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