Marine Link
Saturday, October 22, 2016

General Maritime Integrate Final Metrostar Vessels

June 4, 2003

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.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News