Document:

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                              CONSULTING AGREEMENT

      This CONSULTING AGREEMENT (the "AGREEMENT") is made and entered into by
and between F. ANTHONY NACCARATO ("CONSULTANT"), and OMI CORP., a corporation
organized and existing under the laws of the State of Delaware and having its
principal place of business at 90 Park Avenue, New York, New York 10016 ("OMI").

                               W I T N E S S E T H

      WHEREAS, CONSULTANT was employed by OMI for nearly 30 years; and

      WHEREAS, OMI is willing to retain CONSULTANT as an independent consultant
to provide certain labor relations services to OMI upon the terms and conditions
set forth herein;

      NOW, THEREFORE, in consideration of the premises and mutual promises
herein contained, it is agreed as follows:

      1. OMI hereby engages CONSULTANT, and CONSULTANT hereby agrees to serve,
as a consultant to OMI to provide such labor relations services as OMI may
request of CONSULTANT, provided, however, that CONSULTANT may not be required to
perform services at OMI's offices more than 60 days per year. As used in this
AGREEMENT, "labor relations services" shall mean, but not be limited to,
consultation and advice on wages, hours and terms and conditions of employment,

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negotiation of union contracts and agreements, meetings with union officials,
business agents, port agents, personnel and members and administration of the
grievance procedures.

      2. The term of this AGREEMENT shall commence as of January 1, 1998 and
shall expire on December 31, 2000 unless otherwise terminated prior to the
expiration of its term pursuant to Paragraph 11 of this AGREEMENT. However, OMI
may call upon CONSULTANT to perform labor relations services prior to such
commencement date and CONSULTANT will perform such services at no additional
charge to OMI. Upon the expiration of the term of this AGREEMENT, this AGREEMENT
may be renewed only upon the written consent and agreement of both parties.

      3. During the term of this AGREEMENT, OMI agrees to pay CONSULTANT as
compensation for his services the sum of $92,500 per annum, payable in equal
monthly installments. OMI agrees that it will continue to make the payments due
hereunder in the event CONSULTANT dies or becomes disabled.

      4. In addition, OMI shall reimburse CONSULTANT for all reasonable and
necessary travel (except commutation to and from OMI's office), entertainment,
telephone and postage expenses incurred on behalf of OMI, provided, however, (i)
such expenses are incurred in accordance with OMI's expense policy and (ii)
CONSULTANT submits such receipts and other documentation as may be required by
OMI. In the event that this AGREEMENT is terminated pursuant to Paragraph 11

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hereof, OMI shall reimburse CONSULTANT for all reasonable and necessary expenses
incurred by him up to the date of termination as specified in this Paragraph.

      5. This AGREEMENT does not constitute an employment contract, end OMI
shall have no obligation to provide CONSULTANT with medical insurance, life,
accident, health, disability or workman's compensation insurance or other
employee benefits of any kind. OMI will provide CONSULTANT with general business
support at OMI's office location, including office and support space, furniture,
telephone, secretarial, word processing and photocopying services and such other
support services as the parties may agree upon to enable CONSULTANT to complete
the agreed upon assignments pursuant to this AGREEMENT.

      6. OMI shall not be responsible for any payroll related taxes and Federal,
state or local deductions. CONSULTANT certifies that he is an independent
contractor and, as such, will prepare and file all tax information, forms and
returns with the appropriate Federal, state and local government agencies or
authorities as required by law.

      7. (a) CONSULTANT represents and warrants that he is not under any
obligation, contractual or otherwise, to any person or entity which would
prohibit or impede him from performing the services and that he is free to enter
into and perform the terms of this AGREEMENT. CONSULTANT hereby represents and
warrants that he has full power to perform his obligations hereunder, and that
this AGREEMENT constitutes a legal, valid and binding obligation of CONSULTANT,
enforceable against CONSULTANT in accordance with his terms, except as

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enforcement may be limited by bankruptcy, insolvency moratorium or other laws
affecting the enforcement of creditors' rights generally.

