Document:

Exhibit 4.4

                                                                _______ __, 2003

                            EXCHANGE AGENT AGREEMENT

HSBC Bank USA
452 Fifth Avenue
New York, NY 10018

Ladies and Gentlemen:

         OMI Corporation, a corporation organized under the laws of the Republic
of the  Marshall  Islands,  (the  "Company"),  proposes  to make an  offer  (the
"Exchange Offer") to exchange up to $200,000,000  aggregate  principal amount of
its registered  7.625% Senior Notes due 2013 issued under an indenture  dated as
of  November  26, 2003 (the "New  Notes"),  for a like  principal  amount of its
outstanding  unregistered  7.625%  Senior  Notes  Due  2013  issued  under  said
indenture  (the "Old Notes").  The terms and conditions of the Exchange Offer as
currently  contemplated are set forth in a prospectus (the "Prospectus" included
in  the   registration   statement   of  the  Company  on  Form  S-4  (File  No.
333-__________),  (the "Registration  Statement")) filed with the Securities and
Exchange  Commission  (the "SEC"),  and proposed to be distributed to all record
holders of the Old Notes who  acquired  such Old Notes  pursuant to an exemption
from the registration  requirements under the Securities Act of 1933, as amended
(the  "Securities  Act").  The Old  Notes  and the New  Notes  are  collectively
referred to herein as the "Notes" or the  "Securities."  Capitalized  terms used
herein and not defined shall have the  respective  meanings  ascribed to them in
the Prospectus or the accompanying Letter of Transmittal (as defined below).

         The Company hereby appoints HSBC Bank USA to act as exchange agent (the
"Exchange Agent") in connection with the Exchange Offer.  References hereinafter
to "you" shall refer to HSBC Bank USA.

         The  Exchange  Offer is expected to be  commenced  by the Company on or
about ______,  2003.  The  Registration  Statement  filed by the Company was [is
expected to be] declared  effective  under the  Securities  Act (the  "Effective
Time"), on __________, 2003. The letter of transmittal ("Letter of Transmittal")
accompanying  the  Prospectus  is to be used by the  holders of the Old Notes to
accept  the  Exchange  Offer,  and  contains  instructions  with  respect to the
delivery of Old Notes tendered. The Exchange Agent's obligations with respect to
receipt and  inspection  of the Letter of  Transmittal  in  connection  with the
Exchange  Offer shall be satisfied for all purposes  hereof by inspection of the
electronic  message   transmitted  to  the  Exchange  Agent  by  Exchange  Offer
participants in accordance with the Automated  Tender Offer Program  ("ATOP") of
the Depositary Trust Company ("DTC"),  and by otherwise  observing and complying
with all procedures  established  by DTC in connection  with ATOP, to the extent
that ATOP is utilized by Exchange Offer participants.

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         The Exchange  Offer shall expire at 5:00 p.m.,  New York City time,  on
___________  __,  2004 or on such  later date or time to which the  Company  may
extend the  Exchange  Offer (the  "Expiration  Date").  Subject to the terms and
conditions set forth in the Prospectus, the Company expressly reserves the right
to extend the Exchange Offer from time to time and may extend the Exchange Offer
by giving  oral  (confirmed  in  writing)  or written  notice to you at any time
before  9:00  a.m.,  New York City  time,  on the  business  day  following  the
previously  scheduled  Expiration  Date,  and in such case the term  "Expiration
Date" shall mean the time and date on which such  Exchange  Offer as so extended
shall expire.  Currently,  the Company does not intend to extend the  Expiration
Date.

         The Company  expressly  reserves the right, in its sole discretion,  to
delay, amend or terminate the Exchange Offer, and not to accept for exchange any
Old Notes not  theretofore  accepted for exchange upon the occurrence of certain
events,  including any of the conditions of the Exchange Offer  specified in the
Prospectus  under the caption "The  Exchange  Offer - Certain  Conditions to the
Exchange  Offer." The Company will give to you as promptly as  practicable  oral
(confirmed in writing) or written notice of any delay, amendment, termination or
non-acceptance.

         In  carrying  out your  duties  as  Exchange  Agent,  you are to act in
accordance with the following instructions:

         1.  You  will   perform  such  duties  and  only  such  duties  as  are
specifically set forth herein or in the section of the Prospectus captioned "The
Exchange Offer", or in the Letter of Transmittal accompanying the Prospectus and
such duties which are necessarily incidental thereto;  PROVIDED HOWEVER, that in
no way  will  your  general  duty  to act in good  faith  be  discharged  by the
foregoing.

         2. You will  establish a  book-entry  account  with  respect to the Old
Notes at The Depository Trust Company (the "Book-Entry  Transfer  Facility") for
purposes of the Exchange  Offer  within two business  days after the date of the
Exchange Agent Agreement, and any financial institution that is a participant in
the Book-Entry  Transfer  Facility's systems may make book-entry delivery of the
Old Notes by causing the Book-Entry Transfer Facility to transfer such Old Notes
into  your  account  in  accordance  with  the  Book-Entry  Transfer  Facility's
procedure for such transfer.

         3. As soon as practicable after receipt, you are to examine each of the
Letters  of  Transmittal  and  certificates  for Old Notes (or  confirmation  of
book-entry  transfers into your account at the Book-Entry Transfer Facility) and
any other  documents  delivered  or mailed to you by or for  holders  of the Old
Notes in connection  with tenders of Old Notes,  to ascertain  whether:  (i) the
Letters  of  Transmittal,  certificates  and any such other  documents  are duly
executed  and properly  completed  in  accordance  with  instructions  set forth
therein and in the Prospectus and that such book-entry  confirmations are in due
and proper form and contain the  information  required to be set forth  therein,
and (ii) the Old Notes have otherwise been properly tendered in

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accordance with the Prospectus and the Letter of Transmittal. In each case where
(i) the  Letter  of  Transmittal  or any  other  document  has  been  improperly
completed or executed,  (ii) book-entry  confirmations are not in due and proper
form or omit certain  information,  (iii) any of the  certificates for Old Notes
are  not in  proper  form  for  transfer  or (iv)  some  other  irregularity  in
connection  with the acceptance of the Exchange Offer exists,  you will endeavor
to inform the presenters of the need for fulfillment of all  requirements and to
take  any  other  action  as  may  be  necessary  or  advisable  to  cause  such
irregularity to be corrected.  If such condition is not promptly remedied by the
presenters,  you  shall  report  such  condition  to the  Company  and await its
direction.  All  questions  as to the  validity,  form,  eligibility  (including
timelines of receipt),  acceptance  and  withdrawal of any Old Notes tendered or
delivered  by the  Company  shall  be  determined  by the  Company,  in its sole
discretion.

         4.  With  the  approval  of any  of the  Chairman  of  the  Board,  the
President, a Vice President, the Treasurer, the Comptroller,  the Secretary, the
principal  financial  officer,  accounting  officer or financial  manager of the
Company (such approval, if given orally, promptly to be confirmed in writing) or
any other party  designated  by such officer in writing,  you are  authorized to
waive any  irregularities in connection with any tender of Old Notes pursuant to
the Exchange Offer.

         5.  Tenders of Old Notes may be made only as set forth in the Letter of
Transmittal and in the section of the Prospectus captioned "The Exchange Offer -
Procedures for Tendering" and Old Notes shall be considered properly tendered to
you only when  tendered in accordance  with the  procedures  set forth  therein.
Notwithstanding the provisions of this paragraph 5, Old Notes which the Chairman
of the Board, the President, a Vice President,  the Treasurer,  the Comptroller,
the Secretary, the principal financial officer,  accounting officer or financial
manager of the  Company or any other  party  designated  by any such  officer in
writing shall approve as having been properly tendered shall be considered to be
properly tendered (such approval,  if given orally,  promptly shall be confirmed
in writing).

         6. You shall advise the Company with respect to any Old Notes delivered
subsequent to the Expiration  Date and accept its  instructions  with respect to
disposition of such Old Notes.

         7. The Company  reserves  the  absolute  right (i) to reject any or all
tenders of any  particular  Old Notes  determined  by the  Company  not to be in
proper  form or the  acceptance  or exchange of which may, in the opinion of the
Company's  counsel,  be unlawful and (ii) to waive any of the  conditions of the
Exchange Offer or any defect or irregularity in the tender of any particular Old
Notes,  and the  Company's  determination  of the  terms and  conditions  of the
Exchange Offer  (including  the Letter of  Transmittal  and Notice of Guaranteed
Delivery and the instructions set forth therein) will be final and binding.

         8. You shall accept tenders:

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                  (a) in cases where the Old Notes are registered in two or more
names only if signed by all named holders;

                  (b) in cases where the  signing  person (as  indicated  on the
Letter of  Transmittal)  is acting in a fiduciary or a  representative  capacity
only when proper evidence of his or her authority so to act is submitted; and

                  (c) from persons other than the registered holder of Old Notes
provided that customary transfer requirements,  including (i) any endorsement of
the Old Note or delivery of a properly completed bond power, in either case duly
executed by each registered holder,  (ii) payment of applicable  transfer taxes,
and (iii) the requirements imposed by the transfer restrictions on the Old Notes
(including  any applicable  requirements  for  certifications,  legal opinion or
other information) are fulfilled.

