General Maritime Corporation Announces First Quarter 2009 Financial Results

Declares Quarterly Dividend of $0.50 Per Share

Achieves Net Income of $18.9 Million

NEW YORK, April 29 /PRNewswire-FirstCall/ -- General Maritime Corporation
(NYSE: GMR) today reported its financial results for the three months ended
March 31, 2009.

Financial Review: 2009 First Quarter

Excluding the $0.5 million in other income, and $0.5 million in additional
costs related to the Genmar Defiance litigation, the Company recorded net
income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share
for the three months ended March 31, 2009 compared to $13.4 million or $0.35
basic and $0.34 diluted earnings per share for the three months ended March
31, 2008 (excluding $0.5 million in other loss in that period). Other income
for the quarter of $0.5 million included a $1.0 million unrealized non-cash
gain associated with the change in fair value of our freight derivatives as
well as a $0.5 million loss associated with the monthly cash settlements of
our freight derivatives. Net income was $18.9 million or $0.35 basic and $0.34
diluted earnings per share for the three months ended March 31, 2009 compared
to net income of $12.9 million, or $0.33 basic and $0.32 diluted earnings per
share, for the three months ended March 31, 2008. The increase in net income
was principally the result of a rise in net voyage revenue compared with the
prior year period.

John Tavlarios, President of General Maritime Corporation, commented, "During
the first quarter of 2009, General Maritime posted strong financial results
and once again met its quarterly dividend target. The Company's success at
growing net income, during a challenging time for the oil tanker industry and
the economy in general, is directly related to management's proven approach
for effectively operating the Company through the shipping cycles.
Specifically, during the first quarter of 2009, General Maritime benefited
from its timely decision to secure a large percentage of its fleet on
favorable time charters more than 2 years ago. In addition, the Company's
strategic decision in 2008 to once again draw upon its strong balance sheet
and acquire 10 modern vessels served to further increase its time charter
coverage and earnings power. With a significant part of our fleet on time
charters backed by quality counterparties, General Maritime remains in a
strong position to achieve stability in results for shareholders."

Net voyage revenue, which is gross voyage revenues minus voyage expenses
unique to a specific voyage (including port, canal and fuel costs), increased
36.0% to $82.9 million for the three months ended March 31, 2009 compared to
$60.9 million for the three months ended March 31, 2008. EBITDA for the three
months ended March 31, 2009 was $48.7 million compared to $33.0 million for
the three months ended March 31, 2008 (please see below for a reconciliation
of EBITDA to net income). Net cash provided by operating activities was $25.7
million for the three months ended March 31, 2009 compared to $14.2 million
for the prior year period. As of March 31, 2009 the Company's net debt
(calculated as total long term debt less cash) was $892.6 million.

The average daily time charter equivalent, or TCE, rates obtained by the
Company's fleet decreased by 12.0% to $30,724 per day for the three months
ended March 31, 2009 compared to $34,918 for the prior year period. The
Company's average daily rates for vessels on spot charters decreased by 24.8%
to $26,445 for the three months ended March 31, 2009 compared to $35,155 for
the prior year period.

Total vessel operating expenses, which are direct vessel operating expenses
and general and administrative expenses, increased by 29.5% to $34.7 million
for the three months ended March 31, 2009 from $26.8 million for the three
months ended March 31, 2008. During the same periods, the average size of
General Maritime's fleet increased by 50.6% to 31.0 vessels from 20.6 vessels.
Daily direct vessel operating expenses increased 2.3% to $8,238 for the
quarter ended March 31, 2009 compared to $8,049 for the prior year period.
These increases reflect higher crew and insurance costs during Q1 2009
relative to Q1 2008. General and administrative costs remained flat at $11.7
million for the quarter ended March 31, 2009 compared to $11.7 million 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 three months ended March 31,
2009 and 2008. Attached to this press release is an Appendix, which contains
additional financial, operational and other data for the three months ended
March 31, 2009 and 2008.

