Document:

Exhibit 4.8

    

    

    ADMINISTRATIVE SERVICES AGREEMENT

    THIS ADMINISTRATIVE SERVICES AGREEMENT (as the same may be amended or modified from time to time, the “Agreement”), dated as of .................., ......, is made by and between OCEANPAL INC., a Marshall Islands corporation (the “Company”), and STEAMSHIP SHIPBROKING ENTERPRISES INC., a Marshall Islands corporation (the “Manager”).

    WHEREAS, the Company is in the business of acquiring, owning and operating a fleet of dry bulk vessels (each a “Vessel” and collectively the “Vessels”), indirectly through
      separate wholly-owned subsidiaries (each a “Vessel Owning Subsidiary” and collectively the “Vessel Owning Subsidiaries”);

    WHEREAS, each Vessel Owning Subsidiary has entered into, and any Vessel Owning Subsidiary acquired or formed in the future
      will enter into, separate commercial and technical management agreements with the Manager pursuant to which the Manager will provide each Vessel Owning Subsidiary with commercial and technical management services for each owned Vessel;

    WHEREAS, the Company desires to enter into this Agreement with the Manager to engage the Manager to provide certain
      administrative services to the Company, and the Manager desires to provide such administrative services to the Company, on the terms and subject to the conditions set forth in this Agreement.

    NOW, THEREFORE, in consideration of the mutual covenants and premises of the Parties hereto and for other good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

    1.          DEFINITIONS AND INTERPRETATION

    1.1 Certain Definitions. In
      this Agreement, including the recitals hereto, unless the context requires otherwise, the following terms shall have the respective meanings set forth below:

    “Administrative Management Services”
      has the meaning ascribed to such term in Section 3.

    “Affiliates” means, with
      respect to any Person as at any particular date, any other Persons that directly or indirectly, through one or more intermediaries, are Controlled by, Control or are under common Control with the Person in question, and “Affiliate” means any one of them.

    “Applicable Laws” means, in
      respect of any Person, property, transaction or event, all laws, statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all applicable official directives,
      rules, consents, approvals, authorizations, guidelines, orders, codes of practice and policies of any

    
      
        

    

    
    

    

    Governmental Authority having authority over that Person, property, transaction or event and having the force of law, and all general principles
      of common law and equity.

    “Approved Budget” has the
      meaning ascribed to such term in Section 3.4(c).

    “Board of Directors” means
      the board of directors of the Company, as the same may be constituted from time to time.

    “Books and Records” means all
      books of accounts and records, including tax records, sales and purchase records, Vessel records, computer software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the Company
      with respect to the Vessels or the Business (whether or not in written, printed, electronic or computer printout form).

    “Business” means the
      Company’s business of owning, operating and/or chartering or re-chartering dry bulk vessels to other Persons and any other lawful act or activity customarily conducted in conjunction therewith.

    “Business Day” means a day
      other than a Saturday, Sunday or statutory holiday on which the banks in New York, New York are required to close.

    “Charter” means a charter
      party agreement between the Company (or a Vessel Owning Subsidiary of the Company) and any Person that relates to any of the Vessels (including any voyage or spot charters), and “Charters” means all such charter party agreements.

    “Charterer” means any Person
      that has entered or enter into, or assumed or assume the obligations under, by novation or otherwise, a Charter with the Company (or a Vessel Owning Subsidiary of the Company).

    “Chief Financial Officer”
      means the chief financial officer of the Company.

    “Common Shares” has the
      meaning ascribed to such term in the recitals to this Agreement.

    “Company Indemnified Persons”
      has the meaning ascribed to such term in Section 7.3.

    “Confidential Information”
      means all nonpublic or proprietary information or data (including all oral and visual information or data recorded in writing or in any other medium or by any other method) relating to a Disclosing Party that is obtained from the Disclosing Party or
      any third party on the Disclosing Party’s behalf, at any time before, simultaneously with, or after the execution of this Agreement; and, without prejudice to the general nature of the foregoing definition, the term Confidential Information shall
      include, but not by way of limitation, (i) information regarding the Disclosing Party’s existing or proposed operations, business plans, market opportunities, and business affairs and (ii) any information ascertainable by inspection of Confidential
      Information disclosed to the Receiving Party or by the analysis of any materials supplied to the Receiving Party. Notwithstanding the foregoing, Confidential Information shall not include any information which (x) is public knowledge at the time of
      disclosure or which subsequently becomes public knowledge other than as a result of a breach of this Agreement; (y)

    
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    the Receiving Party can show was made available to it by some other Person who had a right to do so and who was not subject to any obligation of
      confidentiality or restricted use regarding such information; or (z) was developed by the Receiving Party independently without use of any confidential information provided hereunder or by a third party in breach of its confidentiality obligations.

    “Control” or “Controlled” means, with respect to any Person, the right to elect or appoint, directly or indirectly, a majority of the directors of such Person or a majority
      of the Persons who have the right, including any contractual right, to manage and direct the business, affairs and operations of such Person, or the possession of the power to direct or cause the direction of the management and policies of a Person,
      whether through ownership of Voting Securities, by contract, or otherwise.

     “Costs and Expenses” has the
      meaning ascribed to such term in Section 6.1.

    “Credit Facility” means any
      credit facility agreement to which any Company or any Subsidiary of the Company may be a party from time to time.

    “Disclosing Party” means a
      Party who has disclosed Confidential Information hereunder to the other Party or on whose behalf Confidential Information has been disclosed to the other Party.