                  You  shall  accept  partial  tenders  of Old  Notes  where  so
indicated and as permitted in the Letter of Transmittal and deliver certificates
for Old Notes to the  transfer  agent for the Old Notes for  split-up and return
any  untendered  Old  Notes  to the  holder  (or  such  other  person  as may be
designated  in the Letter of  Transmittal)  as  promptly  as  practicable  after
expiration or termination of the Exchange Offer.

         9. Upon satisfaction or waiver of all of the conditions to the Exchange
Offer, the Company will notify you (such notice if given orally,  promptly to be
confirmed in writing) of its acceptance,  promptly after the Expiration Date, of
all Old Notes properly tendered and you, on behalf of the Company, will exchange
such Old Notes for New Notes and cause such Old Notes to be  canceled.  Delivery
of New Notes will be made on behalf of the  Company by you at the rate of $1,000
principal  amount of New Notes for each $1,000 principal amount of the Old Notes
tendered  promptly  after notice (such  notice if given  orally,  promptly to be
confirmed in writing) of acceptance of said Old Notes by the Company;  PROVIDED,
HOWEVER,  that in all cases,  Old Notes tendered  pursuant to the Exchange Offer
will be exchanged only after timely receipt by you of certificates  for such Old
Notes  (or  confirmation  of  book-entry  transfer  into  your  account  at  the
Book-Entry Transfer Facility),  a properly completed and duly executed Letter of
Transmittal  (or facsimile  thereof or an Agent's  Message in lieu thereof) with
any  required  signature  guarantees  and any other  required  document.  Unless
otherwise  instructed in writing by the Company,  you shall issue New Notes only
in denominations of $1,000 or any integral multiple thereof.

         10.  Tenders  pursuant to the Exchange  Offer are  irrevocable,  except
that,  subject to the terms and upon the  conditions set forth in the Prospectus
and the Letter of Transmittal, Old Notes tendered pursuant to the Exchange Offer
may be  withdrawn at any time on or prior to 5:00 p.m.,  New York City time,  on
the  Expiration  Date in accordance  with the terms of the Exchange  Offer.  You
shall, after proper  notification of such withdrawal,  return such Old Notes to,
or in accordance with the instructions of, the holder of such Old Notes and such
Old Notes shall no longer be  considered  properly  tendered.  Any withdrawn Old
Notes may be tendered  again  following  procedures  therefore  described in the
Prospectus at any time on or prior to the Expiration Date.

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         11.  The  Company  shall  not be  required  to  exchange  any Old Notes
tendered if any of the  conditions  set forth in the Exchange Offer are not met.
Notice of any  decision by the Company  not to exchange  any Old Notes  tendered
shall be given (such  notices if given  orally,  promptly  shall be confirmed in
writing) by the Company to you.

         12. If, pursuant to the Exchange Offer, the Company does not accept for
exchange all or part of the Old Notes tendered because of an invalid tender, the
occurrence of certain other events set forth in the Prospectus under the caption
"The Exchange  Offer--Conditions" or otherwise, you shall as soon as practicable
after  the  expiration  or  termination  of  the  Exchange  Offer  return  those
certificates  for  unaccepted  Old  Notes  (or  effect  appropriate   book-entry
transfer),  together  with any  related  required  documents  and the Letters of
Transmittal  relating  thereto that are in your  possession,  to the persons who
deposited them (or effected such book-entry transfer).

         13. All  certificates  for reissued Old Notes,  unaccepted Old Notes or
New Notes (other than those effected by book-entry  transfer) shall be forwarded
by (a) first-class mail, postage pre-paid under a blanket surety bond protecting
you and the Company from loss or  liability  arising out of the  non-receipt  or
non-delivery of such  certificates or (b) by registered mail insured  separately
for the replacement value of each of such certificates.

         14.  You are not  authorized  to pay or offer  to pay any  concessions,
commissions or solicitation fees to any broker, dealer, bank or other persons or
to engage or utilize any persons to solicit tenders.

         15. As Exchange Agent hereunder you:

                  (a) will be regarded as making no  representations  and having
no responsibilities as to the validity, sufficiency, value or genuineness of any
of the Old Notes deposited with you pursuant to the Exchange Offer, and will not
be  required to and will make no  representation  as to the  validity,  value or
genuineness of the Exchange Offer;

                  (b) shall  not take any legal  action  hereunder  against  any
third party,  other than the Company,  without the prior written  consent of the
Company,  and shall not be obligated to take any legal  action  hereunder  which
might in your reasonable  judgment involve any expense or liability,  unless you
shall have been  furnished  with  reasonable  indemnity  against such expense or
liability;

                  (c) shall not be liable to the Company for any action taken or
omitted by you, or any action  suffered  by you to be taken or omitted,  without
negligence, misconduct or bad faith on your part, by reason of or as a result of
the  administration  of your duties  hereunder in accordance  with the terms and
conditions  of  this  Agreement  or  by  reason  of  your  compliance  with  the
instructions set forth herein or with any written or oral instructions delivered
to you pursuant  hereto,  and may  reasonably  rely on and shall be protected in
acting in good faith in

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reliance upon any certificate, instrument, opinion, notice, letter, facsimile or
other document or security delivered to you and reasonably believed by you to be
genuine and to have been signed by the proper party or parties;

                  (d) in  connection  with  the  administration  of your  duties
hereunder  and in the  absence of  negligence,  misconduct  or bad faith on your
part,  may  reasonably  rely  upon  any  tender,  statement,  request,  comment,
agreement or other instrument  whatsoever,  not only as to its due execution and
validity  and  effectiveness  of its  provisions,  but also as to the  truth and
accuracy of any  information  contained  therein,  which you shall in good faith
reasonably  believe  to be genuine or to have been  signed or  represented  by a
proper person or persons;

                  (e) may rely on and shall be  protected in acting upon written
notice or oral  instructions  from any  officer  of the  Company  authorized  to
provide instructions under this Agreement;

                  (f) shall not advise any person  tendering Old Notes  pursuant
to the Exchange  Offer as to whether to tender or refrain from  tendering all or
any portion of the Old Notes or as to the market value,  decline or appreciation
in market  value of any Old  Notes  that may or may not occur as a result of the
Exchange  Offer or as to the market  value of the  Exchange  Notes and shall not
solicit any holder of Old Notes for the purpose of causing such person to tender
its Old Notes;

                  (g) may consult with  counsel  with  respect to any  questions
relating to your duties and responsibilities,  and the written advice or opinion
of such  counsel  shall be full and complete  authorization  and  protection  in
respect of any action taken,  suffered or omitted by you hereunder in good faith
and in reliance thereon; and

                  (h) in the absence of  negligence,  willful  misconduct or bad
faith on your  part,  shall  in no event be  liable  for  special,  indirect  or
consequential  loss or damage of any kind whatsoever  (including but not limited
to lost  profits),  even if you have been advised of the likelihood of such loss
or damage and regardless of the form of action.

         16. As soon as practicable  after your receipt of notification from the
Company as to the Effective  Time,  you shall send to all holders of Old Notes a
copy of the Prospectus,  the Letter of Transmittal  (including  instructions for
completing a Form W-9),  the Notice of Guaranteed  Delivery (as described in the
Prospectus)  and  such  other  documents  (collectively,   the  "Exchange  Offer
Documents")  as may be furnished  by the Company to commence the Exchange  Offer
and take such other  action as may from time to time be requested by the Company
or its counsel (and such other action as you may reasonably deem appropriate) to
furnish  copies of the  Exchange  Offer  Documents or such other forms as may be
approved  from time to time by the  Company,  to all holders of Old Notes and to
all persons  reasonably  requesting such documents and to accept and comply with
telephone  and mail  requests for  information  relating to the Exchange  Offer,
provided that such information shall relate only to the procedures for accepting
(or  withdrawing  from) the  Exchange  Offer.  The Company will furnish you with
copies of such documents to

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enable you to perform your duties hereunder.  All other requests for information
relating to the  Exchange  Offer shall be  directed to the  Company,  Attention:
Fredric S. London, telephone number 203-602-6700.

