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Thursday, July 30, 2009

General Maritime Corporation Announces Second Quarter and Six Months 2009 Financial Results


Thursday, 30 July 2009

General Maritime Corporation today reported its financial results for the three and six months ended June 30, 2009. Excluding other expense, the Company recorded net income of $7.7 million or $0.14 basic and $0.14 diluted earnings per share for the three months ended June 30, 2009 compared to $20.0 million or $0.52 basic and $0.50 diluted earnings per share for the three months ended June 30, 2008. The decrease in net income excluding other expense was principally the result of lower Time Charter Equivalent rates or TCE realized in the current quarter versus the prior year period as well as lower utilization primarily due to drydocking. Other expense, which includes realized and unrealized gains and losses on freight, bunker and currency derivatives, was $0.4 million for the quarter ended June 30, 2009 compared to $15.0 million in the prior year period. Net income was $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009 compared to net income of $5.0 million, or $0.13 basic and $0.12 diluted earnings per share, for the three months ended June 30, 2008. The increase in net income was principally the result of the reduction in other expense to $0.4 million for the quarter ended June 30, 2009 from $15.0 million for the prior year period.
John Tavlarios, President of General Maritime Corporation, commented, "General Maritime's past success expanding and extending its contracted revenue streams continued to provide benefits to shareholders during the second quarter. Specifically, the sizeable time charter coverage that General Maritime maintained during the quarter enabled the Company to achieve a level of stability in its results as tanker rates began to weaken. Going forward, we believe that the Company's future time charter coverage combined with its flexible deployment strategy provides shareholders with revenue and earnings visibility without sacrificing the ability to benefit from an improving rate environment in the future."
Net voyage revenue, which is gross voyage revenues minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), increased 2.2% to $70.8 million for the three months ended June 30, 2009 compared to $69.3 million for the three months ended June 30, 2008. EBITDA for the three months ended June 30, 2009 was $37.0 million compared to $25.4 million for the three months ended June 30, 2008 (please see below for a reconciliation of EBITDA to net income). The increase was substantially due to an increase in the average size of General Maritimes fleet to 31 vessels for the quarter ended June 30, 2009 from 21 in the prior year period, offset by lower TCE rates and utilization. Net cash provided by operating activities was $31.1 million for the three months ended June 30, 2009 compared to $38.3 million for the prior year period. As of June 30, 2009 the Company's net debt (calculated as total long term debt less cash) was $891.9 million.
The average daily TCE rates obtained by the Company's fleet decreased by 26.0% to $27,649 per day for the three months ended June 30, 2009 compared with $37,384 for the prior year period. The Company's average daily rates for vessels on spot charters decreased by 80.4% to $8,157 for the three months ended June 30, 2008 compared to $41,633 for the prior year period.
Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, increased by 16.9% to $33.2 million for the three months ended June 30, 2009 from $28.4 million for the three months ended June 30, 2008. During the same periods, the average size of General Maritime's fleet increased by 47.6% to 31.0 vessels from 21.0 vessels. Daily direct vessel operating expenses increased 1.4% to $8,358 for the quarter ended June 30, 2009 compared to $8,240 for the prior year period. These increases reflect higher crewing costs, and maintenance and repair costs during the quarter ended June 30, 2009 compared to the prior year period, offset by the low fixed rate vessel management contracts of the Arlington vessels we acquired. General and administrative costs decreased by 23.0% to $9.7 million for the quarter ended June 30, 2009 compared to $12.6 million for the prior year period. This decrease was primarily attributable to a reduction in personnel costs associated with our New York office as well as a reduction in costs from ceasing to operate a corporate aircraft.
Financial Review: First Half 2009
Net income was $26.2 million or $0.48 basic and $0.47 diluted earnings per share, for the six months ended June 30, 2009 compared to $17.9 million, or $0.46 basic and $0.45 diluted earnings per share, for the six months ended June 30, 2008. Net voyage revenues increased 18.0% to $153.7 million for the six months ended June 30, 2009 compared to $130.2 million for the six months ended June 30, 2008. EBITDA was $85.7 million for the six months ended June 30, 2009 compared to $58.4 million for the six months ended June 30, 2008. Net cash provided by operating activities was $56.9 million for the six months ended June 30, 2009 compared to $52.5 million for the prior year period. TCE rates obtained by the Company's fleet decreased 19.2% to $29,227 per day for the six months ended June 30, 2009 from $36,187 for the prior year period. Total vessel operating expenses increased 23.2% to $68.0 million for the six months ended June 30, 2009 from $55.2 million for the prior year period, and daily direct vessel operating expenses rose 1.9% to $8,299 for the six month period ending June 30, 2009 from $8,145 from the prior year period. During the six months ended June 30, 2009 the average size of General Maritime's fleet grew 49.0% to 31 vessels from 21.0 in 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 three and six months ended June 30, 2009 and 2008. Attached to this press release is an Appendix, which contains additional financial, operational and other data for the three and six months ended June 30, 2009 and 2008.
