Cryogenic damper seals operating close to the liquid-vapor region (near the critical point or slightly su-cooled) are likely to present two-phase flow conditions. Under single phase flow conditions the mechanical energy conveyed to the fluid increases its temperature and causes a phase change when the fluid temperature reaches the saturation value. A bulk-flow analysis for the prediction of the dynamic force response of damper seals operating under two-phase conditions is presented as: all-liquid, liquid-vapor, and all-vapor, i.e. a 'continuous vaporization' model. The two phase region is considered as a homogeneous saturated mixture in thermodynamic equilibrium. Th flow in each region is described by continuity, momentum and energy transport equations. The interdependency of fluid temperatures and pressure in the two-phase region (saturated mixture) does not allow the use of an energy equation in terms of fluid temperature. Instead, the energy transport is expressed in terms of fluid enthalpy. Temperature in the single phase regions, or mixture composition in the two phase region are determined based on the fluid enthalpy. The flow is also regarded as adiabatic since the large axial velocities typical of the seal application determine small levels of heat conduction to the walls as compared to the heat carried by fluid advection. Static and dynamic force characteristics for the seal are obtained from a perturbation analysis of the governing equations. The solution expressed in terms of zeroth and first order fields provide the static (leakage, torque, velocity, pressure, temperature, and mixture composition fields) and dynamic (rotordynamic force coefficients) seal parameters. Theoretical predictions show good agreement with experimental leakage pressure profiles, available from a Nitrogen at cryogenic temperatures. Force coefficient predictions for two phase flow conditions show significant fluid compressibility effects, particularly for mixtures with low mass content of vapor. Under these conditions, an increase on direct stiffness and reduction of whirl frequency ratio are shown to occur. Prediction of such important effects will motivate experimental studies as well as a more judicious selection of the operating conditions for seals used in cryogenic turbomachinery.