    “Dividend” means any cash
      dividend paid by the Company on all outstanding Common Stock.

    “Draft Budget” has the
      meaning ascribed to such term in Section 3.4(a).

    “Dry Bulk Vessel” means a
      vessel which is specially designed and built to carry large volumes of cargo in bulk cargo form.

    “Exchange Act” means the
      Securities Exchange Act of 1934, as amended.

    “Executive Committee” means
      the Executive Committee of the Company.

    “Fiscal Quarter” means a
      fiscal quarter for the Company.

    “Fiscal Year” means the
      fiscal year of the Company, being the twelve-month period ending December 31.

    “Force Majeure Event” has the
      meaning ascribed to such term in Section 9.2.

    “GAAP” means generally
      accepted accounting principles consistently applied in the United States.

    “Governmental Authority”
      means any domestic or foreign government, including any federal, provincial, state, territorial or municipal government, any multinational or supranational organization, any government agency (including the SEC), any tribunal, labor relations board,
      commission or stock exchange (including the NASDAQ), and any other authority or

    
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    organization exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government.

    “Initial Term” has the
      meaning ascribed to such term in Section 8.1.

    “Legal Action” means any
      action, claim, complaint, demand, suit, judgment, investigation or proceeding, pending or threatened, by any Person or before any Governmental Authority.

    “Lenders” means the lenders,
      facility agent, security trustee, swap banks, swap agent or other financial institution contemplated by any Credit Facility.

    “Losses” means losses,
      expenses, costs, liabilities and damages, excluding lost profits and consequential damages, but including interest charges, penalties, fines and monetary sanctions.

    “Management Fee” has the
      meaning ascribed to such term in Section 6.1.

    “Manager Indemnified Persons”
      has the meaning ascribed to such term in Section 7.2.

    “Manager Misconduct” has the
      meaning ascribed to such term in Section 7.1(a).

    “Manager’s Personnel” means
      all individuals who are employed by or have entered into consulting arrangements with the Manager or any subcontractor under Section 2.3.

    “Other Financing Agreements”
      has the meaning ascribed to such term in Section 3.2(b).

    “Parties” means the Company
      and the Manager.

    “Person” means an individual,
      corporation, limited liability company, partnership, joint venture, trust or trustee, unincorporated organization, association, Governmental Authority or other entity.

     “Purpose” has the meaning
      ascribed to such term in Section 9.3(a).

    “Questioned Items” has the
      meaning ascribed to such term in Section 3.4(b).

    “Receiving Party” means a
      Party to whom Confidential Information of a Disclosing Party has been disclosed hereunder.

    “Renewal Term” has the
      meaning ascribed to such term in Section 8.2.

    “SEC” means the United States
      Securities and Exchange Commission.

    “Subsidiary” means, with
      respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned,
      directly or indirectly, at the date of determination, by such Person, by one or more Persons Controlled by

    
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    such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Person Controlled by such Person
      is, at the date of determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is
      owned, directly or indirectly, at the date of determination, by such Person, one or more Persons Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or
      more Persons Controlled by such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or
      other governing body of such Person.

    “Term” means the Initial Term
      and any Renewal Term, in each case subject to any early termination of this Agreement as permitted herein.

    “Voting Securities” means
      securities of all classes of a Person entitling the holders thereof to vote on a regular basis in the election of members of the board of directors or other governing body of such Person.

    1.2 Construction. In this
      Agreement, unless the context requires otherwise:

    (a) references to laws and regulations refer to such laws and regulations as they may be amended from time to time, and
      references to particular provisions of a law or regulation include any corresponding provisions of any succeeding law or regulation;

    (b) references to money refer to legal currency of the United States;

    (c) “including” means “including, without limitation,” whether or not so expressed;

    (d) words importing the singular include the plural and vice versa, and words importing gender include all genders; and

    (e) a reference to an “approval,” “authorization,” “consent,” “notice” or “agreement” means an approval, authorization,
      consent, notice or agreement, as the case may be, in writing.

    1.3 Headings. All article or
      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.

    2.          ENGAGEMENT OF MANAGER

    2.1 Engagement. The Company
      hereby engages the Manager to provide, upon the Company’s request, the Administrative Management Services specified in Section 3, below, and the Manager hereby accepts such engagement, all in accordance with the terms of this Agreement. The Company
      and the Manager each acknowledge that to the extent set out in this Agreement, the Manager is acting solely on behalf of, as agent of and for the account of the Company. The Manager shall advise Persons with whom it deals on behalf of the Company
      that it is conducting such business for and on behalf of the Company.

    
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    2.2 Powers and Duties of the
        Manager. The Manager has the power and authority to take such actions on its own behalf or on behalf of the Company as it from time to time considers necessary or appropriate to enable it to perform its obligations under this Agreement,
      subject to customary oversight and supervision of the Company, its Board of Directors and its executive officers.

    2.3 Ability to Subcontract. The
      Manager may subcontract any of its duties and obligations hereunder to provide Administrative Management Services to any of its Affiliates without the consent of the Company and may subcontract its duties and obligations hereunder to provide
      Administrative Management Services to Persons that are not Affiliates with the prior written consent of the Company.  In the event of any subcontract by the Manager, the Manager shall promptly notify the Company thereof and shall remain fully liable
      for the due performance of its obligations under this Agreement.