         17. You shall  advise,  by facsimile  transmission  or  telephone,  and
promptly  thereafter confirm in writing, to Kathleen C. Haines (at the facsimile
number  203-602-6711),  and such  other  person or persons  as the  Company  may
request,  daily, and more frequently  during the week immediately  preceding the
Expiration Date and if otherwise  requested by the Company,  up to and including
the  Expiration  Date, as to the aggregate  principal  amount of Old Notes which
have been tendered  pursuant to the Exchange Offer and the items received by you
pursuant to the Exchange  Offer and this  Agreement,  separately  reporting  and
giving  cumulative  totals as to items  properly  received and items  improperly
received.  In addition,  you will also inform, and cooperate in making available
to, the Company or any such other  person or persons as the Company  requests in
writing from time to time prior to the Expiration Date of such other information
as it or he or she reasonably requests. Such cooperation shall include,  without
limitation,  the  granting  by you to the Company and such person as the Company
may  request of access to those  persons on your staff who are  responsible  for
receiving  tenders,  in order to ensure that immediately prior to the Expiration
Date the Company shall have received  information in sufficient detail to enable
it to decide  whether to extend the Exchange  Offer.  You shall  prepare a final
list of all persons whose tenders were accepted,  the aggregate principal amount
of Old Notes tendered,  the aggregate principal amount of Old Notes accepted and
the identity of any  participating  Broker-Dealers  and the aggregate  principal
amount of Exchange Notes delivered to each, and deliver said list to the Company
promptly after the deadline for the Exchange Offer or the Expiration Date.

         18. Each Letter of Transmittal, Notice of Guaranteed Delivery, Old Note
and any other  document  received by you in connection  with the Exchange  Offer
shall be stamped by you as to the date and the time of  receipt  thereof  (or if
Old Notes are tendered by book-entry  delivery,  such form of record  keeping of
receipt as is customary for tenders  through  ATOP) and, if defective,  the date
and time the last defect was cured or waived by the  Company.  You shall  retain
all Letters of  Transmittal,  Notice of  Guaranteed  Delivery  and Old Notes and
other related documents or  correspondence  received by you until the Expiration
date.  You shall return all such material to the Company as soon as  practicable
after the  Expiration  Date.  You shall dispose of unused Letters of Transmittal
and other surplus materials in accordance with your customary procedures.

         19. It is understood and agreed that the securities,  money or property
to be  deposited  with or  received by you as  Exchange  Agent (the  "Property")
constitute  a special,  segregated  account  held  solely for the benefit of the
Company and the tendering  holders of Old Notes,  as their interests may appear,
and the Property shall not be commingled with the money, assets or properties of
you or of any other person,  firm or  corporation.  You hereby waive any and all
rights of lien, encumbrance,  attachment or right of set-off whatsoever, if any,
that you may have with respect to the Property so deposited, whether such rights
arise by reason of applicable law, contract or otherwise.

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         20. For  services  rendered as Exchange  Agent  hereunder  you shall be
entitled to such compensation and reimbursement of out-of-pocket expenses as set
forth in Schedule I hereto.

         21. You hereby  acknowledge  receipt of the  Prospectus,  the Letter of
Transmittal and the other documents  associated with the Exchange Offer attached
hereto  and  further  acknowledge  that you  have  examined  each of  them.  Any
inconsistency between this Agreement,  on the one hand, and the Prospectus,  the
Letter of Transmittal  and such other forms (as they may be amended from time to
time),  on the other hand,  shall be resolved  in favor of the  Prospectus,  the
Letter of Transmittal  and such other forms,  except with respect to the duties,
liabilities  and  indemnification  of you  as  Exchange  Agent  which  shall  be
controlled by this Agreement.

         22. The  Company  agrees to  indemnify  and hold you  harmless  in your
capacity as Exchange Agent  hereunder  against any  liability,  cost or expense,
including  reasonable  attorneys'  fees  and  expenses,  arising  out  of  or in
connection  with your  appointment as Exchange Agent and the performance of your
duties hereunder,  including,  without limitation,  any act, omission,  delay or
refusal made by you in  reasonable  reliance  upon any  signature,  endorsement,
assignment, certificate, order, request, notice, instruction or other instrument
or document reasonably  believed by you to be valid,  genuine and sufficient and
in  accepting  any tender or  effecting  any  transfer  of Old Notes  reasonably
believed by you in good faith to be  authorized,  and in delaying or refusing in
good faith to accept any tenders or effect any transfer of Old Notes;  PROVIDED,
HOWEVER,  that the Company shall not be liable for  indemnification or otherwise
for any loss,  liability,  cost or  expense to the  extent  arising  out of your
negligence,  willful  misconduct  or bad faith.  In no case shall the Company be
liable  under this  indemnity  with respect to any action,  proceeding,  suit or
claim  against  you unless the  Company  shall be  notified by you, by letter or
facsimile  transmission  confirmed  by letter,  of the written  assertion of any
action, proceeding, suit or claim made or commenced against you promptly, but in
any event  within  enough time to file an answer to such claim,  after you shall
have been served with the summons or other first legal  process or have received
the first written  assertion,  giving  information as to the nature and basis of
the  action,  proceeding,  suit or  claim.  The  Company  shall be  entitled  to
participate  at its own expense in the defense of any such  action,  proceeding,
suit or claim and if the  Company so  elects,  assume  defense  of such  action,
proceeding,  suit or claim.  In the event that the Company assumes such defense,
the  Company  shall not  thereafter  be liable for the fees and  expenses of any
additional  counsel that you retain.  You agree that,  without the prior written
consent of the Company (which consent shall not be unreasonably  withheld),  you
will not  settle,  compromise  or  consent to the entry of any  judgment  in any
pending  or  threatened  claim,   action  or  proceeding  in  respect  of  which
indemnification could be sought in accordance with the indemnification provision
of this Agreement  (whether or not you are an actual or potential  party to such
claim, action or proceeding). Under no circumstances shall the Company be liable
for the costs and expenses of any settlement of any action, proceeding,  suit or
claim effected by you without the prior written consent of the Company.

         23. You shall  arrange to comply  with all  requirements  under the tax
laws  of  the  United   States,   including   those   relating  to  missing  Tax
Identification Numbers, and shall file any

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appropriate  reports with the Internal Revenue Service.  The Company understands
that  you  are  required,  in  certain  instances,  to  backup  withhold  at the
applicable rate with respect to interest paid on the Exchange Notes and proceeds
from the sale,  exchange,  redemption or  retirement of the Exchange  Notes from
holders who have not supplied their correct Taxpayer  Identification  Numbers or
required  certification.  Such funds will be turned over to the Internal Revenue
Service in accordance with applicable regulations.

         24. You shall  notify the Company of the amount of any  transfer  taxes
payable in respect of the exchange of Old Notes and shall deliver or cause to be
delivered,  in a timely  manner,  to each  governmental  authority  to which any
transfer taxes are payable in respect of the exchange of Old Notes your check in
the amount of all transfer taxes so payable,  and,  subject to the provisions of
Section 8(c) of this  Agreement,  the Company shall reimburse you for the amount
of any and all transfer  taxes  payable in respect of the exchange of Old Notes;
PROVIDED  HOWEVER,  that you shall reimburse the Company for amounts refunded to
you in respect of your payment of any such transfer  taxes, at such time as such
refund is received by you.

         25. This Agreement and your  appointment  as Exchange  Agent  hereunder
shall be construed and enforced in accordance  with the laws of the State of New
York  applicable to  agreements  made and to be performed  entirely  within such
state, and without regard to conflicts of law principles, and shall inure to the
benefit  of, and the  obligations  created  hereby  shall be binding  upon,  the
successors  and permitted  assigns of each of the parties  hereto and nothing in
this  Agreement,  express or implied,  is  intended to or shall  confer upon any
other person any right,  benefit or remedy of any nature  whatsoever under or by
reason of this  Agreement.  Without  limitation  of the  foregoing,  the parties
hereto  expressly  agree that no holder of Old Notes or New Notes shall have any
right,  benefit  or remedy of any nature  whatsoever  under or by reason of this
Agreement.

         26. The Company and you hereby submit to the exclusive jurisdictions of
the Federal and state courts in the Borough of Manhattan in The City of New York
in any suit or  proceeding  arising out of or relating to this  Agreement or the
transactions contemplated hereby.

         27. This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original  and all of which taken  together  shall
constitute one and the same agreement.

         28. In case any provision of this Agreement  shall be invalid,  illegal
or  unenforceable,  the validity,  legality and  enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

         29. This  Agreement  shall not be deemed or  construed  to be modified,
amended, rescinded, canceled or waived, in whole or in part, except by a written
instrument  signed  by a  duly  authorized  representative  of the  party  to be
charged.

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         30. Unless otherwise provided herein,  all notices,  requests and other
communications to any party hereunder shall be in writing (including  facsimile)
and shall be given to such  party,  addressed  to it, at its address or telecopy
number set forth below:

                  If to the Company:

                           OMI Corporation
                           One Station Place
                           Stamford, CT  06902
                           Telephone:  203-602-6700
                           Facsimile:  203-602-6701
                           Attention:  Fredric S. London

                  With a copy to:

                           Coudert Brothers LLP
                           1114 Avenue of the Americas
                           New York, NY 10036
                           Telephone:  212 626 4218
                           Facsimile:  212-626-4120
                           Attention:  Robert L. Clare III

                  If to the Exchange Agent:

                           HSBC Bank USA
                           452 Fifth Avenue
                           New York, NY 10018
                           Facsimile:  (212) 525-1300
                           Attention:  Issuer Services

         31. Unless  terminated  earlier by the parties  hereto,  this Agreement
shall  terminate 90 days  following the  Expiration  Date.  Notwithstanding  the
foregoing, Paragraphs 19 and 22 shall survive the termination of this Agreement.
Upon any  termination  of this  Agreement,  you shall  promptly  deliver  to the
Company  any  certificates  for Notes,  funds or  property  (including,  without
limitation,  Letters of  Transmittal  and any other  documents  relating  to the
Exchange Offer) then held by you as Exchange Agent under this Agreement.