            (b) OMI represents and warrants that it is not under any obligation,
contractual or otherwise, to any person or entity which would prohibit or impede
CONSULTANT from performing the services contemplated under this AGREEMENT. OMI
hereby represents and warrants that it has full power, authority and capacity to
execute and deliver this AGREEMENT and perform its obligations hereunder, and
that this AGREEMENT constitutes a legal, valid and binding obligation of OMI,
enforceable against OMI in accordance with his terms, except as enforcement may
be limited by bankruptcy, insolvency moratorium or other laws affecting the
enforcement of creditors' rights generally.

      8. (a) OMI agrees to indemnify and hold harmless CONSULTANT from and
against any losses, claims, damages or liabilities (including the costs,
expenses and legal fees) related to or arising out of activities performed or
services furnished by CONSULTANT pursuant to this AGREEMENT other than any loss,
claim, damage or liability (or action or proceeding in respect thereof)
determined by a final judgment of a court of competent jurisdiction to have been
caused, in whole or in part, by the willful misconduct, bad faith or gross
negligence of CONSULTANT.

            (b) CONSULTANT agrees to indemnify and hold harmless OMI and OMI's
affiliates, directors, officers, agents and employees from and against any
losses, claims, damages or liabilities (including costs, expenses and legal
fees) which are determined by a final judgment of a court of competent
jurisdiction to have resulted

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solely from wilful misconduct, bad-faith or gross negligence of CONSULTANT.
Notwithstanding the foregoing, CONSULTANT shall indemnify OMI only to the extent
of the aggregate amount of Consulting Fees received by CONSULTANT.

      9. CONSULTANT shall not disclose, duplicate, copy, or use for any purpose
other than the performance of this AGREEMENT and shall treat as confidential and
as proprietary to OMI all information which relates to OMI's client information,
systems, trade secrets or business affairs; and which CONSULTANT has obtained
from OMI under this AGREEMENT provided, however, the obligation to treat as
proprietary and confidential shall not apply to information which shall be
publicly available or shall be obtained rightfully from third parties.

      10. This AGREEMENT may be terminated at any time for "cause" by either
party. The term "cause" shall mean (i) any material breach by either party or
any provision of this AGREEMENT and (ii) any disloyal or dishonest act or
conduct by either party to the other.

      11. Any activities performed by CONSULTANT pursuant to this AGREEMENT will
be done as an independent contractor and CONSULTANT will at no time make any
representation or statement, verbal or in writing, that he is employed by OMI.
Nothing contained herein shall be construed to constitute a principal-agent
relationship between CONSULTANT and OMI, nor shall this AGREEMENT be deemed to
confer upon CONSULTANT any authority, express or implied, to bind OMI or
represent to anyone that it is acting either as a representative of, or in any
other capacity for OMI except as set forth in this AGREEMENT.

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      12. This AGREEMENT shall inure to the benefit of OMI's successors and
assigns. This AGREEMENT may not be assigned by CONSULTANT without the prior
written consent of OMI.

      13. The validity, interpretation, construction and performance of this
AGREEMENT shall be governed by the laws of the State of New York.

      14. All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed duly given when delivered, either by
hand, by facsimile or by overnight courier or by certified mail, return receipt
requested as follows:

            if to OMI, to:

                  Fredric S. London, Esq.
                  OMI Corp.
                  90 Park Avenue
                  New York, New York 10016

            if to CONSULTANT, to:

                  F. Anthony Naccarato
                  7 Lawrence Court
                  Syosset, New York 11791-2632

or to such other address as either party shall have designated by like notice to
the other party hereto.

      15. No provision of this AGREEMENT may be modified, altered, waived or
discharged unless such modification, waiver, discharge or alteration is agreed
to in writing and signed by OMI and CONSULTANT. No waiver by either party hereto
of or compliance with any condition or provision of this AGREEMENT to be
performed by such other party shall be deemed a waiver of similar of dissimilar
provisions or

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conditions at the same or at any prior or subsequent time.