                                               Three Months Ended
                                               ------------------
                                           June - 09            June - 08
                                          (Unaudited)          (Unaudited)
                                          -----------          -----------
    INCOME STATEMENT DATA
    (Dollars in thousands, except
     per share data)
    Voyage revenues                          $80,226            $80,931
    Voyage expenses                           (9,446)           (11,660)
                                              ------            -------
      Net voyage revenues                     70,780             69,271
    Direct vessel expenses                    23,579             15,746
    Other expenses                                 -                  -
    General and
     administrative expenses                   9,668             12,608
    Depreciation and amortization             21,935             13,866
    Loss on sale of vessels
     and equipment                               144                482
                                                 ---                ---
      Operating income                        15,454             26,569
    Net interest expense                       7,788              6,573
    Other (income) expense                       387             15,036
                                                 ---             ------
      Net (Loss) Income                       $7,279             $4,960
                                              ======             ======
      Basic (loss) earnings per share          $0.13              $0.13
      Diluted (loss) earnings per share        $0.13              $0.12
      Weighted average shares
       outstanding, thousands                 54,536             38,775
      Diluted average shares
       outstanding, thousands                 55,592             39,966
                                                   Three Months Ended
                                                   ------------------
                                             June - 09          June - 08
                                            (Unaudited)        (Unaudited)
                                            -----------        -----------
    OTHER FINANCIAL DATA
    (dollars in thousands)
    EBITDA (1)                                $37,002           $25,399
    Net cash provided by
     operating activities                      31,098            38,295
    Net cash provided (used) by
     investing activities                      (2,356)          (17,423)
    Net cash provided (used) by
     financing activities                     (28,884)          (39,621)
    Capital expenditures
      Vessel sales (purchases) net,
       including
       construction in progress                     -           (13,896)
      Drydocking or capitalized survey
       or improvement costs                   (11,730)             (596)
    Weighted average long-term debt           940,500           617,066
    FLEET DATA
    Total number of vessels at
     end of period                                 31                21
    Average number of vessels (2)                31.0              21.0
    Total voyage days for fleet (3)             2,560             1,853
      Total time charter days for fleet         2,163             1,397
      Total spot market days for fleet            397               456
    Total calendar days for fleet (4)           2,821             1,911
    Fleet utilization (5)                        90.7%             97.0%
    AVERAGE DAILY RESULTS
    Time charter equivalent (6)               $27,649           $37,384
    Direct vessel operating expenses
     per vessel (7)                             8,359             8,240
    EBITDA (8)                                 13,117            13,291
                                                -------------------
                                                Three Months Ended
                                                -------------------
                                              June-09           June-08
                                              -------           -------
    EBITDA Reconciliation
      Net Income                               $7,279            $4,960
         + Net interest expense                 7,788             6,573
         + Depreciation & Amortization         21,935            13,866
                                               ------            ------
          EBITDA                              $37,002           $25,399
                                              =======           =======
                                              -------        -----------
                                              June-09        December-08
    BALANCE SHEET DATA, at
     end of period                          (unaudited)       (Audited)
                                            -----------       ---------
    (Dollars in thousands)
    Cash                                      $48,638          $104,146
    Current assets, including cash             80,363           141,703
    Total assets                            1,486,183         1,577,225
      Current liabilities, including
       current portion of long-term debt       82,968            88,392
      Current portion of long-term debt             -                 -
    Total long-term debt, including
     current portion                          940,500           990,500
    Shareholders' equity                      435,260           455,799
                                                    Six Months Ended
                                             June - 09        June - 08
                                            (Unaudited)      (Unaudited)
                                            -----------      -----------
    INCOME STATEMENT DATA
    (Dollars in thousands, except
     per share data)
    Voyage revenues                          $172,575          $154,523
    Voyage expenses                           (18,870)          (24,285)
                                              -------           -------
      Net voyage revenues                     153,705           130,238
    Direct vessel expenses                     46,563            30,822
    Other expenses                                  -                 -
    General and
