[sheet: Closing Checklist]

Item No.	Category	Sub-Category	Deliverable Description	Responsible Party	Secondary Party	Document Draft / Version	Status	Target Delivery Date	Actual Delivery Date	Notes / Comments
1	A. Corporate Authorizations — Issuer (TSL)	Board Resolutions	Certified copy of resolutions of the Board of Directors of Thalassa Shipping & Logistics SA authorizing the offering of $400,000,000 Senior Secured Notes due 2029, execution of all transaction documents (Indenture, Purchase Agreement, Registration Rights Agreement, Intercreditor Agreement, Security Documents), and appointment of authorized signatories (Spyros Andreou, Marina Demetriou, Alexandros Theodorakis)	Calderwood & Harkness LLP / Alexandros Theodorakis (TSL General Counsel)	Delphi & Karidis LLP	Draft	Suspended	2022-10-14	Draft prepared by C&H for review by TSL in-house counsel. Greek-law formalities to be confirmed by D&K.
2	A. Corporate Authorizations — Issuer (TSL)	Articles of Association	Certified copy of Articles of Association (Katastatiko) of Thalassa Shipping & Logistics SA, as currently in effect	Alexandros Theodorakis (TSL)	Delphi & Karidis LLP	N/A — Original document	Suspended	2022-10-14	To be certified by TSL General Counsel and notarized under Greek law
3	A. Corporate Authorizations — Issuer (TSL)	GEMI Certificate	Certificate of good standing / GEMI registration certificate for Thalassa Shipping & Logistics SA (GEMI No. 148276201000)	Delphi & Karidis LLP	N/A — Government-issued	Suspended	2022-10-14	To be obtained from Greek General Commercial Registry (GEMI)
4	A. Corporate Authorizations — Issuer (TSL)	Incumbency Certificate	Incumbency certificate for authorized signatories of TSL: Spyros Andreou (CEO), Marina Demetriou (CFO), Alexandros Theodorakis (General Counsel)	Alexandros Theodorakis (TSL)	Draft	Suspended	2022-10-14
5	A. Corporate Authorizations — Issuer (TSL)	Power of Attorney	Power of Attorney executed by TSL Board authorizing designated persons to execute closing documents on behalf of TSL	Delphi & Karidis LLP / Calderwood & Harkness LLP	Draft	Suspended	2022-10-14	Greek-law requirements for notarial form to be confirmed by D&K
6	B. Corporate Authorizations — Co-Issuer (TFPL)	Sole Director Resolution	Certified copy of written resolution of the sole director of Thalassa Finance Pte. Ltd. (Marina Demetriou) authorizing co-issuance of the Notes, execution of transaction documents, and granting of security over intercompany loan receivables of $365,000,000	Calderwood & Harkness LLP / Rajendra & Osman LLP	Marina Demetriou	Draft	Suspended	2022-10-14	Prepared by C&H in coordination with R&O. Singapore Companies Act compliance confirmed by R&O.
7	B. Corporate Authorizations — Co-Issuer (TFPL)	ACRA Business Profile	Current ACRA Business Profile for Thalassa Finance Pte. Ltd. (UEN 202209345K)	Rajendra & Osman LLP	N/A — Government-issued	Suspended	2022-10-14	To be obtained from ACRA within 5 business days of closing
8	B. Corporate Authorizations — Co-Issuer (TFPL)	Certificate of Incorporation	Certified copy of Certificate of Incorporation of Thalassa Finance Pte. Ltd.	Rajendra & Osman LLP	N/A — Original document	Suspended	2022-10-14
9	B. Corporate Authorizations — Co-Issuer (TFPL)	Constitution / Memorandum	Certified copy of Constitution of Thalassa Finance Pte. Ltd., as currently in effect	Rajendra & Osman LLP	N/A — Original document	Suspended	2022-10-14
10	C. Corporate Authorizations — Guarantor Subsidiaries	Board Resolutions — TDBO	Certified copy of board resolutions of Thalassa Dry Bulk Operations Ltd. (Malta) authorizing the guarantee and execution of Security Documents	Calderwood & Harkness LLP	TSL / Alexandros Theodorakis	Draft	Suspended	2022-10-14	Malta-law formalities; fleet-owning sub for 22 dry-bulk vessels
11	C. Corporate Authorizations — Guarantor Subsidiaries	Board Resolutions — TCF	Certified copy of board/manager resolutions of Thalassa Container Feeder Ltd. (Marshall Islands) authorizing the guarantee and execution of Security Documents	Calderwood & Harkness LLP	TSL / Alexandros Theodorakis	Draft	Suspended	2022-10-14	Marshall Islands LLC; fleet-owning sub for 12 container feeder vessels
12	C. Corporate Authorizations — Guarantor Subsidiaries	Board Resolutions — TPS	Certified copy of board/manager resolutions of Thalassa Port Services FZCO (Dubai) authorizing the guarantee and execution of Security Documents	Calderwood & Harkness LLP	TSL / Alexandros Theodorakis	Draft	Suspended	2022-10-14	Dubai Free Zone Company; port logistics operations
13	C. Corporate Authorizations — Guarantor Subsidiaries	Board Resolutions — TFS	Certified copy of board resolutions of Thalassa Freight Solutions Pte. Ltd. (Singapore) authorizing the guarantee and execution of Security Documents	Calderwood & Harkness LLP / Rajendra & Osman LLP	TSL / Alexandros Theodorakis	Draft	Suspended	2022-10-14	Singapore private company; freight forwarding operations
14	C. Corporate Authorizations — Guarantor Subsidiaries	Good Standing / Registration Certificates — All Guarantors	Certificates of good standing or equivalent registration certificates for each of TDBO (Malta), TCF (Marshall Islands), TPS (Dubai), TFS (Singapore)	Alexandros Theodorakis (TSL) / respective local counsel	N/A — Government-issued	Suspended	2022-10-14	Separate certificate required for each jurisdiction
15	C. Corporate Authorizations — Guarantor Subsidiaries	Constitutional Documents — All Guarantors	Certified copies of constitutional documents (articles, operating agreements, articles of association) for each Guarantor Subsidiary	Alexandros Theodorakis (TSL)	N/A — Original documents	Suspended	2022-10-14
16	D. Corporate Authorizations — Controlling Shareholder (KMH)	Board Resolutions — KMH	Certified copy of board resolutions of Kallistratos Maritime Holdings Ltd. (BVI) authorizing the limited parent guarantee (capped at $50,000,000) in favor of the Trustee	Calderwood & Harkness LLP	Dimitrios Kallistratos	Draft	Suspended	2022-10-14	BVI Business Company; 72.5% equity holder of TSL; beneficial owner: Dimitrios Kallistratos
17	D. Corporate Authorizations — Controlling Shareholder (KMH)	Certificate of Good Standing — KMH	Certificate of Good Standing for Kallistratos Maritime Holdings Ltd. from the BVI Registry of Corporate Affairs	TSL / Alexandros Theodorakis	N/A — Government-issued	Suspended	2022-10-14	Craigmuir Chambers, Road Town, Tortola, BVI
18	D. Corporate Authorizations — Controlling Shareholder (KMH)	Memorandum & Articles — KMH	Certified copy of Memorandum and Articles of Association of Kallistratos Maritime Holdings Ltd.	TSL / Alexandros Theodorakis	N/A — Original document	Suspended	2022-10-14
19	E. Transaction Documents	Indenture	Executed Indenture among TSL, TFPL (Co-Issuers), Guarantor Subsidiaries, Marlowe Asset Management Trust Company of Singapore Pte. Ltd. (Trustee; UEN 199804782D), and Atlas Collateral Agency Pte. Ltd. (Security Agent; UEN 200115678R) — Singapore law governed; $400,000,000 Senior Secured Notes due October 15, 2029; coupon 8.750% p.a. payable semi-annually April 15 and October 15	Calderwood & Harkness LLP	Whitfield & Crane LLP / Thornton Ashworth LLP	Near-Final (5th Draft, dated 2022-09-06)	Suspended	2022-10-15	Agreed among all parties. Signature pages assembled but unexecuted.
20	E. Transaction Documents	Purchase Agreement	Executed Purchase Agreement among Co-Issuers, Guarantors, and Initial Purchasers (Anchor Bay Securities LLC and Halcyon Partners International Ltd.); Rule 144A / Reg S structure; IP discount 2.00% ($8,000,000); issue price 98.00% of par; minimum denomination $200,000	Calderwood & Harkness LLP	Whitfield & Crane LLP	Near-Final Draft	Suspended	2022-10-15	ABS 65% share ($5,200,000); HPI 35% share ($2,800,000). Signature pages assembled but unexecuted.
21	E. Transaction Documents	Registration Rights Agreement	Executed Registration Rights Agreement providing for exchange offer / shelf registration by Co-Issuers for the benefit of holders	Calderwood & Harkness LLP	Whitfield & Crane LLP	Near-Final Draft	Suspended	2022-10-15	Includes liquidated damages provisions
22	E. Transaction Documents	Intercreditor Agreement	Executed Intercreditor Agreement among Co-Issuers, Guarantors, Atlas Collateral Agency Pte. Ltd. (Security Agent), and Marlowe Asset Management Trust Company of Singapore Pte. Ltd. (Trustee); priority, enforcement standstill, waterfall, permitted hedging	Calderwood & Harkness LLP	Whitfield & Crane LLP / Thornton Ashworth LLP	Near-Final (3rd Draft, first circulated 2022-08-22)	Suspended	2022-10-15	Singapore law governed. Signature pages assembled but unexecuted.
23	E. Transaction Documents	Global Note — Rule 144A	Executed Form of Rule 144A Global Note deposited with DTC; proposed CUSIP 87265T AA1; proposed ISIN US87265TAA10	Calderwood & Harkness LLP	Near-Final (Form)	Suspended	2022-10-15	Exhibit to Indenture
24	E. Transaction Documents	Global Note — Regulation S	Executed Form of Regulation S Global Note deposited with Thackeray Partners LLC / Ashgrove Enterprises; proposed ISIN XS2498731056; proposed Common Code 249873105	Calderwood & Harkness LLP	Near-Final (Form)	Suspended	2022-10-15	Exhibit to Indenture