         32. You may resign from your duties  under this  Agreement by giving to
the Company thirty days' prior written notice. If you resign or become incapable
of acting as  Exchange  Agent and the  Company  fails to appoint a new  exchange
agent  within a period of thirty  days after it has been  notified in writing of
such  resignation  or  incapacity  by you, the Company shall appoint a successor
exchange agent or assume all of the duties and  responsibilities of the Exchange
Agent.  Any  successor  exchange  agent  shall be vested  with the same  powers,
rights, duties and

                                       10
<PAGE>

responsibilities  as if it had been  originally  named as Exchange Agent without
any further act or deed;  but you shall  deliver and  transfer to the  successor
exchange agent any Property at the time held by you  hereunder,  and execute and
deliver  any  further  assurance,  conveyance,  act or deed  necessary  for such
purpose.

         33.  This  Agreement  shall be  binding  and  effective  as of the date
hereof.

         Please   acknowledge   receipt  of  this   Agreement  and  confirm  the
arrangements herein provided by signing and returning the enclosed copy.

                                               OMI CORPORATION

                                               By:
                                                   ---------------------------
                                                   Name:
                                                   Title:

Accepted as of the date
first above written:

HSBC BANK USA, as Exchange Agent

By:
    ----------------------------
    Name:
    Title:

                                       11
<PAGE>

SCHEDULE 1

OMI CORPORATION
EXCHANGE AGENCY
FEE SCHEDULE

Flat Fee.................................................................$ [TBD]

Out-Of-Pocket Expenses

         Fees quoted do not include  out-of-pocket  expenses including,  but not
limited to, reasonable legal fees and expenses, facsimile,  stationary, postage,
telephone,  overnight courier and messenger costs, all of which shall be paid by
the Company.Exhibit 4.5

                              LETTER OF TRANSMITTAL

                 REGARDING THE OFFER TO EXCHANGE ALL OUTSTANDING
                    7.625% SENIOR NOTES DUE DECEMBER 1, 2013
                                 IN EXCHANGE FOR
               REGISTERED 7.625% SENIOR NOTES DUE DECEMBER 1, 2013
                                       OF
                                 OMI CORPORATION

                                                          CUSIP NO. ____________

--------------------------------------------------------------------------------

        THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON ___,
2004, UNLESS EXTENDED (THE "EXPIRATION DATE").

--------------------------------------------------------------------------------

       NOTES TENDERED IN SUCH EXCHANGE OFFER MAY BE WITHDRAWN AT ANY TIME
        PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE.

                             THE EXCHANGE AGENT IS:

                                  HSBC BANK USA

       YOU CAN DELIVER THIS LETTER OF TRANSMITTAL AND ANY OTHER REQUIRED
        DOCUMENTATION TO THE EXCHANGE AGENT AT THE ADDRESSES AS FOLLOWS:

         BY HAND DELIVERY:                     BY OVERNIGHT COURIER:
           HSBC Bank USA                           HSBC Bank USA
         One Hanson Place                         452 Fifth Avenue
            Lower Level                          New York, New York
     Brooklyn, New York 11243
       Attn: Paulette Shaw
                                               TO CONFIRM RECEIPT OF
       BY FIRST CLASS MAIL:                Notice of Guaranteed Delivery:
           HSBC Bank USA                       Fax #: (718) 488-4488
         452 Fifth Avenue                Fax Confirmation #: (718) 488-4475
        New York, New York

     DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE
       WILL NOT CONSTITUTE A VALID DELIVERY. THE INSTRUCTIONS ACCOMPANYING
           THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE
                     THE LETTER OF TRANSMITTAL IS COMPLETED.

         The  undersigned  hereby   acknowledges   receipt  and  review  of  the
prospectus  dated December __, 2003, of OMI Corporation (the "Company") and this
letter of  transmittal.  These two documents  together  constitute the Company's
offer to exchange its 7.625%  Senior  Notes due December 1, 2013 (the  "Exchange
Notes"),  the issuance of which has been registered  under the Securities Act of
1933, as amended (the  "Securities  Act"),  for a like  principal  amount of its
issued and  outstanding  7.625% Senior Notes due December 1, 2013 (the "Original
Notes") (the "Exchange Offer").

         The Company  reserves the right,  at any time or from time to time,  to
extend the period of time during which the Exchange Offer for the Original Notes
is open, at its discretion, in which event the term "Expiration Date" shall mean
the latest date to which such  Exchange  Offer is  extended.  The Company  shall
notify HSBC Bank USA

<PAGE>

(the "Exchange Agent") of any extension by oral or written notice and shall make
a public  announcement  thereof no later than 9:00 a.m.,  New York City time, on
the next business day after the previously scheduled Expiration Date.

         This letter of  transmittal is to be used by a holder of Original Notes
(i) if  certificates  of Original Notes are to be forwarded  herewith or (ii) if
delivery of Original  Notes is to be made by book-entry  transfer to the account
maintained  by the  Exchange  Agent  at The  Depository  Trust  Company  ("DTC")
pursuant to the procedures  set forth in the  prospectus  under the caption "The
Exchange Offer-Book-Entry Transfer" and an "agent's message" is not delivered as
described  in the  prospectus  under the caption "The  Exchange  Offer-Tendering
Through DTC's Automated  Tender Offer Program."  Tenders by book-entry  transfer
may also be made by  delivering  an agent's  message  in lieu of this  letter of
transmittal.  Holders of Original Notes whose Original Notes are not immediately
available,  or who are unable to deliver their  Original  Notes,  this letter of
transmittal and all other documents  required hereby to the Exchange Agent on or
prior to the  Expiration  Date for the  Exchange  Offer,  or who are  unable  to
complete the procedure for  book-entry  transfer on a timely basis,  must tender
their Original Notes according to the guaranteed  delivery  procedures set forth
in the  prospectus  under the caption "The  Exchange  Offer-Guaranteed  Delivery
Procedures" by the Expiration  Date. See Instruction 2. DELIVERY OF DOCUMENTS TO
DTC DOES NOT CONSTITUTE DELIVERY TO THE EXCHANGE AGENT.

         The term "holder" with respect to the Exchange Offer for Original Notes
means any person in whose name such Original  Notes are  registered on the books
of the  Company,  any person who holds such  Original  Notes and has  obtained a
properly  completed bond power from the registered  holder or any participant in
the DTC system whose name appears on a security  position  listing as the holder
of such  Original  Notes and who  desires  to  deliver  such  Original  Notes by
book-entry  transfer  at  DTC.  The  undersigned  has  completed,  executed  and
delivered  this letter of  transmittal  to indicate  the action the  undersigned
desires to take with respect to such Exchange Offer.  Holders who wish to tender
their  Original  Notes must complete this letter of  transmittal in its entirety
(unless such  Original  Notes are to be tendered by  book-entry  transfer and an
agent's message is delivered in lieu hereof).

PLEASE READ THE ENTIRE LETTER OF TRANSMITTAL AND THE PROSPECTUS CAREFULLY BEFORE
CHECKING ANY BOX BELOW.

         THE  INSTRUCTIONS  INCLUDED  WITH THIS  LETTER OF  TRANSMITTAL  MUST BE
FOLLOWED.  QUESTIONS AND REQUESTS FOR ASSISTANCE OR FOR ADDITIONAL COPIES OF THE
PROSPECTUS AND THIS LETTER OF TRANSMITTAL MAY BE DIRECTED TO THE EXCHANGE AGENT.

         List  below the  Original  Notes to which  this  letter of  transmittal
relates.  If the space  below is  inadequate,  list the  registered  numbers and
principal  amounts  on a  separate  signed  schedule  and affix the list to this
letter of transmittal.

--------------------------------------------------------------------------------

                     DESCRIPTION OF ORIGINAL NOTES TENDERED

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
                                                                    AGGREGATE
                                                                    PRINCIPAL
NAMES(S) AND ADDRESS(ES) OF REGISTERED HOLDER(S)                      AMOUNT         AGGREGATE
 EXACTLY AS NAME(S) APPEAR(S) ON ORIGINAL NOTES     REGISTERED     REPRESENTED   PRINCIPAL AMOUNT
           (PLEASE FILL IN, IF BLANK)               NUMBER(S)*      BY NOTE(S)      TENDERED**
--------------------------------------------------------------------------------------------------
<S>                                                 <C>            <C>           <C>

--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------
                                                                TOTAL
--------------------------------------------------------------------------------------------------
</TABLE>

                                      -2-
<PAGE>

*     Need not be completed by book-entry holders.

