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To all Holders of Stock Certificates issued to you by OMI Corp. ("OMI") prior to
its name change to Marine Transport Corporation (which name change became
effective on or about June 18, 1998):
This letter is sent to you as a holder of record of common stock, $0.50 par
value per share (the "Shares"), of Marine Transport Corporation (the "Company")
in connection with an offer by Shiloh Acquisition, Inc. (the "Purchaser") to
purchase for cash all Shares at a purchase price of $7.00 per share, net to the
seller, without interest (the "Offer").
The records of Mellon Investor Services LLC ("Mellon"), the Company's
transfer agent, indicate that many holders of stock certificates issued by OMI
have not yet exchanged their OMI share certificate(s) as part of the transaction
by which, on or about June 18, 1998: (a) the stockholders of OMI became
stockholders of two separate publicly traded companies, the Company and OMI
Corporation; (b) the name of the Company was changed from OMI Corp. to Marine
Transport Corporation; and (c) each share of Company common stock became subject
to a one for ten reverse stock split (the "Reverse Split"). The Reverse Split
entitled each holder of OMI common stock to one share of common stock of the
Company for every ten shares of OMI common stock owned as of June 18, 1998.
If you have not exchanged and still hold OMI stock certificates, you may
participate in this Offer by: (a) submitting your OMI stock certificate(s)
pursuant to the Offer; and (b) completing the enclosed Letter of Transmittal
along with any other required documents as specified in the enclosed materials.
Stock certificates for common stock of OMI (any share certificates issued
prior to June 18, 1998 which bear the name "OMI Corp.") that are tendered to
Citibank, N.A. (the "Depositary") pursuant to the Offer will be forwarded to
Mellon following completion of the Offer. Mellon, in turn, will forward
certificates representing Shares to the Depositary who will pay the $7.00 per
share offered by the Purchaser. For example, a holder of a certificate
representing 100 shares of OMI common stock will receive in exchange for such
certificate, and as a result of the Reverse Split, $70 for the 10 shares of
Company common stock represented by the 100 shares of OMI common stock.
While the Offer is fully explained in the enclosed materials, should you
have any questions you may call MacKenzie Partners, Inc., the information agent
for the Offer at (800) 322-2885 (Toll Free) or (212) 929-5500 (Call Collect).
SHILOH ACQUISITION, INC.
January 5, 2001