     administrative expenses                   21,409            24,355
    Depreciation and amortization              43,785            27,080
    Loss on sale of vessels
     and equipment                                144             1,095
                                                  ---             -----
      Operating income                         41,804            46,886
    Net interest expense                       15,698            13,456
    Other (income) expense                        (69)           15,560
                                                  ---            ------
      Net (Loss) Income                       $26,175           $17,870
                                              =======           =======
      Basic (loss) earnings per share           $0.48             $0.46
      Diluted (loss) earnings per share         $0.47             $0.45
      Weighted average shares
       outstanding, thousands                  54,523            38,803
      Diluted average shares
       outstanding, thousands                  55,541            39,897
                                                    Six Months Ended
                                                    ----------------
                                             June - 09        June - 08
                                            (Unaudited)      (Unaudited)
                                            -----------      -----------
    OTHER FINANCIAL DATA
    (dollars in thousands)
    EBITDA (1)                                $85,658           $58,406
    Net cash provided by
     operating activities                      56,842            52,478
    Net cash provided (used) by
     investing activities                      (4,481)          (52,779)
    Net cash provided (used) by
     financing activities                    (107,816)           (2,105)
    Capital expenditures
      Vessel sales (purchases) net,
       including construction in progress           -           (47,400)
      Drydocking or capitalized survey
       or improvement costs                   (14,282)                -
    Weighted average long-term debt           948,787           601,857
    FLEET DATA
    Total number of vessels at
     end of period                                 31                21
    Average number of vessels (2)                31.0              20.8
    Total voyage days for fleet (3)             5,259             3,599
      Total time charter days for fleet         4,310             2,659
      Total spot market days for fleet            949               940
    Total calendar days for fleet (4)           5,611             3,784
    Fleet utilization (5)                        93.7%             95.1%
    AVERAGE DAILY RESULTS
    Time charter equivalent (6)               $29,227           $36,187
    Direct vessel operating expenses
     per vessel (7)                             8,299             8,145
    EBITDA (8)                                 15,266            15,435
                                                   Six Months Ended
                                                   ----------------
                                              June-09           June-08
                                              -------           -------
    EBITDA Reconciliation
      Net Income                              $26,175           $17,870
       + Net interest expense                  15,698            13,456
       + Depreciation & Amortization           43,785            27,080
                                               ------            ------
          EBITDA                              $85,658           $58,406
                                              =======           =======
    (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) 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 EBITDA is total EBITDA divided by total vessel calendar days.
General Maritime Corporation's Fleet
As of July 29, 2009, General Maritime Corporation's fleet was comprised of 31 wholly owned tankers, consisting of 2 VLCC, 11 Suezmax, 12 Aframax 2 Panamax and 4 Products tankers, with a total carrying capacity of approximately 4.0 million deadweight tons, or dwt. The average age of the Company's fleet as of June 30, 2009 by dwt was 9.1 years compared to 8.9 years as of June 30, 2008.
Currently, 8 of General Maritime Corporation's Aframax tankers and 2 of its Suezmax tankers are operating on the spot market. 68% of the Company's fleet, consisting of 2 VLCC, 9 Suezmax, 4 Aframax, 2 Panamax, and 4 Products tankers are currently under time charter contracts, compared to 68% of the fleet under time charter contracts as of June 30, 2008. The table below outlines which vessels are on time charter at what rate and when the contracts are set to expire.
     Vessel            Vessel Type   Expiration Date      Daily Rate (1)
     ------            -----------   ---------------      --------------
     Genmar Agamemnon    Aframax    December 1, 2009         $25,000 (2)
     Genmar Defiance     Aframax   December 25, 2009         $29,500
     Genmar Princess     Aframax    October 24, 2009         $27,750
     Genmar Strength     Aframax     August 20, 2009         $39,000
     Stena Concept       Handymax       July 4, 2011  (3)    $17,942 (5)
     Stena Concord       Handymax  November 10, 2009         $16,642
     Stena Consul        Handymax  November 10, 2010  (3)    $16,642 (4)
     Stena Contest       Handymax       July 4, 2011  (3)    $17,942 (5)
     Stena Companion     Panamax   November 10, 2009         $18,639
     Stena Compatriot    Panamax   November 10, 2010  (3)    $18,639 (6)
     Genmar Argus        Suezmax     January 6, 2010         $38,500
     Genmar George T.    Suezmax     August 28, 2010         $39,000
     Genmar Harriet G.   Suezmax        June 1, 2010         $38,000
     Genmar Horn         Suezmax    January 23, 2010         $38,500
     Genmar Kara G.      Suezmax        June 1, 2010         $38,000
     Genmar Orion        Suezmax        June 1, 2010         $38,000
     Genmar Phoenix      Suezmax     January 1, 2010         $38,500
     Genmar Spyridon     Suezmax   December 13, 2009         $38,500
     Genmar St. Nikolas  Suezmax    February 7, 2011         $39,000
     Stena Vision          VLCC    November 10, 2009         $37,316
     Stena Victory         VLCC    November 10, 2009         $37,316
      (1) Before brokers' commissions.
