In classes, we have explained 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 deploy *off-balance-sheet financing' on the one hand and 'cash-in' owned ships while maintaining operational control of the ships on the other. Requirements: (a) In your own words and understanding, discuss and explain in details, together with your own clear and specific diagrammatic framework and its main elements therein, to demonstrate how the separation of the two roles of 'owner/investor' and 'operator' can help shipowners and managers form 'special purpose vehicles' 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. (10 marks) (b) In your words and understanding, elaborate and explain with your own clear and specific diagrams to demonstrate how these four sources of shipping finance allow shipowners to obtain shipping finance by adopting the separation of their two roles of 'owner/investor' and operator' in order to (i) deploy 'off-balance-sheet financing' and/or 'cash-in' owned ships while maintaining operational control of the ships and (ii) the pre-requisites and limitations to these four sources of shipping finance to be successfully implemented in providing shipping finance to the shipping industry. (20 marks)