NEW YORK, July 5, 2011 /PRNewswire/ -- General Maritime
Corporation (NYSE: GMR) announced today it has agreed to enter
seven of its VLCCs into Seawolf Tankers, a commercial pool of VLCCs
managed by Heidmar Inc., one of the world's leading commercial
operators of tankers.
Under the terms of the agreement, the Genmar Vision, Genmar
Zeus, and the Genmar Ulysses will begin trading in the pool within
the next 30 days. In addition, the Genmar Hercules and Genmar
Victory are expected to begin trading in the pool upon completion
of their current time charters. The Genmar Poseidon and the Genmar
Atlas will also enter the Seawolf Pool via period charters with
Heidmar Inc.
Commercial pools are designed to provide for effective
chartering and commercial management of similar vessels that are
combined into a single fleet to improve customer service, increase
vessel utilization and capture cost efficiencies.
John P. Tavlarios, President of
General Maritime Corporation, commented, "We are pleased to be a
founding member of the Seawolf Tankers pool. Seawolf Tankers
complements our flexible fleet deployment strategy by enhancing our
ability to maximize earnings while maintaining a level of stability
in our results. The pool also provides the opportunity to
realize economies of scale and to benefit from Heidmar's extensive
global network. We remain committed to effectively managing
General Maritime's assets through the tanker cycles and
strengthening the Company's future prospects."
Timothy P. Brennan, President
& CEO of Heidmar commented, "We are delighted to have General
Maritime as a formative participant in Seawolf Tankers. We
have great respect for General Maritime and look forward to working
with them on the expansion of the Seawolf pool with other
first-class vessel owners."
The Company stated that the two vessels on period charter to
Heidmar will be chartered for 12-months at market related rates,
subject to a floor of $15,000 per day
and a profit share of 50/50 above $30,000 per day. The Company may withdraw
any of its vessels from the pool after one year upon 90 days notice
(with delivery to occur upon completion of any charter applicable
at that time).
As previously disclosed, the Genmar Hercules is currently on a
12-month time charter to Trafigura at a rate of $35,500 per day, with earliest redelivery date of
September 2011. There is an
optional 12-month period available at the charterer's option at a
rate of $40,000 per day. The
optional period, if exercised, must be declared by Trafigura no
later than 30-days from the redelivery date.
As also previously disclosed, the Genmar Victory is currently on
a 24-month time charter to BP at a rate of $40,500 per day with earliest redelivery date of
February 2012. There is an optional
12-month period available at the charterer's option at a rate of
$40,000 per day with 50/50 profit
sharing in that period. The optional period, if exercised,
must be declared by BP around August
2011.
About Heidmar Inc.
Founded in 1984, Heidmar commercially operates a fleet of over
120 tankers through its offices in the
United States, England and
Singapore. Heidmar is the general
agent and commercial manager of five pools: Star Tankers
(Panamax/LR1 tankers); Sigma Tankers (Aframax/LR2 tankers);
Dorado Tankers (Handysize/Medium Range product tankers); Blue
Fin Tankers (Suezmax tankers); and Seawolf Tankers (VLCC). Heidmar
is also a 50% owner of WOMAR which is a tanker pool operating
company, specializing in oil and chemical tanker tonnage up to
30,000 dwt.
About General Maritime Corporation
General Maritime Corporation is a leading crude and products
tanker company serving principally within the Atlantic basin, which
includes ports in the Caribbean,
South and Central America,
the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime
also currently operates tankers in other regions including the
Black Sea and Far East. General Maritime owns a fully double-hull
fleet of 31 tankers - seven VLCC, nine Aframax, twelve Suezmax
tankers, two Panamax and one product tanker - with a total carrying
capacity of approximately 5.2 million dwt. The Company also has
three Product tankers that are chartered-in with options to
purchase the vessels. The Company controls tonnage totaling 5.3
million dwt, including the owned fleet and the chartered-in fleet.
"Safe Harbor" Statement Under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations.
Included among the factors that, in the Company's view, could cause
actual results to differ materially from the forward looking
statements contained in this press release are the following: loss
or reduction in business from the commercial pool or its customers;
the failure of commercial pool or its customers to perform their
obligations; changes in demand; a material decline in rates in the
tanker market; changes in the itineraries of the Company's vessels;
and other factors listed from time to time in the Company's filings
with the Securities and Exchange Commission, including, without
limitation, its Annual Report on Form 10-K for the year ended
December 31, 2010 and its subsequent
reports on Form 10-Q and Form 8-K.
This press release is not an offer to purchase or sell, or a
solicitation of an offer to purchase or sell any securities of the
Company.
SOURCE General Maritime Corporation