      (2) Genmar Agamemnon replaced Genmar Minotaur
      (3) Charter end date excludes periods that are at the option of the
          charterer
      (4) Rate increases to $16,964 per day commencing November 11, 2009
      (5) Rate adjusts as follows: $18,264 per day from January 5, 2010
          through January 4, 2011, $18,603 per day from January 5, 2011
          through July 4, 2011
      (6) Rate increases to $18,989 per day commencing November 11, 2009
The Company's primary area of operation is the Atlantic basin. The Company also currently has vessels employed in the Black Sea and Far East to take advantage of market opportunities and to position vessels in anticipation of drydockings.
Q2 2009 Dividend Announcement;
New Dividend Policy
The Company's Board of Directors declared a Q2 2009 quarterly dividend of $0.50 per share payable on or about September 4, 2009 to shareholders of record as of August 21, 2009. Including the Q2 2009 dividend, General Maritime has declared cumulative quarterly and special dividends of $21.49 per share.
The Company also announced that its Board of Directors has adopted a new dividend policy commencing with the third quarter of 2009. Under the Company's new dividend policy, the Company intends to declare quarterly dividends with a target amount of $0.125 per share. The declaration of dividends and their amount, if any, will depend upon the results of the Company and the determination of the Board of Directors.
Jeff Pribor, Chief Financial Officer of General Maritime Corporation, commented, "With a new $0.50 per share annual fixed dividend target, the Board has focused on creating a visible and consistent payout supported by the Company's current contracted revenue stream. The adoption of our new dividend target is the result of our Board's voluntary reassessment of our dividend policy based on current market conditions. We believe it will enable General Maritime to continue its tradition of distributing cash to shareholders during a challenging market environment. By implementing a more conservative payout ratio, we believe we have also strengthened our financial flexibility to enter into future value creating transactions and take advantage of strategic growth opportunities. In accomplishing this critical long-term objective, we intend to concentrate on transactions that have the potential to further expand the earnings power of our modern high-quality fleet, strengthen our industry leadership and create enduring value for the Company and its shareholders."
"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 Company's significant customers; the failure of the Company's significant customers to perform their obligations owed to us; changes in demand; a material decline 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; actions by the courts, the U.S. Coast Guard, the U.S. Department of Justice or other governmental authorities and the results of the legal proceedings to which the Company or any of its vessels may be subject; 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); changes in the itineraries of the Company's vessels; adverse changes in foreign currency exchange rates affecting the Company's expenses 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, 2008 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 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.
                              THREE MONTHS ENDED
                              -------------------
                                   V-Max VLCC
                                            June-09          June-08
                           %Change
                          From Prior        Amount            Amount
                            Period     % of Total for    % of Total for
                                            Period            Period
                          ----------   --------------    --------------
     Net Voyage Revenues                    8,333                -
     $ 1,000's                                 12%               0%
     ---------                                 --                -
     Average Daily TCE                     46,039                -
     Time Charter Revenues                  8,333                -
     $ 1,000's                                 12%               0%
     ---------                                 --                -
     Spot Charter Revenues                      -                -
     $ 1,000's                                  0%               0%
     ---------                                  -                -
     Calendar Days                            182                -
                                                6%               0%
                                                -                -
     Vessel Operating Days                    181                -
                                                7%               0%
                                                -                -
     Capacity Utilization                    99.5%             0.0%
     # Days Vessels on Time
      Charter                                 181                -
                                                8%               0%
                                                -                -
     # Days Vessels on
      Spot Charter                              -                -
                                                0%               0%
                                                -                -
     Average Daily Time
      Charter Rate                         46,039
     Average Daily Spot
      Charter Rate                              -                -
     Daily Direct
      Vessel Expenses                       8,956                -
     (per Vessel)
     ------------
     Average Age of Fleet at
      End of Period (Years)                   8.1                -
     # Vessels at End
      of Period                               2.0                -
                                                6%               0%
                                                -                -
     Average Number of
      Vessels                                 2.0                -
                                                6%               0%
                                                -                -
     DWT at End of Period                     628                -
     1,000's                                   16%               0%
     -------                                   --                -
                                           Suezmax Fleet
                                            June-09          June-08
                           %Change
                          From Prior        Amount            Amount
                            Period     % of Total for    % of Total for
                                            Period            Period
                          ----------   --------------    --------------
     Net Voyage Revenues      -10.6%         33,185          37,117
     $ 1,000's                                   47%             54%
     ---------                                   --              --
     Average Daily TCE         -4.1%         35,876          37,416
     Time Charter Revenues     -1.8%         33,185          33,789
     $ 1,000's                                   49%             67%
     ---------                                   --              --
     Spot Charter Revenues                        -           3,328
     $ 1,000's                                    0%             18%