      16. This AGREEMENT sets forth the entire agreement between the parties
with respect to the matters contained herein. There are no other agreements or
understandings with respect to the subject matter of this AGREEMENT. Any and all
prior discussions, agreements or understandings, whether oral or written, are
merged into and subsumed by this AGREEMENT.

      IN WITNESS WHEREOF, the parties have executed this AGREEMENT on August
___, 1997.

WITNESS:

                                       /s/ F. Anthony Naccarato
-------------------------------        -----------------------------------------
                                       F. ANTHONY NACCARATO

WITNESS:                               OMI CORP.

/s/ [ILLEGIBLE]                        By: /s/ Frederic S. London
-------------------------------            -------------------------------------
                                           FREDERIC S. LONDON

STATE OF NEW YORK   )
                    ) ss.:
COUNTY OF NASSAU    )

      On Sept. 11, 1997 F. ANTHONY NACCARATO personally came to me known, and
known to me to be the individual described in, and who executed the foregoing
Agreement and duly acknowledged to me that she executed the same.

                                       /s/ Robert Sereno
                                       -----------------------------------------
                                       NOTARY PUBLIC

                                                        ROBERT SERENO
                                              Notary Public, State of New York
                                                       No. 01SE065092
                                                 Qualified in Nassau County
                                            Commission Expires September 3, 1998

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STATE OF NEW YORK    )
                     )  ss.:
COUNTY OF NEW YORK   )

      On August 12, 1997, FREDRIC S. LONDON, ESQ., Senior Vice-President and
General Counsel of OMI Corp., personally came to me known, and known to me to be
the individual described in, and who executed the foregoing Agreement in behalf
of OMI Corp., and duly acknowledged to me that he had authority to and that he
executed the same.

                                       /s/ Monique Henderson
                                       -----------------------------------------
                                       NOTARY PUBLIC

                                                        MONIQUE HENDERSON
                                                Notary Public, State at New York
                                                         No. 01HE5076668
                                                  Qualified in New York County
                                               Commission Expires April 28, 1999

                                       8<PAGE>   1
                                                                    Exhibit 10.9

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT (the "Agreement") dated as of September 1, 1997
between OMI Corp., a Delaware corporation (the "Company") and William A.G. Hogg
(the "Executive").

                              W I T N E S S E T H

      WHEREAS, the Company desires to continue to employ the Executive; and

      WHEREAS, the Executive is willing to continue to be employed by the
Company, as a senior executive of the Company, for the period and upon the terms
and conditions hereinafter set forth;

      NOW THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the Company and the Executive hereby agree as follows:

      1. Employment

      The Company shall employ the Executive, and the Executive accepts
employment by the Company, at the discretion of the Company, as President or
Senior Vice President of OMI Ship Management, Inc. ("OSM"), or any successor
thereof upon the terms and conditions herein, for the period commencing on the
date the Company acquires Marine Transport Lines, Inc. (the "Commencement Date")
and terminating on the third anniversary of the Commencement Date subject to
termination as hereinafter provided (such period, as such period may be extended
as described in this paragraph, being herein referred to as the "Employment
Period"). The Executive term of employment shall be automatically extended for
an additional period of one year unless written notice of termination is given
by either party no later than the second anniversary of the Commencement Date.
If, upon expiration of this Agreement, the Company desires to continue to employ
the Executive and the Executive desires to continue in the employ of the
Company, such employment shall be continued on terms and conditions which the
Company and the Executive find mutually satisfactory and which are consistent
with the employment policies of the Company.

      2. Duties

      (a) Throughout the Employment Period, the Executive shall be President or
Senior Vice President of OSM and shall report to the person or position
designated by the Chief Executive Officer of the Company. The Executive shall at
all times comply with Company policies as established by the Chief Executive
Officer.

