<SEC-DOCUMENT>0000919574-24-005451.txt : 20240909
<SEC-HEADER>0000919574-24-005451.hdr.sgml : 20240909
<ACCEPTANCE-DATETIME>20240909172406
ACCESSION NUMBER:		0000919574-24-005451
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20240909
DATE AS OF CHANGE:		20240909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIANA SHIPPING INC.
		CENTRAL INDEX KEY:			0001318885
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32458
		FILM NUMBER:		241288073

	BUSINESS ADDRESS:	
		STREET 1:		PENDELIS 16
		STREET 2:		175 64 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30-210-947-0100

	MAIL ADDRESS:	
		STREET 1:		PENDELIS 16
		STREET 2:		175 64 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d11472505_6k.htm
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">FORM 6-K</div>
    <div style="margin-top: 3pt;"><br>
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">WASHINGTON, D.C. 20549</div>
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16</div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="margin-top: 3pt;"><br>
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">For the month of September 2024</div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">Commission File Number: 001-32458</div>
    <div style="margin-top: 3pt;"><br>
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DIANA SHIPPING INC.</div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">(Translation of registrant's name into English)</div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">Pendelis 16, 175 64 Palaio Faliro, Athens, Greece</div>
    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">(Address of principal executive office)</div>
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    <div style="text-align: justify; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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    <div style="text-align: justify; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif;">Form 20-F [X] Form 40-F [ ]</div>
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    <div style="text-align: center; margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div style="margin-top: 3pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 27.5pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">On September 9, 2024, Diana Shipping Inc. (the &#8220;Company&#8221;) and Maxim Group LLC (&#8220;Maxim&#8221;) entered into Amendment No. 2 to
      the Equity Distribution Agreement dated April 23, 2021, and amended July 9, 2021, between Maxim and the Company (the &#8220;Agreement&#8221;).</div>
    <div style="text-align: justify; text-indent: 27.5pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Attached hereto as <a href="d11435911_ex1-1.htm">Exhibit 1.1</a> is a copy of the Agreement dated September 9, 2024, by and between the Company and Maxim.</div>
    <div style="text-align: justify; text-indent: 27.5pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Attached hereto as <a href="d11435911_ex5-1.htm">Exhibit 5.1</a> is the opinion of Seward&#160;&amp; Kissel LLP relating to the common shares.</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statements on Form F-3 (File Nos.
      333-256791 and 333-266999) that were filed with the U.S. Securities and Exchange Commission and became effective on July 9, 2021 and September 16, 2022, respectively.</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
      the undersigned, thereunto duly authorized.</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td colspan="2" style="width: 54.29%; vertical-align: top;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DIANA SHIPPING INC.</div>
          </td>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">(registrant)</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Dated: September 9, 2024</div>
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          <td style="width: 11.5%; vertical-align: top;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 42.8%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">/s/ Anastasios Margaronis</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 42.8%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Anastasios Margaronis</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 42.8%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">President</div>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d11435911_ex1-1.htm
<TEXT>
<html>
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    <!-- Licensed to: Seward Kissel LLP
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 1.1</font><br>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;"><br>
      <br>
      AMENDMENT NO. 2</div>
    <div><br>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">to</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Equity Distribution Agreement</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">dated April 23, 2021, as amended on July 9, 2021</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">by and between</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Diana Shipping Inc. (the &#8220;Company&#8221;)</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">and</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Maxim Group LLC (the &#8220;Sales Agent&#8221;)</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Dated: September 9, 2024</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">WHEREAS, the Company and the Sales Agent entered into an Equity Distribution Agreement dated April 23, 2021, as amended on July 9, 2021 (the &#8220;Agreement&#8221;); and</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">WHEREAS, the Company and the Sales Agent wish to amend the Agreement as set forth herein.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">NOW, THEREFORE, the Agreement is hereby amended, effective as of September 9, 2024, as follows:</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">1.</div>
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          <td style="width: 89.52%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Section 1(a)(i) of the Agreement (Representations and Warranties of the Company) is hereby amended to replace the reference to &#8220;File No. 333- 256791&#8221; in
              the first line thereof with &#8220;File No. 333-280693&#8221;.</div>
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"> <br>
            </div>
