Declares Dividend of $0.25
Announces Sale of 10 Single Hull and Double Sided Vessels
Announces $800 Million Refinancing
NEW YORK, Oct. 26 /PRNewswire-FirstCall/ -- General Maritime Corporation
(NYSE: GMR) today reported its financial results for the three and nine months
ended September 30, 2005.
Financial Review: 2005 Third Quarter
The Company had 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 compared to net income of $54.6 million, or $1.47 basic and $1.44 diluted
earnings per share, for the three months ended September 30, 2004. The
decrease in net income was principally the result of lower voyage revenues
attributable to a generally lower rate environment in the third quarter of
2005 compared to the prior year as well as a 5.7% decrease in fleet size,
higher bunker prices, and decreased utilization due to a heavy drydocking
schedule. Additionally, net voyage revenue reflects a charge of $4.4 million
to increase reserves associated with customer claims related to the time
charter contracts of the nine OBO Aframax vessels.
Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President,
commented, "For the nine-month 2005 period and year to date, General Maritime
has continued to position itself for long-term shareholder value while
providing near-term value through declaring $2.86 per share in dividends to
date. The recent agreement to sell 10 single-hull and double-sided Suezmax
vessels has enabled the Company to further modernize its fleet and
significantly strengthen its balance sheet. With one of the lowest net debt
to capitalization ratios in the industry and a favorable new revolving credit
facility, General Maritime will have approximately $930 million in funds to
redeploy for future value-creating initiatives following the completion of the
vessel sale. In seeking future opportunities, General Maritime will continue
to be extremely disciplined in its approach and only enter into transactions
that meet strict requirements."
Net voyage revenue, which is gross voyage revenues minus voyage expenses
unique to a specific voyage (including port, canal and fuel costs), decreased
38.1% to $76.5 million for the three months ended September 30, 2005 compared
to $123.5 million for the three months ended September 30, 2004. EBITDA for
the three months ended September 30, 2005 was $42.4 million compared to
$89.1 million for the three months ended September 30, 2004 (please see below
for a reconciliation of EBITDA to net income). Net cash provided by operating
activities was $25.5 million for the three months ended September 30, 2005
compared to $63.9 million for the prior year period. As of September 30, 2005,
the Company's net debt-to-book capitalization (calculated as net debt divided
by net debt plus shareholders' equity) was reduced to 28% from 32% as of
December 31, 2004.
The average daily time charter equivalent, or TCE, rates obtained by the
Company's fleet decreased by 31.6% to $21,457 per day for the three months
ended September 30, 2005 from $31,380 for the prior year period. The
Company's average rates for vessels on spot charters decreased by 37.7% to
$22,527 for the three months ended September 30, 2005 compared to $36,168 for
the prior year period.
The charge for customer claims relates to the 24 month time charter
contracts for our nine OBO Aframax vessels. These arrangements require that
the vessels meet specified speed and bunker consumption standards. The
charterer has asserted claims for eight vessels for the first 12 months of
their charter based upon an assertion that the vessels did not meet these
standards during some periods. The charterer may make further claims under
the contracts. With the additional increase to our reserve we have
established reserves we believe are adequate for claims relating to all of
these vessels for all periods through September 30, 2005. However, if the
charterer is successful in asserting these claims, they may be entitled to
amounts in excess of our related reserves. We intend to contest these claims.
Total vessel operating expenses, which are direct vessel operating
expenses and general and administrative expenses, decreased 1.8% to
$32.2 million for the three months ended September 30, 2005 from $32.8 million
for the three months ended September 30, 2004. Direct vessel operating
expenses decreased 8.8% from $22.8 million to $20.8 million, while general and
administrative expenses increased 14.3% from $10.0 million to $11.4 million
for the same periods. The average size of General Maritime's fleet decreased
5.7% to 43 vessels in the third quarter of 2005 from 45.6 vessels in the prior
year period. On a daily basis, direct vessel operating expenses fell 3.2%
during the quarter ended September 30, 2005 compared to the prior year period.
This decrease can be attributed to the timing of certain purchases,
maintenance and repair costs, and the fact that many of the vessels were
recently drydocked thus not incurring some of their normal direct vessel
expenses. We believe the sale of 10 of our single hull and double sided
vessels which generally incurred higher costs than our double hull fleet will
help reduce daily direct vessel costs going forward. The increase in general
and administrative costs was due to an increase in payroll expenses associated
with the Company's offices in New York, Greece, and Portugal. Almost half of
the increase can be attributed to an increase in the non-cash charge for the
amortization of restricted stock granted to our executive officers.
