Dear Hannah,
**Re: Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — LCIA Award No. 224718 dated 28 June 2024 — Singapore Enforcement Proceedings (OS No. 872/2024)**
I am writing to confirm that all Singapore enforcement recoveries in the above matter have now been completed and that all recovered funds have been remitted in accordance with Calderwood & Harkness's instructions. As you are aware, leave to enforce the LCIA Award in favour of Thalassa Shipping & Logistics SA ("TSL") against Korinthian Maritime Holdings Ltd. ("KMH") was granted by the Singapore High Court on 6 September 2024 pursuant to section 19 of the International Arbitration Act (Cap. 143A) under Originating Summons No. 872/2024.
I set out below a summary of each recovery stream and the corresponding remittance details.
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**1. Recovery Stream 1: Garnishee Order Absolute — Pinnacle Bank (Singapore) Ltd.**
A garnishee order absolute was made on 18 October 2024 against Pinnacle Bank (Singapore) Ltd. (6 Battery Road, #20-01, Singapore 049909) in respect of all accounts held in the name of Korinthian Bulkers (Singapore) Pte. Ltd. (80 Robinson Road, #14-02, Singapore 068898).
- **Amount garnished:** SGD $31,200,000 - **Sterling equivalent at date of conversion:** approximately £18,450,000
The garnished funds were received from Pinnacle Bank into Straits Meridian's client account and held pending your remittance instructions. In accordance with the distribution instructions contained in your letter dated 21 October 2024, these funds have now been remitted in full to TSL's designated recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens 105 64, Greece.
A copy of the garnishee order absolute dated 18 October 2024 is enclosed for your records.
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**2. Recovery Stream 2: Judicial Sale of M/V *Crimson Horizon***
The M/V *Crimson Horizon* (IMO No. 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag), owned by Korinthian Bulkers (Singapore) Pte. Ltd., was arrested on 20 August 2024 by the Sheriff of the Supreme Court in Singapore waters. The judicial sale was completed on 15 November 2024.
- **Sale price:** USD $22,800,000 - **Net proceeds after deduction of Sheriff's costs, commission, and court fees:** USD $22,614,750
The deductions (totalling USD $185,250) comprise the Sheriff's commission, appraisement costs, and standard court fees, all of which are in line with the applicable tariff and are unremarkable for a sale of this nature. I can provide a full breakdown if required.
- **Sterling equivalent of net proceeds:** approximately £18,180,000 - **Date of receipt into Straits Meridian's client account:** 2 December 2024
The net proceeds have been remitted to TSL's designated recovery account at Ionian National Bank SA per Calderwood & Harkness's wire transfer instructions.
The Sheriff's certificate of sale is enclosed.
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**3. Total Singapore Recovery Summary**
| Recovery Stream
I confirm that all funds have been remitted in full to TSL's account at Ionian National Bank SA, Athens. Wire transfer confirmation receipts for both remittances are enclosed.
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**4. Procedural and Administrative Notes**
I would note the following for completeness:
(a) **No challenge filed.** Neither KMH nor Korinthian Bulkers (Singapore) Pte. Ltd. has filed any appeal or application to set aside the garnishee order absolute or to challenge the judicial sale. The time for doing so in respect of the garnishee order has now expired. The time for challenging the judicial sale will expire on 15 December 2024, but we have received no indication that any such application is contemplated.
(b) **Conclusion of in rem proceedings.** Following completion of the judicial sale and distribution of proceeds, the in rem action in respect of the M/V *Crimson Horizon* may be treated as concluded. We will file the necessary notice of discontinuance unless you instruct otherwise.
(c) **Continuing enforcement order.** The enforcement order under OS 872/2024 remains in force and is available in respect of any further KMH assets identified in Singapore, should you wish to pursue additional execution in this jurisdiction.
(d) **Costs.** We will prepare and send separately our final costs statement for the Singapore proceedings. As you will recall, the estimated professional fees for the engagement were SGD $480,000. We anticipate that our final statement will be broadly in line with that estimate, and we will provide a full accounting in due course.
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**5. Confirmation of Receipt and Next Steps**
We would be grateful if you could confirm safe receipt of the remitted funds once the transfers have cleared at Ionian National Bank.
Should any further KMH assets be identified in Singapore, we remain available to assist with additional enforcement steps. David and I are also happy to discuss any aspect of the above by telephone at your convenience.
Thank you for the opportunity to assist with this matter. It has been a pleasure working with you and your team on the enforcement campaign.
With kind regards,
| **Priya Subramaniam** Senior Associate Straits Meridian LLP 1 Raffles Place, #44-01 One Raffles Place Tower 2 Singapore 048616 T: +65 6832 7400 | D: +65 6832 7438 E: p.subramaniam@straitsmeridian.com.sg |
| **David Teo Wei Lin** Partner Straits Meridian LLP T: +65 6832 7400 | D: +65 6832 7412 E: d.teo@straitsmeridian.com.sg |
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**Enclosures:** 1. Wire transfer confirmation — garnishee proceeds (SGD $31,200,000) 2. Wire transfer confirmation — vessel sale net proceeds (USD $22,614,750) 3. Sheriff's certificate of sale — M/V *Crimson Horizon* (dated 15 November 2024) 4. Garnishee order absolute (dated 18 October 2024)
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