Arlington Tankers Ltd News

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…

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 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.

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.

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.

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.

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.

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. 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 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…

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. 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.

Arlington Tankers Ltd. was notified by its vessel manager, Northern Marine Management Ltd. (Northern Marine), that one of its two VLCC tankers, the Stena Vision, built in 2001, will now commence a prolonged period of repair due to an engine maintenance program. The 314,000 metric tonne deadweight vessel was undergoing a scheduled dry-dock period when it was determined that the repair was necessary, and that the vessel will be out of service for several months. The Stena Vision is currently on a long-term time 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.

Arlington Tankers Ltd. has completed the acquisition of two modern 47,000 deadweight tonne double-hulled Product tankers from the Stena Group for an aggregate purchase price of $92 million. The new vessels, Stena Contest and Stena Concept, were built in 2005. With the delivery of the two new vessels, Arlington's eight-vessel fleet now consists of four Product tankers, two Panamax tankers and two V-MAX tankers. In conjunction with the purchase, Arlington has entered into fixed rate charter hire agreements with Stena Bulk AB for both vessels. The charters provide for an initial period of three years, at a rate commencing at $19,765 per day for the first year, $20,043 per day for the second year, and $20,335 per day for the third year.

Ltd. million in cash. in 2005. Arlington expects to take delivery of the vessels in January 2006. charter hire agreements with Stena Bulk AB for both vessels. day for the third year. initial three year period. 30 months. vessels with Northern Marine Management Ltd. fixed rates commencing at $5,565 per day and increasing at 5% per year. Northern Marine Management Ltd. is a wholly-owned subsidiary of Stena Group. vessels. approximately 14.4% of Arlington's outstanding shares of common stock. necessary financing to pay the cash purchase price. amortizing term loan facility with The Royal Bank of Scotland. interest rate swap. 2005. existing debt facility. interest rate swap with Fortis Bank and HSBC Bank. the purchase of the vessels and to establish the new debt facility. Marine.

Ltd. million loan agreement with The Royal Bank of Scotland plc. agreement provides for a five-year term loan facility. N.V. tankers from the Stena Group. in January 2006. drawdown. an interest rate swap agreement with the Royal Bank of Scotland. at approximately 5.38%.