25	E. Transaction Documents	Paying Agent and Transfer Agent Agreement	Executed Paying Agent and Transfer Agent Agreement among Co-Issuers and Marlowe Asset Management Trust Company of Singapore Pte. Ltd.; trustee acceptance fee $25,000; annual fee $15,000	Calderwood & Harkness LLP	Thornton Ashworth LLP	Near-Final Draft	Suspended	2022-10-15	Signature pages assembled but unexecuted.
26	E. Transaction Documents	Supplemental Indenture (Form of — Guarantor Joinder)	Agreed form of Supplemental Indenture for future guarantor accession, as exhibit to the Indenture	Calderwood & Harkness LLP	Whitfield & Crane LLP	Near-Final (Form)	Suspended	2022-10-15	Exhibit to Indenture; no execution required at closing
27	F. Security Documents	Deed of Ship Mortgage — Collateral Vessel 1	Executed first-priority ship mortgage over Collateral Vessel 1 in favor of Atlas Collateral Agency Pte. Ltd. (Security Agent)	Calderwood & Harkness LLP	TSL / Alexandros Theodorakis	Draft (Form agreed)	Suspended	2022-10-15	28 Collateral Vessels total; appraised aggregate value $1,175,000,000; collateral coverage ratio 2.94x. Individual mortgage for each vessel; items 27–54 cover all 28 vessels.
28–54	F. Security Documents	Deeds of Ship Mortgage — Collateral Vessels 2–28	Executed first-priority ship mortgages over Collateral Vessels 2 through 28 (27 additional vessels) in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP	TSL / Alexandros Theodorakis	Draft (Form agreed)	Suspended	2022-10-15	Form of mortgage adaptable per flag-state requirements. Each vessel mortgage recorded per applicable flag-state registry.
55	F. Security Documents	Deed of Assignment of Earnings and Insurances — All Collateral Vessels	Executed first-priority assignment of charter hire, freight revenue, insurance proceeds, and requisition compensation for all 28 Collateral Vessels in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP	TSL / Alexandros Theodorakis	Draft (Form agreed)	Suspended	2022-10-15	May be structured as individual assignments per vessel or omnibus deed
56	F. Security Documents	Share Pledge Agreement — TFPL	Executed pledge of 100% of issued shares of Thalassa Finance Pte. Ltd. (UEN 202209345K) by TSL in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP / Rajendra & Osman LLP	Near-Final Draft	Suspended	2022-10-15	Singapore law governed
57	F. Security Documents	Share Pledge Agreement — TDBO	Executed pledge of 100% of equity in Thalassa Dry Bulk Operations Ltd. (Malta) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP	TSL	Draft (Form agreed)	Suspended	2022-10-15
58	F. Security Documents	Share Pledge Agreement — TCF	Executed pledge of 100% of equity in Thalassa Container Feeder Ltd. (Marshall Islands) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP	TSL	Draft (Form agreed)	Suspended	2022-10-15
59	F. Security Documents	Share Pledge Agreement — TPS	Executed pledge of 100% of equity in Thalassa Port Services FZCO (Dubai) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP	TSL	Draft (Form agreed)	Suspended	2022-10-15
60	F. Security Documents	Share Pledge Agreement — TFS	Executed pledge of 100% of equity in Thalassa Freight Solutions Pte. Ltd. (Singapore) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd.	Calderwood & Harkness LLP / Rajendra & Osman LLP	TSL	Draft (Form agreed)	Suspended	2022-10-15
61	F. Security Documents	Assignment of Intercompany Loan Receivables	Executed deed of assignment by Thalassa Finance Pte. Ltd. of $365,000,000 aggregate intercompany loan receivables owed by fleet-owning subsidiaries to Atlas Collateral Agency Pte. Ltd. as first-priority security	Calderwood & Harkness LLP / Rajendra & Osman LLP	Near-Final Draft	Suspended	2022-10-15
62	F. Security Documents	Security Agent Acceptance Letter	Acceptance letter from Atlas Collateral Agency Pte. Ltd. (Karen Ng) accepting appointment as Security Agent under the Security Documents; acceptance fee $20,000; annual fee $30,000/year	Thornton Ashworth LLP / Atlas Collateral Agency Pte. Ltd.	Pending	Suspended	2022-10-15	80 Robinson Road, #02-00, Singapore 068898
63	G. Legal Opinions	Opinion — Calderwood & Harkness LLP (Singapore Law)	Singapore-law opinion of Calderwood & Harkness LLP on due authorization by Co-Issuers and Guarantors, valid issuance of Notes, enforceability of Indenture, Purchase Agreement, and Security Documents, no conflicts	Calderwood & Harkness LLP (Robert Adeyemi)	Draft	Suspended	2022-10-15	Customary assumptions and qualifications. Undelivered.
64	G. Legal Opinions	Opinion — Delphi & Karidis LLP (Greek Law)	Greek-law opinion of Delphi & Karidis LLP (Nikolaos Karidis) on TSL corporate capacity, board approvals, no conflicts with Greek law or Articles of Association, GEMI registration (No. 148276201000)	Delphi & Karidis LLP	Calderwood & Harkness LLP (review/comment)	Draft (C&H markup received)	Suspended	2022-10-15	15 Vasilissis Sofias Avenue, Athens 106 71, Greece. Undelivered.
65	G. Legal Opinions	Opinion — Rajendra & Osman LLP (Singapore Law — TFPL)	Singapore-law opinion of Rajendra & Osman LLP (Anil Rajendra) on TFPL corporate capacity (UEN 202209345K), enforceability, ACRA compliance, no conflicts	Rajendra & Osman LLP	Calderwood & Harkness LLP (review/comment)	Draft (C&H markup received)	Suspended	2022-10-15	6 Battery Road, #28-01, Singapore 049909. Undelivered.
66	G. Legal Opinions	Opinion — Whitfield & Crane LLP (IP Counsel)	U.S. and Singapore-law opinion / 10b-5 negative assurance letter of Whitfield & Crane LLP (Thomas Whitfield III) as counsel to the Initial Purchasers	Whitfield & Crane LLP	Draft framework circulated	Suspended	2022-10-15	One Liberty Plaza, 165 Broadway, New York, NY 10006. Undelivered.
67	G. Legal Opinions	Opinion — Thornton Ashworth LLP (Trustee Counsel)	Singapore-law opinion of Thornton Ashworth LLP (Michelle Goh) on behalf of Marlowe Asset Management Trust Company of Singapore Pte. Ltd. confirming trustee protections, Indenture enforceability from trustee perspective	Thornton Ashworth LLP	Pending	Suspended	2022-10-15	1 Raffles Place, #44-02, One Raffles Place Tower 1, Singapore 048616. Undelivered.
68	G. Legal Opinions	Guarantor Subsidiary Local Law Opinions (Malta, marshall Islands, Dubai)	Local-law opinions for each non-Singapore Guarantor Subsidiary confirming corporate capacity and enforceability of guarantee under applicable local law — Malta (TDBO), marshall Islands (TCF), Dubai (TPS)	Respective local counsel (to be engaged)	Pending	Suspended	2022-10-15	Local counsel engagement not yet finalized for all jurisdictions
69	H. Officers' Certificates	Officers' Certificate — TSL	Certificate executed by Spyros Andreou (CEO) and Marina Demetriou (CFO) of TSL certifying accuracy of representations and warranties in Purchase Agreement and OM, absence of material adverse change, compliance with conditions precedent	TSL (Spyros Andreou / Marina Demetriou)	Calderwood & Harkness LLP (drafted form)	Draft (Form agreed)	Suspended	2022-10-15	Form prepared by C&H. Unexecuted.
70	H. Officers' Certificates	Officers' Certificate — TFPL	Certificate executed by Marina Demetriou (sole director of TFPL) certifying accuracy of TFPL representations	TFPL (Marina Demetriou)	Calderwood & Harkness LLP	Draft	Suspended	2022-10-15
71	H. Officers' Certificates	Secretary's / General Counsel's Certificate — TSL	Certificate of Alexandros Theodorakis (General Counsel) certifying authenticity of board resolutions, articles, and incumbency	TSL (Alexandros Theodorakis)	Draft	Suspended	2022-10-15
72	H. Officers' Certificates	Certificate — KMH	Certificate of authorized officer of Kallistratos Maritime Holdings Ltd. confirming authority to provide limited parent guarantee ($50,000,000 cap)	KMH / Dimitrios Kallistratos	Pending	Suspended	2022-10-15
73	I. Comfort Letter & Auditor Deliverables	Comfort Letter — Kestrel & White (Initial)	SAS 72/ISAE-equivalent comfort letter from Kestrel & White Chartered Accountants (Georgios Papadimitriou) covering financial data in the OM including Revenue of $687,400,000 and Adjusted EBITDA of $214,600,000	Kestrel & White Chartered Accountants	Calderwood & Harkness LLP (coordinated request dated 2022-08-01)	Pending	Suspended	2022-10-15	22 Kifisias Avenue, Marousi 151 25, Athens, Greece. Request letter delivered 2022-08-01; comfort letter not yet received.
74	I. Comfort Letter & Auditor Deliverables	Bring-Down Comfort Letter — Kestrel & White	Bring-down comfort letter from Kestrel & White to be delivered at closing confirming no material changes since initial comfort letter	Kestrel & White Chartered Accountants	Calderwood & Harkness LLP	Pending	Suspended	2022-10-15	To be delivered on closing date
75	I. Comfort Letter & Auditor Deliverables	Audited Financial Statements — TSL	Copies of audited consolidated financial statements of TSL for FY2019, FY2020, FY2021 as included in the OM	TSL (Marina Demetriou, CFO)	Kestrel & White Chartered Accountants	Available	Suspended	2022-10-14	Previously provided for OM inclusion

