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Peter C Georgiopoulos News

14 Oct 2016

Genco Shipping Chairman Resigns

Genco Shipping & Trading Limited announced that Peter C. Georgiopoulos has resigned from his role as Chairman of the Board, effective immediately. Arthur L. Regan has been elected as Interim Executive Chairman. Georgiopoulos said, “With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market. As the Company begins this new chapter, I have decided to pursue other opportunities. Arthur L. Regan has served as a director of Genco since February 17, 2016. Regan is currently an Operating Partner with Apollo Investment Consulting LLC (together with Apollo Global Management, LLC and its other subsidiaries, Apollo). Since 2010, Mr.

09 Apr 2015

Genco Shipping & Trading to Acquire Baltic Trading

Genco Shipping & Trading Limited and its subsidiary Baltic Trading Limited has announced that they have entered into a definitive merger agreement under which Genco will acquire Baltic Trading in a stock-for-stock transaction. Under the terms of the agreement, Baltic Trading will become an indirect wholly-owned subsidiary of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock they own at closing, with fractional shares to be settled in cash. Upon consummation of the transaction, Genco shareholders are expected to own approximately 84.5 percent of the combined company and Baltic Trading shareholders are expected to own approximately 15.5 percent of the combined company.

18 Nov 2014

Genco Names Wobensmith President

Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date. Buchanan has served as President of Genco since June 2005. "John's appointment as President represents the significant contributions he has made to Genco since joining the Company close to a decade ago as well as his deep knowledge of the drybulk industry," said Peter C. Georgiopoulos, Chairman of the Board. "John has played a critical role in strengthening Genco's prospects and I am confident that under his leadership the Company is poised to both further strengthen its standing in the drybulk industry and create long-term shareholder value.

27 Jun 2010

Genco to Acquire 16 Supramax Vessels

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has entered into an agreement with Bourbon SA to acquire 16 Supramax vessels, including two newbuildings, from Setaf SAS, a wholly owned subsidiary of Bourbon SA, for an aggregate purchase price of $545m. The acquisition is subject to the completion of customary documentation and closing conditions. Genco intends to retain 13 of the vessels, 12 of which are expected to be delivered to Genco in the third quarter of 2010, with the remaining vessel scheduled to be delivered in the first quarter of 2011. Six of these 13 vessels are secured on time charters with remaining durations between approximately one month and 54 months. The transfer of these time charters to Genco is subject to the charterers' consent.

21 Nov 2008

Aegean Appoints New Director

Marine Petroleum Network Inc. (NYSE:ANW) announced that it has named George J. Konomos to its Board of Directors. With the appointment of Mr. Konomos, who will serve as Chairman of the Company's Audit Committee, Aegean will have a total of seven Directors, of which the majority remain independent. Mr. Konomos, 69, has approximately 35 years of financial experience. Currently, he is a Senior Advisor with Latigo Partners L.P., an alternative asset manager and serves on the Board of Directors for General Maritime Corporation. From 2000 to 2005, Mr. Konomos was the Co-Portfolio Manager at Mellon-HBV Rediscovered Opportunities Fund. Mr. Konomos' experience prior to joining Mellon-HBV includes 11 years as an Investment Manager at Baker Nye Investments…

15 Apr 2008

Georgiopoulos Launches Green Maritime Partners

Peter C. Georgiopoulos launched Green Maritime Partners, LLC (GMP), a private equity fund targeting environmentally sustainable investments within the maritime and clean energy sectors. “Environmental reform in the maritime industry is becoming a critical issue. GMP also intends to fund promising projects in the clean energy area outside of the maritime industry. I am proud to be part of this important initiative,” said Georgiopoulos, Founder and Chairman, Green Maritime Partners. GMP will combine investment professionals with advisory teams in the maritime and clean energy sectors. In the maritime industry, Green Maritime Partners’ will fund businesses dedicated to emissions reduction, energy efficiency, environmental remediation and other sensitive issues.

25 Sep 2003

General Maritime Signs Time Charter Contracts

General Maritime Corporation has signed two-year time charter contracts, with a trading company, for up to nine of its Aframax OBO Vessels (combination vessels which can perform both wet and dry trades). The initial time charter contracts are for four of the Company's Aframax OBO vessels. The contracts for the four vessels will provide net voyage revenue to General Maritime in the first year of approximately $28 million, and could provide an additional $28 million in the second year through the exercising of the charterer's option. If the charterer does not exercise the option, General Maritime has the option to extend the time charter for an additional year, which would generate net voyage revenue of approximately $22.5 million.

27 Oct 2003

General Maritime Announces Exercising of Three Time Charter Options On Aframax OBO Vessels

General Maritime Corporation today announced that a leading international trading company has exercised its option to time charter three additional Aframax OBO vessels for two years. The contracts for the these three vessels will provide net voyage revenue to General Maritime in the first year of approximately $21 million and could provide an additional $21 million in the second year through the exercising of the charterer's option. If the charterer does not exercise the option, General Maritime has the option to extend the time charter for an additional year, which would generate net voyage revenue of approximately $17 million. The time charters for these three vessels will commence upon delivery of the vessels, expected to occur between November 2003 and February 2004. Peter C.

