Declares Quarterly Dividend of $0.50 Per Share Sets Future
Quarterly Dividend Target at $0.125 Per Share Maintains Liquidity
For Growth Achieves Net Income of $7.3 Million NEW YORK, July 29
/PRNewswire-FirstCall/ -- General Maritime Corporation (NYSE:GMR)
today reported its financial results for the three and six months
ended June 30, 2009. Financial Review: Second Quarter 2009
Excluding other expense, the Company recorded net income of $7.7
million or $0.14 basic and $0.14 diluted earnings per share for the
three months ended June 30, 2009 compared to $20.0 million or $0.52
basic and $0.50 diluted earnings per share for the three months
ended June 30, 2008. The decrease in net income excluding other
expense was principally the result of lower Time Charter Equivalent
rates or TCE realized in the current quarter versus the prior year
period as well as lower utilization primarily due to drydocking.
Other expense, which includes realized and unrealized gains and
losses on freight, bunker and currency derivatives, was $0.4
million for the quarter ended June 30, 2009 compared to $15.0
million in the prior year period. Net income was $7.3 million or
$0.13 basic and $0.13 diluted earnings per share for the three
months ended June 30, 2009 compared to net income of $5.0 million,
or $0.13 basic and $0.12 diluted earnings per share, for the three
months ended June 30, 2008. The increase in net income was
principally the result of the reduction in other expense to $0.4
million for the quarter ended June 30, 2009 from $15.0 million for
the prior year period. John Tavlarios, President of General
Maritime Corporation, commented, "General Maritime's past success
expanding and extending its contracted revenue streams continued to
provide benefits to shareholders during the second quarter.
Specifically, the sizeable time charter coverage that General
Maritime maintained during the quarter enabled the Company to
achieve a level of stability in its results as tanker rates began
to weaken. Going forward, we believe that the Company's future time
charter coverage combined with its flexible deployment strategy
provides shareholders with revenue and earnings visibility without
sacrificing the ability to benefit from an improving rate
environment in the future." Net voyage revenue, which is gross
voyage revenues minus voyage expenses unique to a specific voyage
(including port, canal and fuel costs), increased 2.2% to $70.8
million for the three months ended June 30, 2009 compared to $69.3
million for the three months ended June 30, 2008. EBITDA for the
three months ended June 30, 2009 was $37.0 million compared to
$25.4 million for the three months ended June 30, 2008 (please see
below for a reconciliation of EBITDA to net income). The increase
was substantially due to an increase in the average size of General
Maritimes fleet to 31 vessels for the quarter ended June 30, 2009
from 21 in the prior year period, offset by lower TCE rates and
utilization. Net cash provided by operating activities was $31.1
million for the three months ended June 30, 2009 compared to $38.3
million for the prior year period. As of June 30, 2009 the
Company's net debt (calculated as total long term debt less cash)
was $891.9 million. The average daily TCE rates obtained by the
Company's fleet decreased by 26.0% to $27,649 per day for the three
months ended June 30, 2009 compared with $37,384 for the prior year
period. The Company's average daily rates for vessels on spot
charters decreased by 80.4% to $8,157 for the three months ended
June 30, 2008 compared to $41,633 for the prior year period. Total
vessel operating expenses, which are direct vessel operating
expenses and general and administrative expenses, increased by
16.9% to $33.2 million for the three months ended June 30, 2009
from $28.4 million for the three months ended June 30, 2008. During
the same periods, the average size of General Maritime's fleet
increased by 47.6% to 31.0 vessels from 21.0 vessels. Daily direct
vessel operating expenses increased 1.4% to $8,358 for the quarter
ended June 30, 2009 compared to $8,240 for the prior year period.