     ---------                                    -              --
     Calendar Days               0.0%         1,001           1,001
                                                 35%             52%
                                                 --              --
      Vessel Operating Days     -6.8%           925             992
                                                 36%             54%
                                                 --              --
     Capacity Utilization       -6.8%          92.4%           99.1%
     # Days Vessels on
      Time Charter               2.1%           925             906
                                                 43%             65%
                                                 --              --
     # Days Vessels on
      Spot Charter                                -              86
                                                  0%             19%
                                                  -              --
     Average Daily Time
      Charter Rate              -3.8%        35,876          37,296
     Average Daily Spot
      Charter Rate                                -          38,698
     Daily Direct Vessel
      Expenses                  -2.3%         8,415           8,613
     (per Vessel)
     ------------
      Average Age of
      Fleet at End of
      Period (Years)                            7.7             6.7
     # Vessels at End
      of Period                  0.0%          11.0            11.0
                                                 35%             52%
                                                 --              --
     Average Number of
      Vessels                    0.0%          11.0            11.0
                                                 35%             52%
                                                 --              --
     DWT at End of Period        0.2%         1,691           1,688
     1,000's                                     44%             63%
     -------                                     --              --
                                         Aframax Fleet
                                             June-09          June-08
                             %Change
                            From Prior        Amount            Amount
                              Period     % of Total for    % of Total for
                                              Period            Period
                            ----------   --------------    --------------
     Net Voyage Revenues       -41.1%        18,927          32,155
     $ 1,000's                                   27%             46%
     ---------                                   --              --
     Average Daily TCE         -44.5%        20,731          37,347
     Time Charter Revenues      -4.9%        15,689          16,499
     $ 1,000's                                   23%             33%
     ---------                                   --              --
     Spot Charter Revenues     -79.3%         3,238          15,656
     $ 1,000's                                  100%             82%
     ---------                                  ---              --
     Calendar Days              20.0%         1,092             910
                                                 39%             48%
                                                 --              --
     Vessel Operating Days       6.0%           913             861
                                                 36%             46%
                                                 --              --
     Capacity Utilization       17.0%          83.6%           94.6%
     # Days Vessels on Time
      Charter                    5.1%           516             491
                                                 24%             35%
                                                 --              --
      # Days Vessels on Spot
      Charter                    7.3%           397             370
                                                100%             81%
                                                ---              --
     Average Daily Time
      Charter Rate              -9.5%        30,405          33,602
     Average Daily Spot
      Charter Rate             -80.7%         8,157          42,313
     Daily Direct Vessel
      Expenses                  17.8%         9,221           7,830
     (per Vessel)
     --------
     Average Age of
      Fleet at End of
      Period (Years)                           12.8            12.8
     # Vessels at End of
      Period                    20.0%          12.0            10.0
                                                 39%             48%
                                                 --              --
     Average Number of
      Vessels                   20.0%          12.0            10.0
                                                 39%             48%
                                                 --              --
     DWT at End of Period       21.4%         1,208             995
     1,000's                                     31%             37%
     -------                                     --              --
                               THREE MONTHS ENDED
                               -------------------
                                           Panamax
                                             June-09           June-08
                             %Change
                            From Prior        Amount            Amount
                              Period     % of Total for    % of Total for
                                              Period            Period
                            ----------   --------------    --------------
     Net Voyage Revenues                      4,317              -
     $ 1,000's                                    6%             0%
     ---------                                    -              -
      Average Daily TCE                      24,390              -
     Time Charter Revenues                    4,317              -
     $ 1,000's                                    6%             0%
     ---------                                    -              -
     Spot Charter Revenues                        -              -
     $ 1,000's                                    0%             0%
     ---------                                    -              -
     Calendar Days                              182              -
                                                  6%             0%
                                                  -              -
     Vessel Operating Days                      177              -
                                                  7%             0%
                                                  -              -
     Capacity Utilization                      97.3%           0.0%
     # Days Vessels on
      Time Charter                              177              -
                                                  8%             0%
                                                  -              -
     # Days Vessels on
      Spot Charter                                -              -
                                                  0%             0%
                                                  -              -
     Average Daily Time
      Charter Rate                           24,390              -
     Average Daily Spot
      Charter Rate                                -              -
     Daily Direct