      (b) During the Employment Period, the Executive shall devote his full-time
working hours to his duties hereunder, except during vacation time, any periods
of illness and authorized leaves of absence. The Executive shall have such
responsibilities and authorities consistent with the status, title and reporting
requirements set forth herein as are appropriate to said position,
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subject to change (other than diminution in position, authority, duties or
responsibilities) from time to time by the Chief Executive Officer.

      (c) Throughout the Employment Period, the Executive shall faithfully and
diligently perform his duties under this Agreement and shall use his best
efforts to promote the interests of the Company.

      3. Compensation

      During the Employment Period, as full compensation to the Executive for
his performance of the services hereunder and for his acceptance of the
responsibilities described herein, the Company agrees to pay the Executive, and
the Executive agrees to accept, the following salary and other benefits:

      (a) Salary

      The Company shall pay the Executive a salary (the "Base Salary") for the
annual periods following the Commencement date (a) Year 1: $110,000; (b) Year 2:
$115,000; (c) Year 3: $120,000 and (d) Additional Year: $125,000. The Base
Salary due the Executive hereunder shall be payable in equal installments at the
times other executives are paid less any amounts required to be withheld by the
Company from such Base Salary pursuant to the benefit plans of Section 3(d) and
applicable laws and regulations described under Section 9(e).

      (b) Bonus

      The Executive shall be eligible to receive bonuses (each a "Bonus") at the
discretion, in the amount and at the times determined by the Board of Directors
of the Company (the "Board").

      (c) Long Term Incentives

      The Executive shall be entitled to receive grants of restricted stock,
stock options and other stock awards at the discretion of the Compensation
Committee of the Board of Directors of the Company and/or other stock and cash
awards granted pursuant to any other long term incentive plans implemented by
the Company for the benefit of senior executives of the Company.

      (d) Other Benefit Plans

      Subject to all eligibility requirements, and to the extent permitted by
law, the Executive shall be entitled to participate in any and all employee
welfare and benefit plans (including, but not limited to, retirement security,
life insurance, medical, dental, disability, and savings plans) established by
the Company from time to time for the general and overall benefit of executives
of the Company.

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      (e) Further Benefits

      The Executive shall be entitled to a minimum of four weeks per annum paid
vacation.

      (f) Deferred Compensation

      Notwithstanding any other provision of the Agreement, the Executive shall
have the right to request any lawful means (including, without limitation, any
deferred compensation arrangement requested by the Executive) by which he wishes
to receive any portion of his or her Base Salary, Bonus, or other payments, and
the Company shall reasonably cooperate with the Executive to grant such request,
provided that the granting of such request does not represent inequitable
treatment as concerns other senior employees or executives (in the Company's
sole judgment), and does not impose additional costs on the Company other than
insignificant administrative costs.

      In the event the Company (but not the Executive) (i) gives the notice of
termination described in Section 1 above or (ii) terminates the employment of
the Executive at any time after the Employment Period (as the same may be
extended), the Company shall pay to the Executive promptly upon the termination
of employment an amount equal to 50% of the Executive's then applicable Base
Salary, less the amounts required to be withheld as described in Section 3(a).
No amount shall be payable in the event the Executive terminates employment
hereunder.

      4. Reasonable Expenses

      The Company will reimburse the Executive for all reasonable business
expenses, including travel and lodging, which are properly incurred by him in
the performance of his duties hereunder, upon presentation of proper vouchers
therefor and in accordance with written policies established from time to time
by the Company for such reimbursements.

