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TheStreet Open House

General Maritime Corporation Completes Acquisition Of Seven Modern Tankers

Stocks in this article: GMR

NEW YORK, April 13, 2011 /PRNewswire/ -- General Maritime Corporation (NYSE: GMR) announced today that it has taken delivery of the Genmar Spartiate, a Suezmax newbuilding. The Genmar Spartiate is the final vessel to be delivered to the Company under General Maritime's agreement previously announced on June 9, 2010 to acquire five Very Large Crude Carriers (VLCCs) and two Suezmax newbuildings from companies affiliated with the Metrostar Management Corporation.

John P. Tavlarios, President of General Maritime Corporation, commented, "We are pleased to take delivery of the Genmar Spartiate and complete the seven-vessel Metrostar acquisition. This strategic transaction provides a number of important benefits for our Company. First, we have significantly expanded both the size of our fleet and future earnings power. Second, with the addition of five VLCCs and two Suezmaxes, broadened and diversified our service offering for customers. And finally, this acquisition, combined with our fleet modernization efforts in 2011, enables General Maritime to reduce the weighted average age of its fleet by approximately two years while growing overall tonnage capacity by 37 percent."

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 - seven VLCC, nine Aframax, twelve Suezmax tankers, two Panamax and one Product tanker - with a total carrying capacity of approximately 5.2 million dwt. The Company also has three Product tankers that are chartered-in with options to purchase the vessels. The Company controls tonnage totaling 5.3 million dwt, including the owned fleet and the chartered-in fleet.

"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 and include 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, 2010 and subsequent filings on Form 8-K.

SOURCE General Maritime Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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