76	J. Rating Agency Letters	Rating Confirmation Letter — Polaris Ratings Group Ltd.	Final rating letter from Polaris Ratings Group Ltd. (Carl Johansson) confirming assignment of B+ (stable outlook) rating to the Notes	Polaris Ratings Group Ltd.	TSL / Anchor Bay Securities LLC	Preliminary rating B+ (stable) assigned 2022-08-08; placed on hold 2022-11-02	Suspended	2022-10-15	Preliminary rating issued; final letter contingent on pricing. Rating on hold. Fee: $175,000.
77	J. Rating Agency Letters	Rating Confirmation Letter — Oceanic Credit Assessments Inc.	Final rating letter from Oceanic Credit Assessments Inc. (Linda Park) confirming assignment of B1 (stable outlook) rating to the Notes	Oceanic Credit Assessments Inc.	TSL / Anchor Bay Securities LLC	Preliminary rating B1 (stable) assigned 2022-08-10; placed on hold 2022-11-04	Suspended	2022-10-15	Preliminary rating issued; final letter contingent on pricing. Rating on hold. Fee: $200,000.
78	K. Payoff & Discharge Letters	Payoff Letter — Meridian Maritime Bank AG	Payoff/discharge letter from Meridian Maritime Bank AG (Hans-Peter Gerber) confirming payoff amount, per diem interest, wire instructions, and mechanics for release of existing ship-finance security on the $190,000,000 bilateral facility	TSL / Calderwood & Harkness LLP	Meridian Maritime Bank AG	Draft request letter prepared (never sent)	Suspended	2022-10-14	Talstrasse 18, 8001 Zürich, Switzerland. Draft payoff request prepared by C&H; never transmitted due to offering suspension.
79	K. Payoff & Discharge Letters	Payoff Letter — Clearwater Shipping Finance Ltd.	Payoff/discharge letter from Clearwater Shipping Finance Ltd. (Emma Blackwood) confirming payoff amount, per diem interest, wire instructions, and mechanics for release of existing ship-finance security on the $120,000,000 bilateral facility	TSL / Calderwood & Harkness LLP	Clearwater Shipping Finance Ltd.	Draft request letter prepared (never sent)	Suspended	2022-10-14	1 Fleet Place, London EC4M 7RA, United Kingdom. Draft payoff request prepared by C&H; never transmitted due to offering suspension.
80	K. Payoff & Discharge Letters	Lien Release Documentation — Meridian	Executed lien releases and discharge of existing ship mortgages held by Meridian Maritime Bank AG upon receipt of payoff funds	Meridian Maritime Bank AG	TSL	Pending	Suspended	2022-10-15	Contingent on receipt of payoff letter and closing funds
81	K. Payoff & Discharge Letters	Lien Release Documentation — Clearwater	Executed lien releases and discharge of existing ship mortgages held by Clearwater Shipping Finance Ltd. upon receipt of payoff funds	Clearwater Shipping Finance Ltd.	TSL	Pending	Suspended	2022-10-15	Contingent on receipt of payoff letter and closing funds
82	L. Listing Application (SGX-ST)	SGX-ST Listing Application	Application for listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST)	Calderwood & Harkness LLP / Rajendra & Osman LLP	Anchor Bay Securities LLC (David Loh, VP, Singapore DCM)	Pending	Suspended	2022-10-15	Application never filed. Listing never completed.
83	L. Listing Application (SGX-ST)	SGX-ST Supporting Documents	Supporting documentation for SGX-ST listing application including certified copies of Indenture, OM, constitutional documents, and board resolutions	Calderwood & Harkness LLP / Rajendra & Osman LLP	Pending	Suspended	2022-10-15
84	M. Miscellaneous Closing Deliverables	Fleet Appraisal Report	Desktop fleet valuation report from Compass Marine Valuations Ltd. (Robert Hargreaves) dated June 2022; total fleet appraised value $1,820,000,000 (50 vessels); Collateral Vessel appraised value $1,175,000,000 (28 vessels)	Compass Marine Valuations Ltd.	Received (dated June 2022)	Suspended	2022-10-14	2022-06-30	3 Thomas More Square, London E1W 1WY, UK. Fee: $95,000. Report received; to be refreshed if offering reactivated.
85	M. Miscellaneous Closing Deliverables	Closing Funds Flow Memorandum	Funds flow memorandum detailing disbursement of gross proceeds ($392,000,000 at 98.00% issue price): $190,000,000 to Meridian Maritime Bank AG, $120,000,000 to Clearwater Shipping Finance Ltd., $72,000,000 to TSL (general corporate / capex), balance to fees and expenses; TSL cash contribution of $10,000,000 net additional from balance sheet	Calderwood & Harkness LLP / Anchor Bay Securities LLC	TSL (Marina Demetriou, CFO)	Draft	Suspended	2022-10-14	Total fees and expenses estimated at ~$18,000,000 (including $8,000,000 OID). Use of proceeds: refinancing $310,000,000 total existing debt.
86	M. Miscellaneous Closing Deliverables	DTC Eligibility Letter / DTC Blanket Letter of Representations	DTC letter confirming eligibility of the Rule 144A Global Notes for book-entry settlement through DTC	Anchor Bay Securities LLC	Pending	Suspended	2022-10-14
87	M. Miscellaneous Closing Deliverables	Thackeray Partners LLC / Ashgrove Enterprises Eligibility Confirmation	Confirmation from Thackeray Partners LLC and Ashgrove Enterprises of eligibility for settlement of Regulation S Global Notes	Anchor Bay Securities LLC / Halcyon Partners International Ltd.	Pending	Suspended	2022-10-14
88	M. Miscellaneous Closing Deliverables	Offering Memorandum (Final Printed)	Final printed Offering Memorandum — approximately 280 pages (near-final 4th draft dated 2022-09-12 substantially agreed; to be finalized with pricing terms)	Calderwood & Harkness LLP / Anchor Bay Securities LLC	Near-Final (4th Draft, dated 2022-09-12)	Suspended	2022-10-15	First draft circulated 2022-07-11. To include final pricing terms, ISIN/CUSIP, and updated financial data.
89	M. Miscellaneous Closing Deliverables	Trustee Acceptance Letter	Acceptance letter from Marlowe Asset Management Trust Company of Singapore Pte. Ltd. (Richard Tan) accepting appointment as Trustee, Paying Agent, and Transfer Agent; acceptance fee $25,000	Marlowe Asset Management Trust Company of Singapore Pte. Ltd. / Thornton Ashworth LLP	Pending	Suspended	2022-10-15	80 Robinson Road, #02-00, Singapore 068898 (UEN 199804782D)
90	M. Miscellaneous Closing Deliverables	KMH Limited Parent Guarantee	Executed limited parent guarantee from Kallistratos Maritime Holdings Ltd. in favor of the Trustee, capped at $50,000,000	Calderwood & Harkness LLP	Dimitrios Kallistratos	Draft	Suspended	2022-10-15	BVI Business Company; Craigmuir Chambers, Road Town, Tortola, BVI
91	M. Miscellaneous Closing Deliverables	Process Agent Appointment Letters	Letters appointing process agents in Singapore for service of process on each non-Singapore party to the transaction documents	Calderwood & Harkness LLP / Rajendra & Osman LLP	Draft	Suspended	2022-10-14	Required for TSL (Greece), KMH (BVI), TDBO (Malta), TCF (Marshall Islands), TPS (Dubai)