      5. Executive Covenants

      The Executive acknowledges that as a result of the services to be rendered
to the Company hereunder, the Executive will be brought into close contact with
many confidential affairs of the Company, its subsidiaries and affiliates, not
readily available to the public. The Executive further acknowledges that the
services to be performed under this Agreement are of a special, unique, unusual,
extraordinary and intellectual character; that the business of the Company is
international in scope; that its goods and services are marketed throughout the
world; and that the Company competes with other organizations that are or could
be located in nearly any part of the United States or elsewhere. In recognition
of the foregoing:

      (a) Except with the consent of or as directed by the Company, or except if
compelled by judicial or legal authorities, the Executive will keep confidential
and not divulge to any other person, during the Employment Period or thereafter,
any Confidential Information and Trade Secrets regarding the Company, its
subsidiaries and affiliates, except for information which is or

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becomes publicly available other than as a result of disclosure by the
Executive. For the purposes of this Agreement "Confidential Information and
Trade Secrets" means information which is secret to the Company, its
subsidiaries and affiliates. It may include, but is not limited to, information
relating to new and future concepts and business of the Company, its
subsidiaries and affiliates, in the form of memoranda, reports, computer
software and data banks, customer lists, employee lists, books, records,
financial statements, manuals, papers, contracts and strategic plans. As a
guide, the Executive is to consider information originated, owned, controlled or
possessed by the Company, its subsidiaries or affiliates which is not disclosed
in printed publications stated to be available for distribution outside the
Company, its subsidiaries and affiliates as being secret and confidential. In
instances where doubt does or should reasonably be understood to exist in the
Executive's mind as to whether information is secret and confidential to the
Company, its subsidiaries and affiliates, the Executive agrees to request an
opinion, in writing, from the Company.

      (b) All papers, books and records of every kind and description relating
to the business and affairs of the Company, its subsidiaries and affiliates,
whether or not prepared by the Executive, and all property owned by the Company,
its subsidiaries and affiliates shall be the sole and exclusive property of the
Company, and the Executive shall surrender them to the Company, at any time upon
request, during or after the Employment Period.

      (c) During the Employment Period and during any Severance Period (as
hereinafter defined), the Executive will not, without the prior written consent
of the Company, compete, directly or indirectly, with the Company, its
subsidiaries and affiliates or participate as a director, officer, employee,
agent, representative, stockholder, or partner, or have any direct or indirect
financial interest as a creditor, in any business which directly or indirectly
competes with the Company its subsidiaries and affiliates; provided, however,
that this paragraph (c) shall not restrict the Executive from holding up to 5%
of the publicly traded securities of any entity.

      (d) During the Employment Period and during any Severance Period (as
hereinafter defined), the Executive shall not either for his own account or for
any person, firm or company (i) solicit any customers of the Company, its
subsidiaries and affiliates or (ii) solicit or endeavor to cause any employee of
the Company, its subsidiaries and affiliates to leave his employment or induce
or attempt to induce any such employee to breach any employment agreement with
the Company, its subsidiaries and affiliates, or otherwise interfere with the
employment of any employee by the Company, its subsidiaries and affiliates.

      (e) Without limiting any other provision of this Agreement, the Executive
hereby agrees to be bound by and to comply with any obligations known to the
Executive and imposed on the Company, its subsidiaries and affiliates, by law,
rule, regulation, ordinance, order, decree, instrument, agreement, understanding
or other restriction of any kind.

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      (f) The Executive hereby agrees to provide reasonable cooperation to the
Company, its subsidiaries and affiliates during the Employment Period and any
Severance Period (as hereinafter defined) in any litigation between the Company,
its subsidiaries and affiliates, and third parties.

      (g) The parties agree that the Company shall, in addition to other
remedies provided by law, have the right and remedy to have the provisions of
this Section 5 specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any breach or threatened breach of the
provisions of this Section 5 will cause irreparable injury to the Company and
that money damages will not provide an adequate remedy to the Company. Nothing
contained herein shall be construed as prohibiting the Company from pursuing any
other remedies available to it for such breach or threatened breach, including
the recovery of damages from the Executive.

      (i)   although the restrictions contained in Sections 5(a), (b), (c) and
            (d) above are considered by the parties hereto to be fair and
            reasonable in the circumstances, it is recognized that restrictions
            of such nature may fail for technical reasons, and accordingly it is
            hereby agreed that if any of such restrictions shall be adjudged to
            be void or unenforceable for whatever reason, but would be valid if
            part of the wording thereof were deleted, or the period thereof
            reduced or the area dealt with thereby reduced in scope, the
            restrictions contained in Sections 5(a), (b), (c) and (d) shall be
            enforced to the maximum extent permitted by law, and the parties
            consent and agree that such scope or wording may be accordingly
            judicially modified in any proceeding brought to enforce such
            restrictions.