These increases reflect higher crewing costs, and maintenance and
repair costs during the quarter ended June 30, 2009 compared to the
prior year period, offset by the low fixed rate vessel management
contracts of the Arlington vessels we acquired. General and
administrative costs decreased by 23.0% to $9.7 million for the
quarter ended June 30, 2009 compared to $12.6 million for the prior
year period. This decrease was primarily attributable to a
reduction in personnel costs associated with our New York office as
well as a reduction in costs from ceasing to operate a corporate
aircraft. Financial Review: First Half 2009 Net income was $26.2
million or $0.48 basic and $0.47 diluted earnings per share, for
the six months ended June 30, 2009 compared to $17.9 million, or
$0.46 basic and $0.45 diluted earnings per share, for the six
months ended June 30, 2008. Net voyage revenues increased 18.0% to
$153.7 million for the six months ended June 30, 2009 compared to
$130.2 million for the six months ended June 30, 2008. EBITDA was
$85.7 million for the six months ended June 30, 2009 compared to
$58.4 million for the six months ended June 30, 2008. Net cash
provided by operating activities was $56.9 million for the six
months ended June 30, 2009 compared to $52.5 million for the prior
year period. TCE rates obtained by the Company's fleet decreased
19.2% to $29,227 per day for the six months ended June 30, 2009
from $36,187 for the prior year period. Total vessel operating
expenses increased 23.2% to $68.0 million for the six months ended
June 30, 2009 from $55.2 million for the prior year period, and
daily direct vessel operating expenses rose 1.9% to $8,299 for the
six month period ending June 30, 2009 from $8,145 from the prior
year period. During the six months ended June 30, 2009 the average
size of General Maritime's fleet grew 49.0% to 31 vessels from 21.0
in the prior year period. Summary Consolidated Financial and Other
Data The following table summarizes General Maritime Corporation's
selected consolidated financial and other data for the three and
six months ended June 30, 2009 and 2008. Attached to this press
release is an Appendix, which contains additional financial,
operational and other data for the three and six months ended June
30, 2009 and 2008. Three Months Ended ------------------ June - 09
June - 08 (Unaudited) (Unaudited) ----------- ----------- INCOME
STATEMENT DATA (Dollars in thousands, except per share data) Voyage
revenues $80,226 $80,931 Voyage expenses (9,446) (11,660) ------
------- Net voyage revenues 70,780 69,271 Direct vessel expenses
23,579 15,746 Other expenses - - General and administrative
expenses 9,668 12,608 Depreciation and amortization 21,935 13,866
Loss on sale of vessels and equipment 144 482 --- --- Operating
income 15,454 26,569 Net interest expense 7,788 6,573 Other
(income) expense 387 15,036 --- ------ Net (Loss) Income $7,279
$4,960 ====== ====== Basic (loss) earnings per share $0.13 $0.13
Diluted (loss) earnings per share $0.13 $0.12 Weighted average
shares outstanding, thousands 54,536 38,775 Diluted average shares
outstanding, thousands 55,592 39,966 Three Months Ended
------------------ June - 09 June - 08 (Unaudited) (Unaudited)
----------- ----------- OTHER FINANCIAL DATA (dollars in thousands)
EBITDA (1) $37,002 $25,399 Net cash provided by operating
activities 31,098 38,295 Net cash provided (used) by investing
activities (2,356) (17,423) Net cash provided (used) by financing
activities (28,884) (39,621) Capital expenditures Vessel sales
(purchases) net, including construction in progress - (13,896)
Drydocking or capitalized survey or improvement costs (11,730)
(596) Weighted average long-term debt 940,500 617,066 FLEET DATA
Total number of vessels at end of period 31 21 Average number of
vessels (2) 31.0 21.0 Total voyage days for fleet (3) 2,560 1,853
Total time charter days for fleet 2,163 1,397 Total spot market
days for fleet 397 456 Total calendar days for fleet (4) 2,821
1,911 Fleet utilization (5) 90.7% 97.0% AVERAGE DAILY RESULTS Time
charter equivalent (6) $27,649 $37,384 Direct vessel operating
expenses per vessel (7) 8,359 8,240 EBITDA (8) 13,117 13,291
------------------- Three Months Ended ------------------- June-09
June-08 ------- ------- EBITDA Reconciliation Net Income $7,279
$4,960 + Net interest expense 7,788 6,573 + Depreciation &
Amortization 21,935 13,866 ------ ------ EBITDA $37,002 $25,399
======= ======= ------- ----------- June-09 December-08 BALANCE
SHEET DATA, at end of period (unaudited) (Audited) -----------
--------- (Dollars in thousands) Cash $48,638 $104,146 Current
assets, including cash 80,363 141,703 Total assets 1,486,183
1,577,225 Current liabilities, including current portion of
long-term debt 82,968 88,392 Current portion of long-term debt - -
Total long-term debt, including current portion 940,500 990,500
Shareholders' equity 435,260 455,799 Six Months Ended June - 09
June - 08 (Unaudited) (Unaudited) ----------- ----------- INCOME
STATEMENT DATA (Dollars in thousands, except per share data) Voyage