[sheet: Summary & Legend]

Field	Value
Transaction	$400,000,000 Senior Secured Notes due 2029
Co-Issuers	Thalassa Shipping & Logistics SA / Thalassa Finance Pte. Ltd.
Governing Law	Singapore
Lead Bookrunner / Initial Purchaser	Anchor Bay Securities LLC
Co-Manager / Initial Purchaser	Halcyon Partners International Ltd.
Indenture Trustee	Marlowe Asset Management Trust Company of Singapore Pte. Ltd.
Security Agent / Collateral Agent	Atlas Collateral Agency Pte. Ltd.
Issuer's Counsel (Lead)	Calderwood & Harkness LLP — Matter No. 1044-00004 / Client No. 80214-TSL
Issuer's Greek Counsel	Delphi & Karidis LLP
Issuer's Singapore Counsel	Rajendra & Osman LLP
Initial Purchasers' Counsel	Whitfield & Crane LLP
Trustee's Counsel	Thornton Ashworth LLP
Auditor / Comfort Letter Provider	Kestrel & White Chartered Accountants
Fleet Appraiser	Compass Marine Valuations Ltd.
Rating Agencies	Polaris Ratings Group Ltd. (B+, stable — on hold); Oceanic Credit Assessments Inc. (B1, stable — on hold)
Originally Targeted Closing Date	October 15, 2022
Offering Status	SUSPENDED — Formal suspension notice issued November 14, 2022
Reason for Suspension	Baltic Dry Index decline from ~3,400 to below 1,200; FY2023E Adjusted EBITDA revised from $214.6M to ~$128.0M; repricing to ~10.50–11.00% deemed unacceptable by TSL board
Most Recent Status Update	June 10, 2024 — TSL indicates potential Q1 2025 reactivation if BDI sustains above 2,000

STATUS LEGEND

Near-Final	Document substantially agreed among all parties; ready for execution upon closing
Draft	Document in draft form; comments outstanding or form agreed but not finalized
Pending	Document or deliverable not yet prepared or received; awaiting action
Suspended	All items suspended as of November 14, 2022 per TSL formal suspension notice
Available	Document previously obtained and on file
Received	Third-party deliverable received and on file

CHECKLIST STATISTICS

Total Line Items	~85 (91 numbered; items 28–54 grouped as 27 individual ship mortgages)
Items — Near-Final at Suspension	~12
Items — Draft at Suspension	~25
Items — Pending at Suspension	~22
Items — Received/Available	~2
Items — All Currently Suspended	91 (100%)

[sheet: Contact Directory]

Organization	Short Name	Role	Key Contact	Title	Address
Thalassa Shipping & Logistics SA	TSL	Issuer (Primary)	Spyros Andreou / Marina Demetriou / Alexandros Theodorakis	CEO / CFO / General Counsel	42 Akti Miaouli, Piraeus 185 35, Greece
Thalassa Finance Pte. Ltd.	TFPL	Co-Issuer (SPV)	Marina Demetriou	Sole Director	8 Marina Boulevard, #36-02, Marina Bay Financial Centre Tower 1, Singapore 018981
Kallistratos Maritime Holdings Ltd.	KMH	Controlling Shareholder (72.5%); Limited Parent Guarantor	Dimitrios Kallistratos	Chairman / Beneficial Owner	Craigmuir Chambers, Road Town, Tortola, British Virgin Islands
Pelagos Capital Partners Fund III LP	Pelagos Fund III	Minority Equity Sponsor (18.0%); Observer Rights	Andreas Vournas	Managing Partner (Pelagos Capital Management Ltd.)	PO Box 309, Ugland House, George Town, Grand Cayman, Cayman Islands
Anchor Bay Securities LLC	ABS	Lead Bookrunner / Lead Initial Purchaser (65%)	Marcus Reinhardt / Priya Subramanian / David Loh	MD, Shipping & Transportation DCM / Director, HY Origination / VP, Singapore DCM	599 Lexington Avenue, 28th Floor, New York, NY 10022
Halcyon Partners International Ltd.	HPI	Co-Manager / Co-Initial Purchaser (35%)	James Ogilvie / Sophie Chen	MD, European High-Yield / Director, Transportation & Infrastructure	25 Old Broad Street, London EC2N 1HQ, United Kingdom
Calderwood & Harkness LLP	C&H	Issuer's Counsel (Lead / International)	Robert Adeyemi (Responsible Partner) / Jennifer Kwon (Billing Partner) / Brendan Walsh (Lead Associate) / Natasha Forbes (Working Associate)	Partners / Associates, Capital Markets	125 Broad Street, New York, NY 10004
Delphi & Karidis LLP	D&K	Issuer's Greek Counsel	Nikolaos Karidis	Senior Partner	15 Vasilissis Sofias Avenue, Athens 106 71, Greece
Rajendra & Osman LLP	R&O	Issuer's Singapore Counsel	Anil Rajendra	Managing Partner	6 Battery Road, #28-01, Singapore 049909
Whitfield & Crane LLP	W&C	Initial Purchasers' Counsel	Thomas Whitfield III / Rebecca Samuels	Partner / Senior Associate, Capital Markets / High-Yield	One Liberty Plaza, 165 Broadway, New York, NY 10006
Thornton Ashworth LLP	T&A	Trustee's Counsel	Michelle Goh	Partner, Banking & Finance	1 Raffles Place, #44-02, One Raffles Place Tower 1, Singapore 048616
Marlowe Asset Management Trust Company of Singapore Pte. Ltd.	VTC	Indenture Trustee / Paying Agent / Transfer Agent	Richard Tan	Vice President, Corporate Trust	80 Robinson Road, #02-00, Singapore 068898
Atlas Collateral Agency Pte. Ltd.	ACA	Security Agent / Collateral Agent	Karen Ng	Associate Director, Collateral Services	80 Robinson Road, #02-00, Singapore 068898
Meridian Maritime Bank AG	Meridian	Existing Lender — $190M facility (to be refinanced)	Hans-Peter Gerber	Senior Director, Shipping Finance	Talstrasse 18, 8001 Zürich, Switzerland
Clearwater Shipping Finance Ltd.	Clearwater	Existing Lender — $120M facility (to be refinanced)	Emma Blackwood	Director, Structured Ship Finance	1 Fleet Place, London EC4M 7RA, United Kingdom
Polaris Ratings Group Ltd.	Polaris	Rating Agency (B+, stable — on hold 2022-11-02)	Carl Johansson	Lead Analyst, Transportation & Shipping	Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda
Oceanic Credit Assessments Inc.	OCA	Rating Agency (B1, stable — on hold 2022-11-04)	Linda Park	Senior Director, Maritime & Logistics	120 Broadway, Suite 2200, New York, NY 10271
Kestrel & White Chartered Accountants	K&W	Auditor / Comfort Letter Provider	Georgios Papadimitriou	Audit Partner	22 Kifisias Avenue, Marousi 151 25, Athens, Greece
Compass Marine Valuations Ltd.	CMV	Fleet Appraiser	Robert Hargreaves	Managing Director	3 Thomas More Square, London E1W 1WY, United Kingdom