      (ii)  Notwithstanding that the Executive's employment hereunder may expire
            or be terminated as provided in Section 1 or Section 6 hereof, this
            Agreement shall continue in full force and effect insofar as is
            necessary to enforce the covenants and agreements of the Executive
            contained in this Section 5.

      6. Termination of Employment Period and Severance

      (a) Termination by the Company without Cause. If for any reason other than
the provisions of Section 6(d) hereof, the Company wishes to terminate the
Employment Period and the Executive's employment hereunder, the Company shall
give a written notice to the Executive of such termination stating that a
severance period (the "Severance Period") will commence upon receipt of such
notice by the Executive. The Severance Period shall be for the balance of the
then current term of this Agreement or, unless the Executive shall have given
the notice described in Section 1, twelve months, whichever is greater. Upon
receipt of such notice by the Executive, the Employment Period shall terminate
(and the Executive shall have no further duties under Section 2 hereof). During
the entire Severance Period, the Executive shall continue to receive all salary,
compensation, payments and benefits under Sections 3(a) and 3(d) of this
Agreement (including, to the extent allowable under applicable law, the accrual
of additional service credits or Company contributions under pension and thrift
plans, and any benefits under the Company's

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long term disability and life insurance plans) available upon the date of the
commencement of the Severance Period as if the Employment Period continued
throughout the Severance Period. The Executive agrees that the payments
described in this Section 6(a) shall be full and adequate compensation to the
Executive for all damages the Executive may suffer as a result of the
termination of his employment pursuant to this Section 6(a), and hereby waives
and releases the Company from any and all obligations or liabilities to the
Executive arising from or in connection with the Executive's employment with the
Company or the termination and claims the Executive may have under federal,
state or local statutes, regulations or ordinances or under any common law
principles or breach of contract or the covenant of good faith and fair dealing,
defamation, wrongful discharge, intentional infliction of emotional distress or
promissory estoppel; provided, however, that any rights and benefits the
Executive may have under the employee benefit plans and programs of the Company
in which the Executive is a participant, shall be determined in accordance with
the terms and provisions of such plans and programs.

      (b) Death. If the Executive dies during the Employment Period, the
Severance Period or during the period when payments are being made pursuant to
Section 6(c), the Employment Period shall automatically terminate and the
obligations of the parties shall terminate effective the date of death.

      (c) Disability. If the Executive becomes Disabled (as hereinafter defined)
during the Employment Period, the Company shall be entitled to terminate his
employment and the Employment Period upon written notice to the Executive from
the Company. In the event of such termination, the Executive shall be released
from any duties hereunder, and the Severance Period described in Section 6(a)
hereof shall immediately commence. The duties, rights, benefits and other
matters during the Severance Period shall be as set forth in Section 6(a), and
the Executive (and his or her heirs, beneficiaries and estate) shall be entitled
to all compensation, payments and benefits during the Severance Period without
any offset or reduction except by such amounts, if any, as are paid to the
Executive in lieu of compensation for services under any applicable insurance
policies of the Company (or by the Company under any self insurance plan). For
purposes of this Agreement, "Disabled" shall mean mental or physical impairment
or incapacity rendering the Executive substantially unable to perform his duties
under this Agreement for a period of longer than 180 days out of any 360-day
period during the Employment Period. A determination of whether the Executive is
Disabled shall be made by the Company in its sole discretion upon its own
initiative or upon request of the Executive or a person acting on his behalf. If
the Executive becomes Disabled during a Severance Period, he shall continue to
receive the compensation, payments and benefits of this Agreement during the
entire Severance Period without any offset or reduction, except by such amounts,
if any, as are paid to the Executive in lieu of compensation for services under
any applicable insurance policies of the Company (or by the Company under any
self insurance plan).