**    Unless otherwise indicated, any tendering holder of Original Notes will be
      deemed to have tendered the entire aggregate  principal amount represented
      by such  Original  Notes.  All tenders  must be in integral  multiples  of
      $1,000.

/ /   CHECK HERE IF TENDERED ORIGINAL NOTES ARE ENCLOSED HEREWITH.

/ /   CHECK HERE AND COMPLETE THE  FOLLOWING  IF TENDERED  ORIGINAL  NOTES ARE
      BEING DELIVERED BY BOOK-ENTRY  TRANSFER MADE TO THE ACCOUNT  MAINTAINED BY
      THE EXCHANGE AGENT WITH DTC (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):

     Name of Tendering Institution:

     DTC Account Number(s):

     Transaction Code Number(s):

/ /   CHECK HERE AND COMPLETE THE  FOLLOWING  IF TENDERED  ORIGINAL  NOTES ARE
      BEING  DELIVERED  PURSUANT  TO A  NOTICE  OF  GUARANTEED  DELIVERY  EITHER
      ENCLOSED  HEREWITH OR  PREVIOUSLY  DELIVERED TO THE  EXCHANGE  AGENT (COPY
      ATTACHED) (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):

     Name(s) of Registered holder(s) of Original Notes:

     Date of Execution of Notice of Guaranteed Delivery:

     Window Ticket Number (if available):

     Name of Eligible Institution that Guaranteed Delivery:

     DTC Account Number(s) (if delivered by book-entry transfer):

     Transaction Code Number(s) (if delivered by book-entry transfer):

     Name of Tendering Institution (if delivered by book-entry transfer):

/ /   CHECK HERE AND COMPLETE THE  FOLLOWING  IF YOU ARE A  BROKER-DEALER  AND
      WISH TO RECEIVE 10 ADDITIONAL  COPIES OF THE  PROSPECTUS  AND 10 COPIES OF
      ANY AMENDMENTS OR SUPPLEMENTS THERETO:

Name:
         -----------------------------------------------------------------------

Address:
         -----------------------------------------------------------------------

--------------------------------------------------------------------------------

         If the undersigned is not a broker-dealer,  the undersigned  represents
that it is not engaged in, and does not intend to engage in, a  distribution  of
Exchange Notes. If the undersigned is a broker-dealer that will receive Exchange
Notes for its own account in exchange for Original Notes that were acquired as a
result of market-making activities or other trading activities,  it acknowledges
that it will deliver a prospectus in connection with any resale of

                                      -3-
<PAGE>

such  Exchange  Notes;   however,  by  so  acknowledging  and  by  delivering  a
prospectus,  the  undersigned  will  not  be  deemed  to  admit  that  it  is an
"underwriter" within the meaning of the Securities Act.

                 SIGNATURES MUST BE PROVIDED BELOW. PLEASE READ
                     THE ACCOMPANYING INSTRUCTIONS CAREFULLY

         Subject  to the  terms  and  conditions  of  the  Exchange  Offer,  the
undersigned  hereby tenders to the Company for exchange the principal  amount of
Original Notes indicated above. Subject to and effective upon the acceptance for
exchange of the principal  amount of Original Notes tendered in accordance  with
this  letter of  transmittal,  the  undersigned  hereby  exchanges,  assigns and
transfers to, or upon the order of, the Company all right, title and interest in
and to such Original Notes tendered for exchange hereby.  The undersigned hereby
irrevocably  constitutes  and appoints  the  Exchange  Agent the true and lawful
agent and  attorney-in-fact  for the undersigned  (with full knowledge that said
Exchange  Agent also acts as the agent for the  Company in  connection  with the
Exchange  Offer) with respect to the tendered  Original Notes with full power of
substitution to (i) deliver such Original  Notes, or transfer  ownership of such
Original  Notes on the  account  books  maintained  by DTC,  to the  Company and
deliver all  accompanying  evidences  of  transfer  and  authenticity,  and (ii)
present such Original Notes for transfer on the books of the Company and receive
all benefits and otherwise  exercise all rights of beneficial  ownership of such
Original  Notes,  all in accordance  with the terms of the Exchange  Offer.  The
power of attorney  granted in this  paragraph  shall be deemed to be irrevocable
and coupled with an interest.

         The undersigned hereby represents and warrants that the undersigned has
full power and authority to tender,  exchange,  assign and transfer the Original
Notes  tendered  hereby and to acquire  the  Exchange  Notes  issuable  upon the
exchange of such tendered Original Notes, and that the Company will acquire good
and  unencumbered  title  thereto,  free and clear of all  liens,  restrictions,
charges and encumbrances and not subject to any adverse claim, when the same are
accepted for exchange by the Company.

         The undersigned  acknowledges  that the Exchange Offer is being made in
reliance upon  interpretations  set forth in no-action  letters  issued to third
parties  (the "Prior  No-Action  Letters")  by the staff of the  Securities  and
Exchange  Commission  (the "SEC") that the Exchange Notes issued in exchange for
the Original  Notes  pursuant to the  Exchange  Offer may be offered for resale,
resold and otherwise  transferred by holders thereof (other than any such holder
that is an  "affiliate"  of the Company within the meaning of Rule 405 under the
Securities  Act),  without  compliance  with  the  registration  and  prospectus
delivery provisions of the Securities Act, PROVIDED that such Exchange Notes are
acquired in the ordinary  course of such holders'  business and such holders are
not  engaging  in,  do not  intend  to  engage  in and  have no  arrangement  or
understanding  with any person to participate in a distribution of such Exchange
Notes. The SEC has not, however, considered the Exchange Offer in the context of
a  no-action  letter,  and there can be no  assurance  that the staff of the SEC
would make a similar  determination  with  respect to the  Exchange  Offer as in
other circumstances.

         The undersigned  hereby further  represents to the Company that (i) any
Exchange Notes received are being acquired in the ordinary course of business of
the person receiving such Exchange Notes,  whether or not the undersigned,  (ii)
neither  the  undersigned  nor any  such  other  person  has an  arrangement  or
understanding with any person to participate in the distribution of the Original
Notes or the Exchange  Notes within the meaning of the  Securities Act and (iii)
neither the holder nor any such other  person is an  "affiliate,"  as defined in
Rule  405  under  the  Securities  Act,  of the  Company  or,  if it is  such an
affiliate,  it  will  comply  with  the  registration  and  prospectus  delivery
requirements of the Securities Act to the extent applicable.

         If the undersigned is not a broker-dealer,  the undersigned  represents
that it is not engaged in, and does not intend to engage in, a  distribution  of
Exchange Notes. If the undersigned is a broker-dealer that will receive Exchange
Notes for its own account in exchange for Original Notes that were acquired as a
result of market-making activities or other trading activities,  it acknowledges
that it will deliver a prospectus in connection with any resale of such Exchange
Notes;  however,  by so  acknowledging  and  by  delivering  a  prospectus,  the
undersigned will not be deemed to admit that it is an  "underwriter"  within the
meaning  of  the  Securities  Act.  The  undersigned  acknowledges  that  if the
undersigned is tendering Original Notes in the Exchange Offer with the intention
of  participating  in any manner in a distribution of the Exchange Notes (i) the
undersigned cannot rely on the position of the staff of the SEC set forth in the
Prior  No-Action  Letters  and, in the absence of an exemption  therefrom,  must
comply  with  the  registration  and  prospectus  delivery  requirements  of the
Securities Act in connection with a secondary resale

                                      -4-
<PAGE>

transaction of the Exchange Notes, in which case the registration statement must
contain the selling  security  holder  information  required by Item 507 or Item
508, as  applicable,  of  Regulation  S-K of the SEC, and (ii) failure to comply
with  such  requirements  in  such  instance  could  result  in the  undersigned
incurring  liability  under the Securities Act for which the  undersigned is not
indemnified by the Company.

         The undersigned will, upon request,  execute and deliver any additional
documents  deemed  by the  Exchange  Agent or the  Company  to be  necessary  or
desirable  to complete  the  exchange,  assignment  and transfer of the Original
Notes  tendered  hereby,  including the transfer of such  Original  Notes on the
account books maintained by DTC.

         For purposes of the Exchange Offer, the Company shall be deemed to have
accepted  for  exchange  validly  tendered  Original  Notes when,  as and if the
Company gives oral or written notice thereof to the Exchange Agent. Any tendered
Original  Notes that are not  accepted for  exchange  pursuant to such  Exchange
Offer for any reason will be returned,  without  expense,  to the undersigned as
promptly as practicable after the Expiration Date for such Exchange Offer.

