Dear Hannah,
**Thalassa Shipping & Logistics SA (Claimant / Award Creditor) v. Korinthian Maritime Holdings Ltd. (Registration No. HE 387421) (Respondent / Award Debtor) — Enforcement of LCIA Award No. 224718 — Nicosia District Court, Case No. 2247/2024**
I am pleased to confirm that all Cyprus enforcement recoveries in the above-referenced matter have now been completed. The final recovery tranche was received today, 8 November 2024. I set out below a summary of the enforcement steps taken and the amounts recovered for your records.
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**1. Recovery from Forced Sale of Oceangate Ventures Ltd. Shares**
Following the enforcement order granted by the Nicosia District Court on 30 September 2024, execution proceeded against Korinthian Maritime Holdings Ltd.'s ("KMH") 100% shareholding in Oceangate Ventures Ltd. (Registration No. HE 401293), registered at 28 Themistokli Dervi Avenue, Suite 604, Nicosia 1066. The court bailiff conducted the forced sale process in accordance with the applicable provisions of Cypriot execution law. Recovery commenced on 22 October 2024.
The forced sale of the Oceangate shares realised **€18,475,000.00**. As you will be aware, Oceangate served as an intermediate holding company for KMH's fleet special purpose vehicles, including Dnepr Shipholding Inc. (BVI Company No. 2014876), which contributed significantly to the valuation achieved at sale.
**2. Recovery from KMH Cyprus Bank Accounts**
Pursuant to the freezing injunction granted on 12 August 2024, KMH's Cyprus bank accounts were frozen. Following the enforcement order of 30 September 2024, execution proceeded against these accounts. The amounts garnished were as follows:
- Vireo Savings Bank, Account No. ending 4817: **€5,142,600.00** - Sundial Trust Bank, Account No. ending 2093: **€2,683,400.00**
Total bank account recovery: **€7,826,000.00**
**3. Total Cyprus Recovery**
The combined recovery from the Oceangate shares forced sale and the KMH bank accounts is **€26,301,000.00**, which at prevailing exchange rates equates to approximately **£22,350,000 GBP**. A detailed breakdown of the recovery amounts in both EUR and GBP equivalent is enclosed with this correspondence (see attached schedule).
Recovery commenced on 22 October 2024 and was completed today, 8 November 2024.
**4. Remittance of Funds**
I confirm that the full recovered amount has been remitted to TSL's designated recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece. All wire transfers were executed in accordance with the standing remittance instructions provided by Calderwood & Harkness LLP. Confirmation of receipt should be obtainable directly from TSL's CFO, Ms Elena Stavridis. Copies of the SWIFT confirmations for each remittance tranche are attached for your records.
**5. KMH Opposition — Dismissed**
For completeness, the opposition filed by Vassiliadis & Economou LLC on behalf of KMH was dismissed by the Nicosia District Court prior to the enforcement order of 30 September 2024. No further appeal has been lodged by KMH within the applicable time limits, which have now expired. Accordingly, no further legal obstacles remain in the Cyprus proceedings.
**6. Discharge of Cyprus Freezing Injunction**
With the full execution of the enforcement order against all identified Cyprus assets, we recommend that the Cyprus freezing injunction be discharged to the extent of the assets already seized and realised. We would be grateful for your instructions on whether you wish us to apply for formal discharge or whether the injunction should be maintained for any residual purposes (for example, in the event that further KMH assets are identified in the jurisdiction).
**7. Costs**
Our total fees for the Cyprus enforcement mandate amount to **€285,000.00**. A final invoice will follow separately under the agreed terms of engagement.
I should also note that we obtained an indemnity costs order against KMH in the Cyprus proceedings. Should you wish us to pursue assessment and taxation of those costs against KMH through the Nicosia District Court, we are ready to do so upon your instruction.
**8. Next Steps**
We consider the substantive Cyprus enforcement to be complete. We await any further instructions from Calderwood & Harkness regarding residual matters, including the freezing injunction discharge and costs taxation referred to above, or formal file closure. Naturally, we remain fully available should any further Cyprus-related enforcement steps be required — for instance, if additional KMH assets are identified in this jurisdiction.
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**Attachments:**
1. Detailed Recovery Breakdown (EUR and GBP equivalent) — Schedule A 2. Court Bailiff's Certificates of Execution (Oceangate shares and bank accounts) 3. SWIFT Remittance Confirmations (3 tranches)
Please do not hesitate to contact me or Andreas should you require any clarification on the foregoing.
With kind regards,
**Nadia Makrides** Partner, Litigation & Enforcement Kyprianos Makrides & Partners 15 Grivas Digenis Avenue Nicosia 1066, Cyprus Tel: +357 22 871 400 Direct: +357 22 871 412 Email: n.makrides@kyprianosmp.com.cy
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