      (d) Termination by the Company for Cause. The Company by written notice to
the Executive, shall have the right to terminate the Employment Period in the
event of any of the following (which shall constitute "Cause"):

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      (i)   The Executive's breach in respect of his duties under this
            Agreement, such breach continuing unremedied for thirty days after
            written notice thereof from the Company to the Executive specifying
            the acts constituting the breach and requesting that they be
            remedied; or

      (ii)  Any misconduct, dishonesty, insubordination or other act by the
            Executive materially detrimental to the goodwill of the Company, or
            materially damaging to the Company's, its subsidiaries' and/or
            affiliates' relationships with their customers or employees,
            including without limitation, the Executive having been convicted of
            a felony during the Employment Period, provided such conviction has
            resulted or is likely to result in substantial detriment to the
            Company, its subsidiaries and/or affiliates.

      Any termination under this Section 6(d) shall be without damages or
liability to the Company for compensation and other benefits which would have
accrued to the Executive hereunder after termination, but all compensation,
benefits and reimbursements accrued through the date of termination shall be
paid to the Executive at the times normally paid by the Company. In this event,
there shall be no Severance Period.

      (e) Voluntary Termination by the Executive. In the event of voluntary
termination of employment by the Executive, the terms of the last paragraph of
Section 6(d) shall apply, except in the event that such voluntary termination
occurs within ninety days of (i) a relocation of the OSM's offices (or the
location of the performance of work by the Executive) beyond a fifty mile radius
of New York City, (ii) a material diminution of the Executive's duties and
responsibilities as provided in Section 2, or (iii) a reduction in Base Salary
in which cases the provisions of Section 6(a) shall apply.

      7. Conflicting Agreements

      The Executive hereby represents and warrants to the Company that he is
entering into this Agreement, and the obligations and duties undertaken by him
hereunder, will not conflict with, constitute a breach of, or otherwise violate
the terms of any other employment of other agreement to which he is a party.

      8. Assignment

      (a) By the Executive. This Agreement, any part thereof and any rights
(including compensation) or obligation hereunder shall not be assigned, pledged,
alienated, sold, attached, charged, encumbered or transferred in any way by the
Executive and any attempt to do so shall be void except that (i) the Executive
may designate any of his beneficiaries to receive (and such beneficiaries shall
receive) any compensation, payments or other benefits payable hereunder upon his
death, (ii) any assignment by will or by laws of descent and distribution or
following the

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occurrence of the Executive's legal incompetence is permitted and (iii) the
Executive's executors, administrators or other legal representatives may assign
any rights hereunder to the person or persons entitled thereto.

      (b) By the Company. Provided the substance of the Executive's duties set
forth in Section 2 shall not change, and provided that the Executive's
compensation as set forth in Section 3 shall not be adversely affected, the
Company may assign or otherwise transfer this Agreement to any succeeding entity
without limitation, which entity shall assume all rights and obligations
hereunder.

      9. Notices

      All notices, requests, demands and other communications hereunder must be
in writing and shall be deemed to have been duly given if delivered by hand or
mailed within the continental United States by first class, registered mail,
return receipt requested, or sent by overnight mail, such as Federal Express,
postage and registry fees prepaid, to the applicable party and addressed as
follows:

      (a)   if to the Company:

            President
            Marine Transport Lines, Inc.
            1200 Harbor Boulevard
            Weehawken, NJ 07087

      (b)   if to the Executive:

            67-11 166th Street
            Flushing, NY 11365

Addresses may be changed by notice in writing signed by the addressee.

      10. Miscellaneous

      (a) If any provision or portion of this Agreement shall, for any reason,
be adjudged by any court of competent jurisdiction to be invalid or
unenforceable, such judgment shall not affect, impair or invalidate the
remainder of this Agreement but shall be confined in its operation to the
jurisdiction in which made and to the provisions of this Agreement directly
involved in the controversy in which such judgment shall have been rendered.