Financial Review: Nine Months 2005
Net income was $107.7 million or $2.89 basic and $2.83 diluted earnings
per share, for the nine months ended September 30, 2005 compared to
$174.6 million, or $4.72 basic and $4.62 diluted earnings per share, for the
nine months ended September 30, 2004. Net voyage revenues decreased 18.3% to
$309.9 million for the nine months ended September 30, 2005 compared to
$379.5 million for the nine months ended September 30, 2004. EBITDA was
$208.8 million for the nine months ended September 30, 2005 compared to
$280.8 million for the nine months ended September 30, 2004. Net cash
provided by operating activities was $191.9 million for the nine months ended
September 30, 2005 compared to $231.1 million for the prior year period. TCE
rates obtained by the Company's fleet decreased 11.1% to $28,783 per day for
the nine months ended September 30, 2005 from $32,365 for the prior year
period.
Summary Consolidated Financial and Other Data
The following table summarizes General Maritime Corporation's selected
consolidated financial and other data for the periods indicated below.
Attached to this press release is an Appendix, which contains additional
financial, operational and other data for the three and nine month periods
ended September 30, 2005 and 2004.
Three months ended Nine months ended
September-05 September-04 September-05 September-04
INCOME STATEMENT DATA
(Dollars in
thousands,except
per share data)
Voyage revenues $114,403 $156,261 $411,520 $468,078
Voyage expenses (37,950) (32,789) (101,581) (88,607)
Net voyage
revenues 76,453 123,472 309,939 379,471
Direct vessel
expenses 20,802 22,808 65,132 72,837
General and
administrative
expenses 11,387 9,965 34,068 24,292
Depreciation and
amortization 27,634 24,782 78,063 76,983
Gain on sale of
vessels - (6,343) - (6,343)
Operating income 16,630 72,260 132,676 211,702
Net interest expense 7,611 9,717 23,028 29,200
Other expense 1,842 7,921 1,919 7,921
Net Income $7,177 $54,622 $107,729 $174,581
Basic earnings
per share $0.19 $1.47 $2.89 $4.72
Diluted earnings
per share $0.19 $1.44 $2.83 $4.62
Weighted average
shares outstanding,
thousands 37,273 37,051 37,242 37,025
Diluted average
shares outstanding,
thousands 38,076 37,875 38,086 37,798
BALANCE SHEET DATA,
at end of period September-05 December-04
(Dollars in thousands)
Cash $49,178 $46,921
Current assets,
including cash 311,925 152,145
Total assets 1,362,779 1,427,261
Current liabilities,
including current
portion of long-term debt 85,870 84,120
Current portion of
long-term debt 40,000 40,000
Total long-term debt,
including current portion 410,449 486,597
Shareholders' equity 903,694 890,426
Three months ended Nine months ended
September-05 September-04 September-05 September-04
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $42,422 $89,121 $208,820 $280,764
Net cash provided
by operating
activities 25,541 63,866 191,939 231,087
Net cash provided
(used) by
investing activities (4,069) 6,557 (11,524) (187,238)
Net cash provided
(used) by
financing activities (54,902) (80,069) (178,158) (40,306)
Capital expenditures
Vessel sales
(purchases),
including deposits (3,318) 7,012 (7,193) (182,641)
Drydocking or
capitalized survey
or improvement costs (7,485) (7,981) (28,205) (10,405)
Weighted average
long-term debt 426,431 721,499 442,064 674,613
FLEET DATA
Total number of
vessels at end of
period 43 44 43 44
Average number of
vessels (2) 43.0 45.6 43.0 44.4
Total voyage days
for fleet (3) 3,563 3,935 10,768 11,725
Total time charter
days for fleet 935 1,063 2,888 3,330
Total spot market
days for fleet 2,628 2,872 7,880 8,395
Total calendar days
for fleet (4) 3,956 4,199 11,739 12,159
Fleet utilization (5) 90.1% 93.7% 91.7% 96.4%
AVERAGE DAILY RESULTS
Time Charter
equivalent (6) $21,457 $31,380 $28,783 $32,365
Direct vessel operating
expenses per vessel (7) 5,258 5,433 5,548 5,991
General and
administrative expense
per vessel (8) 2,878 2,373 2,902 1,998
Total vessel
operating expenses (9) 8,136 7,806 8,450 7,989
EBITDA (10) 10,723 21,226 17,789 23,092
Three months ended Nine months ended
September-05 September-04 September-05 September-04
EBITDA
Reconciliation
Net Income $7,177 $54,622 $107,729 $174,581
+ Net interest
expense 7,611 9,717 23,028 29,200
+ Depreciation and
amortization 27,634 24,782 78,063 76,983
EBITDA $42,422 $89,121 $208,820 $280,764
(1) EBITDA represents net income plus net interest expense and
depreciation and amortization. EBITDA is included because it is used
by management and certain investors as a measure of operating
performance. EBITDA is used by analysts in the shipping industry as
a common performance measure to compare results across peers.
