General Maritime Charters Six Double-Hull Vessels

Thursday, September 23, 2010

General Maritime Corporation (NYSE: GMR) announced that it has reached definitive agreements to enter into time charter contracts for six of its vessels with Trafigura, one of the world's leading international commodity traders that specializes in the oil, minerals and metals markets. Founded in 1993, Trafigura has 67 offices located in 44 countries throughout Europe, Africa, Asia, Australia, and North, Central and South America.

The six vessels under contract include the Genmar Hercules and the Genmar Atlas, both 2007-built VLCCs, the Genmar Argus and the Genmar Spyridon, both 2000-built Suezmax tankers, as well as the Genmar Defiance and the Genmar Daphne, both 2002-built Aframax tankers. Each of the six time charters, which are expected to commence on or around October 15, 2010, are for one year and come with a one-year optional period. These agreements represent approximately $60m in contracted revenue for the Company during the first year and up to approximately $66m in additional contracted revenue if each one-year option is exercised by the charterer.
 
John Tavlarios, President of General Maritime Corporation, commented, "We are pleased to significantly expand our time charter coverage by entering into these time charter contracts, with Trafigura, the third largest independent oil trader in the world with more than two million barrels of crude and oil products traded daily, and intend to build upon our initial relationship. These agreements are consistent with General Maritime's flexible deployment strategy that provides shareholders with sizeable fixed revenue streams while maintaining the ability to benefit from future rate increases. With this transaction we will have approximately 40% of our 2011 operating days booked on time charters totaling approximately $130 million in contracted revenue for 2011, assuming all the options are exercised. With a large portion of our modern double-hull fleet secured on time charters with high-quality counterparties, General Maritime remains well positioned to achieve stable financial results."

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Vessels

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Imtech Marine Nav/Com Partner for Groen OSV

The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam,

Chloropac Anti-Fouling Selected for Largest Decommissioning Vessel

Allseas Group S.A., a global offshore pipe installation and subsea construction company, has selected Evoqua Water Technologies’ Chloropac electrochlorination system

People in the News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

ClassNK Head Attends KOTC Delivery Ceremony

Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1996 sec (5 req/sec)