         All  authority  conferred  or agreed to be  conferred by this letter of
transmittal   shall  survive  the  death,   incapacity  or  dissolution  of  the
undersigned,  and every  obligation  of the  undersigned  under  this  letter of
transmittal shall be binding upon the undersigned's successors,  assigns, heirs,
executors, administrators, trustees in bankruptcy and legal representatives.

         The undersigned  acknowledges that the Company's acceptance of properly
tendered  Original Notes pursuant to the procedures  described under the caption
"The  Exchange  Offer-Procedures  for  Tendering" in the  prospectus  and in the
instructions  hereto will constitute a binding agreement between the undersigned
and the Company  upon the terms and subject to the  conditions  of the  Exchange
Offer.

         The Exchange  Offer is subject to certain  conditions  set forth in the
prospectus  under the caption "The  Exchange  Offer--Conditions  To The Exchange
Offer." The undersigned  recognizes that as a result of these conditions  (which
may be waived,  in whole or in part,  by the  Company),  the  Company may not be
required to exchange any of the Original Notes tendered hereby.

         Unless  otherwise  indicated  under  "Special  Issuance  Instructions,"
please  issue the  Exchange  Notes  issued in exchange  for the  Original  Notes
accepted  for  exchange,  and  return any  Original  Notes not  tendered  or not
exchanged,  in the name(s) of the  undersigned  (or, in the case of a book-entry
delivery of Original Notes, please credit the account indicated above maintained
at  DTC).   Similarly,   unless  otherwise  indicated  under  "Special  Delivery
Instructions,"  please mail or deliver the Exchange Notes issued in exchange for
the Original  Notes accepted for exchange and any Original Notes not tendered or
not exchanged (and accompanying documents, as appropriate) to the undersigned at
the address shown below the undersigned's  signature(s).  In the event that both
"Special  Issuance   Instructions"  and  "Special  Delivery   Instructions"  are
completed,  please issue the Exchange  Notes issued in exchange for the Original
Notes accepted for exchange in the name(s) of, and return any Original Notes not
tendered or not exchanged to, the person(s) (or  account(s))  so indicated.  The
undersigned  recognizes  that the  Company  has no  obligation  pursuant  to the
"Special Issuance  Instructions" and "Special Delivery Instructions" to transfer
any  Original  Notes from the name of the  registered  holder(s)  thereof if the
Company does not accept for  exchange any of the Original  Notes so tendered for
exchange.

                                      -5-
<PAGE>

                          SPECIAL ISSUANCE INSTRUCTIONS
                           (SEE INSTRUCTIONS 5 AND 6)

         To be completed  ONLY (i) if Original  Notes in a principal  amount not
tendered,  or Exchange  Notes issued in exchange for Original Notes accepted for
exchange, are to be issued in the name of someone other than the undersigned, or
(ii) if Original Notes  tendered by book-entry  transfer which are not exchanged
are to be returned by credit to an account  maintained at DTC other than the DTC
Account Number set forth above. Issue Exchange Notes and/or Original Notes to:

Name:
         -----------------------------------------------------------------------
                              PLEASE TYPE OR PRINT
Address:
         -----------------------------------------------------------------------

--------------------------------------------------------------------------------
                               (INCLUDE ZIP CODE)
               TAXPAYER IDENTIFICATION OR SOCIAL SECURITY NUMBER:

--------------------------------------------------------------------------------
                              PLEASE TYPE OR PRINT

                          SPECIAL DELIVERY INSTRUCTIONS
                           (SEE INSTRUCTIONS 5 AND 6)
         To be  completed  ONLY if  Original  Notes in a  principal  amount  not
tendered,  or Exchange  Notes issued in exchange for Original Notes accepted for
exchange,  are to be mailed or delivered to someone other than the  undersigned,
or  to  the   undersigned  at  an  address  other  than  that  shown  below  the
undersigned's  signature.  Mail or deliver  Exchange Notes and/or Original Notes
to:

Name:
         -----------------------------------------------------------------------
                              PLEASE TYPE OR PRINT
Address:
         -----------------------------------------------------------------------

--------------------------------------------------------------------------------
                               (INCLUDE ZIP CODE)
               TAXPAYER IDENTIFICATION OR SOCIAL SECURITY NUMBER:

--------------------------------------------------------------------------------
                              PLEASE TYPE OR PRINT

/ /  Credit unexchanged Original Notes delivered by book-entry transfer to DTC
     set forth below:

                               DTC ACCOUNT NUMBER:

--------------------------------------------------------------------------------

                                      -6-
<PAGE>

                                    IMPORTANT
                 PLEASE SIGN HERE WHETHER OR NOT ORIGINAL NOTES
                      ARE BEING PHYSICALLY TENDERED HEREBY
                (COMPLETE ACCOMPANYING SUBSTITUTE FORM W-9 BELOW)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

            (SIGNATURE(S) OF REGISTERED HOLDER(S) OF ORIGINAL NOTES)

Dated         _____________________________ , 2003

         (The above lines must be signed by the registered holder(s) of Original
Notes as your name(s)  appear(s) on the Original Notes or on a security position
listing, or by person(s) authorized to become registered holder(s) by a properly
completed  bond power  from the  registered  holder(s),  a copy of which must be
transmitted  with this letter of  transmittal.  If Original  Notes to which this
letter of  transmittal  relate are held of record by two or more joint  holders,
then all such holders must sign this letter of transmittal. If signature is by a
trustee,  executor,  administrator,  guardian,  attorney-in-fact,  officer  of a
corporation  or other person acting in a fiduciary or  representative  capacity,
then such  person must (i) set forth his or her full title below and (ii) unless
waived by the  Company,  submit  evidence  satisfactory  to the  Company of such
person's authority so to act. See Instruction 5 regarding the completion of this
letter of transmittal, printed below.)

Name(s):
          ----------------------------------------------------------------------
                             (PLEASE TYPE OR PRINT)
Capacity:
          ----------------------------------------------------------------------

Address:
          ----------------------------------------------------------------------

--------------------------------------------------------------------------------
                               (Include Zip Code)

Area Code and Telephone Number:
                                ------------------------------------------------

Taxpayer Identification or Social Security Number:
                                                   -----------------------------

                               SIGNATURE GUARANTEE
                         (IF REQUIRED BY INSTRUCTION 5)
       CERTAIN SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION.

Signature(s) Guaranteed by an Eligible Institution:

Authorized Signature

Title

Name of Firm

Address, Include Zip Code

Area Code and Telephone Number

Dated   ___________________________ , 2003

                                      -7-
<PAGE>

                                  INSTRUCTIONS

         FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER

         1. DELIVERY OF THIS LETTER OF TRANSMITTAL AND ORIGINAL NOTES OR AGENT'S
MESSAGE AND BOOK-ENTRY CONFIRMATIONS. All physically delivered Original Notes or
any confirmation of a book-entry transfer to the Exchange Agent's account at DTC
of Original Notes tendered by book-entry transfer (a "Book-Entry Confirmation"),
as well as a  properly  completed  and  duly  executed  copy of this  letter  of
transmittal or facsimile hereof (or an agent's message in lieu hereof),  and any
other documents required by this letter of transmittal,  must be received by the
Exchange Agent at its address set forth herein prior to 5:00 p.m., New York City
time, on the Expiration  Date for the Exchange  Offer,  or the tendering  holder
must comply with the guaranteed  delivery procedures set forth below. THE METHOD
OF DELIVERY OF THE TENDERED  ORIGINAL NOTES,  THIS LETTER OF TRANSMITTAL AND ALL
OTHER  REQUIRED  DOCUMENTS TO THE EXCHANGE  AGENT IS AT THE ELECTION AND RISK OF
THE HOLDER AND, EXCEPT AS OTHERWISE  PROVIDED BELOW, THE DELIVERY WILL BE DEEMED
MADE ONLY WHEN ACTUALLY RECEIVED OR CONFIRMED BY THE EXCHANGE AGENT.  INSTEAD OF
DELIVERY BY MAIL,  IT IS  RECOMMENDED  THAT THE HOLDER USE AN  OVERNIGHT OR HAND
DELIVERY  SERVICE.  IN ALL CASES,  SUFFICIENT  TIME  SHOULD BE ALLOWED TO ASSURE
DELIVERY  TO THE  EXCHANGE  AGENT  BEFORE  THE  EXPIRATION  DATE.  NO  LETTER OF
TRANSMITTAL OR ORIGINAL NOTES SHOULD BE SENT TO THE COMPANY.