Management of the Company uses EBITDA as a performance measure in
consolidating monthly internal financial statements and is presents
for review at our board meetings. The Company believes that EBITDA
is useful to investors as the shipping industry is capital intensive
which often brings significant cost of financing. EBITDA is not an
item recognized by GAAP, and should not be considered as an
alternative to net income, operating income or any other indicator of
a company's operating performance required by GAAP. The definition
of EBITDA used here may not be comparable to that used by other
companies.
(2) Average number of vessels is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the
number of days each vessel was part of our fleet during the period
divided by the number of calendar days in that period.
(3) Voyage days for fleet are the total days our vessels were in our
possession for the relevant period net of off hire days associated
with major repairs, drydockings or special or intermediate surveys.
(4) Calendar days are the total days the vessels were in our possession
for the relevant period including off hire days associated with major
repairs, drydockings or special or intermediate surveys.
(5) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by
dividing voyage days by calendar days for the relevant period.
(6) Time Charter Equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is
determined by dividing net voyage revenue by voyage days.
(7) Daily direct vessel operating expenses, is calculated by dividing
DVOE, which includes crew costs, provisions, deck and engine stores,
lubricating oil, insurance and maintenance and repairs, by calendar
days for the relevant time period.
(8) Daily general and administrative expense is calculated by dividing
general and administrative expenses by vessel calendar days.
(9) Total Vessel Operating Expenses, or TVOE, is a measurement of our
total expenses associated with operating our vessels. Daily TVOE is
the sum of daily direct vessel operating expenses, and daily general
and administrative expenses.
(10) Daily EBITDA is total EBITDA divided by total vessel calendar days.
General Maritime Corporation's Fleet
As of October 26, 2005, General Maritime Corporation's fleet was 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 average age of the Company's fleet as of September 30, 2005 by
dwt, excluding the newbuilding contracts, was 12.6 years compared to
11.7 years as of September 30, 2004. The average age of the Company's Aframax
tankers was 13.1 years and the average age of the Company's Suezmax tankers
was 11.7 years. After giving effect to the recently announced sale of the
10 single hull and double sided Suezmax vessels as described below, the
Company's fleet will consist of 26 Aframax tankers, 7 Suezmax tankers, and
4 Suezmax tanker newbuilding contracts.
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, consisting of 11 Aframax tankers, is currently under time charter
contracts.
2005
Vessel Vessel Expiration Average
Type Date Daily Rate (1)
1.00 Genmar Spirit Aframax November 8, 2005 $19,700
2.00 Genmar Pericles Aframax November 23, 2005 $19,700
3.00 Genmar Hector Aframax November 25, 2005 $19,700
4.00 Genmar Trust Aframax December 15, 2005 $19,700
5.00 Genmar Challenger Aframax December 19, 2005 $19,700
6.00 Genmar Trader Aframax December 31, 2005 $19,700
7.00 Genmar Endurance Aframax February 3, 2006 $19,700
8.00 Genmar Champ Aframax February 17, 2006 $19,700
9.00 Genmar Star Aframax March 8, 2006 $19,700
10.00 Genmar Princess Aframax May 9, 2006 $33,150 (2)
11.00 Genmar Progress Aframax July 21, 2006 $32,500 (2)
(1) Before brokers' commissions.
(2) Net of brokers' commissions.
