EXHIBIT I [OMI Corporation Letterhead] June 30, 2004 Stelshi Holding Ltd. Areos 2A Street Athens, Greece Attention: George Karageorgiou Stelios Haji-Ioannou c/o Stelshi Holding Ltd. Mr. Karageorgiou: This is to confirm our mutual agreement to...Termination Agreement • July 2nd, 2004 • Omi Corp/M I • Water transportation
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, Mr. Stelios Haji-Ioannou, 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.