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          <td style="width: 4.82%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">2.</div>
          </td>
          <td style="width: 90.51%; vertical-align: top;" colspan="2">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Section 1(a)(i) of the Agreement
              (Representations and Warranties of the Company) is hereby amended to replace the reference to &#8220;June 4, 2021&#8221; in the second line thereof with &#8220;September 9, 2024&#8221;.</div>
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          <td rowspan="1" style="vertical-align: middle; width: inherit;">&#160;</td>
          <td rowspan="1" style="vertical-align: top; width: inherit;">
            <div>&#160;</div>
            <div>3.</div>
          </td>
          <td rowspan="1" style="vertical-align: top; width: inherit;" colspan="2">&#160;
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Section 3(a)(viii) of the Agreement (Purchase, Sale and Delivery of Shares) is hereby amended and restated in its entirety as follows:</div>
            <div>&#160;</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">(viii)&#160;&#160;All Shares sold pursuant to this&#160;Section 3(a)&#160;will be delivered by the Company to Agent for the accounts of the Agent on the first full Trading Day following the date
              on which such Shares are sold, or at such other time and date as Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of delivery being herein referred to as a "Settlement Date." On each
              Settlement Date, the Shares sold through the Agent for settlement on such date shall be issued and delivered by the Company to the Agent against payment of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be
              effected by free delivery of the Shares by the Company or its transfer agent (i) to the Agent or its designee's account (provided the Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The
              Depository Trust Company ("DTC") or (ii) by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases (provided that such Shares were sold pursuant to the Registration Statement) shall be freely
              tradable, transferable, registered shares in good deliverable form, in return for payment in same day funds delivered to an account designated by the Company. If the Company or its transfer agent (if applicable) shall default on its
              obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify and hold the Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agent any
              commission to which it would otherwise be entitled absent such default. If the Agent breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for the shares delivered by the Company, the Agent will pay the Company
              interest based on the effective prime rate until such proceeds, together with such interest, have been fully paid.</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;"> <br>
            </div>
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          <td style="width: 4.82%; vertical-align: middle;">&#160;</td>
          <td style="width: 4.82%; vertical-align: top;">&#160;4.</td>
          <td style="width: 0.99%; vertical-align: top;">&#160;</td>
          <td style="width: 89.52%; vertical-align: top;">
            <div>Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect.</div>
            <div> <br>
            </div>
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          <td style="width: 4.82%; vertical-align: middle;">&#160;</td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
          <td style="width: 90.51%; vertical-align: top;" colspan="2">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;"> <br>
            </div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">[SIGNATURE PAGE TO FOLLOW]</div>
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    <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 2 as of the date first above written.</div>
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            <div>&#160;</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">DIANA SHIPPING INC.</div>
          </td>
          <td style="width: 58.64%; vertical-align: top;">&#160;</td>
        </tr>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">/s/ Ioannis Zafirakis</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Director, Chief Financial Officer, Chief Strategy Officer, Treasurer &amp; Secretary</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">/s/Lawrence C. Glassberg</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Lawrence C. Glassberg</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Co-Head of Investment Banking,</div>
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    <div style="text-align: right; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 5.1</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 18pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">NEW YORK, NEW YORK 10004</div>
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          <td style="width: 25.6%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 25.6%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">TELEPHONE: (212) 574-1200</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">FACSIMILE: (212) 480-8421</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">WWW.SEWKIS.COM</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">901 K Street, NW</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">TELEPHONE: (202) 737-8833</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 8pt;">FACSIMILE: (202) 737-5184</div>
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            <div>&#160;</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">September 9, 2024</div>
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    <div style="color: #000000; font-family: 'Times New Roman', serif;">Diana Shipping Inc.</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">Pendelis 16</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">175 64 Palaio Faliro</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">Athens, Greece</div>
    <div><br>
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    <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Re:</font><font style="font-size: 1pt;">&#160;</font><font style="font-weight: bold;"><u>Diana Shipping Inc.</u></font></div>