[sheet: Closing Checklist]
Item No. | Category | Sub-Category | Deliverable Description | Responsible Party | Secondary Party | Document Draft / Version | Status | Target Delivery Date | Actual Delivery Date | Notes / Comments
1 | A. Corporate Authorizations — Issuer (TSL) | Board Resolutions | Certified copy of resolutions of the Board of Directors of Thalassa Shipping & Logistics SA authorizing the offering of $400,000,000 Senior Secured Notes due 2029, execution of all transaction documents (Indenture, Purchase Agreement, Registration Rights Agreement, Intercreditor Agreement, Security Documents), and appointment of authorized signatories (Spyros Andreou, Marina Demetriou, Alexandros Theodorakis) | Calderwood & Harkness LLP / Alexandros Theodorakis (TSL General Counsel) | Delphi & Karidis LLP | Draft | Suspended | 2022-10-14 | Draft prepared by C&H for review by TSL in-house counsel. Greek-law formalities to be confirmed by D&K.
2 | A. Corporate Authorizations — Issuer (TSL) | Articles of Association | Certified copy of Articles of Association (Katastatiko) of Thalassa Shipping & Logistics SA, as currently in effect | Alexandros Theodorakis (TSL) | Delphi & Karidis LLP | N/A — Original document | Suspended | 2022-10-14 | To be certified by TSL General Counsel and notarized under Greek law
3 | A. Corporate Authorizations — Issuer (TSL) | GEMI Certificate | Certificate of good standing / GEMI registration certificate for Thalassa Shipping & Logistics SA (GEMI No. 148276201000) | Delphi & Karidis LLP | N/A — Government-issued | Suspended | 2022-10-14 | To be obtained from Greek General Commercial Registry (GEMI)
4 | A. Corporate Authorizations — Issuer (TSL) | Incumbency Certificate | Incumbency certificate for authorized signatories of TSL: Spyros Andreou (CEO), Marina Demetriou (CFO), Alexandros Theodorakis (General Counsel) | Alexandros Theodorakis (TSL) | Draft | Suspended | 2022-10-14
5 | A. Corporate Authorizations — Issuer (TSL) | Power of Attorney | Power of Attorney executed by TSL Board authorizing designated persons to execute closing documents on behalf of TSL | Delphi & Karidis LLP / Calderwood & Harkness LLP | Draft | Suspended | 2022-10-14 | Greek-law requirements for notarial form to be confirmed by D&K
6 | B. Corporate Authorizations — Co-Issuer (TFPL) | Sole Director Resolution | Certified copy of written resolution of the sole director of Thalassa Finance Pte. Ltd. (Marina Demetriou) authorizing co-issuance of the Notes, execution of transaction documents, and granting of security over intercompany loan receivables of $365,000,000 | Calderwood & Harkness LLP / Rajendra & Osman LLP | Marina Demetriou | Draft | Suspended | 2022-10-14 | Prepared by C&H in coordination with R&O. Singapore Companies Act compliance confirmed by R&O.
7 | B. Corporate Authorizations — Co-Issuer (TFPL) | ACRA Business Profile | Current ACRA Business Profile for Thalassa Finance Pte. Ltd. (UEN 202209345K) | Rajendra & Osman LLP | N/A — Government-issued | Suspended | 2022-10-14 | To be obtained from ACRA within 5 business days of closing
8 | B. Corporate Authorizations — Co-Issuer (TFPL) | Certificate of Incorporation | Certified copy of Certificate of Incorporation of Thalassa Finance Pte. Ltd. | Rajendra & Osman LLP | N/A — Original document | Suspended | 2022-10-14
9 | B. Corporate Authorizations — Co-Issuer (TFPL) | Constitution / Memorandum | Certified copy of Constitution of Thalassa Finance Pte. Ltd., as currently in effect | Rajendra & Osman LLP | N/A — Original document | Suspended | 2022-10-14
10 | C. Corporate Authorizations — Guarantor Subsidiaries | Board Resolutions — TDBO | Certified copy of board resolutions of Thalassa Dry Bulk Operations Ltd. (Malta) authorizing the guarantee and execution of Security Documents | Calderwood & Harkness LLP | TSL / Alexandros Theodorakis | Draft | Suspended | 2022-10-14 | Malta-law formalities; fleet-owning sub for 22 dry-bulk vessels
11 | C. Corporate Authorizations — Guarantor Subsidiaries | Board Resolutions — TCF | Certified copy of board/manager resolutions of Thalassa Container Feeder Ltd. (Marshall Islands) authorizing the guarantee and execution of Security Documents | Calderwood & Harkness LLP | TSL / Alexandros Theodorakis | Draft | Suspended | 2022-10-14 | Marshall Islands LLC; fleet-owning sub for 12 container feeder vessels
12 | C. Corporate Authorizations — Guarantor Subsidiaries | Board Resolutions — TPS | Certified copy of board/manager resolutions of Thalassa Port Services FZCO (Dubai) authorizing the guarantee and execution of Security Documents | Calderwood & Harkness LLP | TSL / Alexandros Theodorakis | Draft | Suspended | 2022-10-14 | Dubai Free Zone Company; port logistics operations
13 | C. Corporate Authorizations — Guarantor Subsidiaries | Board Resolutions — TFS | Certified copy of board resolutions of Thalassa Freight Solutions Pte. Ltd. (Singapore) authorizing the guarantee and execution of Security Documents | Calderwood & Harkness LLP / Rajendra & Osman LLP | TSL / Alexandros Theodorakis | Draft | Suspended | 2022-10-14 | Singapore private company; freight forwarding operations
14 | C. Corporate Authorizations — Guarantor Subsidiaries | Good Standing / Registration Certificates — All Guarantors | Certificates of good standing or equivalent registration certificates for each of TDBO (Malta), TCF (Marshall Islands), TPS (Dubai), TFS (Singapore) | Alexandros Theodorakis (TSL) / respective local counsel | N/A — Government-issued | Suspended | 2022-10-14 | Separate certificate required for each jurisdiction
15 | C. Corporate Authorizations — Guarantor Subsidiaries | Constitutional Documents — All Guarantors | Certified copies of constitutional documents (articles, operating agreements, articles of association) for each Guarantor Subsidiary | Alexandros Theodorakis (TSL) | N/A — Original documents | Suspended | 2022-10-14
16 | D. Corporate Authorizations — Controlling Shareholder (KMH) | Board Resolutions — KMH | Certified copy of board resolutions of Kallistratos Maritime Holdings Ltd. (BVI) authorizing the limited parent guarantee (capped at $50,000,000) in favor of the Trustee | Calderwood & Harkness LLP | Dimitrios Kallistratos | Draft | Suspended | 2022-10-14 | BVI Business Company; 72.5% equity holder of TSL; beneficial owner: Dimitrios Kallistratos
17 | D. Corporate Authorizations — Controlling Shareholder (KMH) | Certificate of Good Standing — KMH | Certificate of Good Standing for Kallistratos Maritime Holdings Ltd. from the BVI Registry of Corporate Affairs | TSL / Alexandros Theodorakis | N/A — Government-issued | Suspended | 2022-10-14 | Craigmuir Chambers, Road Town, Tortola, BVI
18 | D. Corporate Authorizations — Controlling Shareholder (KMH) | Memorandum & Articles — KMH | Certified copy of Memorandum and Articles of Association of Kallistratos Maritime Holdings Ltd. | TSL / Alexandros Theodorakis | N/A — Original document | Suspended | 2022-10-14
19 | E. Transaction Documents | Indenture | Executed Indenture among TSL, TFPL (Co-Issuers), Guarantor Subsidiaries, Marlowe Asset Management Trust Company of Singapore Pte. Ltd. (Trustee; UEN 199804782D), and Atlas Collateral Agency Pte. Ltd. (Security Agent; UEN 200115678R) — Singapore law governed; $400,000,000 Senior Secured Notes due October 15, 2029; coupon 8.750% p.a. payable semi-annually April 15 and October 15 | Calderwood & Harkness LLP | Whitfield & Crane LLP / Thornton Ashworth LLP | Near-Final (5th Draft, dated 2022-09-06) | Suspended | 2022-10-15 | Agreed among all parties. Signature pages assembled but unexecuted.
20 | E. Transaction Documents | Purchase Agreement | Executed Purchase Agreement among Co-Issuers, Guarantors, and Initial Purchasers (Anchor Bay Securities LLC and Halcyon Partners International Ltd.); Rule 144A / Reg S structure; IP discount 2.00% ($8,000,000); issue price 98.00% of par; minimum denomination $200,000 | Calderwood & Harkness LLP | Whitfield & Crane LLP | Near-Final Draft | Suspended | 2022-10-15 | ABS 65% share ($5,200,000); HPI 35% share ($2,800,000). Signature pages assembled but unexecuted.