Q3 2005 Dividend Announcement
On October 24, 2005 the Company's Board of Directors declared a Q3 2005
quarterly dividend of $0.25 per share payable on or about December 13, 2005 to
shareholders of record as of November 29, 2005. As previously announced the
Company plans to declare quarterly dividends to shareholders in April, July,
October and February of each year based on its EBITDA after net interest
expense and reserves for drydocking and fleet renewal, as established by the
Board of Directors. The Company has declared aggregate dividends of $2.86 per
share for the first nine months of 2005.
Please see below for the dividend reconciliation for the quarter ended
September 30, 2005.
Three Months Ended
September 30, 2005
EBITDA (1) $42,422
- Net Interest Expense 7,611
- Quarterly fleet maintenance and renewal reserve (2) 17,500
- Reserve for drydocking (2) 7,500
Available for dividends $9,811
/ Assumed number of shares outstanding 38,678
Available for dividends per share (3) $0.25
EBITDA Reconciliation
Net Income $7,177
+ Net interest expense 7,611
+ Depreciation & Amortization 27,634
EBITDA $42,422
Notes:
(1) EBITDA represents net income plus net interest expense and
depreciation and amortization. EBITDA is included because it is
used by management and certain investors as a measure of operating
performance. EBITDA is used by analysts in the shipping industry as
a common performance measure to compare results across peers.
Management of the Company uses EBITDA as a performance measure in
consolidating monthly internal financial statements and is presented
for review at our board meetings. The Company believes that EBITDA
is useful to investors as the shipping industry is capital intensive
which often brings significant cost of financing. EBITDA is not an
item recognized by GAAP, and should not be considered as an
alternative to net income, operating income or any other indicator
of a company's operating performance required by GAAP. The
definition of EBITDA used here may not be comparable to that used by
other companies.
(2) Reserves of $25 million per quarter or $100 million annually, as
established by the Board of Directors based upon the Company's
existing fleet at 12/31/04.
(3) Based on diluted shares at the end of the quarter ended 6/30/05 and
the estimated number of shares outstanding on the record date of
August 26, 2005 taking into account potential exercises of vested
options previously granted.
Sale of 10 Single Hull and Double Sided Vessels
On October 18, 2004, General Maritime Corporation announced that it has
agreed to sell ten single hull and double sided Suezmax vessels en bloc to
Tanker Pacific for $294.5 million. The Company expects to realize a net gain
of approximately $103 million from the sale of these ten vessels. The delivery
of the vessels is expected to take place between November 2005 and January
2006. The Company intends to utilize the proceeds to pay down debt and
therefore the proceeds will be excluded in the calculation of the dividend for
the applicable quarters.
The vessel sales include four single hull and six double sided vessels
with an average age of approximately 15.5 years. Following the completion of
the sale and including the four Suezmax newbuildings to be delivered between
2006 and 2008, the average age of General Maritime's fleet will be reduced to
ten years and its percentage of double-hull vessels will be increased to 81%.
$800 Million Revolving Loan Refinancing
On October 26, 2005 General Maritime Corporation entered into a new $800
million revolving credit facility. The facility provides more favorable terms
than the Company's current $825 million credit facility and will be used to
refinance the existing term borrowings under the Company's current facility,
to fund growth and for general corporate purposes. The new facility provides a
four year non amortizing revolving loan with semi annual reductions of $44.5
million beginning October 26, 2009 and a bullet payment of $533 million at the
end of year seven. The new facility will give the Company the flexibility to
pay out dividends under its current policy, repurchase shares of its common
stock and repurchase the Company's Senior Notes as the Company may determine
to do so. The facility will carry an interest rate of LIBOR plus 75 basis
points on the outstanding portion and a commitment fee of 26.25 basis points
on the unused portion. DnB Nor Bank ASA, HSH Nordbank AG, and Nordea Bank
Finland Plc., will act as joint lead arrangers and co-book runners. The
facility will be collateralized by, among other things, the Company's 17
double hull tankers and their four new building Suezmax contracts. The rest of
the Company's 16 vessels will be unencumbered. The Company expects to write
off approximately $5.8 million in the fourth quarter of 2005 related to the
unamortized fees associated with the Company's current facility. Further
details of our new credit facility will be included in our Form 8-K to be
filed by the Company.
