Genmar News

Belgium-based international shipping enterprise Euronav NV  has sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for USD 6.75 million. This was only remaining product tanker.According to a press note from the tanker company engaged in the ocean transportation and storage of crude oil, the will sale record a capital gain of approximately USD 0.4million in the second quarter.The LR1 Genmar Compatriot joined the Euronav fleet as part of the Gener8 merger in June 2018 and was always a non-core asset to the Company.With this LR1 being sold, Euronav’s owned and operated fleet consists of 72 top segment vessels: 2 ULCCs, 43 VLCCs, 25 Suezmaxes and 2 FSO vessels (both owned in 50%-50% joint venture).Euronav employs its fleet both on the spot and period market.

Marcia Kull has been named President of Torqeedo Group, Inc., and will direct global sales and strategy for the electric and hybrid marine propulsion systems manufacturer. Kull will oversee Torqeedo’s growth activities in the Americas, EMEA and Asia-Pacific regions. The newly created position is an expansion of the current management team. She will assume her new role on May 1, 2017. Kull joins Torqeedo from Volvo Penta of the Americas, where she was most recently Vice President, Marine Sales.

Vessel sales for July 2016 (as of August 1) as prepared by Shipping Intelligence, Inc., New York.

Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share, for the three months ended June 30, 2016, a 91% increase compared to $19.9 million for the same period in the prior year. The Recorded adjusted net income of $42.0 million, or $0.51 basic and diluted adjusted earnings per share, for the three months ended June 30, 2016, a 16.8% increase in adjusted net income compared to $35.9 million for the same period in the prior year. Increased net voyage revenue (which are voyage revenues of $105.9 million less voyage expense of $4.2 million) by $22.1 million…

The United States has started to import small batches of Colombia's Puerto Bahia heavy crude, an unusual development that underscores at least a temporary shift in the type of heavy oil flowing into U.S. refineries. Typically, U.S. refineries have received their heavy oil from Canada, Venezuela and Mexico. But shipments of those grades have been limited by Canada wildfires, and slipping output in Mexico and Venezuela. The first shipment of the Colombian heavy crude arrived at Lake Charles, Louisiana in February co-loaded with Vasconia crude for refiner Phillips 66, followed by a 260,000-barrel cargo in March for the same customer, according to sources and data available from the U.S. Energy Information Administration.

Vessel sales for September 2015 (as of October 1) as prepared by Shipping Intelligence, Inc., New York.

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canada's biggest oil company Suncor have lined up ships to take at least 10 million barrels of West African crude to North America, ship brokers say, with freight bookings and tanker tracking also showing the moves. The move reinvigorates a trade that had been largely shut off by the U.S.

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canadian's biggest oil company Suncor have all lined up ships to take at least 10 million barrels of West African crude to North America, ship brokers say, with freight bookings and tanker tracking also showing the moves. The move reinvigorates a trade that had been largely shut off by the U.S. shale boom, as West African barrels that used to be imported to the United States were some of the first to be pushed out by soaring output in Texas and North Dakota. While U.S.

A tanker chartered by Canada's Suncor Energy Inc to ship oil sands crude from Quebec to the U.S. Gulf Coast was expected to receive replacement parts on Friday, enabling it to resume its journey, a Transport Canada spokeswoman said. The aframax tanker Genmar Daphne will be the second tanker of Western Canadian heavy crude that Suncor has shipped from the port of Sorel-Tracy on Quebec's St. Lawrence river. However, further shipments are unlikely in the current price environment, a market source said. Shrinking differentials between Western Canada Select heavy blend and U.S. crude futures mean netbacks - the price received by producers minus the cost of getting the product to market - have been severely squeezed. The Genmar Daphne has been anchored in the St.

3/26 - MAEMI II - 19,871 - 08 (6) - $28. Prepared by Shipping Intelligence, Inc., New York.

Listed are vessel sales for October 2013 as prepared by Shipping Intelligence, Inc., New York. 10/14/13 - C.P.

Clay Maitland, Chairman of the North American Marine Environment Protection Association (NAMEPA), announces two major events. NAMEPA’s Environmental Intelligence in Maritime Conference, will feature “Greening the Marine Transportation System”, “The Arctic”, “Safety at Sea” and “Corporate Risk Management”. This conference, with NAMEPA's fifth anniversary in mind, will be held on 14, November 2012, and is to be followed by NAMEPA’s 2012 Marine Environment Protection Awards honoring Maersk, NOAA, SUNY Maritime College, and the American Salvage Association (ASA).

Fendercare Marine provide first ship to ship transfer operation off Ireland. Norfolk based Fendercare Marine completed the first ship to ship (STS) transfer off the coast of Belfast last week. The operation was unusually requested by the owners of Genmar Companion following a discovery of a crack in the deck of the vessel en route from Rotterdam to New York. The Genmar Companion had sheltered off Copeland Islands since 16 December having been refused entry into Cork to conduct the repairs necessary to the deck.

OW Bunker announced the appointment of Andrew Ananiev as Sales Manager. The move is part of a strategic focus to further strengthen the Group’s presence in the growing BRIC (Brazil, Russia, India and China) countries. Andrew Ananiev has many years of experience within the maritime sector, including extensive operational experience with a number of ship owners, including Genmar. His most recent role before joining OW Bunker was with Ukrainian shipowner Ukkrichflot. He also holds a Masters Degree in Marine Transportation. Ananiev will be based in OW Bunker’s headquarters in Aalborg, Denmark, where he will head up a dedicated team serving OW Bunker’s customers in the Russian market.

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 (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) announced that a jury in the Southern District of Texas federal court returned guilty verdicts against two vessel officers of the Genmar Defiance, one of the company's wholly-owned Aframax vessels, and GMM Portugal, a subsidiary of the company, on two counts for violating the Act to Prevent Pollution from Ships and 18 USC 1001, respectively, in connection with an investigation and trial previously reported by the company relating to potential failures by shipboard staff to properly record discharges of bilge waste during the period of November 24, 2007 through November 26, 2007. The company intends to appeal the guilty verdicts and to make motions for a judgment of acquittal and a new trial.

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.

A federal judge in Corpus Christi, Texas, has sentenced General Maritime Management (Portugal), the operator of a fleet of tanker vessels, and two crewmembers of the motor tanker Genmar Defiance for making false statements to the U.S. Coast Guard and failing to maintain an accurate Oil Record Book designed to prevent pollution of the world's oceans as required by United States and international law, the Justice Department announced. The court sentenced General Maritime Management (Portugal) LDA, on March 13, to pay a $1m fine. In addition, the company was sentenced to serve five years of probation. Special conditions of the probation require the company to rehire the whistleblowers if they reapply for employment…

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.