21 | E. Transaction Documents | Registration Rights Agreement | Executed Registration Rights Agreement providing for exchange offer / shelf registration by Co-Issuers for the benefit of holders | Calderwood & Harkness LLP | Whitfield & Crane LLP | Near-Final Draft | Suspended | 2022-10-15 | Includes liquidated damages provisions
22 | E. Transaction Documents | Intercreditor Agreement | Executed Intercreditor Agreement among Co-Issuers, Guarantors, Atlas Collateral Agency Pte. Ltd. (Security Agent), and Marlowe Asset Management Trust Company of Singapore Pte. Ltd. (Trustee); priority, enforcement standstill, waterfall, permitted hedging | Calderwood & Harkness LLP | Whitfield & Crane LLP / Thornton Ashworth LLP | Near-Final (3rd Draft, first circulated 2022-08-22) | Suspended | 2022-10-15 | Singapore law governed. Signature pages assembled but unexecuted.
23 | E. Transaction Documents | Global Note — Rule 144A | Executed Form of Rule 144A Global Note deposited with DTC; proposed CUSIP 87265T AA1; proposed ISIN US87265TAA10 | Calderwood & Harkness LLP | Near-Final (Form) | Suspended | 2022-10-15 | Exhibit to Indenture
24 | E. Transaction Documents | Global Note — Regulation S | Executed Form of Regulation S Global Note deposited with Thackeray Partners LLC / Ashgrove Enterprises; proposed ISIN XS2498731056; proposed Common Code 249873105 | Calderwood & Harkness LLP | Near-Final (Form) | Suspended | 2022-10-15 | Exhibit to Indenture
25 | E. Transaction Documents | Paying Agent and Transfer Agent Agreement | Executed Paying Agent and Transfer Agent Agreement among Co-Issuers and Marlowe Asset Management Trust Company of Singapore Pte. Ltd.; trustee acceptance fee $25,000; annual fee $15,000 | Calderwood & Harkness LLP | Thornton Ashworth LLP | Near-Final Draft | Suspended | 2022-10-15 | Signature pages assembled but unexecuted.
26 | E. Transaction Documents | Supplemental Indenture (Form of — Guarantor Joinder) | Agreed form of Supplemental Indenture for future guarantor accession, as exhibit to the Indenture | Calderwood & Harkness LLP | Whitfield & Crane LLP | Near-Final (Form) | Suspended | 2022-10-15 | Exhibit to Indenture; no execution required at closing
27 | F. Security Documents | Deed of Ship Mortgage — Collateral Vessel 1 | Executed first-priority ship mortgage over Collateral Vessel 1 in favor of Atlas Collateral Agency Pte. Ltd. (Security Agent) | Calderwood & Harkness LLP | TSL / Alexandros Theodorakis | Draft (Form agreed) | Suspended | 2022-10-15 | 28 Collateral Vessels total; appraised aggregate value $1,175,000,000; collateral coverage ratio 2.94x. Individual mortgage for each vessel; items 27–54 cover all 28 vessels.
28–54 | F. Security Documents | Deeds of Ship Mortgage — Collateral Vessels 2–28 | Executed first-priority ship mortgages over Collateral Vessels 2 through 28 (27 additional vessels) in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP | TSL / Alexandros Theodorakis | Draft (Form agreed) | Suspended | 2022-10-15 | Form of mortgage adaptable per flag-state requirements. Each vessel mortgage recorded per applicable flag-state registry.
55 | F. Security Documents | Deed of Assignment of Earnings and Insurances — All Collateral Vessels | Executed first-priority assignment of charter hire, freight revenue, insurance proceeds, and requisition compensation for all 28 Collateral Vessels in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP | TSL / Alexandros Theodorakis | Draft (Form agreed) | Suspended | 2022-10-15 | May be structured as individual assignments per vessel or omnibus deed
56 | F. Security Documents | Share Pledge Agreement — TFPL | Executed pledge of 100% of issued shares of Thalassa Finance Pte. Ltd. (UEN 202209345K) by TSL in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP / Rajendra & Osman LLP | Near-Final Draft | Suspended | 2022-10-15 | Singapore law governed
57 | F. Security Documents | Share Pledge Agreement — TDBO | Executed pledge of 100% of equity in Thalassa Dry Bulk Operations Ltd. (Malta) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP | TSL | Draft (Form agreed) | Suspended | 2022-10-15
58 | F. Security Documents | Share Pledge Agreement — TCF | Executed pledge of 100% of equity in Thalassa Container Feeder Ltd. (Marshall Islands) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP | TSL | Draft (Form agreed) | Suspended | 2022-10-15
59 | F. Security Documents | Share Pledge Agreement — TPS | Executed pledge of 100% of equity in Thalassa Port Services FZCO (Dubai) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP | TSL | Draft (Form agreed) | Suspended | 2022-10-15
60 | F. Security Documents | Share Pledge Agreement — TFS | Executed pledge of 100% of equity in Thalassa Freight Solutions Pte. Ltd. (Singapore) by TSL/TFPL in favor of Atlas Collateral Agency Pte. Ltd. | Calderwood & Harkness LLP / Rajendra & Osman LLP | TSL | Draft (Form agreed) | Suspended | 2022-10-15
61 | F. Security Documents | Assignment of Intercompany Loan Receivables | Executed deed of assignment by Thalassa Finance Pte. Ltd. of $365,000,000 aggregate intercompany loan receivables owed by fleet-owning subsidiaries to Atlas Collateral Agency Pte. Ltd. as first-priority security | Calderwood & Harkness LLP / Rajendra & Osman LLP | Near-Final Draft | Suspended | 2022-10-15
62 | F. Security Documents | Security Agent Acceptance Letter | Acceptance letter from Atlas Collateral Agency Pte. Ltd. (Karen Ng) accepting appointment as Security Agent under the Security Documents; acceptance fee $20,000; annual fee $30,000/year | Thornton Ashworth LLP / Atlas Collateral Agency Pte. Ltd. | Pending | Suspended | 2022-10-15 | 80 Robinson Road, #02-00, Singapore 068898
63 | G. Legal Opinions | Opinion — Calderwood & Harkness LLP (Singapore Law) | Singapore-law opinion of Calderwood & Harkness LLP on due authorization by Co-Issuers and Guarantors, valid issuance of Notes, enforceability of Indenture, Purchase Agreement, and Security Documents, no conflicts | Calderwood & Harkness LLP (Robert Adeyemi) | Draft | Suspended | 2022-10-15 | Customary assumptions and qualifications. Undelivered.
64 | G. Legal Opinions | Opinion — Delphi & Karidis LLP (Greek Law) | Greek-law opinion of Delphi & Karidis LLP (Nikolaos Karidis) on TSL corporate capacity, board approvals, no conflicts with Greek law or Articles of Association, GEMI registration (No. 148276201000) | Delphi & Karidis LLP | Calderwood & Harkness LLP (review/comment) | Draft (C&H markup received) | Suspended | 2022-10-15 | 15 Vasilissis Sofias Avenue, Athens 106 71, Greece. Undelivered.
65 | G. Legal Opinions | Opinion — Rajendra & Osman LLP (Singapore Law — TFPL) | Singapore-law opinion of Rajendra & Osman LLP (Anil Rajendra) on TFPL corporate capacity (UEN 202209345K), enforceability, ACRA compliance, no conflicts | Rajendra & Osman LLP | Calderwood & Harkness LLP (review/comment) | Draft (C&H markup received) | Suspended | 2022-10-15 | 6 Battery Road, #28-01, Singapore 049909. Undelivered.
66 | G. Legal Opinions | Opinion — Whitfield & Crane LLP (IP Counsel) | U.S. and Singapore-law opinion / 10b-5 negative assurance letter of Whitfield & Crane LLP (Thomas Whitfield III) as counsel to the Initial Purchasers | Whitfield & Crane LLP | Draft framework circulated | Suspended | 2022-10-15 | One Liberty Plaza, 165 Broadway, New York, NY 10006. Undelivered.
67 | G. Legal Opinions | Opinion — Thornton Ashworth LLP (Trustee Counsel) | Singapore-law opinion of Thornton Ashworth LLP (Michelle Goh) on behalf of Marlowe Asset Management Trust Company of Singapore Pte. Ltd. confirming trustee protections, Indenture enforceability from trustee perspective | Thornton Ashworth LLP | Pending | Suspended | 2022-10-15 | 1 Raffles Place, #44-02, One Raffles Place Tower 1, Singapore 048616. Undelivered.