    2.4 Outside Activities. The
      Company acknowledges that the Manager may engage in business activities in addition to those relating to the Company provided that such activities do not interfere with the Manager’s provision of the Administrative Management Services.

    2.5 Authority of the Parties. Each
      Party represents to the other that it is duly authorized with full power and authority to execute, deliver and perform its obligations under this Agreement. The Company represents that the engagement of the Manager has been duly authorized by the
      Company and is in accordance with all governing documents of the Company.

    2.6 Inspection of Books and Records.
      At all reasonable times and on reasonable notice, any Person authorized by the Company may inspect, examine, copy and audit the Books and Records of the Company kept by the Manager pursuant to this Agreement.

    3.          ADMINISTRATIVE SERVICES

    The Manager shall provide to the Company the services described in this Section 3 (collectively, the “Administrative Management Services”).

    3.1 Accounting and Records. The
      Manager shall, on behalf of the Company, establish an accounting system, including the development, implementation, maintenance and monitoring of internal control over financial reporting and disclosure controls and procedures, and maintain Books and
      Records, with such modifications as may be necessary to comply with Applicable Laws. The Books and Records shall contain particulars of receipts and disbursements relating to the Company’s assets and liabilities and shall be kept pursuant to normal
      commercial practices that will permit financial statements to be prepared for the Company in accordance with GAAP. The Books and Records shall be the property of the Company but shall be kept at the Manager’s primary office or such other place as the
      Company and the Manager may mutually agree. Upon expiration or termination of this Agreement, all of the Books and Records shall, at the direction of the Company, be provided to the Company or a new manager pursuant to Section 8.4(b).

    3.2 Reporting Requirements. The
      Manager shall provide assistance/ prepare and deliver to the Company, including, but not limited to, the following within time periods requested by the relevant party and required by applicable laws (including SEC):

    
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    (a) periodic consolidated financial statements, including  but not limited, those required for governmental and regulatory
      agency filings and reports to shareholders, arranging of the auditing and/ or review of any such financial statements and related data processing services;

    (b) periodic and other reports proxy statements, registration statements and other documents and reports required by
      applicable law (including rules and regulations promulgated by the SEC);

    (c) tax returns required by any law or regulatory authority (or procuring at the Company’s cost, a third party service
      provider to prepare and provide);

    (d) arranging for the provision of advisory services (either directly or, at the Company’s cost, through a third party
      service provider) to ensure that the Company is in compliance with all the applicable laws, including all relevant securities laws, including the preparation for review, approval and filing by the Company of reports and other documents with the SEC,
      ay securities exchange on which its shares are listed and all other regulatory authorities having jurisdiction over the Company;

    (e) reports to be considered by the Board of Directors (or any applicable Committee thereof) in accordance with the Company’s
      internal policies and procedures.

     3.3 Budgets and Corporate Planning.

    (a) Draft Budgets

    On or before December 15 of each year, the Manager, in consultation with the Company, shall prepare and submit to the Board
      of Directors a detailed draft budget for the next Fiscal Year in a format acceptable to the Board of Directors and generally used by the Manager, which shall include a statement of estimated revenue and out of pocket expenses (the “Draft Budget”).

    (b) Process for Finalizing the Draft Budget.

    For a period of twenty (20) days after receipt of the Draft Budget, the Board of Directors may request further details and
      submit written comments on the Draft Budget. If, after reviewing the Draft Budget, the Company does not agree with any term thereof, the Company shall, within the same twenty (20) day period, give the Manager notice of such disagreements and terms
      (the “Questioned Items”) and a proposal for resolution of each such Questioned Item. The Company and the Manager shall endeavor to resolve any such
      differences between them with respect to the Questioned Items. In resolving any Questioned Item, the Company and the Manager shall consider, among other things, the Company’s obligations under any relevant Charter, Credit Facility, or Other Financing
      Agreement.

    (c) Approved Budget.

    The Manager shall use its commercially reasonable efforts to prepare and deliver to the Company a revised budget that has
      been approved by the Board of Directors (the “Approved Budget”) by December 31 of the preceding Fiscal Year. However, the Company acknowledges that the
      Approved Budget is only an estimate of the performance of the Vessels and the Manager

    
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    makes no assurance, representation or warranty that the actual performance of the Vessels in the applicable Fiscal Year will correspond to the
      estimates contained in the Approved Budget for such Fiscal Year. The Parties acknowledge that any projections contained in the Approved Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances
      beyond the control of the Parties.

    (d) Amendments to Approved Budget.

    The Manager may, from time to time, in any Fiscal Year propose amendments to the Approved Budget upon at least fifteen (15)
      days prior notice to the Company, in which event the Company shall have the right to approve the amendments in accordance with the process set out in Section 3.4(b), with the relevant time periods being amended accordingly. Whenever, due to
      circumstances beyond the reasonable control of the Manager, emergency expenditures are required to ensure that any Vessels are operated and maintained as required under any applicable Charters, the Manager may make such emergency expenditures and
      reasonably request prompt reimbursement thereof, to the extent that such items are the responsibility of the Company, even if such expenditures are not included or reflected in the Approved Budget.

    3.4 Legal and Securities Compliance Services.

    (a) Responsibilities of the Manager.

