EXHIBIT J



                          [OMI Corporation Letterhead]


June 30, 2004

Stelphi 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 16, 2004, between OMI Corporation and Stelphi 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/ Craig H. Stevenson, Jr.
                                        ----------------------------------
                                         Name:  Craig H. Stevenson, Jr.
                                         Title: Chairman of the Board and
                                         Chief Executive Officer

Acknowledged and Agreed:

STELPHI HOLDING LTD.

By: /s/ G. Karageorgiou
    -----------------------
     Name: G. Karageorgiou
     Title: Director