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General Maritime

Headquarters: 35 West 56th Street
New York, NY 10019
Employees: 446
CEO: Peter Georgiopoulos
Stock Symbol: GMR

General Maritime owns a fleet of oil tankers and delivers crude oil to ports around the world. It is the second largest operator of mid-sized tankers based on cargo capacity. It transports oil 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. It also currently operates tankers in other regions including the Black Sea and Far East.

In fiscal 2004, the company had net income of $315.1 million and revenues of $701.1 million.

General Maritime Corporation's fleet is comprised of 43 wholly-owned tankers, consisting of 26 Aframax and 17 Suezmax tankers, with a total carrying capacity of approximately 5.2 million deadweight tons, or dwt. The weighted average age of the Company's fleet as of March 31, 2005 by dwt was 12.1 years compared to 11.9 years as of March 31, 2004.

The weighted average age of the Company's Aframax tankers was 12.6 years and the average age of the Company's Suezmax tankers was 11.2 years.

Currently 15 of General Maritime Corporation's Aframax tankers and 17 of its Suezmax tankers are operating on the spot market. 26% of the Company's fleet, 11 Aframax tankers and none of the Company's Suezmax tankers, are currently under time charter contracts, compared to 25% under time charter contract as of March 31, 2004.

The average charter rate during the first quarter was $37,334 per day.

The company was founded in 1997 by CEO Peter Georgiopoulos.

Updated June 29, 2005

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