 | M/V Crimson Horizon arrested in Singapore waters 2024-08-20, sold by judicial sale 2024-11-15 for USD $22,800,000. Proceeds received 2024-12-02. Valuation by Northcape Maritime Advisory Ltd. (Captain Ian Forsyth). Local counsel: Straits Meridian LLP.
5 | UAE | Precautionary attachment converted to execution; bank accounts + receivables | Korinthian DMCC (Unit 3407, Almas Tower, JLT, Dubai) | Emirates Gulf Commercial Bank PJSC, Gate Village 3, DIFC, Dubai | Case No. 1893/2024 (Dubai Court of First Instance); precautionary attachment 2024-08-28; enforcement order 2024-11-20 | 2024-11-20 | 2024-12-10 to 2025-01-14 | AED | 53,400,000 | 0.2124 | £11,340,000 | £89,190,000 | £23,017,726.03 | Recovery from Korinthian DMCC accounts and receivables at EGCB. Enforcement under UAE Federal Law No. 6 of 2018 / New York Convention. Local counsel: Al-Rashid Hatem & Associates (Tariq Al-Rashid / Leila Hatem).
6 | N/A (Voluntary) | Voluntary Payment by Award Debtor | Korinthian Maritime Holdings Ltd. (HE 387421) | Direct transfer to TSL recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece | N/A | N/A | 2025-02-03 | GBP | 7,400,000 | 1.0000 | £7,400,000 | £96,590,000 | £15,617,726.03 | Voluntary payment by KMH following without-prejudice negotiations. TSL reserves all rights re remaining balance. WFO remains in force.
TOTAL RECOVERED | £96,590,000 | Sum of all GBP Equivalent values
OUTSTANDING BALANCE | £15,617,726.03 | £112,207,726.03 − £96,590,000
[sheet: Recovery Summary]
Metric | Value | Notes
Matter Reference | LCIA No. 224718 — Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. | Award dated 2024-06-28
Lead Counsel | Calderwood & Harkness LLP (45 Moorgate, London EC2R 6AR) | Responsible Partner: Samuel Eklund; Maintained by: Patrick Gallagher
Client | Thalassa Shipping & Logistics SA (14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece) | Tax ID (AFM): EL-801456729
Award Debtor | Korinthian Maritime Holdings Ltd. (28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus) | Reg. No. HE 387421; UBO: Andrei Volkov
Total Award | £96,450,000
Total Costs (85% to KMH) | £12,150,000 | LCIA costs £3,240,000 + TSL legal costs £8,910,000
Award + Costs | £108,600,000
Post-Award Interest (est. to 2025-03-15) | £3,607,726.03 | 5.25% p.a. simple on £96,450,000; 260 days
Grand Total Owed (est. 2025-03-15) | £112,207,726.03
Total Recovered (all jurisdictions) | £96,590,000 | As of 2025-03-10
Outstanding Balance | £15,617,726.03 | Grand Total Owed minus Total Recovered
Recovery % (of Award + Costs) | 88.94% | £96,590,000 ÷ £108,600,000
Recovery % (of Grand Total incl. interest) | 86.08% | £96,590,000 ÷ £112,207,726.03
Recovery — England & Wales | £18,720,000 | TPDO vs. Meridian Trust Bank Ltd. (2024-09-03)
Recovery — Cyprus | £22,350,000 | Oceangate shares + KMH accounts (Oct–Nov 2024)
Recovery — Singapore (garnishment) | £18,450,000 | SGD $31,200,000; Pinnacle Bank (2024-10-18)
Recovery — Singapore (vessel sale) | £18,330,000 | USD $22,800,000; M/V Crimson Horizon (2024-12-02)
Recovery — UAE | £11,340,000 | AED 53,400,000; EGCB (Dec 2024–Jan 2025)
Recovery — Voluntary Payment (KMH) | £7,400,000 | Received 2025-02-03
WFO Status | In force (reduced to ~£15,617,726.03 — partial discharge pending) | Originally granted 2024-07-16 up to £108,600,000; CL-2024-000487
Tracker Last Updated | 2025-03-10 | By Patrick Gallagher, Calderwood & Harkness LLP
[sheet: Remaining Targets]
Ref # | Target Asset / Receivable | Jurisdiction | Estimated Value GBP | Status | Responsible Local Counsel | Notes