    The Manager shall assist the Company with the following items, whether or not related to any of the Vessels:

    (i) compliance with all Applicable Laws, including all relevant securities laws and the rules and regulations of the SEC and
      any securities exchange upon which the Company’s securities are listed;

    (ii) arranging for the provision of advisory services to the Company with respect to the Company’s obligations under
      applicable securities laws in the United States and disclosure and reporting obligations under applicable securities laws, including the preparation for review, approval and filing by the Company of reports and other documents with the SEC and all
      other applicable regulatory authorities;

    (iii) maintaining the Company’s corporate existence and good standing in all necessary jurisdictions and assisting in all
      other corporate and regulatory compliance matters; and

    (iv) conducting investor relations functions on behalf of the Company.

    (b) Administration and Settlement of Legal Actions.

    If any Legal Action is commenced against or is required to be commenced in favor of the Company or any Vessel Owning
      Subsidiary, the Manager shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Company or Vessel Owning Subsidiary, including retaining and instructing legal
      counsel, investigating the substance of the Legal Action and entering pleadings with respect to

    
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    the Legal Action. The Manager shall assist the Company in administering and supervising any such Legal Actions and shall keep the Company
      advised of the status thereof.

    (c) Interaction with Regulatory Authorities.

    Notwithstanding anything in this Section 3 or otherwise, the Manager shall not act for or on behalf of the Company in its
      relationships with regulatory authorities except to the extent specifically authorized by the Company from time to time.

    3.5 Bank Accounts.

    (a) Administration by Manager.

    The Manager shall oversee banking services for the Company and shall establish in the name of the Company banking accounts
      with such financial institutions as the Company may request. The Manager shall administer and manage all of the Company’s cash and accounts, including making any deposits and withdrawals reasonably necessary for the management of its business and
      day-to-day operations. The Manager shall promptly deposit all moneys payable to the Company and received by the Manager into a bank account held in the name of the Company.

    (b) Payments from Operating Account.

    The Company shall ensure that all charter hire associated with each Charter is paid by the applicable Charterer into the
      operating account. Unless otherwise instructed by the Company, the Manager shall instruct the financial institutions at which the accounts have been established to pay from the operating account, as and when required, amounts payable under any Credit
      Facility or Other Financing Agreement.

    3.6 Other Administrative Management Services.

    The Manager shall:

    (a) develop, maintain and monitor internal audit controls, disclosure controls and information technology for the Company;

    (b) assist with arranging board meetings and preparing board and committee meeting materials, including, as applicable,
      agendas, discussion papers, analyses and reports;

    (c) prepare and provide such reports and accounting information so as to permit the Board of Directors to determine the
      amount of the cash available for the payment of dividends to the Company’s shareholders, and to assist the Company in making arrangements with the Company’s transfer agent for the payment of dividends, if any, to the shareholders;

    (d) obtain, on behalf of the Company, general insurance, director and officer liability insurance and other insurance of the
      Company not related to the Vessels that would normally be obtained for a company in a similar business to that of the Company;

    
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    (e) administer payroll services, benefits and directors fees, as applicable, for the officers, other employees or directors
      of the Company;

    (f) provide office space and office equipment for personnel of the Company at the location of the Manager or as otherwise
      reasonably designated by the Company, and clerical, secretarial, accounting and administrative assistance as may be reasonably necessary;

    (g) provide all administrative services required in connection with any Credit Facility or Other Financing Agreement;

    (h) negotiate and arrange for interest rate swap agreements, foreign currency contracts and forward exchange contracts;

    (i) monitor the performance of investment managers;

    (j) at the request and under the direction of the Company, handle all administrative and clerical matters in respect of (i)
      the call and arrangement of all annual and special meetings of shareholders, (ii) the preparation of all materials (including notices of meetings and proxy or similar materials) in respect thereof and (iii) the submission of all such materials to the
      Company in sufficient time prior to the dates upon which they must be mailed, filed or otherwise relied upon so that the Company has full opportunity to review, approve, execute and return them to the Manager for filing or mailing or other
      disposition as the Company may require or direct;

    (k) provide, at the request and under the direction of the Company, such communications to the transfer agent for the Company
      as may be necessary or desirable;

    (l) make recommendations to the Company for the appointment of auditors, accountants, legal counsel and other accounting,
      financial or legal advisers, and technical, commercial, marketing or other independent experts; provided, however, that nothing herein shall permit the
      Manager to engage any such adviser or expert for the Company without the Company’s specific approval;

    (m) attend to all matters necessary for any reorganization, bankruptcy or insolvency petitions or proceedings, liquidation,
      dissolution or winding up of the Company;

    (n) attend to all other administrative matters necessary to ensure the professional management of the Company’s business or
      as reasonably requested by the Company from time to time.

    4.          EMPLOYEES AND MANAGER’S PERSONNEL

    4.1 Manager’s Personnel. The
      Manager shall provide the Administrative Management Services hereunder through the Manager’s Personnel. The Manager shall be responsible for all aspects of the employment or other relationship of the Manager’s Personnel as required in order for the
      Manager to perform its obligations hereunder, including recruitment, training, staffing levels, compensation and benefits, supervision, discipline and discharge, and other terms and conditions of employment or contract. However, the Manager shall
      remain directly responsible and liable to the Company to carry out all of its obligations under this Agreement, whether

    
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    performed directly or subcontracted to another Person, and the Manager shall be responsible for the compensation and reimbursement of all such
      other Persons.

