Document:

Exhibit 4.6

    CONTRIBUTION AND CONVEYANCE AGREEMENT

    
      
        This contribution and conveyance agreement (this "Agreement") is entered into as of November 2, 2021, among Diana Shipping Inc., a Marshall Islands corporation ("Diana"), and
          OceanPal Inc., a Marshall Islands corporation ("OceanPal"). The foregoing shall be referred to individually as a "Party" and collectively as the "Parties."

      

    

    RECITALS

    A.  Diana intends to transfer a portion of its fleet to OceanPal, a wholly-owned subsidiary, and OceanPal will subsequently be spun off to
      current shareholders of Diana (the "Spin-Off"). Concurrently with the Spin-Off, Diana intends to list the shares of the subsidiary to be spun off on the Nasdaq Capital Market. The board of directors of Diana, and the board of directors of OceanPal,
      as well of the shareholders of OceanPal, have or will authorize the actions set forth below at the times and in the order set forth below.

    B.  To accomplish the objectives and purposes in the preceding recital, the following actions have been taken prior to the date of this
      Agreement:

    (1)  Diana formed OceanPal pursuant to the Marshall Islands Business Corporation Act and contributed $5.00 in exchange for 500 of OceanPal’s
      common shares, par value $0.01 per share (the “Common Shares”), constituting all of the outstanding Common Shares of OceanPal at such time;

    (2)  Diana, as sole shareholder of OceanPal, has authorized an increase of OceanPal’s authorized share capital from 500 to 1,000,000,000 Common
      Shares and has authorized the issuance of up to 100,000,000 preferred shares of OceanPal capital stock, and the board of directors of OceanPal have designated an aggregate of 500,000 preferred shares of OceanPal as the Series B Preferred Shares and
      have designated an aggregate of 10,000 preferred shares of OceanPal as the Series C Preferred Shares; and

    (3)  Diana owns all of the outstanding shares (the "Vessel-Owning Subsidiary Shares") of (i) Darien Compania Armadora S.A., a Panama corporation
      ("DCA"), which owns the drybulk vessel Calipso; (ii) Cypres Enterprises Corp., a Panama corporation ("CEC"), which owns the drybulk vessel Protefs, and (iii) Marfort
      Navigation Company Limited, a Cyprus corporation ("MNCL"), which owns the drybulk vessel Salt Lake City (the Calipso, the Protefs
      and the Salt Lake City, collectively, the “Vessels”) (DCA, CEC and MNCL, collectively, the "Vessel-Owning Subsidiaries").

    C.  Effective on the date of this Agreement, the following transactions shall occur in accordance with and pursuant to this Agreement: Diana
      will contribute (i) all of the Vessel-Owning Subsidiary Shares to OceanPal as a capital contribution and (ii) and aggregate of $1.0 million in cash as working capital of the Company (the “Working Capital Amount”) in exchange for 500,000 of OceanPal’s
      Series B Preferred Shares (the "OceanPal Series B Preferred Shares") and 10,000 of OceanPal’s Series C Convertible Preferred Shares (the “OceanPal Series C Preferred Shares” and, together with the OceanPal Series B Preferred Shares (the "OceanPal
      Shares").

    D.  Subsequent to the date of this Agreement:

    (1)  OceanPal will effect a reverse stock split of the OceanPal Common Shares; and

    (2)  Diana will distribute the OceanPal Common Shares, after giving effect to the reverse stock split, to its shareholders on a pro rata basis as a special dividend.

    AGREEMENT

    NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties undertake and agree as follows:

    
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    ARTICLE I

    CONTRIBUTIONS AND CONVEYANCE

    1.1  Contributions and Conveyances. The Parties acknowledge and agree that the following actions hereby occur in the following order
      effective on the date of this Agreement:

    (a)  Contribution by Diana of the Vessel-Owning Subsidiary Shares and the Working Capital Amount to OceanPal as a capital contribution, and
      OceanPal hereby acknowledges receipt of the Vessel-Owning Subsidiary Shares and Capital Account Amount;

    (b)  Delivery by OceanPal of the OceanPal Shares to Diana in exchange for Diana’s capital contribution of the Vessel-Owning Subsidiary Shares
      and Working Capital Amount, and Diana hereby acknowledges receipt of the Vessel-Owning Subsidiary Shares; and

    (c)  The Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.