Mr. Georgiopoulos continued, "General Maritime has a long history of
accessing capital to support its strategic objectives. We are pleased with the
on-going support we continue to receive from prestigious financial
institutions, highlighting General Maritime's past success and the confidence
the market places in the Company's future prospects. In addition to being
completed at an attractive rate, our new $800 million revolving facility
provides a favorable four-year non-amortization period and flexible overall
covenants."
Announcement of Share Repurchase Authorization
The Company also announced that its Board of Directors has approved a
share repurchase program for up to a total of $200 million of the Company's
common stock. The Board will review the program after eighteen months. Share
repurchases will be made from time to time for cash in open market
transactions at prevailing market prices or in privately negotiated
transactions. The timing and amount of purchases under the program will be
determined by management based upon market conditions and other factors.
Purchases may be made pursuant to a program adopted under Rule 10b5-1 under
the Securities Exchange Act. The program does not require the Company to
purchase any specific number or amount of shares and may be suspended or
reinstated at any time in the Company's discretion and without notice.
Repurchases will be subject to the restricted payments covenant under the
Company's outstanding bond indenture and restrictions under our new credit
facility.
Mr. Georgiopoulos concluded, "As the approximately 80% annualized return
that we earned on the recent 10 vessel sale highlights, General Maritime has
distinguished itself as a Company that is committed to providing superior
returns to shareholders. General Maritime's past success in entering into
such value-creating transactions is directly linked to both its strong balance
sheet and strategic decision making. Going forward, we will continue to seek
opportunities to once again take advantage of General Maritime's significant
financial flexibility and add long-term value to the Company, its customers
and its shareholders."
About General Maritime Corporation
General Maritime Corporation is a provider of international seaborne crude
oil transportation services 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. We also currently
operate tankers in other regions including the Black Sea and Far East.
General Maritime Corporation currently owns and operates a fleet of 47 tankers
- 26 Aframax, 17 Suezmax tankers and 4 Suezmax newbuilding contracts with a
carrying capacity of approximately 5.6 million dwt. Following the completion
of the 10 vessel sale, General Maritime will own and operate a fleet of
37 tankers - 26 Aframax, 7 Suezmax tankers, and four Suezmax newbuildings.
Conference Call Announcement
General Maritime Corporation announced that it will hold a conference call
on Thursday, October 27, 2005 at 8:30 a.m. Eastern Time to discuss its 2005
third quarter financial results. To access the conference call, dial (719)
457-2634 and ask for the General Maritime Corporation conference call. A
replay of the conference call can also be accessed until November 9, 2005, by
dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international
callers, and entering the passcode 5590984. The conference call will also be
simultaneously webcast and will be available on the Company's website,
http://www.GeneralMaritimeCorp.com.
"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:
changes in demand; a material decline or prolonged weakness in rates in the
tanker market; changes in production of or demand for oil and petroleum
products, generally or in particular regions; greater than anticipated levels
of tanker newbuilding orders or lower than anticipated rates of tanker
scrapping; changes in rules and regulations applicable to the tanker industry,
including, without limitation, legislation adopted by international
organizations such as the International Maritime Organization and the European
Union or by individual countries; actions taken by regulatory authorities;
changes in trading patterns significantly impacting overall tanker tonnage
requirements; changes in the typical seasonal variations in tanker charter
rates; changes in the cost of other modes of oil transportation; changes in
oil transportation technology; increases in costs including without
limitation: crew wages, insurance, provisions, repairs and maintenance;
changes in general domestic and international political conditions; changes in
the condition of the company's vessels or applicable maintenance or regulatory
standards (which may affect, among other things, the company's anticipated
drydocking or maintenance and repair costs); 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, 2004 and its subsequent reports on Form 10-Q and
Form 8-K. The Company's ability to pay dividends in any period will depend
upon factors including limitations under the indenture for the Company's
senior notes, applicable provisions of Marshall Islands law and the final
determination by the Board of Directors each quarter after its review of the
Company's financial performance. The timing and amount of dividends, if any,
could also be affected by factors affecting cash flows, results of operations,
required capital expenditures, or reserves. As a result, the amount of
dividends actually paid may vary from the amounts currently estimated. The
closing of the vessel sales will be subject to customary closing conditions.