revenues $172,575 $154,523 Voyage expenses (18,870) (24,285)
------- ------- Net voyage revenues 153,705 130,238 Direct vessel
expenses 46,563 30,822 Other expenses - - General and
administrative expenses 21,409 24,355 Depreciation and amortization
43,785 27,080 Loss on sale of vessels and equipment 144 1,095 ---
----- Operating income 41,804 46,886 Net interest expense 15,698
13,456 Other (income) expense (69) 15,560 --- ------ Net (Loss)
Income $26,175 $17,870 ======= ======= Basic (loss) earnings per
share $0.48 $0.46 Diluted (loss) earnings per share $0.47 $0.45
Weighted average shares outstanding, thousands 54,523 38,803
Diluted average shares outstanding, thousands 55,541 39,897 Six
Months Ended ---------------- June - 09 June - 08 (Unaudited)
(Unaudited) ----------- ----------- OTHER FINANCIAL DATA (dollars
in thousands) EBITDA (1) $85,658 $58,406 Net cash provided by
operating activities 56,842 52,478 Net cash provided (used) by
investing activities (4,481) (52,779) Net cash provided (used) by
financing activities (107,816) (2,105) Capital expenditures Vessel
sales (purchases) net, including construction in progress -
(47,400) Drydocking or capitalized survey or improvement costs
(14,282) - Weighted average long-term debt 948,787 601,857 FLEET
DATA Total number of vessels at end of period 31 21 Average number
of vessels (2) 31.0 20.8 Total voyage days for fleet (3) 5,259
3,599 Total time charter days for fleet 4,310 2,659 Total spot
market days for fleet 949 940 Total calendar days for fleet (4)
5,611 3,784 Fleet utilization (5) 93.7% 95.1% AVERAGE DAILY RESULTS
Time charter equivalent (6) $29,227 $36,187 Direct vessel operating
expenses per vessel (7) 8,299 8,145 EBITDA (8) 15,266 15,435 Six
Months Ended ---------------- June-09 June-08 ------- -------
EBITDA Reconciliation Net Income $26,175 $17,870 + Net interest
expense 15,698 13,456 + Depreciation & Amortization 43,785
27,080 ------ ------ EBITDA $85,658 $58,406 ======= ======= (1)
EBITDA represents net income plus net interest expense and
depreciation and amortization. EBITDA is included because it is
used by management and certain investors as a measure of operating
performance. EBITDA is used by analysts in the shipping industry as
a common performance measure to compare results across peers.
Management of the Company uses EBITDA as a performance measure in
consolidating monthly internal financial statements and is
presented for review at our board meetings. The Company believes
that EBITDA is useful to investors as the shipping industry is
capital intensive which often brings significant cost of financing.
EBITDA is not an item recognized by GAAP, and should not be
considered as an alternative to net income, operating income or any
other indicator of a company's operating performance required by
GAAP. The definition of EBITDA used here may not be comparable to
that used by other companies. (2) Average number of vessels is the
number of vessels that constituted our fleet for the relevant
period, as measured by the sum of the number of days each vessel
was part of our fleet during the period divided by the number of
calendar days in that period. (3) Voyage days for fleet are the
total days our vessels were in our possession for the relevant
period net of off hire days associated with major repairs,
drydockings or special or intermediate surveys. (4) Calendar days
are the total days the vessels were in our possession for the
relevant period including off hire days associated with major
repairs, drydockings or special or intermediate surveys. (5) Fleet
utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by calendar days for the relevant period. (6)
Time Charter Equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method
of calculating TCE is consistent with industry standards and is
determined by dividing net voyage revenue by voyage days. (7) Daily
direct vessel operating expenses, is calculated by dividing DVOE,
which includes crew costs, provisions, deck and engine stores,
lubricating oil, insurance and maintenance and repairs, by calendar
days for the relevant time period. (8) Daily EBITDA is total EBITDA
divided by total vessel calendar days. General Maritime
Corporation's Fleet As of July 29, 2009, General Maritime
Corporation's fleet was comprised of 31 wholly owned tankers,
consisting of 2 VLCC, 11 Suezmax, 12 Aframax 2 Panamax and 4
Products tankers, with a total carrying capacity of approximately
4.0 million deadweight tons, or dwt. The average age of the
Company's fleet as of June 30, 2009 by dwt was 9.1 years compared
to 8.9 years as of June 30, 2008. Currently, 8 of General Maritime
Corporation's Aframax tankers and 2 of its Suezmax tankers are
operating on the spot market. 68% of the Company's fleet,
consisting of 2 VLCC, 9 Suezmax, 4 Aframax, 2 Panamax, and 4
Products tankers are currently under time charter contracts,
compared to 68% of the fleet under time charter contracts as of
June 30, 2008. The table below outlines which vessels are on time
charter at what rate and when the contracts are set to expire.
