Arlington Tankers News

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

Genco Shipping & Trading Limited announced that Peter C. Georgiopoulos has resigned from his role as Chairman of the Board, effective immediately. Arthur L. Regan has been elected as Interim Executive Chairman. Georgiopoulos said, “With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market. As the Company begins this new chapter, I have decided to pursue other opportunities. Arthur L. Regan has served as a director of Genco since February 17, 2016. Regan is currently an Operating Partner with Apollo Investment Consulting LLC (together with Apollo Global Management, LLC and its other subsidiaries, Apollo). Since 2010, Mr.

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 (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime. Arlington shareholders are entitled to receive one share of General Maritime common stock for each share of Arlington common stock they held immediately prior to the effective time of the combination…

's Board of Directors has declared a cash dividend of $0.57 per share. The dividend is payable on November 4, 2008 to shareholders of record at the close of business on October 31, 2008. The additional charter hire earned during the third quarter of 2008 was derived from profit sharing arrangements under the time charters of the Company's V-MAX, Panamax and Product tankers. Of the $1.2 million in additional charter hire, $700,000 was attributed to profit sharing for the two V-MAX vessels. The remaining $500,000 was attributed to additional charter hire from the Company's two Panamax tankers. For these two vessels, the average time charter equivalent rates under the Company's profit sharing agreements over the preceding twelve months were in excess of contractual minimum levels.

General Maritime and Arlington Tankers have received approval from U.S. antitrust officials to merge, reports said.. The two companies had said on Aug 6 that they had agreed to merge in a stock-for-stock combination that would form an oil tanker company with an enterprise value of $2b. The FTC announced the approval in a listing that it puts out several times a week. Under the terms of the deal, General Maritime shareholders will receive 1.34 shares of the combined company for each share held while shareholders of Arlington Tankers will receive one share of the combined company for each share owned, the companies said in early August. Source: Reuters

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 .

Arlington Tankers Ltd. reported an increase in second quarter profit helped by a $7.3 million unrealized gain, even as revenue decreased from the prior year. The company declared a dividend for the quarter. Second quarter net income for , Bermuda-based increased 35% to $11.52 million or $0.74 per share from $8.53 million or $0.55 per share from the same quarter a year ago. The company recorded a gain on interest rate swap of $7.28 million in the second quarter of 2008.

Arlington Tankers announced financial results for the second quarter ended June 30, 2008. For the quarter ended June 30, 2008, the company’s total revenues were $17.4m, consisting of $16.5m in basic vessel charter hire and $900,000 in additional charter hire that the company received under its profit sharing arrangements. On the basis of the second quarter results, ’s Board of Directors has declared a cash dividend of $0.56 per share. The dividend is payable on August 5, 2008 to shareholders of record at the close of business on August 1, 2008. The additional charter hire earned during the second quarter of 2008 was derived from profit sharing arrangements under the time charters of the Company’s V-MAX, Panamax and Product tankers.

Arlington Tankers Ltd. (NYSE: ATB) said that it is engaged in a process to review and evaluate strategic alternatives to enhance shareholder value. These alternatives may include any of the following transactions: the purchase of another company; the sale of the Company; a merger of the Company; other strategic transactions; or the continued execution of the Company’s current operating plan. Arlington has retained Jefferies & Company, Inc. as its financial advisor in connection with this process. The Company currently has no commitments or agreements with respect to any particular transaction and noted that there can be no assurance that its review of strategic alternatives will result in any transaction.

Stena's exercise of the one-year options for the Panamax tanker, Stena Companion, and for the Product tanker, Stena Concord, extends the terms of the charters for these vessels to November 10, 2009. Stena continues to have the option to extend these charters on a vessel-by-vessel basis for two additional one-year terms. With respect to the Stena Companion, effective November 11, 2008, the basic charter rate will increase to $18,639 per day for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,989 per day through November 10, 2009. With respect to the Stena Concord, effective November 11, 2008, the basic charter rate will increase to $16…

Arlington Tankers Ltd. (ATB), a sea borne transporter of crude oil and petroleum products, announced first quarter financial results, reporting a net loss, reversing a profit in the year-ago quarter. The , Bermuda-based company's first quarter non-GAAP net income declined to $4.64m or $0.30 per share from $4.93 million or $0.32 per share in the same quarter a year ago. On an average, four analysts polled by First Call/Thomson Financial estimated the company to earn $0.29 per share for the quarter. Net loss for the quarter was $2.48 million or $0.16 per share, compared to net income of $3.85 million or $0.25 per share in the prior year quarter.

Diana Shipping on Tuesday filed to sell 12.375 million shares at $15-$17 each in a bid to raise up to $210 million in its initial public offering. It's the latest in a series of shipping companies to float shares in the U.S. market. Based in the Marshall Islands and Athens, Greece, Diana Shipping is going public via underwriter Bear Stearns. The operator of dry ships that transport iron ore, grain and coal plans to trade on the New York Stock Exchange under the symbol DSX. On Feb. 3, DryShips (DRYS, Trade) shares rose 12 percent over their $18 offering price in their debut in Wall Street's most recent shipping IPO. The stock is trading near $23. IPOs from Arlington Tankers (DRYS, Trade), Top Tankers (TOPT, Trade) and Hornbeck Offshore (HOS, Trade) have also kicked off in the past year.