      Vessel Expenses                         6,422              -
     (per Vessel)
     ------------
     Average Age of
      Fleet at End of
      Period (Years)                            5.3              -
     # Vessels at End
      of Period                                 2.0              -
                                                  6%             0%
                                                  -              -
     Average Number of
      Vessels                                   2.0              -
                                                  6%             0%
                                                  -              -
     DWT at End of Period                       145              -
     1,000's                                      4%             0%
     -------                                      -              -
                                             Handymax
                                              June-09          June-08
                             %Change
                            From Prior        Amount            Amount
                              Period     % of Total for    % of Total for
                                              Period            Period
                            ----------   --------------    --------------
     Net Voyage Revenues                      6,017              -
     $ 1,000's                                    9%             0%
     ---------                                    -              -
     Average Daily TCE                       16,531              -
     Time Charter Revenues                    6,018              -
     $ 1,000's                                    9%             0%
     ---------                                    -              -
     Spot Charter Revenues                        -              -
     $ 1,000's                                    0%             0%
     ---------                                    -              -
     Calendar Days                              364              -
                                                 13%             0%
                                                 --              -
     Vessel Operating Days                      364              -
                                                 14%             0%
                                                 --              -
     Capacity Utilization                     100.0%           0.0%
     # Days Vessels on
      Time Charter                              364              -
                                                 17%             0%
                                                 --              -
     # Days Vessels on
      Spot Charter                                -              -
                                                  0%             0%
                                                  -              -
     Average Daily Time
      Charter Rate                           16,534              -
     Average Daily Spot
      Charter Rate                                -              -
     Daily Direct
      Vessel Expenses                         6,288              -
     (per Vessel)
     ------------
     Average Age of
      Fleet at End of
      Period (Years)                            4.8
     # Vessels at End
      of Period                                 4.0              -
                                                 13%             0%
                                                 --              -
     Average Number of
      Vessels                                   4.0              -
                                                 13%             0%
                                                 --              -
     DWT at End of
      Period                                    190              -
     1,000's                                      5%             0%
     -------                                      -              -
                                         Total Fleet
                                              June-09      June-08
                               %Change
                              From Prior
                                Period        Amount       Amount
                              ----------   ------------  ----------
     Net Voyage Revenues           2.2%      70,780         69,271
     $ 1,000's
     ---------
     Average Daily TCE           -26.0%      27,649         37,384
     Time Charter Revenues        34.3%      67,542         50,288
     $ 1,000's
     ---------
     Spot Charter Revenues       -82.9%       3,238         18,984
     $ 1,000's
     ---------
     Calendar Days                47.6%       2,821          1,911
     Vessel Operating Days        38.2%       2,560          1,853
     Capacity Utilization         -6.4%        90.7%          97.0%
     # Days Vessels on
      Time Charter                54.8%       2,163          1,397
     # Days Vessels on
      Spot Charter               -12.9%         397            456
     Average Daily Time
      Charter Rate               -13.3%      31,226         35,997
     Average Daily Spot
      Charter Rate               -80.4%       8,157         41,633
     Daily Direct Vessel
      Expenses                     1.4%       8,359          8,240
     (per Vessel)
     ------------
     Average Age of Fleet
      at End of Period
       (Years)                                  9.1            8.9
     # Vessels at End
      of Period                   47.6%        31.0           21.0
     Average Number of
      Vessels                     17.5%        31.0           21.0
     DWT at End of
      Period                      43.9%       3,862          2,683
     1,000's
     -------
                                  SIX  MONTHS ENDED
                                             V-Max VLCC
                                            June-09      June-08
                             % Change       Amount       Amount
                             From Prior     % of Total   % of Total
                              Period        for Period   for Period
        Net Voyage Revenues                17,042            -
        $ 1,000's                              11%           0%
        ---------                              --            -
        Average Daily TCE                  47,208            -
        Time Charter Revenues              17,042            -
        $ 1,000's                              13%           0%
        ---------                              --            -
        Spot Charter Revenues                   -            -
        $ 1,000's                               0%           0%
        ---------                               -            -
        Calendar Days                         362            -
                                                6%           0%
                                                -            -
        Vessel Operating Days                 361            -
                                                7%           0%
                                                -            -
        Capacity Utilization                 99.7%         0.0%
        # Days Vessels on Time
         Charter                              361            -
                                                8%           0%
                                                -            -
        # Days Vessels on Spot
         Charter                                -            -
                                                0%           0%