Vessel Vessel Type Expiration Date Daily Rate (1) ------
----------- --------------- -------------- Genmar Agamemnon Aframax
December 1, 2009 $25,000 (2) Genmar Defiance Aframax December 25,
2009 $29,500 Genmar Princess Aframax October 24, 2009 $27,750
Genmar Strength Aframax August 20, 2009 $39,000 Stena Concept
Handymax July 4, 2011 (3) $17,942 (5) Stena Concord Handymax
November 10, 2009 $16,642 Stena Consul Handymax November 10, 2010
(3) $16,642 (4) Stena Contest Handymax July 4, 2011 (3) $17,942 (5)
Stena Companion Panamax November 10, 2009 $18,639 Stena Compatriot
Panamax November 10, 2010 (3) $18,639 (6) Genmar Argus Suezmax
January 6, 2010 $38,500 Genmar George T. Suezmax August 28, 2010
$39,000 Genmar Harriet G. Suezmax June 1, 2010 $38,000 Genmar Horn
Suezmax January 23, 2010 $38,500 Genmar Kara G. Suezmax June 1,
2010 $38,000 Genmar Orion Suezmax June 1, 2010 $38,000 Genmar
Phoenix Suezmax January 1, 2010 $38,500 Genmar Spyridon Suezmax
December 13, 2009 $38,500 Genmar St. Nikolas Suezmax February 7,
2011 $39,000 Stena Vision VLCC November 10, 2009 $37,316 Stena
Victory VLCC November 10, 2009 $37,316 (1) Before brokers'
commissions. (2) Genmar Agamemnon replaced Genmar Minotaur (3)
Charter end date excludes periods that are at the option of the
charterer (4) Rate increases to $16,964 per day commencing November
11, 2009 (5) Rate adjusts as follows: $18,264 per day from January
5, 2010 through January 4, 2011, $18,603 per day from January 5,
2011 through July 4, 2011 (6) Rate increases to $18,989 per day
commencing November 11, 2009 The Company's primary area of
operation is the Atlantic basin. The Company also currently has
vessels employed in the Black Sea and Far East to take advantage of
market opportunities and to position vessels in anticipation of
drydockings. Q2 2009 Dividend Announcement; New Dividend Policy The
Company's Board of Directors declared a Q2 2009 quarterly dividend
of $0.50 per share payable on or about September 4, 2009 to
shareholders of record as of August 21, 2009. Including the Q2 2009
dividend, General Maritime has declared cumulative quarterly and
special dividends of $21.49 per share. The Company also announced
that its Board of Directors has adopted a new dividend policy
commencing with the third quarter of 2009. Under the Company's new
dividend policy, the Company intends to declare quarterly dividends
with a target amount of $0.125 per share. The declaration of
dividends and their amount, if any, will depend upon the results of
the Company and the determination of the Board of Directors. Jeff
Pribor, Chief Financial Officer of General Maritime Corporation,
commented, "With a new $0.50 per share annual fixed dividend
target, the Board has focused on creating a visible and consistent
payout supported by the Company's current contracted revenue
stream. The adoption of our new dividend target is the result of
our Board's voluntary reassessment of our dividend policy based on
current market conditions. We believe it will enable General
Maritime to continue its tradition of distributing cash to
shareholders during a challenging market environment. By
implementing a more conservative payout ratio, we believe we have
also strengthened our financial flexibility to enter into future
value creating transactions and take advantage of strategic growth
opportunities. In accomplishing this critical long-term objective,
we intend to concentrate on transactions that have the potential to
further expand the earnings power of our modern high-quality fleet,
strengthen our industry leadership and create enduring value for
the Company and its shareholders." About General Maritime
Corporation General Maritime Corporation is a leading crude and
products tanker company serving principally within the Atlantic
basin, which includes ports in the Caribbean, South and Central
America, the United States, West Africa, the Mediterranean, Europe
and the North Sea. General Maritime also currently operates tankers
in other regions including the Black Sea and Far East. General
Maritime owns a fully double-hull fleet of 31 tankers - two V-MAX,
twelve Aframax, eleven Suezmax tankers, two Panamax and four
Product tankers - with a total carrying capacity of approximately
4.0 million dwt. All per share amounts presented throughout this
press release, unless otherwise noted, have been adjusted to
reflect the exchange of 1.34 shares of the Company's common stock
for each share of common stock held by shareholders of General
Maritime Subsidiary Corporation (formerly known as General Maritime
Corporation) in connection with the Arlington Tankers combination.