         2.  GUARANTEED  DELIVERY  PROCEDURES.  Holders who wish to tender their
Original Notes and (a) whose Original Notes are not immediately  available,  (b)
who cannot deliver their Original Notes, this letter of transmittal or any other
documents  required  hereby  to the  Exchange  Agent  prior  to  the  applicable
Expiration  Date or (c) who are unable to comply with the applicable  procedures
under the DTC's  Automated  Tender Offer Program on a timely basis,  must tender
their Original Notes according to the guaranteed  delivery  procedures set forth
in the prospectus.  Pursuant to such procedures: (i) such tender must be made by
or through a firm which is a member of a registered national securities exchange
or of the National Association of Securities Dealers, Inc., a commercial bank or
a trust  company  having an office or  correspondent  in the United States or an
"eligible  guarantor  institution"  within the meaning of Rule 17Ad-15 under the
Securities  Exchange Act of 1934, as amended (an "Eligible  Institution");  (ii)
prior to the applicable  Expiration  Date, the Exchange Agent must have received
from the Eligible  Institution a properly  completed and duly executed notice of
guaranteed  delivery (by  facsimile  transmission,  mail or hand  delivery) or a
properly  transmitted  agent's message and notice of guaranteed delivery setting
forth the name and address of the holder of the Original Notes, the registration
number(s)  of such  Original  Notes and the total  principal  amount of Original
Notes tendered,  stating that the tender is being made thereby and  guaranteeing
that,  within three New York Stock Exchange  trading days after such  Expiration
Date, this letter of transmittal  (or facsimile  hereof or an agent's message in
lieu hereof)  together with the Original Notes in proper form for transfer (or a
Book-Entry  Confirmation)  and any  other  documents  required  hereby,  will be
deposited by the Eligible  Institution  with the Exchange Agent;  and (iii) this
letter of transmittal (or facsimile hereof or an agent's message in lieu hereof)
together with the  certificates  for all physically  tendered  Original Notes in
proper form for transfer (or  Book-Entry  Confirmation,  as the case may be) and
all other  documents  required  hereby are received by the Exchange Agent within
three New York Stock Exchange trading days after such Expiration Date.

         Any  holder of  Original  Notes who  wishes  to tender  Original  Notes
pursuant to the guaranteed delivery procedures  described above must ensure that
the Exchange  Agent  receives the notice of  guaranteed  delivery  prior to 5:00
p.m., New York City time, on the applicable Expiration Date. Upon request of the
Exchange Agent, a notice of guaranteed delivery will be sent to holders who wish
to tender their Original Notes according to the guaranteed  delivery  procedures
set forth above.

         See "The Exchange  Offer-Guaranteed Delivery Procedures" section of the
prospectus.

         3. TENDER BY HOLDER.  Only a holder of  Original  Notes may tender such
Original Notes in the Exchange  Offer.  Any beneficial  holder of Original Notes
who is not the  registered  holder and who wishes to tender should  arrange with
the  registered  holder to execute and deliver this letter of transmittal on his
behalf or must, prior to completing and executing this letter of transmittal and
delivering his Original Notes, either make appropriate

                                      -8-
<PAGE>

arrangements  to register  ownership of the Original Notes in such holder's name
or obtain a properly completed bond power from the registered holder.

         4. PARTIAL TENDERS.  Tenders of Original Notes will be accepted only in
integral  multiples of $1,000.  If less than the entire  principal amount of any
Original  Notes is tendered,  the tendering  holder should fill in the principal
amount  tendered  in the  fourth  column  of the box  entitled  "Description  of
Original Notes Tendered"  above.  The entire  principal amount of Original Notes
delivered  to the  Exchange  Agent will be deemed to have been  tendered  unless
otherwise indicated. If the entire principal amount of all Original Notes is not
tendered,  then Original  Notes for the principal  amount of Original  Notes not
tendered and Exchange  Notes issued in exchange for any Original  Notes accepted
will be returned to the holder as promptly  as  practicable  after the  Original
Notes are accepted for exchange.

         5.  SIGNATURES  ON  THIS  LETTER  OF   TRANSMITTAL;   BOND  POWERS  AND
ENDORSEMENTS;  GUARANTEE  OF  SIGNATURES.  If this  letter  of  transmittal  (or
facsimile  hereof) is signed by the  registered  holder(s) of the Original Notes
tendered hereby,  the signature(s)  must correspond  exactly with the name(s) as
written on the face of the Original Notes without alteration, enlargement or any
change whatsoever. If this letter of transmittal (or facsimile hereof) is signed
by a  participant  in DTC, the  signature  must  correspond  with the name as it
appears on the security position listing as the holder of the Original Notes.

         If this letter of  transmittal  (or facsimile  hereof) is signed by the
registered  holder(s)  of  Original  Notes  listed and  tendered  hereby and the
Exchange  Notes issued in exchange  therefor are to be issued (or any untendered
principal  amount  of  Original  Notes  is to be  reissued)  to  the  registered
holder(s),  the said  holder(s)  need not and should not  endorse  any  tendered
Original  Notes,  nor  provide a separate  bond power.  In any other case,  such
holder(s) must either properly endorse the Original Notes tendered or transmit a
properly completed separate bond power with this letter of transmittal, with the
signatures  on  the  endorsement  or  bond  power   guaranteed  by  an  Eligible
Institution.

         If this letter of  transmittal  (or  facsimile  hereof) or any Original
Notes  or  bond  powers  are  signed  by  trustees,  executors,  administrators,
guardians,  attorneys-in-fact,  officers of  corporations  or others acting in a
fiduciary  or  representative  capacity,  such persons  should so indicate  when
signing, and, unless waived by the Company, evidence satisfactory to the Company
of their authority to act must be submitted with this letter of transmittal.

         NO SIGNATURE  GUARANTEE  IS REQUIRED IF (i) THIS LETTER OF  TRANSMITTAL
(OR  FACSIMILE  HEREOF) IS SIGNED BY THE  REGISTERED  HOLDER(S)  OF THE ORIGINAL
NOTES  TENDERED  HEREIN  (OR BY A  PARTICIPANT  IN DTC WHOSE  NAME  APPEARS ON A
SECURITY  POSITION LISTING AS THE OWNER OF THE TENDERED  ORIGINAL NOTES) AND THE
EXCHANGE NOTES ARE TO BE ISSUED  DIRECTLY TO SUCH  REGISTERED  HOLDER(S) (OR, IF
SIGNED BY A PARTICIPANT IN DTC, DEPOSITED TO SUCH PARTICIPANT'S  ACCOUNT AT DTC)
AND  NEITHER  THE  BOX  ENTITLED  "SPECIAL  DELIVERY  INSTRUCTIONS"  NOR THE BOX
ENTITLED  "SPECIAL  ISSUANCE  INSTRUCTIONS"  HAS BEEN  COMPLETED,  OR (ii)  SUCH
ORIGINAL NOTES ARE TENDERED FOR THE ACCOUNT OF AN ELIGIBLE  INSTITUTION.  IN ALL
OTHER CASES, ALL SIGNATURES ON THIS LETTER OF TRANSMITTAL (OR FACSIMILE  HEREOF)
MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION.

         6. SPECIAL ISSUANCE AND DELIVERY INSTRUCTIONS. Tendering holders should
indicate, in the applicable box or boxes, the name and address to which Exchange
Notes or substitute  Original  Notes for  principal  amounts not tendered or not
accepted for exchange are to be issued or sent,  if different  from the name and
address  of the  person  signing  this  letter  of  transmittal.  In the case of
issuance in a different  name, the taxpayer  identification  or social  security
number of the person named must also be indicated.  Holders  tendering  Original
Notes by book-entry  transfer may request that  Original  Notes not exchanged be
credited to such account  maintained  at DTC as such  noteholder  may  designate
hereon.  If no such  instructions  are given,  such Original Notes not exchanged
will be  returned  to the name and  address  (or  account  number) of the person
signing this letter of transmittal.

                                      -9-
<PAGE>

         7. TRANSFER  TAXES.  The Company will pay all transfer  taxes,  if any,
applicable to the exchange of Original Notes pursuant to the Exchange Offer. If,
however,  Exchange Notes or Original Notes for principal amounts not tendered or
accepted for exchange are to be delivered  to, or are to be registered or issued
in the name of, any  person  other than the  registered  holder of the  Original
Notes tendered hereby,  or if tendered Original Notes are registered in the name
of any person other than the person signing this letter of transmittal,  or if a
transfer tax is imposed for any reason other than the exchange of Original Notes
pursuant  to the  Exchange  Offer,  then the amount of any such  transfer  taxes
(whether imposed on the registered  holder or any other persons) will be payable
by the tendering  holder.  If satisfactory  evidence of payment of such taxes or
exemption therefrom is not submitted with this letter of transmittal, the amount
of such transfer taxes will be billed directly to such tendering  holder and the
Exchange Agent will retain possession of an amount of Exchange Notes with a face
amount at least equal to the amount of such transfer taxes due by such tendering
holder pending receipt by the Exchange Agent of the amount of such taxes.

         8. TAX  IDENTIFICATION  NUMBER.  To prevent  backup  withholding,  each
tendering   holder  must   provide  the  Company   with  its  correct   taxpayer
identification  number  ("TIN") as  instructed in this section 8 and under "Form
W-9 Guidelines"  below. The Company reserves the right in its sole discretion to
take  whatever  steps are  necessary  to comply with the  Company's  obligations
regarding backup withholding.