                                                -            -
        Average Daily Time Charter
         Rate                              47,208            -
        Average Daily Spot Charter
         Rate                                   -            -
        Daily Direct Vessel Expenses        8,996            -
        (per Vessel)
        ------------
        Average Age of Fleet at End
         of Period      (Years)               8.1            -
        # Vessels at End of Period            2.0            -
                                                6%           0%
                                                -            -
        Average Number of Vessels             2.0            -
                                                6%           0%
                                                -            -
        DWT at End of Period                  628            -
        1,000's                                16%           0%
        -------                                --            -
                                                  Suezmax Fleet
                                                    June-09      June-08
                                       % Change     Amount       Amount
                                       From Prior   % of Total   % of Total
                                         Period     for Period   for Period
        Net Voyage Revenues                  -5.6%      68,314       72,360
        $ 1,000's                                           44%          56%
        ---------                                           --           --
        Average Daily TCE                    -3.3%      35,842       37,070
        Time Charter Revenues                 1.6%      67,190       66,161
        $ 1,000's                                           49%          70%
        ---------                                           --           --
        Spot Charter Revenues               -81.9%       1,124        6,199
        $ 1,000's                                            6%          17%
        ---------                                            -           --
        Calendar Days                         1.4%       1,991        1,964
                                                            35%          52%
                                                            --           --
        Vessel Operating Days                -2.4%       1,906        1,952
                                                            36%          54%
                                                            --           --
        Capacity Utilization                  1.4%        95.7%        99.4%
        # Days Vessels on Time
         Charter                              3.5%       1,838        1,775
                                                            43%          67%
                                                            --           --
        # Days Vessels on Spot
         Charter                            -61.6%          68          177
                                                             7%          19%
                                                             -           --
        Average Daily Time Charter
         Rate                                -1.9%      36,556       37,274
        Average Daily Spot Charter
         Rate                               -52.8%      16,533       35,023
        Daily Direct Vessel Expenses          2.5%       8,389        8,182
        (per Vessel)
        ------------
        Average Age of Fleet at End of Period
          (Years)                                          7.7          6.7
        # Vessels at End of Period            0.0%        11.0         11.0
                                                            35%          52%
                                                            --           --
        Average Number of Vessels             1.9%        11.0         10.8
                                                            35%          52%
                                                            --           --
        DWT at End of Period                  0.2%       1,691        1,688
        1,000's                                             44%          63%
        -------                                             --           --
                                                  Aframax Fleet
                                                     June-09      June-08
                                        % Change     Amount       Amount
                                        From Prior  % of Total   % of Total
                                          Period    for Period   for Period
        Net Voyage Revenues                 -17.0%      48,042       57,878
        $ 1,000's                                           31%          44%
        ---------                                           --           --
        Average Daily TCE                   -28.6%      25,074       35,141
        Time Charter Revenues                12.1%      31,488       28,077
        $ 1,000's                                           23%          30%
        ---------                                           --           --
        Spot Charter Revenues               -44.5%      16,554       29,801
        $ 1,000's                                           94%          83%
        ---------                                           --           --
        Calendar Days                        19.3%       2,172        1,820
                                                            39%          48%
                                                            --           --
        Vessel Operating Days                16.3%       1,916        1,647
                                                            36%          46%
                                                            --           --
        Capacity Utilization                 -2.5%        88.2%        90.5%
        # Days Vessels on Time
         Charter                             17.1%       1,035          884
                                                            24%          33%
                                                            --           --
        # Days Vessels on Spot
         Charter                             15.5%         881          763
                                                            93%          81%
                                                            --           --
        Average Daily Time Charter
         Rate                                -4.2%      30,423       31,761
        Average Daily Spot Charter
         Rate                               -51.9%      18,790       39,057
        Daily Direct Vessel Expenses         11.4%       9,032        8,106
        (per Vessel)
        ------------
        Average Age of Fleet at End of Period
          (Years)                                         12.8         12.8
        # Vessels at End of Period           20.0%        12.0         10.0
                                                            39%          48%
                                                            --           --
        Average Number of Vessels            20.0%        12.0         10.0
                                                            39%          48%
                                                            --           --
        DWT at End of Period                 21.4%       1,208          995
        1,000's                                             31%          37%
