EXHIBIT I
[OMI Corporation Letterhead]
June 30, 2004
Stelshi Holding Ltd.
Xxxxx 0X Xxxxxx
Xxxxxx, Greece
Attention: Xxxxxx Xxxxxxxxxxxx
Xxxxxxx Xxxx-Xxxxxxx
c/o Stelshi Holding Ltd.
Xx. Xxxxxxxxxxxx:
This is to confirm our mutual agreement to terminate that certain
Agreement, dated as of May 16, 2004, by and among OMI Corporation, Stelshi
Holding Ltd., and, with respect to the non-compete provision referenced in
Section 4.3 only, Xx. Xxxxxxx Xxxx-Xxxxxxx, as such Agreement was amended by
that certain Amendment Agreement dated as of June 2, 2004. This termination is
being effected pursuant to Section 5.1(c) of such Agreement.
Please indicate your agreement by signing below where indicated.
Sincerely,
OMI CORPORATION
By: /s/ Xxxxx X. Xxxxxxxxx, Xx.
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Name: Xxxxx X. Xxxxxxxxx, Xx.
Title: Chairman of the Board and
Chief Executive Officer
Ackowledged and Agreed:
STELSHI HOLDING LTD.
By: /s/ X. Xxxxxxxxxxxx
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Name: X. Xxxxxxxxxxxx
Title: Director
XXXXXXX XXXX-XXXXXXX
(with respect to Section 4.3 only)
/s/ Xxxxxxx Xxxx-Xxxxxxx
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