    5.          COVENANTS OF THE MANAGER

    The Manager hereby agrees and covenants with the Company that, during the Term, the Manager shall:

    (a) exercise all due care, skill and diligence in carrying out its duties under this Agreement as required by Applicable
      Laws;

    (b) provide the Chief Financial Officer, the Executive Committee and the Board of Directors with all information in relation
      to the performance of the Manager’s obligations under this Agreement as the Chief Financial Officer, the Executive Committee or the Board of Directors may reasonably request;

    (c) use its reasonable best efforts to have all material property of the Company clearly identified as such, held separately
      from property of the Manager and, where applicable, in safe custody;

    (d) use its reasonable best efforts to have all property of the Company (other than money to be deposited to any bank account
      of the Company) transferred to or otherwise held in the name of the Company or any nominee or custodian appointed by the Company;

    (e) use its reasonable best efforts to cause (i) the Company to own or possess all licenses that are necessary and used in
      the operation of its business as of the date hereof, (ii) all such licenses to be in full force and effect at all times, and (iii) all required filings with respect to such licenses to be timely made and all required applications for renewal thereof
      to be timely filed;

    (f) use its reasonable best efforts to retain at all times a qualified staff so as to maintain a level of expertise
      sufficient to provide the Administrative Management Services; and

    (g) use its reasonable best efforts to keep full and proper books, records and accounts showing clearly all transactions
      relating to its provision of Administrative Management Services in accordance with established general commercial practices and in accordance with GAAP, and allow the Company and its representatives to audit and examine such books, records and
      accounts at any time during customary business hours.

    6.          MANAGER’S COMPENSATION AND REIMBURSEMENT

    6.1 Fees for Administrative
        Management Services; Reimbursement. In consideration for the provision of the Administrative Management Services by the Manager to the Company, the Company shall pay the Manager a monthly management fee (the “Management Fee”) in the amount of US$10,000.00 (ten thousand United States dollars) in accordance with Section 6.2.  In addition, the Company shall reimburse the Manager for all
      of the reasonable direct and indirect

    
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    costs and expenses incurred by the Manager and its Affiliates in providing the Administrative Management Services (the “Costs and Expenses”).

    6.2 Invoicing. The Manager
      shall, in good faith, determine the expenses related to the Administrative Management Services that are allocable to the Company in any reasonable manner determined by the Manager and shall provide to the Company on a quarterly basis an invoice for
      the reasonable costs and expenses to be paid pursuant to Section 6.1, which invoice shall contain a description in reasonable detail of the costs and expenses that comprise the aggregate amount of the payment being invoiced.  The Manager shall
      maintain the records of all costs and expenses incurred, including any invoices, receipts and supplementary materials as are necessary or proper for the settlement of accounts between the Parties. The Company shall pay such invoices within thirty
      (30) days of receipt, unless the invoice is being disputed in accordance with this Agreement.

    7.          LIABILITY OF THE MANAGER; INDEMNIFICATION

    7.1 Liability of the Manager. The
      Manager shall not be liable to the Company for any Loss arising from the Administrative Management Services unless and to the extent that such Loss resulted from:

    (a) the fraud, gross negligence, recklessness or willful misconduct of the Manager or any of its Affiliates (other than the
      Company) or any of their respective employees, agents or subcontractors (“Manager Misconduct”); or

    (b) any breach of this Agreement by the Manager or any of its Affiliates (other than the Company).

    7.2 Manager Indemnification. The
      Company shall indemnify and hold harmless the Manager and its directors, officers, employees, subcontractors and Affiliates (the “Manager Indemnified Persons”)
      from and against any and all Losses incurred or suffered by the Manager Indemnified Persons by reason of or arising from or in connection with their performance of this Agreement or any third-party Legal Action brought or threatened against such
      Manager Indemnified Persons in connection with their performance of this Agreement, other than for any Losses to the extent related to or that resulted from:

    (a) any liabilities or obligations that the Manager has agreed to pay or for which the Manager is otherwise expressly
      responsible under this Agreement;

    (b) Manager Misconduct; or

    (c) any breach of this Agreement by the Manager or any of its Affiliates (other than the Company).

    7.3 Company Indemnification.
      The Manager shall indemnify and hold harmless the Company and the Company’s directors, officers, employees, subcontractors and Affiliates (the “Company
        Indemnified Persons”) from and against any and all Losses incurred or suffered by the Company Indemnified Persons, to the extent related to or that resulted from:

    
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    (a) any liabilities or obligations that the Manager has agreed to pay or for which the Manager is otherwise expressly
      responsible under this Agreement;

    (b) Manager Misconduct; or

    (c) any breach of this Agreement by the Manager or any of its Affiliates (other than the Company).

    8.          TERM AND TERMINATION

    8.1 Initial Term. The
      initial term of this Agreement shall commence on the date hereof and end on the first anniversary of the date hereof, unless terminated earlier pursuant to this Agreement (the “Initial Term”).

    8.2 Renewal Term. This
      Agreement will, without any further act or formality on the part of either Party, on the expiration of the Initial Term or any Renewal Term, be automatically renewed for a further term of twelve (12) months (each a “Renewal Term”) unless terminated in accordance with Section 8.3.

    8.3 Termination. This
      Agreement may be terminated by either party upon not less than thirty (30) days prior written notice, or may be terminated immediately (i) at the election of the Company if, at any time, the Company ceases to own all of the issued and outstanding
      common shares of the Manager, (ii) at the election of the Company if, at any time, the Manager materially breaches this Agreement or (iii) at the election of the Manager if, at any time, the Company materially breaches the Agreement.