    ARTICLE II

    REPRESENTATIONS AND WARRANTIES OF DIANA; DISCLAIMER

    2.1  Representations and Warranties. Diana hereby represents and warrants that:

    (a)  Each of the Vessel-Owning Subsidiaries has been duly formed or incorporated and is validly existing in good standing under the laws of its
      respective jurisdiction of formation or incorporation and has all requisite power and authority to operate its assets, including the vessel owned by each such Vessel-Owning Subsidiary, and conducts its business as described in Diana’s public filings
      made with the U.S. Securities and Exchange Commission (“SEC”) through the date hereof;

    (b)  Correct and complete copies of the articles of association, articles of incorporation, by-laws, other organizational documents and all
      material agreements (as amended to the date of this Agreement) of the Vessel-Owning Subsidiaries have been made available to OceanPal;

    (c)  The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by it
      pursuant to this Agreement in connection with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary actions by Diana and, to the extent applicable, each Vessel-Owning Subsidiary, and this
      Agreement has been duly executed and delivered by Diana and constitutes a legal, valid and binding obligation of Diana enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization,
      reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;

    (d)  The execution, delivery and performance by it of this Agreement will not conflict with or result in any violation of or constitute a breach
      of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the articles of association, articles of incorporation or by-laws or other organizational documents of
      Diana or any of the Vessel-Owning Subsidiaries (the "Diana Parties" and each, a "Diana Party"); (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or
      other instrument or obligation to which any Diana Party is a party or is subject or by which any of such Diana Party's assets or properties may be bound; (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a
      governmental authority, orders of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court ("Laws"); or (iv) any charter or vessel management agreement to which any Diana Party is
      a party or any material provision of any material contract to which a Diana Party is a party or by which a Diana Party's properties are bound;

    
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    (e)  Except as have already been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or
      authorization of, notice or declaration to or filing with any governmental authority or any other person, including those related to any environmental laws or regulations or the charters or vessel management agreements related to the vessels owned by
      the Vessel-Owning Subsidiaries, is required in connection with the execution and delivery by any Diana Party of this Agreement or the consummation by any Diana Party of the transactions contemplated hereunder;

    (f)  The Vessel-Owning Subsidiary Shares are validly issued in accordance with the applicable articles of association or incorporation and are
      fully paid and non-assessable;

    (g)  Diana owns the entire beneficial interest in the Vessel-Owning Subsidiary Shares and has good legal title to the same, free and clear of
      all liens, encumbrances, security interests, pledges, mortgages, charges or other claims;

    (h)  There is no outstanding agreement, contract, option, commitment or other right or understanding in favor of, or held by, any person to
      acquire the Vessel-Owning Subsidiary Shares or the assets of the Vessel-Owning Subsidiaries, including but not limited to the Vessels , that has not been terminated or otherwise waived;

    (i)  Each of the charters and the vessel management agreements to which each applicable Vessel-Owning Subsidiary is a party (as amended to the
      date of this Agreement) has been made available to OceanPal and is a valid and binding agreement of the Vessel-Owning Subsidiary party to such charter or agreement enforceable in accordance with its terms and, to the knowledge of such Vessel-Owning
      Subsidiary, of all other parties thereto enforceable in accordance with its terms;

    (j)  The Vessel-Owning Subsidiaries have fulfilled all material obligations required pursuant to the charters (described in (i) above) and the
      vessel management agreements to have been performed by them prior to the date of this Agreement and have not waived any material rights thereunder; and no material default or breach exists in respect thereof on their part or, to their knowledge, any
      of the other parties thereto and, to their knowledge, no event has occurred which, after giving of notice or the lapse of time, or both, would constitute such a material default or breach;

    (n)  Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general nature and magnitude that would
      arise in connection with the operation of vessels of the same type as the Vessels in the ordinary course of business, there are no liabilities, debts or obligations of, encumbrances, defects or restrictions with respect to, or claims against the
      Vessel-Owning Subsidiaries or any of the assets owned by the Vessel-Owning Subsidiaries, including the Vessels, other than those disclosed in Diana’s public filings made with the SEC through the date hereof; and

    (o)  The Vessels are (i) adequate and suitable for use by the Vessel-Owning Subsidiaries in the
      Vessel-Owning Subsidiaries' business as presently conducted by them in all material respects as described in the Registration Statement, ordinary wear and tear excepted; (ii) seaworthy in all material respects for hull and machinery insurance
      warranty purposes and is in good running order and repair; (iii) insured against all risks, and in amounts, consistent with common industry practices; (iv) in compliance with maritime laws and regulations; (v) duly registered under the flag of the
      Bahamas or Cyprus, as applicable; and (vi) in compliance in all material respects with the requirements of its present class and classification society; and all class certificates of each of the Vessels are clean and valid and free of recommendations
      affecting class.

