Marine Link
Friday, March 29, 2024
SUBSCRIBE

General Maritime Corp News

07 Aug 2018

Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading

Art Regan, Executive Chairman, Genco Shipping & Trading. (Photo: Genco)

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.

25 Feb 2015

General Maritime to buy Navig8 Crude Tanker

General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement. A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc. Tanker companies, struggling to cope with poor charter rates, are teaming up to improve efficiency and reduce operating costs, besides adding to their fleets. General Maritime's deal for Navig8 comes less than five months after Frontline Management and Tankers International formed a chartering joint venture called VLCC Chartering Ltd. Shareholders of Navig8 Crude, established in December 2013, will receive 0.8947 shares of the combined company for each Navig8 share they hold.

04 Apr 2014

Genco Reaches Bankruptcy Restructuring Deal

Photo: Genco Shipping & Trading Ltd.

Genco Shipping & Trading Ltd. will cut its debt by more than $1 billion by giving control of the company to its lenders in a deal that requires the dry bulk shipping company to file for bankruptcy. Lenders backing a $1.06 billion credit facility would convert their debt into about 81.1 percent of company's stock, according to a regulatory filing from Thursday. Investors who hold $125 million of Genco convertible debt would receive 8.4 percent of the company. The remaining equity would be allocated to those investors funding a $100 million rights offering…

04 May 2012

General Maritime Corp to Emerge from Bankruptcy Soon

General Maritime Corp. Financial Indebtedness to be reduced by approximately $600 Million; Oaktree Managed Funds to Provide $175 Million in new capital

. General Maritime Corporation (the "Company") has announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") confirmed the second amended joint plan of reorganization (the "Plan") of the Company and its direct and indirect subsidiaries that are debtors under Chapter 11 of the Bankruptcy Code (the "Debtors"). General Maritime currently expects to emerge from Chapter 11 in May 2012 after the conditions to effectiveness of the Plan are satisfied.

11 May 2011

General Maritime Corporation Announces Q1 2011 Results

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…

23 Jul 2010

General Maritime May Buy More Tankers

According to a July 22 report from Bloomberg, General Maritime Corp., which just bought five supertankers, may buy more vessels amid low ship prices. Prices of five-year-old very-large crude carriers, or VLCCs, averaged $92.7m in the week ended July 19, according to the London-based Baltic Exchange. Prices were 43% lower than the record high of $162m reached in August 2008, though they have gained 20% this year. (Source: Bloomberg)

09 Feb 2010

Tanker Companies Mull Fleet Expansion

According to a Feb. 8 report from Bloomberg, Tanker companies including General Maritime Corp. and Tsakos Energy Navigation Ltd. may expand their fleets after the recession sent ship costs to five-year lows last year. Prices for five-year-old very-large crude carriers, or VLCCs, dropped to $77.1m on Dec. 14, the lowest level since March 2004, according to price assessments compiled by the London-based Baltic Exchange. (Source: Taiwan News)

19 Dec 2008

GMR Combines with Arlington Tankers

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…

03 Dec 2008

General Maritime-Genmar Defiance Update

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.

10 Jan 2008

Shaerf Elected Chairman of NYMAR

Peter Shaerf, a Managing Director of investment house AMA Capital Partners LLC, was recently elected the new Chairman of the Board of NYMAR (New York Maritime Inc.). He takes over the reins from Bill Honan of Holland and Knight. In his first week in office, Peter has stated his intent to better market New York as “The Capital for Shipping”. Peter joined AMA in 2002. He started in the industry over 30 years ago and worked for many years as a shipbroker for container and dry cargo vessels. Peter is also a Director of General Maritime Corp (NYSE), Seaspan Corporation (NYSE), and TBS International (NASDAQ).

