General Maritime Integrate Final Metrostar Vessels
General Maritime Corporation has received delivery and successfully integrated into its fleet the last 2 of the 19 tankers acquired from Metrostar Management Corporation. The Genmar Princess and Genmar Progress were received on May 27, 2003 and May 29, 2003, respectively.
Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, stated, "I am extremely pleased with the successful and rapid integration of the Metrostar vessels into our fleet. The effective integration of the 19 tankers has enabled General Maritime to immediately deploy the vessels in a strong market and contribute, as planned, to the Company's earnings and cash flow for the second quarter and beyond."
With the completion of the Metrostar vessel acquisition, General Maritime has become the second largest mid-sized tanker owner and operator in the world with a fleet of 46 tankers consisting of 27 Aframax and 19 Suezmax tankers. The Metrostar vessel acquisition provides General Maritime with an additional 2.7 million deadweight tons. The combined fleet has a total of 5.5 million deadweight tons and an average age of 11.4 years as of May 31, 2003.