THREE MONTHS ENDED
Aframax Fleet
September-05 September-04
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues -30.5% 37,657 54,181
$ 1,000's 49% 44%
Average Daily TCE -21.8% 18,096 23,154
Time Charter Revenues -11.8% 17,275 19,597
$ 1,000's 100% 100%
Spot Charter Revenues -41.1% 20,382 34,584
$ 1,000's 34% 33%
Calendar Days 0.0% 2,392 2,392
60% 57%
Vessel Operating Days -11.1% 2,081 2,340
58% 59%
Capacity Utilization -11.1% 87.0% 97.8%
# Days Vessels on
Time Charter -11.9% 936 1,063
100% 100%
# Days Vessels on
Spot Charter -10.4% 1,145 1,278
44% 44%
Average Daily Time Charter
Rate 0.1% 18,456 18,436
Average Daily Spot Charter
Rate -34.2% 17,801 27,061
Daily Direct Vessel
Expenses (per Vessel) -4.3% 4,996 5,220
Daily G&A
(per Vessel) 21.3% 2,878 2,373
Total Daily Vessel Operating
Expenses (per Vessel) 3.7% 7,874 7,593
Average Age of Fleet
at End of Period (Years) 13.1 12.1
# Vessels at End of Period 0.0% 26.0 26.0
60% 59%
Average Number of Vessels 0.0% 26.0 26.0
60% 57%
DWT at End of Period 1.0% 2,539 2,513
1,000's 49% 47%
THREE MONTHS ENDED
Suezmax Fleet
September-05 September-04
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues -44.0% 38,796 69,291
$ 1,000's 51% 56%
Average Daily TCE -39.8% 26,178 43,457
Time Charter Revenues - -
$ 1,000's 0% 0%
Spot Charter Revenues -44.0% 38,796 69,291
$ 1,000's 66% 67%
Calendar Days -13.4% 1,564 1,807
40% 43%
Vessel Operating Days -7.0% 1,482 1,594
42% 41%
Capacity Utilization 7.4% 94.8% 88.2%
# Days Vessels on Time Charter - -
0% 0%
# Days Vessels on
Spot Charter -7.0% 1,482 1,594
56% 56%
Average Daily Time Charter
Rate - -
Average Daily Spot Charter
Rate -39.8% 26,178 43,470
Daily Direct Vessel
Expenses (per Vessel) -0.9% 5,660 5,714
Daily G&A
(per Vessel) 21.3% 2,878 2,373
Total Daily Vessel Operating
Expenses (per Vessel) 5.6% 8,538 8,087
Average Age of Fleet
at End of Period (Years) 11.7 11.0
# Vessels at End
of Period -5.6% 17.0 18.0
40% 41%
Average Number of Vessels -13.3% 17.0 19.6
40% 43%
DWT at End of Period -6.2% 2,619 2,792
1,000's 51% 53%
THREE MONTHS ENDED
Total Fleet
September-05 September-04
% Change
From Prior
Period Amount Amount
Net Voyage Revenues -38.1% 76,453 123,472
$ 1,000's
Average Daily TCE -31.6% 21,457 31,380
Time Charter Revenues -11.8% 17,275 19,597
$ 1,000's
Spot Charter Revenues -43.0% 59,178 103,875
$ 1,000's
Calendar Days -5.8% 3,956 4,199
Vessel Operating Days -9.5% 3,563 3,935
Capacity Utilization -3.9% 90.1% 93.7%
# Days Vessels on
Time Charter -11.9% 936 1,063
# Days Vessels on
Spot Charter -8.5% 2,627 2,872
Average Daily Time Charter
Rate 0.1% 18,456 18,436
Average Daily Spot Charter
Rate -37.7% 22,527 36,168
Daily Direct Vessel Expenses
(per Vessel) -3.2% 5,258 5,433
Daily G&A
(per Vessel) 21.3% 2,878 2,373
Total Daily Vessel Operating
Expenses (per Vessel) 4.2% 8,136 7,806
Average Age of Fleet at End of
Period (Years) 12.6 11.7
# Vessels at End
of Period -2.3% 43.0 44.0
Average Number of Vessels -5.7% 43.0 45.6
DWT at End of Period -2.8% 5,158 5,305
1,000's
NINE MONTHS ENDED
Aframax Fleet
September-05 September-04
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues -9.3% 150,547 165,921
$ 1,000's 49% 44%
Average Daily TCE -6.9% 23,200 24,923