      (b) No course of dealing and no delay on the part of any parry hereto in
exercising any right, power or remedy under or relating to this Agreement shall
operate as a waiver thereof or otherwise prejudice such party's rights, powers
and remedies. No single or partial exercise of any

                                      -8-
<PAGE>   9

rights, powers or remedies under or relating to this Agreement shall preclude
any other or further exercise thereof or the exercise of any other right, power
or remedy.

      (c) This Agreement may be executed by the parties hereto in counterparts,
each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument, and all signatures need not
appear on any one counterpart.

      (d) (i) Any other agreement, rule or regulation to the contrary,
notwithstanding, the parties hereby agree that any action or proceeding relating
to this Agreement or its subject matter shall be brought in a state or federal
court situated in the County of New York, State of New York and such court shall
have exclusive jurisdiction thereof; provided, however, any court with
jurisdiction over the parties may, at the election of Company, have jurisdiction
over any action brought with regard to or any action brought to enforce any
violation or claimed violation of Section 5. The parties each hereby
specifically submit to the jurisdiction of such court and further agree that
service of process may be made within or without the State of New York by giving
notice in the manner provided in Section 9. Each party further agrees to waive
and hereby waives any right to a trial by jury, and to any objection it or he
may have in any such action, based on lack of personal jurisdiction or venue, or
inconvenient forum.

            (ii) In any such action or proceeding, the prevailing party shall be
entitled to recover from the other party reasonable costs, including attorney's
fees and expenses. In any action or proceeding before a court or other tribunal
relating to this Agreement with respect to which damages are an adequate remedy,
the parties agree that no damages other than compensatory damages shall be
sought or claimed by either party and each party waives any claim, right or
entitlement to punitive, exemplary, or consequential damages, or any statutory
damages, or any other damages of any kind or nature in excess of compensatory
damages, and any court or arbitration tribunal is specifically divested of any
power to award any damages in the nature of punitive, exemplary, or
consequential damages, or any statutory damages, or any other damages of any
kind or nature in excess of compensatory damages.

      (e) All payments required to be made by the Company hereunder to the
Executive or his beneficiaries, including his estate, shall be subject to
withholding and deductions as the Company may reasonably determine it should
withhold or deduct pursuant to any applicable law or regulation. In lieu of
withholding or deducting such amounts in whole or in part, the Company may, in
its sole discretion, accept other provision for payment as permitted by law,
provided it is satisfied in its sole discretion that all requirements of law
affecting its responsibilities to withhold such taxes have been satisfied.

      (f) This Agreement embodies the entire understanding, and supersedes all
other oral or written agreements or understandings, between the parties
regarding the subject matter hereof. No change, alteration or modification
hereof may be made except in writing signed by both parties hereto. The headings
in this Agreement are for convenience of reference only and shall not be
considered part of this Agreement or limit or otherwise affect the meaning
hereof. This Agreement and the rights and obligations of the parties hereunder
shall be construed in accordance

                                      -9-
<PAGE>   10

with and governed by the laws of the State of New York (disregarding any choice
of law rules which might look to the laws of any other jurisdiction).

      (g) The Executive acknowledges that the terms of this Agreement have been
fully explained to him, that the Executive understands the nature and extent of
the rights and obligations provided under this Agreement, and that the Executive
has been given the opportunity to be represented by legal counsel in the
negotiation and preparation of this Agreement.

      (h) Nothing herein contained shall be construed to prevent or limit any
acquisition, consolidation or merger of the Company.

      11. Condition Precedent

            In the event that the Company does not acquire Marine Transport
Lines, Inc. on or before December 31, 1998, this Agreement shall be null and
void and neither party shall have any rights hereunder.

      IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

                                        By
                                           -------------------------------------
                                           William A.G. Hogg

                                        OMI CORP.

                                        By
                                           -------------------------------------

                                      -10-

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