General Maritime Signs Contract With LukOil

Friday, July 25, 2003
General Maritime Corporation has entered into a contract of affreightment (COA) agreement with LukOil, Russia's number one oil refinery. The contract gives General Maritime priority to perform a number of oil cargo liftings in three ports serving the Black Sea and Mediterranean regions. The ports are Novorossisk in Russia, Ceyhan in Turkey and Suspa in Georgia. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "We are very pleased to have further solidified our relationship with LukOil. The contract with LukOil demonstrates General Maritime's continued success in expanding its presence in one of the most important growth areas, the Black Sea. With the integration of the 19 vessels complete, we intend to look for opportunities to develop additional relationships in the Black Sea region as well as diversify our operations into other areas of expanding global oil production."
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