    2.2  Disclaimer of Warranties. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN
      CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES
      OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED BY THE VESSEL-OWNING SUBSIDIARIES, INCLUDING, WITHOUT LIMITATION,
      THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER

    
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    MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED
      THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE
      HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND
      AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES AND NOT ON ANY INFORMATION PROVIDED OR
      TO BE PROVIDED BY THE OTHER PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS
      OR INFORMATION PERTAINING TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARIES FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE INTERESTS OR THE TERMINATION OF THIS AGREEMENT. THE
      PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF
      THE VESSEL-OWNING SUBSIDIARIES THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT.

    2.3  Indemnification. Diana hereby agrees to indemnify OceanPal for any and all obligations and other liabilities arising from or
      relating to the operation, management or employment of any Vessel prior to the effective date of the Spin-Off, and hereby agrees to indemnify each Vessel-Owning Subsidiary for any and all obligations and other liabilities arising from or relating to
      the operation, management or employment of the Vessel owned by such Vessel-Owning Subsidiary prior to the effective date of the Spin-Off.

    ARTICLE III

    FURTHER ASSURANCES

    3.1  Further Assurances. From time to time after the date of this Agreement, and without any further consideration, the Parties agree to
      execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with applicable Law,
      as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are intended to be so granted,
      (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be and (c) to more fully and
      effectively carry out the purposes and intent of this Agreement.

    3.2  Power of Attorney. Each Party that has conveyed any interests as reflected by this Agreement (collectively, the "Conveying
      Parties") hereby constitutes and appoints each of Semiramis Paliou, Ioannis Zafirakis and Eleftherios Papatrifon, each of Pendelis 26, 175 64 Palaio Faliro, Athens, Greece, and Edward S. Horton, Daniel Lin and Joseph Nardello, each of Seward &
      Kissel LLP, One Battery Park Plaza, New York, NY 10004 (the "Attorney-in-Fact") its true and lawful attorney-in-fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of the applicable Conveying Party and
      its successors and assigns, and for the benefit of the Attorney-in-Fact to demand and receive from time to time the interests contributed and conveyed by this Agreement (or intended so to be) and to execute in the name of the applicable Conveying
      Party and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of the applicable Conveying Party
      for the benefit of the Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which

    
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    the Attorney-in-Fact may deem proper in order to (a) collect, assert or enforce any claims, rights or titles of any kind in and to the Interests, (b) defend and
      compromise any and all actions, suits or proceedings in respect of any of the Interests, and (c) do any and all such acts and things in furtherance of this Agreement as the Attorney-in-Fact shall deem advisable. Each Conveying Party hereby declares
      that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of any Conveying Party or its successors or assigns or by operation of
      law.

    4.1  Survival of Representations and Warranties. The representations and warranties of the Parties in this Agreement and in or under any
      documents, instruments and agreements delivered pursuant to this Agreement, will survive the completion of the transactions contemplated hereby regardless of any independent investigations that OceanPal may make or cause to be made, or knowledge it
      may have, prior to the date of this Agreement and will continue in full force and effect for a period of one year from the date of this Agreement. At the end of such period, such representations and warranties will terminate, and no claim may be
      brought by OceanPal against Diana thereafter in respect of such representations and warranties, except for claims that have been asserted by OceanPal prior to the date of this Agreement.

    4.2  Costs. OceanPal shall pay any and all sales, use and similar taxes arising out of the contributions, conveyances and deliveries to
      be made hereunder, and shall pay all documentary, filing, recording, transfer, deed, and conveyance taxes and fees required in connection therewith.

    4.3  Headings; References; Interpretation. All Article and Section headings in this Agreement are for convenience only and shall not be
      deemed to control or affect the meaning or construction of any of the provisions hereof. The words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any
      particular provision of this Agreement. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement, respectively. All personal
      pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the word "including" following any general
      statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without
      limitation," "but not limited to," or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement,
      term or matter.

    4.4  Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors
      and assigns.

    4.5  No Third Party Rights. The provisions of this Agreement are intended to bind the Parties as to each other and are not intended to
      and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement.

    4.6  Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement
      binding on the parties hereto.

    4.7  Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
      giving effect to any choice of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. Each of the parties hereto submits
      to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not available, then any state court located within the Borough of Manhattan, City of New York) for any and
      all legal actions arising out of or in connection with this Agreement.