Overseas Shipholding Group, Inc. appointed veteran shipping executive Mats Berglund as Senior Vice President to lead OSG's Crude Transportation Strategic Business Unit. In this newly created role, he will be responsible for OSG's VLCC, Aframax and Panamax tanker operations. Berglund will relocate to the United States and be based out of OSG's corporate headquarters in New York City, New York. Morten Arntzen, President and CEO of OSG said, "Mats' broad shipping experience, leadership, financial acumen, innovation and ability to develop strong customer, business and governmental relationships is exceptional." Mr. Mats Berglund commented, "I am very excited to join OSG, an industry leader with world class operations and financial strength. Since 2002, Mr.

Arlington Tankers Ltd. (NYSE: ATB) announced financial results for the third quarter and the nine months ended September 30, 2007. For the quarter ended September 30, 2007, the Company's total revenues were $17.5m, consisting of $16.5m in basic vessel charter hire and $1.0m in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The additional charter hire earned during the third quarter of 2007 was derived from profit sharing arrangements under the time charters of the Company's V-MAX, Panamax and Product vessels.

Arlington Tankers Ltd. said that Arthur L. Regan has informed the Company that he intends to step down from his position as President and Co-Chief Executive Officer of the Company to pursue other interests. Regan will remain with the Company for a brief transition period. Following Regan's departure from the company, Edward Terino, currently the company's Co-Chief Executive Officer and Chief Financial Officer, will also serve as the company's interim President and will assume operating responsibility for all areas of the company.

Arlington Tankers Ltd. Management Ltd. due to an engine maintenance program. for several months. charter to Concordia Maritime AB (Concordia) of Sweden until November 2009. The daily basic charter rate for the Stena Vision for 2006 is $36,075. contractual vessel management fees. contract for the vessel.

Concordia Maritime has signed two-year timecharter contracts for the V-MAX vessels Stena Vision and Stena Victory with Litasco, a subsidiary of the Russian oil company Lukoil. The new time charters will begin immediately upon expiration of the current charter contracts with the American oil company Sunoco at the end of 2007. The vessels are chartered in from Arlington Tankers Ltd until the end of 2009. With the new time charter contracts Concordia Maritime has secured employment for the entire period.

Arlington Tankers Ltd. announced that Concordia Maritime AB of Sweden (Concordia) has entered into new two-year sub-charter agreements for Arlington's two V-Max tankers, the Stena Vision and Stena Victory. Concordia is the current time charterer for both vessels through 2009. The vessels are currently sub-chartered to Sun Oil International (Sun). The sub-charters with Sun are due to expire during 2007. The new sub-charter agreements are with Litasco, a subsidiary of the Russian energy company LukOil OAO, and will commence immediately upon expiration of the sub-charters with Sun and continue for a two-year term. During the term of these sub-charters…

Arlington Tankers Ltd. recently announced its unaudited financial results for the second quarter ended June 30, 2006. The company's total revenues were $17.3m, consisting of $16m in basic vessel charter hire and $1.3m in additional charter hire that the company received under its profit sharing arrangements. On the basis of the second quarter results from operations, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The dividend is payable on August 8, 2006 to shareholders of record at the close of business on August 4. The additional charter hire earned during the second quarter of 2006 was derived from profit sharing arrangements under the time charters of the company's V-Max, Panamax and Product vessels.

Arlington Tankers Ltd. announced unaudited financial results for the third quarter ended September 30, 2006. For the quarter ended September 30, 2006, the company's total revenues were $17.6 million, consisting of $16.2 million in basic vessel charter hire and $1.4 million in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results from operations, Arlington's Board of Directors has declared a cash dividend of $0.60 per share. The dividend is payable on November 7, 2006 to shareholders of record at the close of business on November 3, 2006. The additional charter hire earned during the third quarter of 2006 was derived from profit sharing arrangements under the time charters of the Company's V-MAX…

Arlington Tankers Ltd. announced financial results for the second quarter and the six months ended June 30, 2007. For the quarter ended June 30, 2007, the Company's total revenues were $17.8 million, consisting of $16.5m in basic vessel charter hire and $1.3 million in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the second quarter results, Arlington's Board of Directors has declared a cash dividend of $0.59 per share. The dividend is payable on August 6, 2007 to shareholders of record at the close of business on August 3, 2007. The additional charter hire earned during the second quarter of 2007 was derived from profit sharing arrangements under the time charters of the company's V-MAX, Panamax and Product vessels.

Stena Bulk announced the appointment of Arthur L. Regan to the position of Director, Strategic Planning and Tanker Projects for Stena Bulk worldwide. In his position, Regan will focus on expanding the scope and profitability of Stena’s global tanker investments. Regan will take up his new role from offices in Westport, Connecticut, USA. Regan has been the President and Co-Chief Executive Officer of Arlington Tankers Ltd., the position he has held since the company’s inception and successful listing on the New York Stock Exchange through its 2004 initial public offering. Stena was the founder of Arlington Tankers Ltd and remains a shareholder in the company. Under Mr.