    8.4 Effects of Termination or Expiry
        of this Agreement. (a) If the Manager terminates this Agreement, the Company shall have the option to require the Manager to continue to provide Administrative Management Services to the Company, for the fee described in Section 6.1, for up
      to a ninety (90) day period from the date that the Manager provides notice of termination of this Agreement.

    (b) Upon termination or expiry of this Agreement, this Agreement will be void and there shall be no liability on the part of
      any Party (or their respective officers, directors, employees or Affiliates) except that the obligation of the Company to pay to the Manager or its Affiliates the amounts accrued but outstanding under Section 6 and the terms and conditions set forth
      in Sections 7 and 9.3 shall survive such termination. After a written notice of termination has been given under this Section 8 or upon expiry, the Company may direct the Manager to, at the cost of the Company, undertake any actions reasonably
      necessary to transfer any aspect of the ownership or control of the assets of the Company to the Company or to any nominee of the Company and to do all other things reasonably necessary to bring the appointment of the Manager to an end at the
      appropriate time, and the Manager shall promptly comply with all such reasonable directions. Upon termination or expiry of this Agreement, the Manager shall promptly deliver to any new manager or the Company any Books and Records held by the Manager
      under this Agreement and shall execute and deliver such instruments and do such things as may reasonably be required to permit the new manager of the Company to assume its responsibilities.

    9.          GENERAL

    
      13

      
        

    

    

    

    9.1 Assignment; Binding Effect. The
      Parties may not assign any of their respective rights under this Agreement in whole or in part without the prior written consent of the other Party, which consent may be withheld in the sole discretion of such other Party. This Agreement is binding
      upon and inures to the benefit of the Parties and their successors and permitted assigns.

    9.2 Force Majeure. Neither
      of the Parties shall be under any liability for any failure to perform any of their obligations hereunder if any of the following occurs (each a “Force Majeure
        Event”):

    (a) any event, cause or condition which is beyond the reasonable control of either or both of the Parties and which prevents
      either or both of the Parties from performing any of their respective obligations under this Agreement;

    (b) acts of God, including fire, explosions, unusually or unforeseeably bad weather conditions, epidemic, lightening,
      earthquake or tsunami;

    (c) acts of public enemies, including war or civil disturbance, vandalism, sabotage, terrorism, blockade or insurrection;

    (d) acts of a Governmental Authority, including injunction or restraining orders issued by any judicial, administrative or
      regulatory authority, expropriation or requisition;

    (e) government rule, regulation or legislation, embargo or national defense requirement; or

    (f) labor troubles or disputes, strikes or lockouts, including any failure to settle or prevent such event which is in the
      control of any Party.

    A Party shall give written notice to the other Party promptly upon the occurrence of a Force Majeure Event.

    9.3 Confidentiality. (a)
      Each Receiving Party agrees:

    (i) to use any Confidential Information solely to carry out its obligations or exercise its rights under this Agreement (the
      “Purpose”) and for no other purpose;

    (ii) to copy and make other works based on Confidential Information only as strictly necessary for the Purpose;

    (iii) to maintain the confidentiality of the Confidential Information using at least the same degree of care that the
      Receiving Party uses for its own confidential or proprietary information of a similar nature, but no less than reasonable care;

    (iv) to reveal any Confidential Information to any third party without the prior written consent of the Disclosing Party,
      except that if the Receiving Party is required by law, court or administrative order or regulation to reveal any Confidential Information, the Receiving Party is permitted to do so, provided that the Receiving Party gives the Disclosing Party reasonable prior

    
      14

      
        

    

    

    

    written notice (if permitted) of the required disclosure and cooperate with the Disclosing Party at its expense in seeking a protective order or
      other relief;

    (v) to limit disclosure of the Confidential Information to such of the Company’s or the Manager’s officers and employees as
      is necessary for the Purpose;

    (vi) to inform each officer and employee who receives any Confidential Information of the restrictions as to use and
      disclosure of Confidential Information contained herein and to be responsible for any breach of such restrictions by any such persons; and

    (vii) forthwith upon the Disclosing Party’s request, to procure the return of all Confidential Information together with any
      copies, abstracts, or other works which contain or are based on any of the Confidential Information; provided that, notwithstanding the foregoing, the Receiving Party shall be permitted to retain Confidential Information to the extent it is required
      to retain such Confidential Information pursuant to law, court or administrative order or regulation.

    (b) Each Receiving Party further acknowledges that any breach of the provisions of this Agreement would result in serious
      damage being sustained by the Disclosing Party, and as a result hereby unconditionally agrees:

    (i) to be responsible for losses, damages or expenses (including without limitation attorneys’ fees and expenses) that have
      been determined to have been caused by any such breach; and

    (ii) that the Disclosing Party shall be entitled to equitable relief (including without limitation injunctive relief) in
      relation to any threatened or actual breach of the provisions of this Agreement without any requirement of posting a bond and without limiting any other remedy that may be available to the Disclosing Party.

    9.4 Notices. Each notice,
      consent or request required to be given to a Party pursuant to this Agreement must be given in writing. A notice may be given by delivery to an individual or by fax, and shall be validly given if delivered on a Business Day to an individual at the
      following address, or, if transmitted on a Business Day, by fax or email addressed to the following Party:

    	
            If to the Company:

             

            OceanPal Inc.

            c/o Steamship Shipbroking Enterprises Inc.

