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. With this contract, General Maritime continues to position the company to enhance shareholder value as we further penetrate areas of expanding global oil production, solidify our leadership in the Atlantic Basin and enhance our already strong utilization rates." Since the beginning of 2004, General Maritime has already confirmed liftings for Shell International Trading and Shipping Company Limited under the contract.
John P. Tavlarios, President of General Maritime Management
LLC, commented, "We continue to realize the benefits of operating the second largest mid-sized tanker fleet and are pleased to have further strengthened our relationship with Shell. We intend to continue to take advantage of the Company's leadership position and seek opportunities to sign additional COA's in the future that add enduring value to the company."