68 | G. Legal Opinions | Guarantor Subsidiary Local Law Opinions (Malta, marshall Islands, Dubai) | Local-law opinions for each non-Singapore Guarantor Subsidiary confirming corporate capacity and enforceability of guarantee under applicable local law — Malta (TDBO), marshall Islands (TCF), Dubai (TPS) | Respective local counsel (to be engaged) | Pending | Suspended | 2022-10-15 | Local counsel engagement not yet finalized for all jurisdictions
69 | H. Officers' Certificates | Officers' Certificate — TSL | Certificate executed by Spyros Andreou (CEO) and Marina Demetriou (CFO) of TSL certifying accuracy of representations and warranties in Purchase Agreement and OM, absence of material adverse change, compliance with conditions precedent | TSL (Spyros Andreou / Marina Demetriou) | Calderwood & Harkness LLP (drafted form) | Draft (Form agreed) | Suspended | 2022-10-15 | Form prepared by C&H. Unexecuted.
70 | H. Officers' Certificates | Officers' Certificate — TFPL | Certificate executed by Marina Demetriou (sole director of TFPL) certifying accuracy of TFPL representations | TFPL (Marina Demetriou) | Calderwood & Harkness LLP | Draft | Suspended | 2022-10-15
71 | H. Officers' Certificates | Secretary's / General Counsel's Certificate — TSL | Certificate of Alexandros Theodorakis (General Counsel) certifying authenticity of board resolutions, articles, and incumbency | TSL (Alexandros Theodorakis) | Draft | Suspended | 2022-10-15
72 | H. Officers' Certificates | Certificate — KMH | Certificate of authorized officer of Kallistratos Maritime Holdings Ltd. confirming authority to provide limited parent guarantee ($50,000,000 cap) | KMH / Dimitrios Kallistratos | Pending | Suspended | 2022-10-15
73 | I. Comfort Letter & Auditor Deliverables | Comfort Letter — Kestrel & White (Initial) | SAS 72/ISAE-equivalent comfort letter from Kestrel & White Chartered Accountants (Georgios Papadimitriou) covering financial data in the OM including Revenue of $687,400,000 and Adjusted EBITDA of $214,600,000 | Kestrel & White Chartered Accountants | Calderwood & Harkness LLP (coordinated request dated 2022-08-01) | Pending | Suspended | 2022-10-15 | 22 Kifisias Avenue, Marousi 151 25, Athens, Greece. Request letter delivered 2022-08-01; comfort letter not yet received.
74 | I. Comfort Letter & Auditor Deliverables | Bring-Down Comfort Letter — Kestrel & White | Bring-down comfort letter from Kestrel & White to be delivered at closing confirming no material changes since initial comfort letter | Kestrel & White Chartered Accountants | Calderwood & Harkness LLP | Pending | Suspended | 2022-10-15 | To be delivered on closing date
75 | I. Comfort Letter & Auditor Deliverables | Audited Financial Statements — TSL | Copies of audited consolidated financial statements of TSL for FY2019, FY2020, FY2021 as included in the OM | TSL (Marina Demetriou, CFO) | Kestrel & White Chartered Accountants | Available | Suspended | 2022-10-14 | Previously provided for OM inclusion
76 | J. Rating Agency Letters | Rating Confirmation Letter — Polaris Ratings Group Ltd. | Final rating letter from Polaris Ratings Group Ltd. (Carl Johansson) confirming assignment of B+ (stable outlook) rating to the Notes | Polaris Ratings Group Ltd. | TSL / Anchor Bay Securities LLC | Preliminary rating B+ (stable) assigned 2022-08-08; placed on hold 2022-11-02 | Suspended | 2022-10-15 | Preliminary rating issued; final letter contingent on pricing. Rating on hold. Fee: $175,000.
77 | J. Rating Agency Letters | Rating Confirmation Letter — Oceanic Credit Assessments Inc. | Final rating letter from Oceanic Credit Assessments Inc. (Linda Park) confirming assignment of B1 (stable outlook) rating to the Notes | Oceanic Credit Assessments Inc. | TSL / Anchor Bay Securities LLC | Preliminary rating B1 (stable) assigned 2022-08-10; placed on hold 2022-11-04 | Suspended | 2022-10-15 | Preliminary rating issued; final letter contingent on pricing. Rating on hold. Fee: $200,000.
78 | K. Payoff & Discharge Letters | Payoff Letter — Meridian Maritime Bank AG | Payoff/discharge letter from Meridian Maritime Bank AG (Hans-Peter Gerber) confirming payoff amount, per diem interest, wire instructions, and mechanics for release of existing ship-finance security on the $190,000,000 bilateral facility | TSL / Calderwood & Harkness LLP | Meridian Maritime Bank AG | Draft request letter prepared (never sent) | Suspended | 2022-10-14 | Talstrasse 18, 8001 Zürich, Switzerland. Draft payoff request prepared by C&H; never transmitted due to offering suspension.
79 | K. Payoff & Discharge Letters | Payoff Letter — Clearwater Shipping Finance Ltd. | Payoff/discharge letter from Clearwater Shipping Finance Ltd. (Emma Blackwood) confirming payoff amount, per diem interest, wire instructions, and mechanics for release of existing ship-finance security on the $120,000,000 bilateral facility | TSL / Calderwood & Harkness LLP | Clearwater Shipping Finance Ltd. | Draft request letter prepared (never sent) | Suspended | 2022-10-14 | 1 Fleet Place, London EC4M 7RA, United Kingdom. Draft payoff request prepared by C&H; never transmitted due to offering suspension.
80 | K. Payoff & Discharge Letters | Lien Release Documentation — Meridian | Executed lien releases and discharge of existing ship mortgages held by Meridian Maritime Bank AG upon receipt of payoff funds | Meridian Maritime Bank AG | TSL | Pending | Suspended | 2022-10-15 | Contingent on receipt of payoff letter and closing funds
81 | K. Payoff & Discharge Letters | Lien Release Documentation — Clearwater | Executed lien releases and discharge of existing ship mortgages held by Clearwater Shipping Finance Ltd. upon receipt of payoff funds | Clearwater Shipping Finance Ltd. | TSL | Pending | Suspended | 2022-10-15 | Contingent on receipt of payoff letter and closing funds
82 | L. Listing Application (SGX-ST) | SGX-ST Listing Application | Application for listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) | Calderwood & Harkness LLP / Rajendra & Osman LLP | Anchor Bay Securities LLC (David Loh, VP, Singapore DCM) | Pending | Suspended | 2022-10-15 | Application never filed. Listing never completed.
83 | L. Listing Application (SGX-ST) | SGX-ST Supporting Documents | Supporting documentation for SGX-ST listing application including certified copies of Indenture, OM, constitutional documents, and board resolutions | Calderwood & Harkness LLP / Rajendra & Osman LLP | Pending | Suspended | 2022-10-15
84 | M. Miscellaneous Closing Deliverables | Fleet Appraisal Report | Desktop fleet valuation report from Compass Marine Valuations Ltd. (Robert Hargreaves) dated June 2022; total fleet appraised value $1,820,000,000 (50 vessels); Collateral Vessel appraised value $1,175,000,000 (28 vessels) | Compass Marine Valuations Ltd. | Received (dated June 2022) | Suspended | 2022-10-14 | 2022-06-30 | 3 Thomas More Square, London E1W 1WY, UK. Fee: $95,000. Report received; to be refreshed if offering reactivated.
85 | M. Miscellaneous Closing Deliverables | Closing Funds Flow Memorandum | Funds flow memorandum detailing disbursement of gross proceeds ($392,000,000 at 98.00% issue price): $190,000,000 to Meridian Maritime Bank AG, $120,000,000 to Clearwater Shipping Finance Ltd., $72,000,000 to TSL (general corporate / capex), balance to fees and expenses; TSL cash contribution of $10,000,000 net additional from balance sheet | Calderwood & Harkness LLP / Anchor Bay Securities LLC | TSL (Marina Demetriou, CFO) | Draft | Suspended | 2022-10-14 | Total fees and expenses estimated at ~$18,000,000 (including $8,000,000 OID). Use of proceeds: refinancing $310,000,000 total existing debt.
86 | M. Miscellaneous Closing Deliverables | DTC Eligibility Letter / DTC Blanket Letter of Representations | DTC letter confirming eligibility of the Rule 144A Global Notes for book-entry settlement through DTC | Anchor Bay Securities LLC | Pending | Suspended | 2022-10-14
87 | M. Miscellaneous Closing Deliverables | Thackeray Partners LLC / Ashgrove Enterprises Eligibility Confirmation | Confirmation from Thackeray Partners LLC and Ashgrove Enterprises of eligibility for settlement of Regulation S Global Notes | Anchor Bay Securities LLC / Halcyon Partners International Ltd. | Pending | Suspended | 2022-10-14