            Ymittou 6,

            175 64 Palaio Faliro,

            Athens, Greece

            Attention: Director and President

            Tel: 30-210-9485360

            Fax: 30-210-9401810

            E-mail: info@stsei.com

             

          	
            If to the Manager:

             

            Steamship Shipbroking Enterprises Inc.

            Ymittou 6,

            175 64 Palaio Faliro,

            Athens, Greece

            Attention: Director and President

            Tel: 30-210-9485360

            Fax: 30-210-9401810

            E-mail: info@stsei.com

             

          

    

    

    
      15

      
        

    

    

    

    or to any other address or fax number that the Party so designates by notice given in accordance with this Section. Any
      notice

    (a) if validly delivered on a Business Day, shall be deemed to have been given when delivered; and

    (b) if validly transmitted by fax on a Business Day, shall be deemed to have been given on that Business Day.

    9.5 Third Party Rights. The
      provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no shareholder, employee, agent of any Party or any other Person shall have the right to enforce any provision of this Agreement or to compel any Party to this
      Agreement to comply with the terms of this Agreement.

    9.6 No Joint Venture. Nothing
      in this Agreement is intended to create or shall be construed as creating a joint venture or partnership between the Parties, and this Agreement shall not be deemed for any purpose to constitute any Party a partner of any other Party to this
      Agreement in the conduct of any business or otherwise or as a member of a joint venture or joint enterprise with any other Party to this Agreement.

    9.7 Severability. Each
      provision of this Agreement is severable. If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect:

    (a) the legality, validity or enforceability of the remaining provisions of this Agreement; or

    (b) the legality, validity or enforceability of that provision in any other jurisdiction;

    except that if:

    (x) on the reasonable construction of this Agreement as a whole, the applicability of the other provision presumes the
      validity and enforceability of the particular provision, the other provision will be deemed also to be invalid or unenforceable; and

    (y) as a result of the determination by a court of competent jurisdiction that any part of this Agreement is unenforceable or
      invalid and, as a result of this Section 9.7, the basic intentions of the Parties in this Agreement are entirely frustrated, the Parties shall use commercially reasonable efforts to amend, supplement or otherwise vary this Agreement to confirm their
      mutual intention in entering into this Agreement.

    9.8 Governing Law; Jurisdiction;
        Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts executed in and to be performed in that state, and each party hereto agrees to submit to the non-exclusive
      jurisdiction of the federal or state courts located in the City, County and State of New York as regards any claim or matter arising under or in connection with this Agreement. Each of the Parties hereby irrevocably and unconditionally waives any
      objection to the laying of venue of

    
      16

      
        

    

    

    

    any action, suit or proceeding arising out of this agreement or the transactions contemplated hereby, in the federal or state courts located in
      the City, County and State of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an
      inconvenient forum or seek to change the venue from any such court.

    9.9 Amendments. No
      amendment, supplement, modification or restatement of any provision of this Agreement shall be binding unless it is in writing and signed by each Person that is a Party to this Agreement at the time of the amendment, supplement, modification or
      restatement.

    9.10 Entire Agreement. This
      Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

    9.11 Waiver. No failure by
      any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or of any other covenant,
      duty, agreement or condition. Any waiver must be specifically stated as such in writing.

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

    [Remainder of This Page Intentionally Left Blank]

    
      17

      
        

    

    IN WITNESS WHEREOF, this Administrative Services Agreement has been duly executed by the Parties as of the
      date first written above.

    

    

    

    

    OCEANPAL INC.

    

    

    

    

    ___________________________

    Name:

    Title:

    

    

    

    

    

    

    STEAMSHIP SHIPBROKING ENTERPRISES INC.

    

    

    

    

    ___________________________

    Name:

    Title:

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature Page to
        Administrative Services Agreement]

    

    

  

  18Exhibit 4.9

  STEAMSHIP SHIPBROKING ENTERPRISES INC.

  THIS AGREEMENT dated
    this ........ day of November 2021 by and between OceanPal Inc., a Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Company”) and Steamship Shipbroking
    Enterprises Inc. a Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Broker”).

  BY WHICH, in consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as
    follows:

  1. The Company. OceanPal Inc. is a
      global provider of shipping transportation services through its ownership of dry bulk vessels (the “Vessels”). The Company’s Vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including
      such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

  2. Engagement. The Company hereby
      engages the Broker to act as broker for the Company and for any of its affiliated companies that own Vessels managed by Diana Wilhelmsen Management Limited as directed by the Company to assist the Company in the provision of the services by providing
      to the Company or to an entity designated by the Company from time to time, brokerage services relating to the purchase, sale or chartering of Vessels, brokerage services relating to the repairs and other maintenance of Vessels, and any relevant
      consulting services permitted by Greek laws or the Broker's Law 27/1975 license (collectively the “Brokerage Services”), and the Broker hereby accepts such appointment.

  3. Duration. The duration of the
      engagement shall be for a term of ............ (..........) months commencing the ..... day of ....... 2021 and ending (unless terminated earlier on the basis of any other provision of this Agreement) on the ...... day of ....... 202.... and shall be automatically renewed for
      further periods of one (1) calendar year, (the said period as it may be extended being hereinafter referred to as the “Term”).

