John P Tavlarios News

General Maritime Corporation (NYSE: GMR) today reported its financial results for the three months ended March 31, 2011. Excluding the $3.3 million non-cash loss relating to the disposal of vessels and vessel equipment as well as the $1.8 million impairment of goodwill and $0.1 million other income, the Company recorded a net loss of $26.5 million or $0.31 basic and $0.31 diluted loss per share for the three months ended March 31, 2011, compared to net loss of $9.3 million or $0.17 basic and $0.17 diluted loss per share for the three months ended March 31…

General Maritime Corporation (NYSE: GMR) announced today that it has completed the syndication of an Amendment of its 2005 revolving credit facility of $550 million and $200 million payment-in-kind toggle floating rate secured notes ("Secured Notes") with Oaktree Capital Management L.P. ("Oaktree"). Together, the Secured Notes and the amended revolving credit facility are expected to enable the Company to improve its liquidity and operational flexibility, while reducing its near-term cash requirements.

General Maritime Corporation (NYSE: GMR) announced that it has completed the sale of the Genmar Princess, a 1991-built Aframax tanker, to an unaffiliated third party, generating net proceeds of $7.5m. The Company also announced it has entered into an agreement to sell the Genmar Gulf, a 1991-built Suezmax tanker, in a separate transaction with another unaffiliated third party. The sale of the Genmar Gulf is expected to generate net proceeds of $11m and close by February 28, 2011. The Company intends to use net proceeds from the sale of both vessels, which are expected to total approximately $18.5m, to pay down debt under the Company's $750m revolving credit facility.

General Maritime Corporation (NYSE: GMR) announced that it has entered into memoranda of agreement to sell three product tankers, the 2004-built Genmar Concord, the 2005-built Stena Concept and the 2005-built Stena Contest, to affiliates of Northern Shipping Fund Management Bermuda, Ltd., an alternative capital provider to the shipping and offshore oil service sectors. General Maritime will receive net proceeds totaling $61.7m for the sale of the three vessels. The sale will fulfill the requirement under the amended bridge loan, which is expected to be repaid in the current first quarter of 2011. The sale is subject to the leaseback of the vessels under bareboat charters to be entered into with the purchasers for a period of seven years at a rate of $6…

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.

United Overseas Tankers Ltd. (UOT), a General Maritime Corporation wholly-owned subsidiary, has entered into a alliance with Columbia Shipmanagement Ltd. to provide crew management services for all of General Maritime's vessels. The alliance will be named United Overseas Columbia Crewing Ltd. (UOCC) and will be responsible for such services as crew recruitment, training, payroll and quality control management. John P. Tavlarios, President and Chief Executive Officer of General Maritime Management LLC, commented, "The formation of United Overseas Columbia Crewing Ltd. is a further extension of our commitment to maintaining operational excellence. Through the relationship with Columbia Shipmanagement Ltd.