Three months ended
-------------------
March-09 March-08
-------- --------

INCOME STATEMENT DATA
(Dollars in thousands, except
share data)

Voyage revenues $92,349 $73,592
Voyage expenses (9,424) (12,625)
------ -------
Net voyage revenues 82,925 60,967
Direct vessel expenses 22,984 15,076
General and administrative expenses 11,741 11,747
Depreciation and amortization 21,850 13,214
Gain on sale of vessel - 613
- ---
Operating income 26,350 20,317
Net interest expense 7,910 6,883
Other (Income) expense (456) 524
---- ---
Net Income $18,896 $12,910
======= =======

Basic earnings per share $0.35 $0.33

Diluted earnings per share $0.34 $0.32

Weighted average shares
outstanding, thousands 54,511 38,830
Diluted average shares
outstanding, thousands 55,490 39,817
------ ------

-------- -----------
March-09 December-08
-------- -----------
BALANCE SHEET DATA, at end of period
(Dollars in thousands)
Cash $47,870 $104,146
Current assets, including cash 85,805 141,703
Total assets 1,499,435 1,577,225
Current liabilities 72,506 88,392
Total long-term debt 940,500 990,500
Shareholders' equity 448,104 455,799
------- -------

Three months ended
--------------------
March-09 March-08
-------- --------
OTHER FINANCIAL DATA
(dollars in thousands)
EBITDA (1) $48,656 $33,007
Net cash provided by operating
activities 25,744 14,183
Net cash provided (used) by
investing activities (2,125) (35,356)
Net cash provided (used) by
financing activities (78,932) 37,516
Capital expenditures
Vessel sales (purchases) net,
including construction in progress
- (33,504)
Drydocking or capitalized survey
or improvement costs (1,791) (4,253)
Weighted average long-term debt 957,167 586,648

FLEET DATA
Total number of vessels at end of period 31 21
Average number of vessels (2) 31.0 20.6
Total voyage days for fleet (3) 2,699 1,746
Total time charter days for fleet 2,147 1,262
Total spot market days for fleet 552 484
Total calendar days for fleet (4) 2,790 1,873
Fleet utilization (5) 96.7% 93.2%

AVERAGE DAILY RESULTS
Time Charter equivalent (6) $30,724 $34,918
Direct vessel operating expenses per
vessel (7) 8,238 8,049
EBITDA (8) 17,439 17,623
------ ------

-------------------
Three months ended
-------------------
March-09 March-08
-------- --------
EBITDA Reconciliation
Net Income $18,896 $12,910
+ Net interest expense 7,910 6,883
+ Depreciation and Amortization 21,850 13,214
EBITDA 48,656 33,007
------ ------

(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 April 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
million deadweight tons, or dwt. The average age of the Company's fleet as of
March 31, 2009 by dwt was 8.9 years compared to 8.7 years as of March 31,
2008.
Currently, 7 of General Maritime Corporation's Aframax tankers and 1 of its
Suezmax tankers are operating on the spot market. 74% of the Company's fleet,
consisting of 2 VLCC, 10 Suezmax, 5 Aframax, 2 Panamax, and 4 Products tankers
are currently under time charter contracts, compared to 62% of the fleet under
time charter contracts as of March 31, 2008. The table below outlines which
vessels are on time charter at what rate and when the contracts are set to
expire.

Expiration
Vessel Vessel Type Date Daily Rate (1)
--------------- ----------- ---------- ----------------
Genmar Agamemnon Aframax July 04, 2009 $36,750
Genmar Argus Suezmax January 6, 2010 $38,500
Genmar Defiance Aframax December 24, 2009 $29,500
Genmar George T. Suezmax August 27, 2010 $39,000
Genmar Harriet G. Suezmax June 1, 2010 $38,000
Genmar Hope Suezmax August 11, 2009 $36,500
Genmar Horn Suezmax January 23, 2010 $38,500
Genmar Kara G. Suezmax June 1, 2010 $38,000
Genmar Minotaur Aframax November 30, 2009 $25,000
Genmar Orion Suezmax June 1, 2010 $38,000
Genmar Phoenix Suezmax January 01, 2010 $38,500
Genmar Princess Aframax October 23, 2009 $27,750
Genmar Spyridon Suezmax December 13, 2009 $38,500
Genmar St. Nikolas Suezmax February 6, 2011 $39,000
Genmar Strength Aframax September 20, 2009 $39,000
Stena Companion Panamax November 10, 2009 (2) $18,639
Stena Compatriot Panamax November 10, 2010 (2) $18,639 (3)
Stena Concept Product
carriers July 4, 2011 (2) $17,942 (5)
Stena Concord Product
carriers November 10, 2009 (2) $16,642
Stena Consul Product
carriers November 10, 2010 (2) $16,642 (4)
Stena Contest Product
carriers July 4, 2011 (2) $17,942 (5)
Stena Vision VLCC November 10, 2009 (2) $37,316
Stena Victory VLCC November 10, 2009 (2) $37,316
------------- ---- ------------------ -------

(1) Before brokers' commissions.
(2) Charter end date excludes periods that are at the option of the
charterer
(3) Rate increases to $18,989 per day commencing November 11, 2009
(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 and $18,603 per day from January 5, 2011 through July 4,
2011

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.