Conference Call Announcement General Maritime Corporation announced
that it will hold a conference call on Thursday, July 30, 2009 at
10:00 a.m. Eastern Daylight Savings Time to discuss its 2009 second
quarter financial results. To access the conference call, dial
(719) 325-4837 and enter the passcode 8944754. A replay of the
conference call can also be accessed until August 13, 2009 by
dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for
international callers, and entering the passcode 8944754. The
conference call will also be simultaneously webcast and will be
available on the Company's website,
http://www.generalmaritimecorp.com/. The Company intends to place
additional materials related to the earnings announcement,
including a slide presentation, on its website prior to the
conference call. "Safe Harbor" Statement Under the Private
Securities Litigation Reform Act of 1995 This press release
contains forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on management's
current expectations and observations. Included among the factors
that, in the Company's view, could cause actual results to differ
materially from the forward looking statements contained in this
press release are the following: loss or reduction in business from
the Company's significant customers; the failure of the Company's
significant customers to perform their obligations owed to us;
changes in demand; a material decline in rates in the tanker
market; changes in production of or demand for oil and petroleum
products, generally or in particular regions; greater than
anticipated levels of tanker newbuilding orders or lower than
anticipated rates of tanker scrapping; changes in rules and
regulations applicable to the tanker industry, including, without
limitation, legislation adopted by international organizations such
as the International Maritime Organization and the European Union
or by individual countries; actions taken by regulatory
authorities; actions by the courts, the U.S. Coast Guard, the U.S.
Department of Justice or other governmental authorities and the
results of the legal proceedings to which the Company or any of its
vessels may be subject; changes in trading patterns significantly
impacting overall tanker tonnage requirements; changes in the
typical seasonal variations in tanker charter rates; changes in the
cost of other modes of oil transportation; changes in oil
transportation technology; increases in costs including without
limitation: crew wages, insurance, provisions, repairs and
maintenance; changes in general domestic and international
political conditions; changes in the condition of the Company's
vessels or applicable maintenance or regulatory standards (which
may affect, among other things, the company's anticipated
drydocking or maintenance and repair costs); changes in the
itineraries of the Company's vessels; adverse changes in foreign
currency exchange rates affecting the Company's expenses and other
factors listed from time to time in the Company's filings with the
Securities and Exchange Commission, including, without limitation,
its Annual Report on Form 10-K for the year ended December 31, 2008
and its subsequent reports on Form 10-Q and Form 8-K. The Company's
ability to pay dividends in any period will depend upon factors
including applicable provisions of Marshall Islands law and the
final determination by the Board of Directors each quarter after
its review of the Company's financial performance. The timing and
amount of dividends, if any, could also be affected by factors
affecting cash flows, results of operations, required capital
expenditures, or reserves. As a result, the amount of dividends
actually paid may vary from the amounts currently estimated. THREE
MONTHS ENDED ------------------- V-Max VLCC June-09 June-08 %Change