         Certain foreign  individuals and entities will not be subject to backup
withholding or information  reporting if they submit a Form W-8BEN, signed under
penalties of perjury,  attesting to their foreign  status.  A Form W-8BEN can be
obtained from the Exchange Agent.

         By  requesting  the  information  described  in this  section 8 and the
section "W-9  Guidelines"  below, the Company is hereby notifying each holder or
beneficial  owner that to the extent that the holder or beneficial owner is able
to  comply  without  undue  hardship,  the  certification,   identification  and
reporting requirements described herein are required under the law of the United
States as a precondition to exemption from all or part of the tax due.

         9.  VALIDITY  OF  TENDERS.  All  questions  as to the  validity,  form,
eligibility,  time of receipt,  acceptance and  withdrawal of tendered  Original
Notes  will  be  determined  by  the  Company  in  its  sole  discretion,  which
determination will be final and binding. The Company reserves the absolute right
to reject any and all Original Notes not properly tendered or any Original Notes
the  Company's  acceptance  of which  might,  in the  opinion  of the  Company's
counsel, be unlawful.  The Company also reserves the absolute right to waive any
conditions of the Exchange Offer or defects or  irregularities  of tenders as to
particular  Original  Notes.  The  Company's  interpretation  of the  terms  and
conditions of the Exchange Offer  (including  this letter of transmittal and the
instructions  hereto) shall be final and binding on all parties.  Unless waived,
any defects or  irregularities in connection with tenders of Original Notes must
be cured within such time as the Company shall  determine.  Neither the Company,
the  Exchange  Agent  nor any  other  person  shall  be  under  any duty to give
notification  of defects or  irregularities  with respect to tenders of Original
Notes  nor  shall  any of them  incur any  liability  for  failure  to give such
notification.

         10. WAIVER OF  CONDITIONS.  The Company  reserves the absolute right to
waive,  in whole or part,  any of the conditions to the Exchange Offer set forth
in the prospectus.

         11. NO CONDITIONAL  TENDER. No alternative,  conditional,  irregular or
contingent tender of Original Notes will be accepted.

         12.  MUTILATED,  LOST,  STOLEN OR DESTROYED  ORIGINAL NOTES. Any holder
whose  Original  Notes have been  mutilated,  lost,  stolen or destroyed  should
contact  the  Exchange  Agent  at  the  address   indicated  above  for  further
instructions.  This  letter  of  transmittal  and  related  documents  cannot be
processed until the procedures for replacing lost, stolen or destroyed  Original
Notes have been followed.

         13.  REQUESTS  FOR  ASSISTANCE  OR  ADDITIONAL  COPIES.   Requests  for
assistance  or for  additional  copies  of the  prospectus  or  this  letter  of
transmittal  may be directed to the  Exchange  Agent at the address set forth on
the cover page of this letter of  transmittal.  Holders may also  contact  their
broker,  dealer,  commercial bank, trust company or other nominee for assistance
concerning the Exchange Offer.

                                      -10-
<PAGE>

         14.  WITHDRAWAL.  Tenders may be withdrawn only pursuant to the limited
withdrawal  rights set forth in the  prospectus  under the caption "The Exchange
Offer-Withdrawal of Tenders."

         IMPORTANT:  THIS LETTER OF TRANSMITTAL OR A MANUALLY  SIGNED  FACSIMILE
HEREOF OR AN AGENT'S  MESSAGE IN LIEU HEREOF  (TOGETHER  WITH THE ORIGINAL NOTES
DELIVERED BY BOOKENTRY  TRANSFER OR IN ORIGINAL HARD COPY FORM) MUST BE RECEIVED
BY THE EXCHANGE AGENT, OR THE NOTICE OF GUARANTEED  DELIVERY MUST BE RECEIVED BY
THE EXCHANGE  AGENT,  PRIOR TO 5:00 P.M.,  NEW YORK CITY TIME, ON THE EXPIRATION
DATE.

                               FORM W-9 GUIDELINES

         A holder of any  Original  Notes or  Exchange  Notes must  provide  the
Company (as payor)  with its correct  taxpayer  identification  number  ("TIN"),
which,  in the  case  of a  holder  who is an  individual  is his or her  social
security number. If the Company is not provided with the correct TIN, the holder
may be subject to a $50  penalty  imposed by the  Internal  Revenue  Service and
backup withholding of 30% on interest payments on the Exchange Notes.

         To prevent backup withholding,  each tendering holder must provide such
holder's  correct TIN by completing  the  Substitute  Form W-9 set forth herein,
certifying  that the TIN  provided is correct (or that such holder is awaiting a
TIN),  and that (i) the holder has not been  notified  by the  Internal  Revenue
Service that such holder is subject to backup withholding as a result of failure
to report all interest or dividends  or (ii) the  Internal  Revenue  Service has
notified the holder that such holder is no longer subject to backup withholding.
If the Exchange Notes will be registered in more than one name or will not be in
the name of the actual  owner,  consult the  instructions  on  Internal  Revenue
Service Form W-9, which may be obtained from the Exchange Agent, for information
on which TIN to report.

         If such holder  does not have a TIN,  such  holder  should  consult the
instructions on Form W-9 concerning  applying for a TIN, check the box in Part 3
of the Substitute  Form W-9, write "applied for" in lieu of its TIN and sign and
date the form and the Certificate of Awaiting  Taxpayer  Identification  Number.
Checking  this  box,  writing  "applied  for"  on  the  form  and  signing  such
certificate  means that such holder has  already  applied for a TIN or that such
holder  intends to apply for one in the near  future.  If such  holder  does not
provide its TIN to the Company within 60 days, backup withholding will begin and
continue until such holder furnishes its TIN to the Company.

         Backup withholding is not an additional Federal income tax. Rather, the
amount of such tax  withheld  will be credited  against  the Federal  income tax
liability  of  persons  subject  to backup  withholding.  If backup  withholding
results in an  overpayment  of taxes, a refund may be obtained from the Internal
Revenue Service.

                            IMPORTANT TAX INFORMATION

         WHAT TAXPAYER  IDENTIFICATION  NUMBER TO GIVE THE EXCHANGE  AGENT.  The
registered  holder or  transferee(s),  if any, is required to give the  Exchange
Agent the social security number or taxpayer identification number of the holder
of the Note(s).

                                      -11-
<PAGE>

<TABLE>
<S>                                 <C>
--------------------------------------------------------------------------------------------------------
            SUBSTITUTE              Part I: PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY
             FORM W-9                                      SIGNING AND DATING BELOW
    Department of the Treasury
     Internal Revenue Service                             Social security number(s)

                                                               OR _____________
                                                       Employer Identification Number
                                                    (if awaiting TIN write "Applied For")

--------------------------------------------------------------------------------------------------------
                                    Part II-For Payees exempt from backup withholding, see the enclosed
   Payer's Request for Taxpayer     Guidelines for Certification of Taxpayer Identification Number on
   Identification Number (TIN)      Substitute Form W-9 and complete as instructed therein.
       and Certification

                                    Part III: Awaiting TIN / /
--------------------------------------------------------------------------------------------------------
</TABLE>

CERTIFICATION. Under penalties of perjury, I certify that:

(1) The Number shown on this form is my correct Taxpayer Identification Number
(or I am waiting for a number to be issued to me),

(2) I am not subject to backup withholding either because: (a) I am exempt from
backup withholding, or (b) I have not been notified by the Internal Revenue
Service (IRS) that I am subject to backup withholding as a result of a failure
to report all interest or dividends, or (c) the IRS has notified me that I am no
longer subject to backup withholding and

(3) I am a U.S. person (including a U.S. resident alien).

CERTIFICATE INSTRUCTIONS. You must cross out item (2) above if you have been
notified by the IRS that you are subject to backup withholding because you have
failed to report all interest or dividends on your tax return. However, if after
being notified by the IRS that you were subject to backup withholding you
received another notification from the IRS that you are no longer subject to
backup withholding, do not cross out item (2). (Also see instructions in the
enclosed Guidelines.)

Signature                                            Date
--------------------------------------------------------------------------------

NOTE:    FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP
         WITHHOLDING OF 30% OF ANY PAYMENT MADE TO YOU IN RESPECT OF THE NOTES.
         PLEASE REVIEW THE FOREGOING GUIDELINES FOR CERTIFICATION OF TAXPAYER
         IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.
         YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU ARE AWAITING YOUR
         TIN.

                 CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION

         I certify under  penalties of perjury that a TIN has not been issued to
me, and either (a) I have mailed or delivered an application to receive a TIN to
the  appropriate IRS Center or Social  Security  Administration  Office or (b) I
intend to mail or deliver such an application  in the near future.  I understand
that if I do not provide a TIN by the time of payment,  all reportable  payments
made to me thereafter will be subject to a 30% backup withholding tax.

Signature                                            Date
--------------------------------------------------------------------------------

                                      -12-

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