General Maritime to Sell Nine Tankers

Friday, February 10, 2006
General Maritime Corporation announced that it has agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The company expects to realize a net gain of $16.6 million from the sale. The company intends to utilize the proceeds to pay down debt, for corporate purposes which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by June 2006.

After the completion of the sale of these nine vessels and following the delivery of four Suezmax newbuildings expected between March 2006 and 2008, the average age of General Maritime's fleet will be reduced to 7.5 years. General Maritime also announced that upon delivery of the final of the nine OBO Aframax tankers, the Company plans to close its technical office located in Piraeus, Greece, operated by General Maritime Management (Hellas) Ltd. General Maritime will maintain its commercial office in London, operated by General Maritime Management (UK) LLC and its technical office in Lisbon, operated by General Maritime Management (Portugal) Lda. The Company will also retain its commercial and technical office in New York, General Maritime Management LLC.

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