Q1 2009 Dividend Announcement

On April 27, 2009 the Company's Board of Directors declared a Q1 2009
quarterly dividend of $0.50 per share payable on or about May 22, 2009 to
shareholders of record as of May 8, 2009. Under the Company's dividend policy,
the Company intends to declare quarterly dividends with a target amount of
$0.50 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, "General Maritime remains in a strong position to further its
tradition of entering into value creating transactions and act
opportunistically for shareholders during a time when credit markets remain
tight. In actively pursuing this critical objective, we will seek to draw
upon our liquidity to prudently explore consolidation opportunities that meet
strict return requirements. During a time when we continue to target a $2.00
per share annual dividend, we also intend to look for opportunities to
repurchase shares when we believe our stock is undervalued and utilize our
cash flow to further reduce debt."

About General Maritime Corporation
General Maritime Corporation is a leading crude and products tanker company
serving principally within the Atlantic basin, which includes ports in the
Caribbean, South and Central America, the United States, West Africa, the
Mediterranean, Europe and the North Sea. General Maritime also currently
operates tankers in other regions including the Black Sea and Far East.
General Maritime owns a fully double-hull fleet of 31 tankers - two V-MAX,
twelve Aframax, eleven Suezmax tankers, two Panamax and four Product tankers -
with a total carrying capacity of approximately 4.0 million dwt.

All per share amounts presented throughout this press release, unless
otherwise noted, have been adjusted to reflect the exchange of 1.34 shares of
the Company's common stock for each share of common stock held by shareholders
of General Maritime Subsidiary Corporation (formerly known as General Maritime
Corporation) in connection with the Arlington combination

Conference Call Announcement
General Maritime Corporation announced that it will hold a conference call on
Thursday, April 30, 2009 at 10:00 a.m. Eastern Daylight Savings Time to
discuss its 2009 first quarter financial results. To access the conference
call, dial (719) 325-4828 and enter the passcode 4232207. A replay of the
conference call can also be accessed until May 14, 2009 by dialing (888)
203-1112 for U.S. callers and (719) 457-0820 for international callers, and
entering the passcode 4232207 The conference call will also be simultaneously
webcast and will be available on the Company's website,
www.GeneralMaritimeCorp.com. The Company intends to place additional materials
related to the earnings announcement, including a slide presentation, on its
website prior to the conference call.

"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 8-K. Share repurchases may 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
Company's share repurchase 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 restrictions
under the Company's existing credit facility. 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

March-09 March-08
% Change Amount % of Amount % of
From Prior Total for Total for
Period Period Period
---------- ----------- -----------

------------------- ----- -
Net Voyage Revenues 8,709 -
$ 1,000's 11% 0%
--------- -- -

----------------- ------ -
Average Daily TCE 48,383 -

------------------------- ----- -
Net Time Charter Revenues 8,709 -
$ 1,000's 13% 0%
--------- -- -

------------------------- - -
Net Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -

------------- --- -
Calendar Days 180 -
6% 0%
- -
--------------------- --- -
Vessel Operating Days 180 -
7% 0%
- -
-------------------- ----- ---
Capacity Utilization 100.0% 0.0%
------------------------------ --- -
# Days Vessels on Time Charter 180 -
8% 0%
- -
------------------------------ - -
# Days Vessels on Spot Charter - -
0% 0%
- -

------------------------------- ------
Average Daily Time Charter Rate 48,383

------------------------------- - -
Average Daily Spot Charter Rate - -

---------------------------- ----- -
Daily Direct Vessel Expenses 9,036 -
(per Vessel)
------------

------------------------------- --- -
Average Age of Fleet at End of
Period (Years) 7.8 -

------------------------ --- -
# 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