    4.8  Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be
      invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this

    
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    Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and
      necessary provision added so as to give effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement.

    4.9  Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable Law, this Agreement shall also constitute a
      "deed," "bill of sale" or "assignment" of the Interests.

    4.10  Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the
      Parties hereto.

    4.11  Integration. This Agreement and the instruments referenced herein supersede all previous understandings or agreements among the
      Parties, whether oral or written, with respect to its subject matter hereof. This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject matter hereof and thereof. No understanding, representation,
      promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties hereto after the date of this Agreement.

    

    

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    IN WITNESS WHEREOF, this Contribution and Conveyance Agreement has been duly executed by the parties set forth below.

     

    

    

    	
             

          	
            DIANA SHIPPING INC.

          	 
	
             

          	
             

          	
             

          	 
	
             

          	
            By:

          	
            /s/ Ioannis Zafirakis

          	 
	
             

          	
            Name:

          	
            Ioannis Zafirakis

          	 
	
             

          	
            Title

          	
            Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary 

          	 
	
             

          	
             

          	 
	
             

          	
             

          	 
	
             

          	
            OCEANPAL INC.

          	 
	
             

          	
             

          	
             

          	 
	
             

          	
            By:

          	
            /s/ Eleftherios Papatrifon

          	 
	
             

          	
            Name:

          	
            Eleftherios Papatrifon

          	 
	
             

          	
            Title

          	
            Director and Chief Executive Officer

          	 

    

    

     

    

    

    

    

    

    

    

    

    

    

  

  7Exhibit 4.7

    

    

    

    

    MANAGEMENT AGREEMENT

    RELATING TO ARRANGEMENT OF INSURANCES AND HANDLING OF CLAIMS

    

    

    THIS AGREEMENT is made the .....th day of ..... 2021 between _________________,
      whose registered office is at _______________ (hereinafter called the “Owners”), of the one part and STEAMSHIP SHIPBROKING ENTERPRISES INC., whose Registered
      Office is at  Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the “Insurance Managers”), of the other part,

    WHEREBY IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:-

    	1.	
            The Owners hereby appoint the Insurance Managers to provide the management services specified hereunder (the “Services”) in relation to the vessel more
              particularly described in the Schedule hereto (hereinafter called the “Ship” and/or the “Vessel”), and the Insurance Managers hereby agree to provide such
              services, for the period and on and subject to the terms and conditions hereinafter contained:

          

    	

          	(a)	
            Arrangement (in consultation with the Owners) of all insurance relating to the Ship and her apparel, fittings, freights, earnings, and disbursements against the customary marine and war risks;

          

    	

          	(b)	
            Arrangement (in accordance with instructions from the Owners) for entry of the Ship in Protection and Indemnity, Defence, and other such Associations; and

          

    	

          	(c)	
            Handling and settlement of all insurance, average, salvage, and other claims in connection with the Ship.

          

    It is hereby explicitly agreed that the Insurance Managers shall provide in respect of the Ship only the afore-mentioned management services and that they
      shall not provide in respect of the Ship any other management services whatsoever. All other management services in respect of the Ship shall be provided by DIANA WILHELMSEN MANAGEMENT LIMITED (a company incorporated and registered in Cyprus with
      company number HE 342962 whose registered office is at 21, Vasili Michailidi Street,

    
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    3026 Limassol, Cyprus, acting through its office at 350, Syngrou Avenue, Kallithea, Athens, Greece) (“DWM”) pursuant
      to the management agreement concluded between the Owners and DWM, a copy of which is attached to this Agreement. DWM shall be the “Company” for the purposes of the ISM Code and the ISPS Code and shall be exclusively responsible for the operation,
      manning, victualing and supplying of the Ship and the Ship’s compliance with all applicable laws concerning management of vessels. The Insurance Managers undertake to provide to DWM all information and assistance necessary in order for DWM to carry
      out the management of the Vessel and generally the Insurance Managers undertake to cooperate with DWM in order to promote the interests of the Owners in the best and most efficient manner.

    	2.	
            The Insurance Managers shall procure that throughout the period of this Agreement:

          

    (A)  at the Owners’ expense, the Vessel is insured for not less than its sound market value or entered for its full gross tonnage, as the
      case may be for:

    (i)  hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;

    (ii)  protection and indemnity risks (including but not limited to pollution risks, diversion expenses and Crew Insurances (by “Crew
      Insurances” under this Agreement is meant insurance of liabilities in respect of crew risks which shall include but not be limited to death, permanent disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss of personal
      effects);

    (iii)  war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew risks); and

    (iv)  such optional insurances as may be agreed (such as piracy, kidnap and ransom, loss of hire and FD & D).