From Prior Amount Amount Period % of Total for % of Total for
Period Period ---------- -------------- -------------- Net Voyage
Revenues 8,333 - $ 1,000's 12% 0% --------- -- - Average Daily TCE
46,039 - Time Charter Revenues 8,333 - $ 1,000's 12% 0% ---------
-- - Spot Charter Revenues - - $ 1,000's 0% 0% --------- - -
Calendar Days 182 - 6% 0% - - Vessel Operating Days 181 - 7% 0% - -
Capacity Utilization 99.5% 0.0% # Days Vessels on Time Charter 181
- 8% 0% - - # Days Vessels on Spot Charter - - 0% 0% - - Average
Daily Time Charter Rate 46,039 Average Daily Spot Charter Rate - -
Daily Direct Vessel Expenses 8,956 - (per Vessel) ------------
Average Age of Fleet at End of Period (Years) 8.1 - # Vessels at
End of Period 2.0 - 6% 0% - - Average Number of Vessels 2.0 - 6% 0%
- - DWT at End of Period 628 - 1,000's 16% 0% ------- -- - Suezmax
Fleet June-09 June-08 %Change From Prior Amount Amount Period % of
Total for % of Total for Period Period ---------- --------------
-------------- Net Voyage Revenues -10.6% 33,185 37,117 $ 1,000's
47% 54% --------- -- -- Average Daily TCE -4.1% 35,876 37,416 Time
Charter Revenues -1.8% 33,185 33,789 $ 1,000's 49% 67% --------- --
-- Spot Charter Revenues - 3,328 $ 1,000's 0% 18% --------- - --
Calendar Days 0.0% 1,001 1,001 35% 52% -- -- Vessel Operating Days
-6.8% 925 992 36% 54% -- -- Capacity Utilization -6.8% 92.4% 99.1%
# Days Vessels on Time Charter 2.1% 925 906 43% 65% -- -- # Days
Vessels on Spot Charter - 86 0% 19% - -- Average Daily Time Charter
Rate -3.8% 35,876 37,296 Average Daily Spot Charter Rate - 38,698
Daily Direct Vessel Expenses -2.3% 8,415 8,613 (per Vessel)
------------ Average Age of Fleet at End of Period (Years) 7.7 6.7
# Vessels at End of Period 0.0% 11.0 11.0 35% 52% -- -- Average
Number of Vessels 0.0% 11.0 11.0 35% 52% -- -- DWT at End of Period
0.2% 1,691 1,688 1,000's 44% 63% ------- -- -- Aframax Fleet
June-09 June-08 %Change From Prior Amount Amount Period % of Total
for % of Total for Period Period ---------- --------------
-------------- Net Voyage Revenues -41.1% 18,927 32,155 $ 1,000's
27% 46% --------- -- -- Average Daily TCE -44.5% 20,731 37,347 Time
Charter Revenues -4.9% 15,689 16,499 $ 1,000's 23% 33% --------- --
-- Spot Charter Revenues -79.3% 3,238 15,656 $ 1,000's 100% 82%
--------- --- -- Calendar Days 20.0% 1,092 910 39% 48% -- -- Vessel
Operating Days 6.0% 913 861 36% 46% -- -- Capacity Utilization
17.0% 83.6% 94.6% # Days Vessels on Time Charter 5.1% 516 491 24%
35% -- -- # Days Vessels on Spot Charter 7.3% 397 370 100% 81% ---
-- Average Daily Time Charter Rate -9.5% 30,405 33,602 Average
Daily Spot Charter Rate -80.7% 8,157 42,313 Daily Direct Vessel
Expenses 17.8% 9,221 7,830 (per Vessel) -------- Average Age of
Fleet at End of Period (Years) 12.8 12.8 # Vessels at End of Period
20.0% 12.0 10.0 39% 48% -- -- Average Number of Vessels 20.0% 12.0
10.0 39% 48% -- -- DWT at End of Period 21.4% 1,208 995 1,000's 31%
37% ------- -- -- THREE MONTHS ENDED ------------------- Panamax
June-09 June-08 %Change From Prior Amount Amount Period % of Total
for % of Total for Period Period ---------- --------------
-------------- Net Voyage Revenues 4,317 - $ 1,000's 6% 0%
--------- - - Average Daily TCE 24,390 - Time Charter Revenues
4,317 - $ 1,000's 6% 0% --------- - - Spot Charter Revenues - - $
1,000's 0% 0% --------- - - Calendar Days 182 - 6% 0% - - Vessel
Operating Days 177 - 7% 0% - - Capacity Utilization 97.3% 0.0% #
Days Vessels on Time Charter 177 - 8% 0% - - # Days Vessels on Spot
Charter - - 0% 0% - - Average Daily Time Charter Rate 24,390 -
Average Daily Spot Charter Rate - - Daily Direct Vessel Expenses
6,422 - (per Vessel) ------------ Average Age of Fleet at End of
Period (Years) 5.3 - # Vessels at End of Period 2.0 - 6% 0% - -