March-09 March-08
% Change Amount % of Amount % of
From Prior Total Total
Period for Period for Period
----------- ------------ ------------

------------------- ---- ------ ------
Net Voyage Revenues -0.4% 35,129 35,261
$ 1,000's 42% 58%
--------- -- --

----------------- ---- ------ ------
Average Daily TCE -2.5% 35,809 36,730

------------------------- ---- ------ ------
Net Time Charter Revenues -4.6% 33,847 32,367
$ 1,000's 50% 74%
--------- -- --

------------------------- ----- ----- -----
Net Spot Charter Revenues -55.7% 1,282 2,894
$ 1,000's 9% 17%
--------- - --

------------- --- --- ---
Calendar Days 2.8% 990 963
35% 51%
--- ---

--------------------- --- --- ---
Vessel Operating Days 2.2% 981 960
36% 55%
--- ---

-------------------- ---- ---- ----
Capacity Utilization -0.6% 99.1% 99.7%

----------------- --- --- ---
# Days Vessels on
Time Charter 5.1% 913 869
43% 69%
--- ---

----------------- ----- --- ---
# Days Vessels on
Spot Charter -25.3% 68 91
12% 19%
--- ---

----------------- ---- ------ ------
Average Daily Time
Charter Rate -0.5% 37,073 37,246

------------------ ----- ------ ------
Average Daily Spot
Charter Rate -40.7% 18,848 31,802

------------------- --- ----- -----
Daily Direct Vessel
Expenses 8.1% 8,363 7,734
(per Vessel)
------------

---------------------- --- ---
Average Age of Fleet at
End of Period (Years) 7.4 6.4

-------------------------- --- ---- ----
# Vessels at End of Period 0.0% 11.0 11.0
35% 52%
-- --

------------------------- --- ---- ----
Average Number of Vessels 3.8% 11.0 10.6
35% 51%
-- --

-------------------- --- ----- -----
DWT at End of Period 0.2% 1,691 1,688
1,000's 44% 63%
------- -- --

Aframax Fleet

March-09 March-08
% Change Amount % of Amount % of
From Prior Total Total
Period for Period for Period
----------- ------------ ------------

------------------- ---- ------ ------
Net Voyage Revenues 13.3% 29,114 25,706
$ 1,000's 35% 42%
-------- -- --

----------------- ----- ------ ------
Average Daily TCE -11.2% 29,027 32,705

------------------------- ---- ------ ------
Net Time Charter Revenues 36.4% 15,798 11,585
$ 1,000's 23% 26%
--------- -- --

------------------------- ---- ------ ------
Net Spot Charter Revenues -5.7% 13,316 14,121
$ 1,000's 91% 83%
--------- -- --

------------- ---- ----- ---
Calendar Days 18.7% 1,080 910
39% 49%
-- --

--------------------- ---- ----- ---
Vessel Operating Days 27.6% 1,003 786
37% 45%
-- --

-------------------- --- ---- ----
Capacity Utilization 7.5% 92.9% 86.4%

----------------- ---- --- ---
# Days Vessels on
Time Charter 32.1% 519 393
24% 31%
-- --

----------------- ---- --- ---
# Days Vessels on
Spot Charter 23.2% 484 393
88% 81%
-- --

------------------ --- ------ ------
Average Daily Time
Charter Rate 3.3% 30,439 29,478

------------------ ----- ------ ------
Average Daily Spot
Charter Rate -23.4% 27,513 35,931

------------------- --- ----- -----
Daily Direct Vessel
Expenses 5.5% 8,841 8,383
(per Vessel)
------------

---------------------- ---- ----
Average Age of Fleet at
End of Period (Years) 12.5 12.6

-------------------------- ---- ---- ----
# Vessels at End of Period 20.0% 12.0 10.0
39% 48%
-- --

------------------------- ---- ---- ----
Average Number of Vessels 20.0% 12.0 10.0
39% 49%
-- --

-------------------- ---- ----- ---
DWT at End of Period 21.4% 1,208 995
1,000's 31% 37%
------- -- --

THREE MONTHS ENDED

-------------

Panamax

March-09 March-08
% Change Amount % of Amount % of
From Prior Total for Total for
Period Period Period
----------- ------------ ------------

------------------- ----- -
Net Voyage Revenues 4,005 -
$ 1,000's 5% 0%
--------- - -