1 | M/V Volga Spirit (IMO 9756892; Panamax Bulk Carrier; 76,400 DWT; Cyprus flag; owned by Dnepr Shipholding Inc., BVI Co. No. 2014876) | UAE (last reported Fujairah anchorage) / various potential ports | TBD — valuation pending from Northcape Maritime Advisory Ltd. | Monitoring vessel position; arrest to be executed when vessel calls at suitable port | Al-Rashid Hatem & Associates (UAE); additional local counsel TBD depending on port of call | Beneficial ownership chain: Dnepr Shipholding Inc. (BVI) → Oceangate Ventures Ltd. (Cyprus, HE 401293) → KMH. Vessel flagged in Cyprus; M/V Aegean Fortuna (IMO 9784521, marshall Islands flag) also owned by Dnepr — separate target.
2 | Sub-charterer receivables owed to KMH and subsidiaries | Multiple | ~£4,200,000 | Under analysis; attachment proceedings being prepared | Calderwood & Harkness LLP (lead) with local counsel as applicable | Receivables identified through WFO disclosure and Hartwell Pemberton LLP (Rebecca Saunders / Mark Huxley) asset tracing reports. Specific sub-charter debtors identified.
3 | Accruing post-award interest on unpaid balance | N/A | Accruing at ~£13,872/day | Ongoing — interest continues at 5.25% p.a. simple on £96,450,000 | N/A | Daily interest = £96,450,000 × 0.0525 / 365 = £13,872.26/day. Interest accrues until full satisfaction.
[sheet: Enforcement Timeline]
Date | Jurisdiction | Event | Court / Case Reference | Counsel / Party | Outcome / Amount
2019-03-15 | N/A | First charter-party signed — M/V Aegean Fortuna (IMO 9784521) | N/A | TSL / KMH | Charter commencement
2020-01-22 | N/A | Second charter-party signed — M/V Crimson Horizon (IMO 9801334) | N/A | TSL / KMH | Charter commencement
2021-06-10 | N/A | Third charter-party signed — M/V Volga Spirit (IMO 9756892) | N/A | TSL / KMH | Charter commencement
2022-06-18 | N/A | Wrongful early redelivery of M/V Aegean Fortuna (14 months early) | N/A | KMH | Breach — basis of £42,300,000 damages
2022-07-01 | N/A | Hire payments ceased on M/V Crimson Horizon | N/A | KMH | Breach — arrears of £4,280,000 accrued
2022-09-15 | N/A | TSL withdrew M/V Crimson Horizon | N/A | TSL | Withdrawal for non-payment
2022-11-14 | England & Wales (LCIA seat) | Request for Arbitration filed | LCIA No. 224718 | TSL (Calderwood & Harkness LLP) | Arbitration commenced
2023-02-08 | England & Wales | Tribunal constituted | LCIA No. 224718 | Presiding: Sir Malcolm Fenton-Clarke; Prof. Athena Drakopoulos; Dr. Henrik Dalmqvist; Secretary: Fiona Beckett | Three-member tribunal
2023-09-11 | England & Wales | Evidentiary hearing commenced (10 hearing days at IDRC, London) | LCIA No. 224718 | TSL / KMH
2023-09-22 | England & Wales | Evidentiary hearing concluded | LCIA No. 224718 | TSL / KMH
2024-06-28 | England & Wales | Final Award issued | LCIA No. 224718 | Tribunal | Total Award: £96,450,000; Costs: £12,150,000; Grand Total: £108,600,000
2024-07-08 | England & Wales | Pre-enforcement demand letter sent to Harkness Whitford & Co. | N/A | Calderwood & Harkness LLP → Harkness Whitford & Co. | 14-day demand for full payment
2024-07-15 | England & Wales | Application to enforce under s. 66 Arbitration Act 1996 filed | CL-2024-000487 (Commercial Court) | Calderwood & Harkness LLP for TSL
2024-07-16 | England & Wales | Worldwide Freezing Order granted (ex parte) | CL-2024-000487 | Mr. Justice Ashworth | Up to £108,600,000; ancillary disclosure
2024-07-30 | England & Wales | WFO continued on return date (with modifications) | CL-2024-000487 | Mr. Justice Ashworth
2024-08-02 | England & Wales | Permission to enforce award as judgment granted | CL-2024-000487 | Mr. Justice Ashworth
2024-08-05 | England & Wales | Interim third-party debt order against Meridian Trust Bank Ltd. | CL-2024-000487 | Commercial Court | Accounts of KMH frozen
2024-08-09 | Cyprus | Application for recognition and enforcement filed (New York Convention / Cap. 4) | Case No. 2247/2024 (Nicosia District Court) | Kyprianos Makrides & Partners for TSL