  4. Representations of Broker. The
      Broker represents that it has personnel fully qualified, without the benefit of any further training or experience and has obtained all necessary permits and licenses, to perform the Brokerage Services. The duties of the Broker shall be offered on a
      worldwide basis. Broker's duties and responsibilities hereunder shall always be subject to the policies and directives of the board of directors of the Company as communicated from time to time to the Broker.  Subject to the above, the precise
      duties, responsibilities and authority of the Broker may be expanded, limited or modified, from time to time, at the discretion of the board of directors of the Company.

  
    
      

  

  5. Commission. Because of their
      permanent relation the Company shall pay the Broker a lump sum commission in the amount of United States Dollars $............... per month, starting on the ........ day of ......... 2021 payable quarterly in advance plus 2.5% on the hire agreed per charter
      party for each Vessel, subject to required deductions and withholdings. Commissions on a percentage basis for specific deals may be agreed by separate agreements in writing.

  6. Expenses. The Company shall not
      pay or reimburse the Broker for any out-of pocket expenses as such expenses are included in the commission paid to the Broker.

  7. Termination. This Agreement,
      unless otherwise agreed in writing between the parties, shall be terminated as follows:

  (a) At the end of the Term, unless extended by mutual agreement in writing.

  (b) The parties, by mutual agreement, may terminate this Agreement at any time.

  (c) Either party may terminate this Agreement for any material breach by the other party of their respective obligations under this Agreement.

  8. Change of Control.

  (a) In the event of a “Change in Control” (as defined herein) within  the duration of this Agreement, the Broker has the option to terminate this Agreement
      within six (6) months following such Change in Control, and shall be eligible to receive the payment specified in sub-paragraph (c), below, provided that the conditions of said paragraph are satisfied.

  (b) For purposes of this Agreement, the term “Change of Control” shall mean the:

  	 	
          (i)

        	
          event where Diana Shipping Inc. ceases to have the highest voting control of any matter submitted to the vote of the common shareholders  of the
            Company.

           

          

        
	 	
          (ii)

        	
          consummation of a reorganization, merger or consolidation of the Company or the sale or other disposition of all or substantially all of the assets
            of the Company and/or of the Affiliates; or

           

          

        
	 	
          (iii)

        	
          approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

           

          

        

  (c) If the Broker terminates this Agreement within six (6) months following a Change of Control, the Broker shall receive a payment equal to five (5) years' annual commission. Receipt of the foregoing shall be contingent upon the Broker's
        execution and non-revocation of a Release of Claims in favor of the Company and the Affiliates in a form that is reasonably satisfactory to the Company and its counsel.

  9. Notices. Every notice, request, demand or other communication under this Agreement shall:

  
    
      

  

  (a) be in writing delivered personally or by courier or by fax or shall be served through a process server;

  (b) be deemed to have been received, subject as otherwise provided in this Agreement in the case of fax upon receipt of a successful transmission report (or
      —if sent after business hours— the following business day) and in the case of a letter when delivered personally or through courier or served at the address below; and

  (c) be sent:

  	 	 	
          (i)

        	
          If to the Company, to:

          OceanPal Inc.

          c/o Steamship Shipbroking Enterprises Inc.

          Pendelis 26, Palaio Faliro, 175 64

          Athens, Greece

          Telephone: +30 210 9485360

          Telefax: +30 210 9401810

          Attn: Director and Chief Executive Officer

        
	 	 	 	 
	 	 	
          (ii)

        	
          If to the Broker, to:

          Steamship Shipbroking Enterprises Inc.

          Pendelis 26, Palaio Faliro, 175 64

          Athens, Greece

          Telephone: +30 210 9485360

          Telefax: +30 210 9401810

          Attn: Director and President

        

  

  

  or to such other person, address or telefax, as is notified by the relevant Party to the other Party to this Agreement and such notification shall not become effective until notice of such change is actually received by the other Party. Until such change of person or address is notified, any
    notification to the above addresses and fax numbers are agreed to be validly effected for the purposes of this Agreement.

  10. Entire Agreement. This
      Agreement supersedes all prior agreements written or oral, with respect thereto.

  11. Amendments. This Agreement
      may be amended, superseded, canceled, renewed or extended and the terms hereof may be waived, only by a written instrument signed by the parties.

  12. Independent Contractor. All
      services provided hereunder shall be provided by the Broker as an independent contractor. No employment contract, partnership or joint venture
      between the Broker and the Company has been created in or by this Agreement or as a result of services provided hereunder.

  
    
      

  

  13. Assignment. This Agreement,
      and the Broker's rights and obligations hereunder, may not be assigned by the Broker; any purported assignment in violation hereof shall be null and void.  This Agreement, and the Company's rights and obligations hereunder, may not be assigned by the
      Company; provided, however, that in the event of any sale, transfer or other disposition of all or substantially all of the Company's assets and business, whether
      by merger, consolidation or otherwise, the Company shall assign this Agreement and its rights hereunder to the successor to its assets and business.

  14. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal
      representative.

  15. Counterparts. This
      Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist
      of two copies hereof each signed by one of the parties hereto.

  16. Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

  17. Governing Law and Jurisdiction.

  (a) This Agreement shall be governed by and construed in accordance with English Law.

  (b) Any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996
      or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this clause.

  
    
      

  

  IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.

  

  

  

  

  	
          OCEANPAL INC.

        	 
	 	 
	 	 
	
          By:

        	 	 
	
          Title:

        	
          Director and Chief Executive Officer

        	 
	 	 
	 	 
	
          STEAMSHIP SHIPBROKING ENTERPRISES INC.

        	 
	 	 
	 	 
	
          By:

        	 	 
	
          Title:

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