    Sub-clauses 2(A)(i) through 2(A)(iv) all in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel,
      with sound and reputable insurance companies, underwriters or associations (the “Owners’ Insurances”);

    (B)  all premiums and calls on the Owners’ Insurances are arranged to be paid by their due date;

    (C)  the Owners’ Insurances name DWM and, subject to underwriters’ agreement, any third party designated by DWM and/or the Insurance
      Managers as a joint assured, with full cover.

    
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    	3.	
            THE INSURANCE MANAGERS shall be entitled: (a) To bring or defend on behalf of the Owners actions, suits, or proceedings in connection with all matters hereby entrusted to the Insurance
              Managers; (b) To obtain legal advice in relation to disputes or other matters affecting the interests of the Owners in respect of the Ship; and (c) To appoint DWM to assist them in, or to assign to DWM, the handling and settlement of  any
              insurance, average, salvage, and other claim in connection with the Ship, in which case the Insurance Managers shall cooperate with DWM and provide to DWM all information and assistance necessary in order for DWM to assist the Insurance
              Managers, or, as the case may be, carry out itself such services.

          

    	4.	
            THIS CONTRACT is agreed for a non-specific period of time, provided that it may be terminated by either party giving 3 (three) months’ notice at any time and without any justification but
              always in writing, PROVIDED HOWEVER that the Owners shall have the right to terminate the contract without notice against the payment to the Insurance Managers of damages equal to the average management fees paid to them during the last 3
              (three) months before termination. Either party shall have the right (but not be bound) to terminate the contract without liability for damages in either of the following events:-

          

    	

          	(a)	
            The Ship shall become an actual, compromised, constructive, or arranged total loss or be sold or otherwise disposed of or cease to be in the disponent ownership of the Owners; or

          

    	

          	(b)	
            If an order be made or resolution be passed for the winding up of the other party (otherwise than a winding up for the purpose of reconstruction or amalgamation), or if a receiver be appointed
              of the undertaking or property of the other party, or if the other party shall suspend payment or cease to carry on business or make any special arrangement or composition with its creditors.

          

    	5.	
            (a)  Subject to Section 5(b), below, the Management Fees under this Agreement are fixed as US$500 (five hundred United States Dollars only) per month for each month that the Vessel is employed
              or is available for employment or (ii) US$250 (two hundred and fifty United States Dollars only) per month for each month that the Vessel is laid-up and not available for employment for at least 15 calendar days of such month.

          

    
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          	(b)	
            The Management Fees payable pursuant to Section 5(a) above shall be paid in equal monthly installments in advance, the first installment (pro rata if appropriate) being payable on the date of
              the execution of this Agreement and subsequent installments being payable at the beginning of every calendar month.

          

    	6.	
            (a)  THE INSURANCE MANAGERS shall at their own expense provide all office accommodation, equipment, stationery, and staff ordinarily required for the provision of the Services.

          

    	

          	(b)	
            The Owners shall reimburse the Insurance Managers in respect of:-

          

    	

          	i.	
            Expenditure incurred in and about the performance of the Services;

          

    	

          	ii.	
            Travelling, accommodation, and other expenses incurred in respect of or paid to any superintendents or officers or servants of the Insurance Managers in connection with the performance of the
              Services; and

          

    	

          	iii.	
            Any expenses in connection with any legal and/or special technical and/or other assistance that may be obtained by the Insurance Managers in connection with the performance of the Services.
              The Insurance Managers are hereby authorized to use funds of the Owners in their hand for settlement of any claim of the Insurance Managers out of the performance of the Services in priority of any other claim against the Ship and the Owners.

          

    	7.	
            EXPENSES AND DISBURSEMENTS incurred by the Insurance Managers for the Ship will be paid to them by the Owners upon request.

          

    	8.	
            In the context of the performance of the Services the Insurance Managers are hereby authorized to act for and on behalf of the Owners, as well as to represent the Owners before any and all
              Greek courts and/or authorities, including port authorities in particular, with full powers in respect of all the rights of the Owners, including but not limited to the right of accepting service of any document destined for the Owners,
              signing contracts of any nature whatsoever, starting legal or arbitration proceedings of any nature and terminating them by compromise or any other method, repudiating contracts, and settling claims of the Owners by compromise provided this
              is to the interest of the Owners.