    <div><br>
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    <div style="color: #000000; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We have acted as counsel to Diana Shipping Inc. (the &#8220;<u>Company</u>&#8221;) in connection with (i) the Company&#8217;s at-the-market offering (the &#8220;<u>Offering</u>&#8221;) of shares of its common stock, par value
      $0.01 per share, having an aggregate offering price of up to US$200,000,000 (the &#8220;<u>Shares</u>&#8221;), which Shares include related preferred stock purchase rights (the &#8220;<u>Preferred Share Purchase Rights</u>&#8221;); (ii) the Equity Distribution Agreement, dated April 23, 2021, as amended on July 9, 2021 and September 9, 2024 (the &#8220;<u>Equity Distribution</u>&#160;<u>Agreement</u>&#8221;), between the Company and Maxim Group LLC, as agent
      (the &#8220;<u>Agent</u>&#8221;), including any amendments or supplements thereto, pursuant to which the Company may offer the Shares through the Agent, from time to time; (iii) the
      preparation of the Company&#8217;s registration statement on Form F-3 (File No. 333-280693), declared effective by the U.S. Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;)
      on September 9, 2024 (the &#8220;<u>Registration Statement</u>&#8221;); (iv) a prospectus included therein (the &#8220;<u>Base
          Prospectus</u>&#8221;) and (v) a prospectus supplement thereto dated September 9, 2024 (the &#8220;<u>Prospectus Supplement</u>&#8221; and together with the Base Prospectus, the &#8220;<u>Prospectus</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the
      Equity Distribution Agreement, (ii) the Registration Statement, (iii) the Base Prospectus, (iv) the Prospectus Supplement, (v) the Stockholders Rights Agreement dated February 2, 2024, as amended, relating to the Preferred Share Purchase Rights (the
      &#8220;<u>Rights Agreement</u>&#8221;) and (vi) such corporate documents and records of the Company and such other instruments, certificates and documents as we have deemed necessary or
      appropriate as a basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or
      drafts of documents to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents. As to various questions of fact that are material to the opinions hereinafter
      expressed, we have relied upon statements or certificates of public officials, directors of the Company and others.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents
      contemplated by the Prospectus to be executed in connection with the Offering have been duly authorized, executed and delivered by each of the parties thereto other than the Company, and (ii) the terms of the Offering comply in all respects with the
      terms, conditions and restrictions set forth in the Prospectus and all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">In connection with our opinion expressed below, we have assumed that, at or prior to the time of the
      delivery of any of the Shares, there will not have occurred any change in the law or the facts affecting the validity of the Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">With respect to the Shares, we have assumed that, as of each and every time any of the Shares are issued
      in accordance with the Equity Distribution Agreement, the Company will have a sufficient number of authorized and unissued Shares available for issuance under its Amended and Restated Articles of Incorporation, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Based upon and subject to the foregoing, and having regard to such other legal considerations which we
      deem relevant, we are of the opinion that:</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">1.</div>
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            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">The Shares and the Preferred Share Purchase Rights have been duly authorized by the Company.</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">2.</div>
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            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">The Shares, when issued, sold and paid for as contemplated in the Prospectus and Equity Distribution Agreement, will be validly issued,
              fully paid and non-assessable.</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">3.</div>
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            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">When the Shares are issued, sold and paid for as contemplated in the Prospectus and Equity Distribution Agreement, the related Preferred
              Share Purchase Rights will constitute binding obligations of the Company in accordance with the terms of the Rights Agreement.</div>
            <div>&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The foregoing opinions are subject in each case to applicable insolvency, bankruptcy, reorganization,
      moratorium, fraudulent transfer, fraudulent conveyance or other similar laws affecting generally the enforceability of creditors&#8217; rights from time to time in effect and subject to general principles of equity, regardless of whether considered in a
      proceeding in equity or at law, including application of principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">This opinion is limited to the laws of the State of New York, the federal laws of the United States of
      America, and the laws of the Republic of the Marshall Islands as in effect on the date hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">We hereby consent to the filing of this opinion as an exhibit to the Company&#8217;s Report on Form 6-K to be
      filed with the Commission on the date hereof, and to each reference to us and the discussions of advice provided by us under the headings &#8220;Legal Matters&#8221; in the Prospectus, without admitting we are &#8220;experts&#8221; within the meaning of the Securities Act
      of 1933, as amended, or the rules and regulations of the Commission promulgated thereunder with respect to any part of the Registration Statement or Prospectus.</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Very truly yours,</div>
            <div>&#160;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">/s/ Seward &amp; Kissel LLP</div>
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