Time Charter Revenues -8.2% 57,787 62,960
$ 1,000's 100% 94%
Spot Charter Revenues -9.9% 92,760 102,961
$ 1,000's 37% 33%
Calendar Days 4.8% 7,098 6,770
60% 56%
Vessel Operating Days -2.5% 6,489 6,657
60% 57%
Capacity Utilization -7.0% 91.4% 98.3%
# Days Vessels on
Time Charter -8.0% 2,889 3,140
100% 94%
# Days Vessels on
Spot Charter 2.4% 3,600 3,517
46% 42%
Average Daily Time
Charter Rate -0.2% 20,002 20,051
Average Daily Spot
Charter Rate -12.0% 25,767 29,275
Daily Direct Vessel Expenses
(per Vessel) -5.8% 5,306 5,630
Daily G&A
(per Vessel) 45.2% 2,902 1,998
Total Daily Vessel Operating
Expenses (per Vessel) 7.6% 8,208 7,628
Average Age of Fleet at End of
Period (Years) 13.1 12.1
# Vessels at End
of Period 0.0% 26.0 26.0
60% 59%
Average Number of Vessels 5.3% 26.0 24.7
60% 56%
DWT at End of Period 1.0% 2,539 2,513
1,000's 49% 47%
NINE MONTHS ENDED
Suezmax Fleet
September-05 September-04
% Change Amount Amount
From Prior % of Total % of Total
Period for Period for Period
Net Voyage Revenues -25.4% 159,391 213,550
$ 1,000's 51% 56%
Average Daily TCE -11.6% 37,250 42,142
Time Charter Revenues - 3,785
$ 1,000's 0% 6%
Spot Charter Revenues -24.0% 159,391 209,765
$ 1,000's 63% 67%
Calendar Days -13.9% 4,641 5,389
40% 44%
Vessel Operating Days -15.6% 4,279 5,067
40% 43%
Capacity Utilization -1.9% 92.2% 94.0%
# Days Vessels on Time Charter - 189
0% 6%
# Days Vessels on
Spot Charter -12.3% 4,279 4,878
54% 58%
Average Daily Time Charter Rate - 20,026
Average Daily Spot
Charter Rate -13.4% 37,250 43,002
Daily Direct Vessel
Expenses (per Vessel) -8.1% 5,919 6,444
Daily G&A
(per Vessel) 45.2% 2,902 1,998
Total Daily Vessel Operating
Expenses (per Vessel) 4.5% 8,821 8,442
Average Age of Fleet at End of
Period (Years) 11.7 11.0
# Vessels at End
of Period -5.6% 17.0 18.0
40% 41%
Average Number of Vessels -13.7% 17.0 19.7
40% 44%
DWT at End of Period -6.2% 2,619 2,792
1,000's 51% 53%
NINE MONTHS ENDED
Total Fleet
September-05 September-04
% Change
From Prior l
Period Amount Amount
Net Voyage Revenues -18.3% 309,938 379,471
$ 1,000's
Average Daily TCE -11.1% 28,783 32,365
Time Charter Revenues -13.4% 57,787 66,745
$ 1,000's
Spot Charter Revenues -19.4% 252,151 312,726
$ 1,000's
Calendar Days -3.5% 11,739 12,159
Vessel Operating Days -8.2% 10,768 11,725
Capacity Utilization -4.9% 91.7% 96.4%
# Days Vessels on
Time Charter -13.2% 2,889 3,330
# Days Vessels on
Spot Charter -6.1% 7,879 8,395
Average Daily Time
Charter Rate -0.2% 20,002 20,044
Average Daily Spot
Charter Rate -14.1% 32,003 37,251
Daily Direct Vessel Expenses
(per Vessel) -7.4% 5,548 5,991
Daily G&A
(per Vessel) 45.2% 2,902 1,998
Total Daily Vessel Operating
Expenses (per Vessel) 5.8% 8,450 7,989
Average Age of Fleet at End of
Period (Years) 12.6 11.7
# Vessels at End
of Period -2.3% 43.0 44.0
Average Number of Vessels -3.2% 43.0 44.4
DWT at End of Period -2.8% 5,158 5,305
1,000's
SOURCE General Maritime Corporation
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Related links:
http://www.generalmaritimecorp.com
CONTACT:
Jeffrey Pribor, Chief Financial Officer of
General Maritime Corporation, +1-212-763-5680
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