In classes, we have discussed the need to understand the separation of the two roles of shipowners of being owner/investor' and/or operator in shipping finance in order to comprehend the various sources of shipping finance, which allows shipowners to formulate and deploy off-balance-sheet financing on the one hand and cash-in' owned ships while maintaining the operational control of the ships on the other. In addition, we have also explained one of the most important sources of shipping finance, namely 'special purpose vehicle', is driven by its three special features - (i) off-balance- sheet financing', (ii) cash-in' and (iii) 'tax-related issues? Requirements: (a) In your own words and understanding, discuss and explain in details, together with your own clear, specific and extended version of the diagrammatic framework and its main and important elements therein, to demonstrate how the separation of the two roles of 'owner/investor and operator can help shipowners and managers form 'special purpose vehicle to effectuate the deployment of off-balance-sheet financing on the one hand and cash-in' owned ships while maintaining operational control of the ships on the other. (at least 450 words (diagram(s) is excluded from the words count) - 10 marks) (b) On the basis of 'off-balance-sheet financing and cash-in', there are the two most relevant and appropriate sources of shipping finance of special purpose vehicle driven by off-balance-sheet financing and cash-in' that we have discussed in classes. In your words and understanding, elaborate and explain in details, together with your own clear and specific diagrams, how the two most relevant and appropriate sources of shipping finance of special purpose vehicle that adopt the separation of their two roles of owner/investor' and operator' in order to formulate and deploy 'off-balance-sheet financing and cash-in owned ships while maintaining operational control of the ships. (at least 450 words (diagram(s) is excluded from the words count) 10 marks) (e) On the basis of tax-related issues, there are the two most relevant and appropriate sources of shipping finance of special purpose vehicle' motivated by to tax-related issues that we have discussed in classes In your words and understanding, elaborate and explain in details, together with your own clear and specific diagrams, how the two most relevant and appropriate sources of shipping finance of special purpose vehicle that are associated with and motivated by 'tax-related issues'. (at least 450 words (diagram(s) is excluded from the words count) 10 marks) In classes, we have discussed the need to understand the separation of the two roles of shipowners of being owner/investor' and/or operator in shipping finance in order to comprehend the various sources of shipping finance, which allows shipowners to formulate and deploy off-balance-sheet financing on the one hand and cash-in' owned ships while maintaining the operational control of the ships on the other. In addition, we have also explained one of the most important sources of shipping finance, namely 'special purpose vehicle', is driven by its three special features - (i) off-balance- sheet financing', (ii) cash-in' and (iii) 'tax-related issues? Requirements: (a) In your own words and understanding, discuss and explain in details, together with your own clear, specific and extended version of the diagrammatic framework and its main and important elements therein, to demonstrate how the separation of the two roles of 'owner/investor and operator can help shipowners and managers form 'special purpose vehicle to effectuate the deployment of off-balance-sheet financing on the one hand and cash-in' owned ships while maintaining operational control of the ships on the other. (at least 450 words (diagram(s) is excluded from the words count) - 10 marks) (b) On the basis of 'off-balance-sheet financing and cash-in', there are the two most relevant and appropriate sources of shipping finance of special purpose vehicle driven by off-balance-sheet financing and cash-in' that we have discussed in classes. In your words and understanding, elaborate and explain in details, together with your own clear and specific diagrams, how the two most relevant and appropriate sources of shipping finance of special purpose vehicle that adopt the separation of their two roles of owner/investor' and operator' in order to formulate and deploy 'off-balance-sheet financing and cash-in owned ships while maintaining operational control of the ships. (at least 450 words (diagram(s) is excluded from the words count) 10 marks) (e) On the basis of tax-related issues, there are the two most relevant and appropriate sources of shipping finance of special purpose vehicle' motivated by to tax-related issues that we have discussed in classes In your words and understanding, elaborate and explain in details, together with your own clear and specific diagrams, how the two most relevant and appropriate sources of shipping finance of special purpose vehicle that are associated with and motivated by 'tax-related issues'. (at least 450 words (diagram(s) is excluded from the words count) 10 marks)