Average Number of Vessels 2.0 - 6% 0% - - DWT at End of Period 145
- 1,000's 4% 0% ------- - - Handymax June-09 June-08 %Change From
Prior Amount Amount Period % of Total for % of Total for Period
Period ---------- -------------- -------------- Net Voyage Revenues
6,017 - $ 1,000's 9% 0% --------- - - Average Daily TCE 16,531 -
Time Charter Revenues 6,018 - $ 1,000's 9% 0% --------- - - Spot
Charter Revenues - - $ 1,000's 0% 0% --------- - - Calendar Days
364 - 13% 0% -- - Vessel Operating Days 364 - 14% 0% -- - Capacity
Utilization 100.0% 0.0% # Days Vessels on Time Charter 364 - 17% 0%
-- - # Days Vessels on Spot Charter - - 0% 0% - - Average Daily
Time Charter Rate 16,534 - Average Daily Spot Charter Rate - -
Daily Direct Vessel Expenses 6,288 - (per Vessel) ------------
Average Age of Fleet at End of Period (Years) 4.8 # Vessels at End
of Period 4.0 - 13% 0% -- - Average Number of Vessels 4.0 - 13% 0%
-- - DWT at End of Period 190 - 1,000's 5% 0% ------- - - Total
Fleet June-09 June-08 %Change From Prior Period Amount Amount
---------- ------------ ---------- Net Voyage Revenues 2.2% 70,780
69,271 $ 1,000's --------- Average Daily TCE -26.0% 27,649 37,384
Time Charter Revenues 34.3% 67,542 50,288 $ 1,000's --------- Spot
Charter Revenues -82.9% 3,238 18,984 $ 1,000's --------- Calendar
Days 47.6% 2,821 1,911 Vessel Operating Days 38.2% 2,560 1,853
Capacity Utilization -6.4% 90.7% 97.0% # Days Vessels on Time
Charter 54.8% 2,163 1,397 # Days Vessels on Spot Charter -12.9% 397
456 Average Daily Time Charter Rate -13.3% 31,226 35,997 Average
Daily Spot Charter Rate -80.4% 8,157 41,633 Daily Direct Vessel
Expenses 1.4% 8,359 8,240 (per Vessel) ------------ Average Age of
Fleet at End of Period (Years) 9.1 8.9 # Vessels at End of Period
47.6% 31.0 21.0 Average Number of Vessels 17.5% 31.0 21.0 DWT at
End of Period 43.9% 3,862 2,683 1,000's ------- SIX MONTHS ENDED
V-Max VLCC June-09 June-08 % Change Amount Amount From Prior % of
Total % of Total Period for Period for Period Net Voyage Revenues
17,042 - $ 1,000's 11% 0% --------- -- - Average Daily TCE 47,208 -
Time Charter Revenues 17,042 - $ 1,000's 13% 0% --------- -- - Spot
Charter Revenues - - $ 1,000's 0% 0% --------- - - Calendar Days
362 - 6% 0% - - Vessel Operating Days 361 - 7% 0% - - Capacity
Utilization 99.7% 0.0% # Days Vessels on Time Charter 361 - 8% 0% -
- # Days Vessels on Spot Charter - - 0% 0% - - Average Daily Time
Charter Rate 47,208 - Average Daily Spot Charter Rate - - Daily
Direct Vessel Expenses 8,996 - (per Vessel) ------------ Average
Age of Fleet at End of Period (Years) 8.1 - # Vessels at End of
Period 2.0 - 6% 0% - - Average Number of Vessels 2.0 - 6% 0% - -
DWT at End of Period 628 - 1,000's 16% 0% ------- -- - Suezmax
Fleet June-09 June-08 % Change Amount Amount From Prior % of Total
% of Total Period for Period for Period Net Voyage Revenues -5.6%
68,314 72,360 $ 1,000's 44% 56% --------- -- -- Average Daily TCE
-3.3% 35,842 37,070 Time Charter Revenues 1.6% 67,190 66,161 $
1,000's 49% 70% --------- -- -- Spot Charter Revenues -81.9% 1,124
6,199 $ 1,000's 6% 17% --------- - -- Calendar Days 1.4% 1,991
1,964 35% 52% -- -- Vessel Operating Days -2.4% 1,906 1,952 36% 54%
-- -- Capacity Utilization 1.4% 95.7% 99.4% # Days Vessels on Time
Charter 3.5% 1,838 1,775 43% 67% -- -- # Days Vessels on Spot
Charter -61.6% 68 177 7% 19% - -- Average Daily Time Charter Rate
-1.9% 36,556 37,274 Average Daily Spot Charter Rate -52.8% 16,533
35,023 Daily Direct Vessel Expenses 2.5% 8,389 8,182 (per Vessel)
------------ Average Age of Fleet at End of Period (Years) 7.7 6.7
# Vessels at End of Period 0.0% 11.0 11.0 35% 52% -- -- Average
Number of Vessels 1.9% 11.0 10.8 35% 52% -- -- DWT at End of Period
0.2% 1,691 1,688 1,000's 44% 63% ------- -- -- Aframax Fleet