08 Jan 2004

General Maritime Signs Contract With Shell International

General Maritime Corporation entered into a contract of affreightment (COA) agreement with Shell International Trading and Shipping Company Limited (STASCO), the principal trading and shipping business of the Royal Dutch/Shell Group. The contract gives General Maritime the opportunity to transport STASCO oil cargos for its Aframax and Suezmax fleet in the Western Hemisphere. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "General Maritime's success at signing this agreement with Shell underscores the quality of the company's fleet and operations as well as its leadership position in the mid-sized tanker industry.

14 Jul 2004

General Maritime Sells Four Single-Hull Vessels

General Maritime Corporation has sold four single-hull vessels. The Harriet (1989-built Suezmax) is being sold to Tanker Pacific and is expected to be delivered in mid-August. The Transporter (1989-built Suezmax), the Centaur (1990-built Suezmax) and the Traveller (1990-built Suezmax) are being sold en bloc to Frontline Ltd. Delivery of these three vessels is expected to take place between August 15 and September 15, 2004. The company expects to realize a net gain of approximately $8.5 million in the third quarter of 2004 from the sale of the four vessels. The company expects depreciation expense to fall by approximately $3.3 million per quarter through 2005 and $2.5 million per quarter thereafter. Peter C.

19 Aug 2004

General Maritime Corporation Appoints Pribor as CFO

General Maritime Corporation announced that it has appointed Jeffrey D. Chief Financial Officer. Mr. 1, 2004. Mr. Vice President, Chief Administrative Officer, Treasurer and Secretary. Peter C. stated, "We are delighted to welcome Jeff to General Maritime. as a premier tanker company. Mr. markets, shipping and legal experience. Mr. the bank's shipping, offshore, logistics and energy clients. Mr. ABN AMRO Inc. America. Prior to that, Mr. Transportation and Logistics Investment Banking for ING Barings. of Milbank, Tweed, Hadley and McCloy. Mr. and Political Science from Yale University. from Columbia University. Mr. reputation for delivering strong results to both shareholders and customers. disciplined manner.

03 Feb 2005

Global Shipping Forces Converge in NY

Globalization of shipping will be the theme of the 11th annual Hellenic-American and Norwegian-American annual conference. Entitled “Shipping without Borders: Has National Identity Become Irrelevant?”, the conference will be held on Thursday, February 10th at the New York Helmsley Hotel starting at 0815 with conference registration.. The conference will explore developments and shifts in the international maritime community, and how they relate to doing business in America. Comparative Greek and Norwegian perspectives on identity…

04 Nov 2005

General Maritime to Sell Aframax Tankers

General Maritime Corporation will sell six double-sided Aframax tankers en bloc to Seatankers Management Co. Ltd., Cyprus for $127.5 million. The Company also announced that it has agreed to sell the Genmar Commander, a 1989-built single-hull Aframax vessel, to Polembros of Greece for $18.5 million. The Company expects to realize a net gain of $22.5 million from the sales. The Company intends to utilize the proceeds to pay down debt and for corporate purposes which may include share repurchases; therefore the proceeds will be excluded in the calculation of the dividend for the applicable quarters. Deliveries of the six double-sided vessels are expected to take place from November 2005 thru January 2006. Delivery of the Genmar Commander is expected to take place late November 2005. Peter C.

25 Jul 2003

General Maritime Signs Contract With LukOil

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.

30 Jan 2003

General Maritime to Acquire Tankers

General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery. The Company intends to finance the acquisition through the use of cash on hand and the reserve borrowing power from its existing credit facilities as well as the incurrence of additional bank debt for which it has not yet entered into binding arrangements. Peter C.

04 Jun 2003

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. 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.

02 May 2003

General Maritime Corporation Appoints New CFO

General Maritime Corporation announced that it has appointed William "Bill" Viqueira as its new Chief Financial Officer. Mr. Viqueira is expected to join General Maritime on Monday May 5, 2003 and will replace James Christodoulou, who will leave the Company to pursue other interests. Mr. Christodoulou is expected to remain as a consultant with the Company in order to assist with the transition. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, stated, "We are extremely pleased to have Bill join General Maritime. His extensive financial management and strategic planning experience will benefit General Maritime as we continue to grow and further enhance our leadership as a world-class tanker company.

24 Apr 2003

General Maritime Announces First Quarter Results

General Maritime Corporation reported its financial results for the first quarter 2003. prior year period. 36,964,770 for the first quarter 2003 and 37,000,000 for the prior year period. Peter C. making. materially increase our Company’s profit potential going forward. only 2.6% or 68 days out of a total of 2,586 calendar days for our fleet this past quarter. the prior year period. the prior year period. during the prior year period and were stronger than the fourth quarter 2002. million for the prior year period. period. compared to the prior year period. million compared to $19.1 million for the prior year period. Adjusted EBITDA and EBITDA to net income below. comparison. average tanker spot market rates for the first quarter 2003 compared to the prior year period.

19 Oct 2005

General Maritime Corporation Announces Sale of Vessels

double-sided Suezmax vessels en bloc to Tanker Pacific for $294.5 million. these ten vessels. dividend for the applicable quarters. to take place between November 2005 and January 2006. Peter C. Company to further unlock shareholder value. further strengthens our balance sheet. with an average age of approximately 15.5 years. ten years and its percentage of double-hull vessels will be increased to 81%. October 27, 2005 at 8:30 a.m. the third quarter of 2005. dividend with the announcement of its third quarter results.