John Tavlarios News

General Maritime Corporation (NYSE: GMR) reported its financial results for the three and nine months ended September 30, 2010. The Company recorded a net loss of $26.0 million or $0.30 basic and $0.30 diluted loss per share for the three months ended September 30, 2010 compared to net income of $14.8 million or $0.27 basic and $0.27 diluted earnings per share for the three months ended September 30, 2009. The decrease in net income was primarily the result of a 31.9% decrease in TCE to $19,109 per day for the three months ended September 30, 2010 compared to $28,077 per day for the prior year period, as well as a $13.6 million increase in net interest expense to $21.4 million for the three months ended September 30, 2010 compared to $7.7 million for the prior year period.

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.

General Maritime Corporation (NYSE:GMR) reported its financial results for the three and six months ended June 30, 2010. The company recorded a net loss of $14.3 million or $0.25 basic and $0.25 diluted loss per share for the three months ended June 30, 2010 compared to net income of $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009. The decrease in net income was primarily the result of an 18.1% decrease in TCE to $22,633 per day for the three months ended June 30, 2010 compared to $27,649 per day for the prior year period, as well as an $11.2 million increase in net interest expense to $19.0 million for the three months ended June 30, 2010 compared to $7.8 million for the prior year period.

General Maritime Corporation (NYSE:GMR) reported its financial results for the three months ended March 31, 2010. The company recorded a net loss of $9.1 million or $0.16 basic and $0.16 diluted loss per share for the three months ended March 31, 2010 compared to net income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009. The decrease in net income was primarily due to a 21% decrease in our fleet TCE compared to the prior year period, as well as increased direct vessel operating expenses relating to the $1.1 million write-offs of certain insurance claims not deemed to be collectible for the three months ended March 31, 2010.

General Maritime Corporation (NYSE:GMR) reported its financial results for the three and six months ended June 30, 2009. Excluding other expense, the company recorded net income of $7.7 million or $0.14 basic and $0.14 diluted earnings per share for the three months ended June 30, 2009 compared to $20.0 million or $0.52 basic and $0.50 diluted earnings per share for the three months ended June 30, 2008. The decrease in net income excluding other expense was principally the result of lower Time Charter Equivalent rates or TCE realized in the current quarter versus the prior year period as well as lower utilization primarily due to drydocking.

On Feb. 25, General Maritime Corporation (NYSE:GMR) reported its financial results for the three months and full year ended December 31, 2008. Excluding the $3.2m of other gain and $34m in compensation accruals in connection with the company's executive transition plan as well as litigation costs in connection with the Genmar Defiance, the company recorded net income of $19.3m or $0.47 basic and $0.45 diluted earnings per share for the three months ended December 31, 2008. Net loss was $11.5m or $0.28 basic and $0.28 diluted loss per share, for the three months ended December 31, 2008, compared to net income of $5.2m, or $0.13 basic and $0.13 diluted earnings per share, for the three months ended December 31, 2007.

General Maritime Corporation and Arlington Tankers Ltd. jointly entered into a definitive agreement whereby the two companies will combine in a stock- for-stock combination. Under the terms of the definitive agreement, approved unanimously by the Boards of Directors of both General Maritime and Arlington Tankers, shareholders of General Maritime will receive 1.340 shares of the combined company for each share of General Maritime held, and shareholders of Arlington Tankers will receive one share of the combined company for each share of Arlington Tankers held. The combination will create a leading publicly traded tanker company. The combined company, to be named General Maritime Corporation, will be headquartered in .