June-09 June-08 % Change Amount Amount From Prior % of Total % of
Total Period for Period for Period Net Voyage Revenues -17.0%
48,042 57,878 $ 1,000's 31% 44% --------- -- -- Average Daily TCE
-28.6% 25,074 35,141 Time Charter Revenues 12.1% 31,488 28,077 $
1,000's 23% 30% --------- -- -- Spot Charter Revenues -44.5% 16,554
29,801 $ 1,000's 94% 83% --------- -- -- Calendar Days 19.3% 2,172
1,820 39% 48% -- -- Vessel Operating Days 16.3% 1,916 1,647 36% 46%
-- -- Capacity Utilization -2.5% 88.2% 90.5% # Days Vessels on Time
Charter 17.1% 1,035 884 24% 33% -- -- # Days Vessels on Spot
Charter 15.5% 881 763 93% 81% -- -- Average Daily Time Charter Rate
-4.2% 30,423 31,761 Average Daily Spot Charter Rate -51.9% 18,790
39,057 Daily Direct Vessel Expenses 11.4% 9,032 8,106 (per Vessel)
------------ Average Age of Fleet at End of Period (Years) 12.8
12.8 # Vessels at End of Period 20.0% 12.0 10.0 39% 48% -- --
Average Number of Vessels 20.0% 12.0 10.0 39% 48% -- -- DWT at End
of Period 21.4% 1,208 995 1,000's 31% 37% ------- -- -- SIX MONTHS
ENDED Panamax June-09 June-08 % Change Amount Amount From Prior %
of Total % of Total Period for Period for Period Net Voyage
Revenues 8,322 - $ 1,000's 5% 0% --------- - - Average Daily TCE
23,641 - Time Charter Revenues 8,322 - $ 1,000's 6% 0% --------- -
- Spot Charter Revenues - - $ 1,000's 0% 0% --------- - - Calendar
Days 362 - 6% 0% - - Vessel Operating Days 352 - 7% 0% - - Capacity
Utilization 97.2% 0.0% # Days Vessels on Time Charter 352 - 8% 0% -
- # Days Vessels on Spot Charter - - 0% 0% - - Average Daily Time
Charter Rate 23,641 - Average Daily Spot Charter Rate - - Daily
Direct Vessel Expenses 6,548 - (per Vessel) ------------ Average
Age of Fleet at End of Period (Years) 5.3 - # Vessels at End of
Period 2.0 - 6% 0% - - Average Number of Vessels 2.0 6% 0% - - DWT
at End of Period 145 1,000's 4% 0% ------- - - Handymax % Change
June-09 June-08 From Prior Amount Amount Period % of Total % of
Total for Period for Period Net Voyage Revenues 11,985 - $ 1,000's
8% 0% --------- - - Average Daily TCE 16,554 - Time Charter
Revenues 11,985 - $ 1,000's 9% 0% --------- - - Spot Charter
Revenues - - $ 1,000's 0% 0% --------- - - Calendar Days 724 - 13%
0% -- - Vessel Operating Days 724 - 14% 0% -- - Capacity
Utilization 100.0% 0.0% # Days Vessels on Time Charter 724 - 17% 0%
-- - # Days Vessels on Spot Charter - - 0% 0% - - Average Daily
Time Charter Rate 16,554 - Average Daily Spot Charter Rate - -
Daily Direct Vessel Expenses 6,378 - (per Vessel) ------------
Average Age of Fleet at End of Period (Years) 4.8 - # Vessels at
End of Period 4.0 - 13% 0% -- - Average Number of Vessels 4.0 - 13%
0% -- - DWT at End of Period 190 1,000's 5% 0% ------- - - Total
Fleet % Change June-09 June-08 From Prior Amount Amount Period Net
Voyage Revenues 18.0% 153,705 130,238 $ 1,000's --------- Average
Daily TCE -19.2% 29,227 36,187 Time Charter Revenues 44.3% 136,027
94,238 $ 1,000's --------- Spot Charter Revenues -50.9% 17,678
36,000 $ 1,000's --------- Calendar Days 48.3% 5,611 3,784 Vessel
Operating Days 46.1% 5,259 3,599 Capacity Utilization -1.5% 93.7%
95.1% # Days Vessels on Time Charter 62.1% 4,310 2,659 # Days
Vessels on Spot Charter 1.0% 949 940 Average Daily Time Charter
Rate -10.9% 31,561 35,441 Average Daily Spot Charter Rate 23.1%
18,628 38,298 Daily Direct Vessel Expenses 1.9% 8,299 8,145 (per
Vessel) ------------ Average Age of Fleet at End of Period (Years)
9.1 8.9 # Vessels at End of Period 47.6% 31 21.0 Average Number of
Vessels 49.0% 31.0 20.8 DWT at End of Period 43.9% 3,862 2,683
1,000's ------- DATASOURCE: General Maritime Corporation CONTACT:
Jeffrey D. Pribor, Chief Financial Officer, General Maritime
Corporation, +1-212-763-5600 Web Site:
http://www.generalmaritimecorp.com/
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