          

    
      4

      
        

    

    

    

    	9.	
            (a)  Force Majeure - Neither the Owners nor the Insurance Managers shall be under any liability for any loss, damage or delay due to any of the following force majeure events and/or
              conditions to the extent that the party invoking force majeure is prevented or hindered from performing any or all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid, minimize or prevent the
              effect of such events and/or conditions:

          

    	

          	(i)	
            acts of God;(ii) any Government requisition, control, intervention, requirement or interference;(iii)  any circumstances arising out of war, threatened act of war or warlike operations, acts
              of terrorism, sabotage or piracy, or the consequences thereof;

          

    	

          	(iv)	
            riots, civil commotion, blockades or embargoes;(v) epidemics;

          

    	

          	(vi)	
            earthquakes, landslides, floods or other extraordinary weather conditions;

          

    	

          	(vii)	
            strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the Crew) of the party seeking to invoke force majeure;

          

    	

          	(viii)	
            fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; and

          

    	

          	(ix)	
            any other similar cause beyond the reasonable control of either party.

          

    	

          	(b)	
            Liability to Owners Without prejudice to sub-clause 9(a), the Insurance Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of
              whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Services UNLESS
              same is proved to have resulted solely from the gross negligence or willful default of the Insurance Managers or their employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case (save where loss,
              damage, delay or expense has resulted from the Insurance Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Insurance
              Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee payable hereunder.

          

    
      5

      
        

    

    

    

    	

          	(c)	
            Indemnity - Except to the extent and solely for the amount therein set out that the Manager
              would be liable under sub-clause 9(b) the Owners hereby undertake to keep the Manager and his employees, agents and sub-contractors indemnified and to hold them harmless against all actions proceedings, claims, demands or liabilities
              whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of the Agreement, and against and in respect of all costs, loss, damages and expenses
              (including legal costs and expenses on a full indemnity basis) which the Insurance Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

          

    	

          	(d)	
            "Himalaya" clause- It is hereby expressly agreed that no employee or agent of the Insurance
              Managers (including every sub-contractor from time to time employed by the Insurance Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or
              resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this Clause 9, every
              exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defense and immunity of whatsoever nature applicable to the Insurance Managers or to which the Insurance Managers are entitled hereunder
              shall also be available and shall extend to protect every such employee or agent of the Insurance Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 9 the Insurance Managers are or shall be deemed
              to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed
              to be parties to this Agreement.

          

    	10.	
            ARBITRATION CLAUSE

          

    In case any dispute or difference shall arise between the Owners and the Insurance Managers as to the construction, meaning, and effect of
      anything herein contained, such dispute or difference shall be referred to 2 (two) arbitrators in London, England, to be appointed by the Owners and the Insurance Managers respectively

    
      6

      
        

    

    

    

    and in case of their disagreement to an umpire to be appointed by the 2 (two) arbitrators as chosen, and this agreement shall be deemed to
      be a submission to arbitration within the meaning of the Arbitration Act 1996 or any statutory modification or re-enactment thereof for the time being in force. The decisions of the 2 (two) arbitrators or the umpire, as the case may be, shall be
      final and binding upon both parties.

    	11.	
            THIS AGREEMENT shall be governed by English law.

          

    
      
        	12.          	(a)          	ANY NOTICE which the Insurance Managers may require to give to the Owners shall be validly given if sent to the Owners at
                _______________.

      

    

    	

          	(b)	
            ANY NOTICE which the Owners may wish to give to the Insurance Managers shall be validly given if sent to the Insurance Managers at Ymittou 6, 17564 Palaio Faliro, Athens, Greece.

          

    	

          	(c)	
            NOTICES required to be given in writing may be given by letter, telex, fax, or e-mail.

          

    	13.	
            THIS MANAGEMENT AGREEMENT is to be executed in duplicate, 1 (one) for the Owners and 1 (one) for the Insurance Managers.

          

     

    

    THE SCHEDULE above referred to:

      

      _________________

      _________________

    

    

    

    

    IN WITNESS whereof this agreement has been signed on behalf of the parties hereto by persons duly authorized the day and year first above written.

    

    

    

    

    	
            SIGNED by

          	 	
            SIGNED by

          
	 	 	 
	 	 	 
	 	 	 
	
            For and on behalf of

          	 	
            For and on behalf of

          
	 	 	 
	 	 	
            STEAMSHIP SHIPBROKING ENTERPRISES INC.

          
	
            (the “Owners”)

          	 	
            (the “Insurance Managers”)

          

    

    

    

    

    

    

  

  7

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