21 May 2002

Trailer Bridge Finalizes Senior Loan Amendment

Trailer Bridge, Inc. announced the execution of an amendment to its financing agreement with GE Capital and the addition of four new members to the Company’s Board of Directors. The amendment with GE Capital waives past non-compliance with certain covenants and establishes new financial covenants that the Company is confident it will remain in compliance with. Trailer Bridge has a $15 million revolving credit facility, with actual draws determined by a borrowing base formula. At March 31, 2002, the amount outstanding under this facility was $4.7 million. The Company also has approximately $10.3 million outstanding under a term loan facility with GE Capital. The Company also announced that Peter S. Shaerf has joined the board and that Malcom P. McLean, Jr., Greggory B. Mendenhall and F.

09 Feb 2007

General Maritime Corp. Announces 4Q Results

General Maritime Corporation announced that it will hold a conference call to discuss the Company's results for the fourth quarter and full year of 2006 on Thursday, February 22, 2006. The Company will issue financial results for the fourth quarter and full year ended December 31, 2006 on Wednesday, February 21, 2007 after the close of market trading.

01 Nov 2006

General Maritime Corp. Announces 3Q Results

General Maritime Corporation reported its financial results for the three and nine months ended September 30, 2006. The company had net income of $24.0m, or $0.78 basic and $0.76 diluted earnings per share, for the three months ended September 30, 2006 compared to net income of $7.2 million, or $0.19 basic and $0.19 diluted earnings per share, for the three months ended September 30, 2005. The increase in net income was principally the result of higher voyage revenues attributable to a generally higher rate environment in the third quarter of 2006 compared to the prior year. Included in net income of $24.0m are certain non-recurring…

23 Aug 2006

Frontline 2Q Net Drops 46 Percent on Older Vessels

Frontline Ltd., the world's second- biggest oil tanker company, said second-quarter profit slumped a greater-than-expected 46 percent as earnings declined for its older 1 million-barrel tankers. Net income dropped to $68.6 million, or 92 cents a share, from $127.5 million, or $1.70, in the year-earlier period, Hamilton, Bermuda-based Frontline said today in a statement. Frontline, led by Norwegian billionaire John Fredriksen, has failed to earn as much as rivals such as OMI Corp. and General Maritime Corp. from its 1 million-barrel ships, or suezmaxes, because almost half have single-layer hulls. Companies such as Total SA and Exxon Mobil Corp. have begun shunning such ships before an international ban, in favor of safer double-hull vessels.

13 Feb 2006

General Maritime to Sell Tankers

General Maritime Corp said it would sell nine OBO Aframax tankers to Tanker Pacific for $247.5 million to fund its paying down of debt and other corporate purposes. The company, which will realize a net gain of $16.6 million from the sale, also said it planned to close its technical office in Piraeus, Greece. (Source: Reuters)

06 Dec 2005

Frontline bids for General Maritime

Bloomberg has reported that shares of General Maritime Corp., the second-largest US oil-tanker owner, may not rise much further after Bermuda-based Frontline Ltd. raised its stake in the company and said it would seek talks to combine the businesses, JPMorgan Chase & Co. said.General Maritime’s shares are trading at 12 percent more than $36.70, which is JPMorgan’s estimated net asset value for the company at the end of 2006, analysts Jonathan Chappell and Glen Muller said in a report last week. Net asset value is the market value of the company’s vessels less debt. A takeover of General Maritime would be the biggest ever in the oil-tanker industry, based on today’s valuations.

12 Jun 2001

General Maritime Goes Public, Raises $144 Million

General Maritime Corp., a crude oil shipping company, raised $144 million by selling 8 million shares in an initial public offering, the latest in a spate of energy companies to go public. New York-based General Maritime priced shares on Tuesday at $18 each, the middle of its expected range of $17 to $19 a share. Shares are expected to begin trading on Tuesday on the New York Stock Exchange under the trading symbol GMR. The company, which operates a fleet of oil tankers in the Atlantic basin, intends to use the proceeds to reduce debt and fund operations. he IPO, which was underwritten by joint bookrunners Lehman Brothers and ABN Amro Rotschild, was co-managed by Jefferies & Co.