2024-08-12 | Cyprus | Freezing injunction granted over Oceangate Ventures Ltd. shares and KMH Cyprus accounts | Case No. 2247/2024 | Nicosia District Court
2024-08-14 | Singapore | Application to enforce under International Arbitration Act (Cap. 143A) filed | OS No. 872/2024 (Singapore High Court) | Straits Meridian LLP for TSL
2024-08-19 | England & Wales | KMH's set-aside application filed under ss. 68/69 Arbitration Act 1996 | CL-2024-000487 | Harkness Whitford & Co. for KMH
2024-08-20 | Singapore | M/V Crimson Horizon arrested in Singapore waters | Admiralty action via OS No. 872/2024 | Straits Meridian LLP | Vessel at anchorage; no security offered by KMH
2024-08-22 | UAE | Enforcement application filed under UAE Federal Law No. 6 of 2018 / New York Convention | Case No. 1893/2024 (Dubai Court of First Instance) | Al-Rashid Hatem & Associates for TSL
2024-08-28 | UAE | Precautionary attachment granted over Korinthian DMCC accounts at EGCB | Case No. 1893/2024 | Dubai Court of First Instance
2024-09-03 | England & Wales | Final third-party debt order — Meridian Trust Bank Ltd. | CL-2024-000487 | Commercial Court | £18,720,000 garnished
2024-09-06 | Singapore | Leave to enforce LCIA award granted | OS No. 872/2024 | Singapore High Court
2024-09-12 | N/A | Calderwood & Harkness LLP enforcement engagement formally opened | N/A | Calderwood & Harkness LLP
2024-09-30 | Cyprus | Enforcement order granted (opposition by KMH dismissed) | Case No. 2247/2024 | Nicosia District Court | V&E opposition on behalf of KMH dismissed
2024-10-11 | England & Wales | KMH set-aside application dismissed; indemnity costs awarded to TSL | CL-2024-000487 | Mr. Justice Ashworth | Set-aside grounds found without merit
2024-10-18 | Singapore | Garnishee order absolute against Pinnacle Bank (Singapore) Ltd. | OS No. 872/2024 | Singapore High Court | SGD $31,200,000 (≈ £18,450,000) recovered
2024-10-22 | Cyprus | Cyprus recovery commenced (execution against Oceangate shares + accounts) | Case No. 2247/2024 | KM&P
2024-11-08 | Cyprus | Cyprus recovery completed | Case No. 2247/2024 | KM&P | £22,350,000 recovered (GBP equivalent from EUR)
2024-11-15 | Singapore | M/V Crimson Horizon sold by judicial sale | OS No. 872/2024 | Singapore High Court Sheriff | Sale price: USD $22,800,000
2024-11-20 | UAE | Enforcement order granted | Case No. 1893/2024 | Dubai Court of First Instance | Precautionary attachment converted to execution
2024-12-02 | Singapore | Vessel sale proceeds received by TSL | OS No. 872/2024 | Straits Meridian LLP | USD $22,800,000 (≈ £18,330,000) remitted to Ionian National Bank SA
2024-12-10 | UAE | UAE recovery commenced | Case No. 1893/2024 | ARH | Execution against Korinthian DMCC accounts and receivables
2025-01-14 | UAE | UAE recovery completed | Case No. 1893/2024 | ARH | AED 53,400,000 (≈ £11,340,000) recovered
2025-02-03 | N/A (Voluntary) | KMH voluntary payment received | N/A | KMH → TSL (via Ionian National Bank SA) | £7,400,000
2025-03-15 | All | Target matter close date | N/A | Calderwood & Harkness LLP
[sheet: FX Rates]
Currency Pair | Rate | Date / Context | Applied To
GBP/USD | 1.2441 | 2024-06-28 (Award date) | USD equivalent of Award (~USD $120,000,000)
SGD/GBP | 0.5913 | ~2024-10-18 (Singapore garnishment date) | SGD $31,200,000 → £18,450,000
USD/GBP | 0.8039 | ~2024-12-02 (vessel sale proceeds date) | USD $22,800,000 → £18,330,000
AED/GBP | 0.2124 | ~2024-12-10 to 2025-01-14 (UAE recovery period) | AED 53,400,000 → £11,340,000
EUR/GBP | Various (prevailing rates Oct–Nov 2024) | 2024-10-22 to 2024-11-08 (Cyprus recovery period) | Cyprus recovery converted to £22,350,000

[sheet: Award Summary]

Record

Parties

Dates

Amounts