General Maritime (GMR) releases Q2 results

NEW YORK, July 31 /PRNewswire-FirstCall/ -- General Maritime
Corporation (NYSE: GMR) today reported its financial results for the three
and six months ended June 30, 2007.

Financial Review: 2007 Second Quarter

The Company had net income of $11.8 million, or $0.38 basic and $0.37
diluted earnings per share, for the three months ended June 30, 2007
compared to net income of $26.1 million, or $0.83 basic and $0.81 diluted
earnings per share, for the three months ended June 30, 2006. The decrease
in net income was principally attributable to the absence of a gain on sale
of vessels of $11.2 million as realized in the prior year period as well as
the result of lower voyage revenues attributable to a 6.0% decrease in
fleet size from the prior year period.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and
President, commented, "During the second quarter and first six months of
2007, General Maritime met strategic objectives related to further
increasing its time charter coverage, continuing to distribute sizeable
quarterly dividends and entering into value creating transactions.
Specifically, we increased our time charter coverage to 68%, representing
$450 million in contracted revenue through 2011. We also declared a
cumulative $1.00 per share dividend for the first six months of 2007 and
have now declared regular quarterly dividends of $9.28 per share since
initiating our dividend policy in January 2005. Complementing this
significant success, we also paid a $15 per share special dividend during
the first six months of 2007, continuing our long tradition of entering
into transactions that unlock significant value for our shareholders."

Included in net income of $11.8 million are a $1.5 million unrealized
non- cash loss associated with the change in fair value of our freight
derivative as well as a $0.3 million loss associated with monthly cash
settlements of our freight derivative, both of which are included in Other
expense.

Net voyage revenue, which is gross voyage revenues minus voyage
expenses unique to a specific voyage (including port, canal and fuel
costs), increased 9.1% to $55.6 million for the three months ended June 30,
2007 compared to $51.0 million for the three months ended June 30, 2006.
EBITDA for the three months ended June 30, 2007 was $31.4 million compared
to $36.0 million for the three months ended June 30, 2006 (please see below
for a reconciliation of EBITDA to net income). Net cash provided by
operating activities was $37.7 million for the three months ended June 30,
2007 compared to $38.3 million for the prior year period.

The average daily time charter equivalent, or TCE, rates obtained by
the Company's fleet increased by 14.3% to $33,739 per day for the three
months ended June 30, 2007 from $29,506 for the prior year period. The
Company's average daily rates for vessels on spot charters increased by
0.3% to $32,957 for the three months ended June 30, 2007 compared to
$32,867 for the prior year period.

Total vessel operating expenses, which are direct vessel operating
expenses and general and administrative expenses, decreased 3.3% to $22.2
million for the three months ended June 30, 2007 from $23.0 million for the
three months ended June 30, 2006. During the same periods, the average size
of General Maritime's fleet decreased 5.5% to 19.0 vessels from 20.1
vessels in the prior year period. Daily direct vessel operating expenses
rose 2.2% to $6,237 during the quarter ended June 30, 2007 from $6,101
during the prior year period.

Financial Review: First Half 2007

Net income was $28.4 million or $0.92 basic and $0.90 diluted earnings
per share, for the six months ended June 30, 2007 compared to $110.4
million, or $3.44 basic and $3.36 diluted earnings per share, for the six
months ended June 30, 2006. Net voyage revenues decreased 17.6% to $112.9
million for the six months ended June 30, 2007 compared to $137.0 million
for the six months ended June 30, 2006. EBITDA was $60.5 million for the
six months ended June 30, 2007 compared to $131.0 million for the six
months ended June 30, 2006. Net cash provided by operating activities was
$61.1 million for the six months ended June 30, 2007 compared to $119.8
million for the prior year period. TCE rates obtained by the Company's
fleet increased 1.3% to $34,403 per day for the six months ended June 30,
2007 from $33,976 for the prior year period. Total vessel operating
expenses decreased 4.0% to $47.7 million for the six months ended June 30,
2007 from $49.7 million for the prior year period, and daily direct vessel
operating expenses rose 9.4% to $6,596 for the six month period ending June
30, 2007 from $6,029 from the prior year period.


General Maritime Corporation's Fleet

As of July 31, 2007, General Maritime Corporation's fleet on the water
was comprised of 19 wholly owned tankers, consisting of 10 Aframax and 9
Suezmax tankers, with a total carrying capacity of approximately 2.4
million deadweight tons, or dwt. The average age of the Company's fleet as
of June 30, 2007 by dwt, was 9.0 years compared to 8.5 years as of June 30,
2006. The average age of the Company's Aframax tankers was 11.8 years and
the average age of the Company's Suezmax tankers was 6.9 years.

Currently, 5 of General Maritime Corporation's Aframax tankers and 1 of
its Suezmax tankers are operating on the spot market. 68% of the Company's
fleet, consisting of 5 Aframax tankers and 8 Suezmax tanker are under time
charter contracts.

During the second quarter we agreed to enter into two three year time
charter contracts at a gross rate of $39,000 with Eiger shipping, a
subsidiary of Lukoil, for the remaining two Suezmax newbuilding vessels
which are expected to be delivered in August of 2007 and February of 2008.
The table below outlines which vessels are on time charter at what rate and
when the contracts are expected to expire.