----------------- ------ -
Average Daily TCE 22,884 -

------------------------- ----- -
Net Time Charter Revenues 4,005 -
$ 1,000's 6% 0%
--------- - -

------------------------- - -
Net Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -

------------- --- -
Calendar Days 180 -
6% 0%
- -

--------------------- --- -
Vessel Operating Days 175 -
6% 0%
- -

-------------------- ---- ---
Capacity Utilization 97.2% 0.0%

------------------------ --- -
# Days Vessels on Time
Charter 175 -
8% 0%
- -

------------------------------ - -
# Days Vessels on Spot Charter - -
0% 0%
- -

-------------------------- ------ -
Average Daily Time Charter
Rate 22,884 -

------------------------ - -
Average Daily Spot
Charter Rate - -

-------------------- ----- -
Daily Direct Vessel
Expenses 6,675 -
(per Vessel)
------------

------------------------ --- -
Average Age of Fleet at
End of Period (Years) 5.0 -

-------------------------- --- -
# 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%
------- - -

Product Carrier

March-09 March-08
% Change Amount % of Amount % of
From Prior Total for Total for
Period Period Period
--------- ------------ ------------

------------------- ----- -
Net Voyage Revenues 5,968 -
$ 1,000's 7% 0%
--------- - -

----------------- ------ -
Average Daily TCE 16,577 -

------------------------- ----- -
Net Time Charter Revenues 5,968 -
$ 1,000's 9% 0%
--------- - -

------------------------- - -
Net Spot Charter Revenues - -
$ 1,000's 0% 0%
--------- - -

----------- --- -
Calendar Days 360 -
13% 0%
-- -

------------------ --- -
Vessel Operating Days 360 -
13% 0%
-- -

-------------------- ----- ---
Capacity Utilization 100.0% 0.0%

------------------------------ --- -
# Days Vessels on Time Charter 360 -
17% 0%
-- -

------------------------------ - -
# Days Vessels on Spot Charter - -
0% 0%
- -

------------------------------- ------ -
Average Daily Time Charter Rate 16,578 -

------------------------------- - -
Average Daily Spot Charter Rate - -

---------------------------- ----- -
Daily Direct Vessel Expenses 6,468 -
(per Vessel)
------------

------------------------------- --- -
Average Age of Fleet at End of
Period (Years) 4.5

-------------------------- --- -
# 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 March-09 March-08
From Prior Amount Amount
Period
----------- ------------ ------------

------------------- ---- ------ ------
Net Voyage Revenues 36.0% 82,925 60,967
$ 1,000's
---------

----------------- ----- ------ ------
Average Daily TCE -12.0% 30,724 34,918

------------------------- ---- ------ ------
Net Time Charter Revenues 55.5% 68,327 43,952
$ 1,000's
---------

------------------------- ----- ------ ------
Net Spot Charter Revenues -14.2% 14,598 17,015
$ 1,000's
---------

------------- ---- ----- -----
Calendar Days 49.0% 2,790 1,873

--------------------- ---- ----- -----
Vessel Operating Days 54.6% 2,699 1,746

-------------------- --- ---- ----
Capacity Utilization 3.8% 96.7% 93.2%

------------------------------ ---- ----- -----
# Days Vessels on Time Charter 70.1% 2,147 1,262

------------------------------ ---- --- ---
# Days Vessels on Spot Charter 14.0% 552 484

------------------------------- ---- ------ ------
Average Daily Time Charter Rate -8.6% 31,824 34,827

------------------------------- ----- ------ ------
Average Daily Spot Charter Rate -24.8% 26,445 35,155

---------------------------- --- ----- -----
Daily Direct Vessel Expenses 2.3% 8,238 8,049
(per Vessel)
------------

------------------------------ --- --- ---
Average Age of Fleet at End
of Period (Years) 8.9 8.7

-------------------------- ---- -- ----
# Vessels at End of Period 47.6% 31 21.0

------------------------- ---- ---- ----
Average Number of Vessels 50.6% 31.0 20.6

-------------------- ---- ----- -----
DWT at End of Period 43.9% 3,862 2,683
1,000's -------

SOURCE General Maritime Corporation

Jeffrey D. Pribor, Chief Financial Officer, General Maritime Corporation,
+1-212-763-5600