88 | M. Miscellaneous Closing Deliverables | Offering Memorandum (Final Printed) | Final printed Offering Memorandum — approximately 280 pages (near-final 4th draft dated 2022-09-12 substantially agreed; to be finalized with pricing terms) | Calderwood & Harkness LLP / Anchor Bay Securities LLC | Near-Final (4th Draft, dated 2022-09-12) | Suspended | 2022-10-15 | First draft circulated 2022-07-11. To include final pricing terms, ISIN/CUSIP, and updated financial data.
89 | M. Miscellaneous Closing Deliverables | Trustee Acceptance Letter | Acceptance letter from Marlowe Asset Management Trust Company of Singapore Pte. Ltd. (Richard Tan) accepting appointment as Trustee, Paying Agent, and Transfer Agent; acceptance fee $25,000 | Marlowe Asset Management Trust Company of Singapore Pte. Ltd. / Thornton Ashworth LLP | Pending | Suspended | 2022-10-15 | 80 Robinson Road, #02-00, Singapore 068898 (UEN 199804782D)
90 | M. Miscellaneous Closing Deliverables | KMH Limited Parent Guarantee | Executed limited parent guarantee from Kallistratos Maritime Holdings Ltd. in favor of the Trustee, capped at $50,000,000 | Calderwood & Harkness LLP | Dimitrios Kallistratos | Draft | Suspended | 2022-10-15 | BVI Business Company; Craigmuir Chambers, Road Town, Tortola, BVI
91 | M. Miscellaneous Closing Deliverables | Process Agent Appointment Letters | Letters appointing process agents in Singapore for service of process on each non-Singapore party to the transaction documents | Calderwood & Harkness LLP / Rajendra & Osman LLP | Draft | Suspended | 2022-10-14 | Required for TSL (Greece), KMH (BVI), TDBO (Malta), TCF (Marshall Islands), TPS (Dubai)
[sheet: Summary & Legend]
Field | Value
Transaction | $400,000,000 Senior Secured Notes due 2029
Co-Issuers | Thalassa Shipping & Logistics SA / Thalassa Finance Pte. Ltd.
Governing Law | Singapore
Lead Bookrunner / Initial Purchaser | Anchor Bay Securities LLC
Co-Manager / Initial Purchaser | Halcyon Partners International Ltd.
Indenture Trustee | Marlowe Asset Management Trust Company of Singapore Pte. Ltd.
Security Agent / Collateral Agent | Atlas Collateral Agency Pte. Ltd.
Issuer's Counsel (Lead) | Calderwood & Harkness LLP — Matter No. 1044-00004 / Client No. 80214-TSL
Issuer's Greek Counsel | Delphi & Karidis LLP
Issuer's Singapore Counsel | Rajendra & Osman LLP
Initial Purchasers' Counsel | Whitfield & Crane LLP
Trustee's Counsel | Thornton Ashworth LLP
Auditor / Comfort Letter Provider | Kestrel & White Chartered Accountants
Fleet Appraiser | Compass Marine Valuations Ltd.
Rating Agencies | Polaris Ratings Group Ltd. (B+, stable — on hold); Oceanic Credit Assessments Inc. (B1, stable — on hold)
Originally Targeted Closing Date | October 15, 2022
Offering Status | SUSPENDED — Formal suspension notice issued November 14, 2022
Reason for Suspension | Baltic Dry Index decline from ~3,400 to below 1,200; FY2023E Adjusted EBITDA revised from $214.6M to ~$128.0M; repricing to ~10.50–11.00% deemed unacceptable by TSL board
Most Recent Status Update | June 10, 2024 — TSL indicates potential Q1 2025 reactivation if BDI sustains above 2,000
STATUS LEGEND
Near-Final | Document substantially agreed among all parties; ready for execution upon closing
Draft | Document in draft form; comments outstanding or form agreed but not finalized
Pending | Document or deliverable not yet prepared or received; awaiting action
Suspended | All items suspended as of November 14, 2022 per TSL formal suspension notice
Available | Document previously obtained and on file
Received | Third-party deliverable received and on file
CHECKLIST STATISTICS
Total Line Items | ~85 (91 numbered; items 28–54 grouped as 27 individual ship mortgages)
Items — Near-Final at Suspension | ~12
Items — Draft at Suspension | ~25
Items — Pending at Suspension | ~22
Items — Received/Available | ~2
Items — All Currently Suspended | 91 (100%)
[sheet: Contact Directory]
Organization | Short Name | Role | Key Contact | Title | Address
Thalassa Shipping & Logistics SA | TSL | Issuer (Primary) | Spyros Andreou / Marina Demetriou / Alexandros Theodorakis | CEO / CFO / General Counsel | 42 Akti Miaouli, Piraeus 185 35, Greece
Thalassa Finance Pte. Ltd. | TFPL | Co-Issuer (SPV) | Marina Demetriou | Sole Director | 8 Marina Boulevard, #36-02, Marina Bay Financial Centre Tower 1, Singapore 018981
Kallistratos Maritime Holdings Ltd. | KMH | Controlling Shareholder (72.5%); Limited Parent Guarantor | Dimitrios Kallistratos | Chairman / Beneficial Owner | Craigmuir Chambers, Road Town, Tortola, British Virgin Islands
Pelagos Capital Partners Fund III LP | Pelagos Fund III | Minority Equity Sponsor (18.0%); Observer Rights | Andreas Vournas | Managing Partner (Pelagos Capital Management Ltd.) | PO Box 309, Ugland House, George Town, Grand Cayman, Cayman Islands
Anchor Bay Securities LLC | ABS | Lead Bookrunner / Lead Initial Purchaser (65%) | Marcus Reinhardt / Priya Subramanian / David Loh | MD, Shipping & Transportation DCM / Director, HY Origination / VP, Singapore DCM | 599 Lexington Avenue, 28th Floor, New York, NY 10022
Halcyon Partners International Ltd. | HPI | Co-Manager / Co-Initial Purchaser (35%) | James Ogilvie / Sophie Chen | MD, European High-Yield / Director, Transportation & Infrastructure | 25 Old Broad Street, London EC2N 1HQ, United Kingdom
Calderwood & Harkness LLP | C&H | Issuer's Counsel (Lead / International) | Robert Adeyemi (Responsible Partner) / Jennifer Kwon (Billing Partner) / Brendan Walsh (Lead Associate) / Natasha Forbes (Working Associate) | Partners / Associates, Capital Markets | 125 Broad Street, New York, NY 10004
Delphi & Karidis LLP | D&K | Issuer's Greek Counsel | Nikolaos Karidis | Senior Partner | 15 Vasilissis Sofias Avenue, Athens 106 71, Greece
Rajendra & Osman LLP | R&O | Issuer's Singapore Counsel | Anil Rajendra | Managing Partner | 6 Battery Road, #28-01, Singapore 049909
Whitfield & Crane LLP | W&C | Initial Purchasers' Counsel | Thomas Whitfield III / Rebecca Samuels | Partner / Senior Associate, Capital Markets / High-Yield | One Liberty Plaza, 165 Broadway, New York, NY 10006
Thornton Ashworth LLP | T&A | Trustee's Counsel | Michelle Goh | Partner, Banking & Finance | 1 Raffles Place, #44-02, One Raffles Place Tower 1, Singapore 048616
Marlowe Asset Management Trust Company of Singapore Pte. Ltd. | VTC | Indenture Trustee / Paying Agent / Transfer Agent | Richard Tan | Vice President, Corporate Trust | 80 Robinson Road, #02-00, Singapore 068898
Atlas Collateral Agency Pte. Ltd. | ACA | Security Agent / Collateral Agent | Karen Ng | Associate Director, Collateral Services | 80 Robinson Road, #02-00, Singapore 068898
Meridian Maritime Bank AG | Meridian | Existing Lender — $190M facility (to be refinanced) | Hans-Peter Gerber | Senior Director, Shipping Finance | Talstrasse 18, 8001 Zürich, Switzerland
Clearwater Shipping Finance Ltd. | Clearwater | Existing Lender — $120M facility (to be refinanced) | Emma Blackwood | Director, Structured Ship Finance | 1 Fleet Place, London EC4M 7RA, United Kingdom
Polaris Ratings Group Ltd. | Polaris | Rating Agency (B+, stable — on hold 2022-11-02) | Carl Johansson | Lead Analyst, Transportation & Shipping | Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda
Oceanic Credit Assessments Inc. | OCA | Rating Agency (B1, stable — on hold 2022-11-04) | Linda Park | Senior Director, Maritime & Logistics | 120 Broadway, Suite 2200, New York, NY 10271
Kestrel & White Chartered Accountants | K&W | Auditor / Comfort Letter Provider | Georgios Papadimitriou | Audit Partner | 22 Kifisias Avenue, Marousi 151 25, Athens, Greece
Compass Marine Valuations Ltd. | CMV | Fleet Appraiser | Robert Hargreaves | Managing Director | 3 Thomas More Square, London E1W 1WY, United Kingdom

[sheet: Closing Checklist]

STATUS LEGEND

CHECKLIST STATISTICS

Record

Parties

Dates

Amounts