EXHIBIT K [OMI Corporation Letterhead] June 30, 2004 Stelchi Holding Ltd. Areos 2A Street Athens, Greece Attention: George Karageorgiou Dear Mr. Karageorgiou: This is to confirm our mutual agreement to terminate that certain Agreement, dated as of May...

                                                                       EXHIBIT K



                          [OMI Corporation Letterhead]


June 30, 2004

Stelchi Holding Ltd.
Xxxxx 0X Xxxxxx
Xxxxxx, Greece
Attention:  Xxxxxx Xxxxxxxxxxxx

Dear Xx. Xxxxxxxxxxxx:

       This is to  confirm  our  mutual  agreement  to  terminate  that  certain
Agreement, dated as of May 16, 2004, between OMI Corporation and Stelchi Holding
Ltd., 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.
                                       ----------------------------------
                                         Name:  Xxxxx X. Xxxxxxxxx, Xx.
                                         Title: Chairman of the Board and
                                         Chief Executive Officer

Acknowledged and Agreed:

STELCHI HOLDING LTD.

By: X. Xxxxxxxxxxxx
   ------------------------
     Name: X. Xxxxxxxxxxxx
     Title: Director