        -------                                             --           --
                                  SIX  MONTHS ENDED
                                               Panamax
                                           June-09         June-08
                              % Change     Amount          Amount
                             From Prior    % of Total      % of Total
                              Period       for Period      for Period
        Net Voyage Revenues                 8,322            -
        $ 1,000's                               5%           0%
        ---------                               -            -
        Average Daily TCE                  23,641            -
        Time Charter Revenues               8,322            -
        $ 1,000's                               6%           0%
        ---------                               -            -
        Spot Charter Revenues                   -            -
        $ 1,000's                               0%           0%
        ---------                               -            -
        Calendar Days                         362            -
                                                6%           0%
                                                -            -
        Vessel Operating Days                 352            -
                                                7%           0%
                                                -            -
        Capacity Utilization                 97.2%         0.0%
        # Days Vessels on Time
         Charter                              352            -
                                                8%           0%
                                                -            -
        # Days Vessels on Spot
         Charter                                -            -
                                                0%           0%
                                                -            -
        Average Daily Time Charter
         Rate                              23,641            -
        Average Daily Spot Charter
         Rate                                   -            -
        Daily Direct Vessel Expenses        6,548            -
        (per Vessel)
        ------------
        Average Age of Fleet at End
         of Period      (Years)               5.3            -
        # Vessels at End of Period            2.0            -
                                                6%           0%
                                                -            -
        Average Number of Vessels             2.0
                                                6%           0%
                                                -            -
        DWT at End of Period                  145
        1,000's                                 4%           0%
        -------                                 -            -
                                             Handymax
                              % Change    June-09          June-08
                            From Prior    Amount          Amount
                              Period    % of Total      % of Total
                                        for Period      for Period
        Net Voyage Revenues                11,985            -
        $ 1,000's                               8%           0%
        ---------                               -            -
        Average Daily TCE                  16,554            -
        Time Charter Revenues              11,985            -
        $ 1,000's                               9%           0%
        ---------                               -            -
        Spot Charter Revenues                   -            -
        $ 1,000's                               0%           0%
        ---------                               -            -
        Calendar Days                         724            -
                                               13%           0%
                                               --            -
        Vessel Operating Days                 724            -
                                               14%           0%
                                               --            -
        Capacity Utilization                100.0%         0.0%
        # Days Vessels on Time
         Charter                              724            -
                                               17%           0%
                                               --            -
        # Days Vessels on Spot
         Charter                                -            -
                                                0%           0%
                                                -            -
        Average Daily Time Charter
         Rate                              16,554            -
        Average Daily Spot Charter
         Rate                                   -            -
        Daily Direct Vessel Expenses        6,378            -
        (per Vessel)
        ------------
        Average Age of Fleet at End
         of Period      (Years)               4.8            -
        # Vessels at End of Period            4.0            -
                                               13%           0%
                                               --            -
        Average Number of Vessels             4.0            -
                                               13%           0%
                                               --            -
        DWT at End of Period                  190
        1,000's                                 5%           0%
        -------                                 -            -
                                                   Total Fleet
                                         % Change      June-09      June-08
                                          From Prior   Amount       Amount
                                           Period
        Net Voyage Revenues                  18.0%     153,705      130,238
        $ 1,000's
        ---------
        Average Daily TCE                   -19.2%      29,227       36,187
        Time Charter Revenues                44.3%     136,027       94,238
        $ 1,000's
        ---------
        Spot Charter Revenues               -50.9%      17,678       36,000
        $ 1,000's
        ---------
        Calendar Days                        48.3%       5,611        3,784
        Vessel Operating Days                46.1%       5,259        3,599
        Capacity Utilization                 -1.5%        93.7%        95.1%
        # Days Vessels on Time
         Charter                             62.1%       4,310        2,659
        # Days Vessels on Spot
         Charter                              1.0%         949          940
        Average Daily Time Charter
         Rate                               -10.9%      31,561       35,441
        Average Daily Spot Charter
         Rate                                23.1%      18,628       38,298
        Daily Direct Vessel Expenses          1.9%       8,299        8,145
        (per Vessel)
        ------------
        Average Age of Fleet at End of Period
          (Years)                                          9.1          8.9
        # Vessels at End of Period           47.6%          31         21.0
        Average Number of Vessels            49.0%        31.0         20.8
        DWT at End of Period                 43.9%       3,862        2,683
        1,000's
        -------
Source: General maritime corp.